在 白酒 行业存量竞争加剧与政策调整影响下，新疆 伊力特 实业股份有限公司（简称"伊力特"， 600197.SH）上半年营收、净利润均出现双位数下降，今年第二季度归母净利润更是跌超五成。业内人 士分析认为，在上半年主要业绩指标大幅下滑的情况下，伊力特今年业绩目标的实现，或面临较大挑 战。 营收净利双双承压年度目标屡屡落空 资料显示，伊力特是一家集白酒生产、研发和销售为一体的农业产业化、 新型工业化 白酒酿造与销售 企业，于1999年9月在上交所上市。 产品收入全线下滑流动负债大幅增长 财报显示，2025年上半年，伊力特实现营业收入10.70亿元，同比下降19.51%；实现归母净利润1.63亿 元，同比下降17.82%；实现扣非归母净利润1.55亿元，同比下降19.90%。单季度看，伊力特在二季度实 现营业收入2.75亿元，同比下降44.86%；实现归母净利润0.18亿元，同比下降52.75%；实现扣非归母净 利润0.11亿元，同比下降66.88%。 伊力特曾在2024年年报中表示，力争2025年实现营业收入23亿元，实现利润总额4.05亿元。面对上半年 营收净利双降的压力，公司能否在下半年扭转业绩颓势，实现先 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a strategic focus on product development and channel transformation to mitigate challenges and explore growth opportunities [1][2][3][4] Financial Performance - In H1 2025, the company achieved revenue of 1.07 billion yuan, down 19.5% year-on-year, and a net profit of 163 million yuan, down 17.8% year-on-year [1] - In Q2 2025, revenue was 275 million yuan, down 44.9% year-on-year, with a net profit of 18 million yuan, down 52.8% year-on-year [1] - The company’s gross margin in Q2 2025 was 50.8%, an increase of 2.61 percentage points year-on-year [2] Product and Sales Structure - Revenue from high, medium, and low-end products in H1 2025 was 800 million, 197 million, and 65 million yuan, respectively, with declines of 8.0%, 42.3%, and 36.0% year-on-year [1] - High-end product sales accounted for 75.3% of total sales in H1 2025, up 13.74 percentage points year-on-year [1] Channel Strategy - The company is focusing on direct sales and online channels, with H1 2025 revenues of 301 million, 70 million, and 692 million yuan from direct sales, online sales, and wholesale, respectively [2] - Direct sales and online sales grew by 59.7% and 5.8% year-on-year, while wholesale revenue declined by 34.7% [2] Regional Performance - In H1 2025, sales in the domestic market were 898 million yuan, down 10.0% year-on-year, while sales in the external market were 164 million yuan, down 47.9% year-on-year [3] - The company is strengthening its domestic market presence while exploring new models in external markets, focusing on cities like Xi'an and Lanzhou [3] Future Outlook - The company aims to achieve revenue of 1.876 billion and 1.981 billion yuan in 2025 and 2026, respectively, with expected net profits of 228 million and 243 million yuan [4] - The strategy includes enhancing market penetration and optimizing inventory structure to improve financial efficiency [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 1.07 billion yuan for the first half of 2025, a year-on-year decrease of 19.5%, with a net profit attributable to shareholders of 160 million yuan, down 17.8% year-on-year [2]. - The second quarter of 2025 saw a significant revenue drop to 270 million yuan, down 44.9% year-on-year, and a net profit of 18 million yuan, down 52.7% year-on-year [2]. - The company is experiencing pressure in traditional wholesale channels due to market conditions, while direct sales and online channels are showing rapid growth [3]. Summary by Sections Revenue Breakdown - For the first half of 2025, revenue by product tier was 800 million yuan for high-end, 200 million yuan for mid-range, and 70 million yuan for low-end, with year-on-year changes of -8.0%, -42.3%, and -36.0% respectively [3]. - In Q2 2025, revenue by product tier was 180 million yuan for high-end, 60 million yuan for mid-range, and 31 million yuan for low-end, with year-on-year changes of -39.8%, -57.5%, and -29.6% respectively [3]. Channel Performance - In H1 2025, revenue from direct sales, online sales, and wholesale was 300 million yuan, 70 million yuan, and 690 million yuan, with year-on-year changes of +59.7%, +5.8%, and -34.7% respectively [3]. - In Q2 2025, revenue from these channels was 100 million yuan, 30 million yuan, and 140 million yuan, with year-on-year changes of +43.5%, +15.0%, and -63.8% respectively [3]. Regional Performance - In H1 2025, revenue from within the region was 900 million yuan, down 10.0% year-on-year, while revenue from outside the region was 160 million yuan, down 47.9% year-on-year [4]. - In Q2 2025, revenue from these regions was 200 million yuan and 70 million yuan, with year-on-year changes of -37.8% and -56.9% respectively [4]. Financial Metrics - The net profit margin for Q2 2025 was 6.7%, down 1.1 percentage points year-on-year, while the gross margin was 50.8%, up 2.6 percentage points year-on-year [4]. - The company expects revenues to decline by 17.4% in 2025, followed by growth of 10.3% in 2026 and 13.4% in 2027 [5]. Earnings Per Share (EPS) - The expected EPS for 2025 is 0.48 yuan, with projections of 0.53 yuan and 0.62 yuan for 2026 and 2027 respectively [5].