Core Insights - The company Kuaijishan Shaoxing Wine Co., Ltd. reported a revenue of 1.212 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 14.12% [1] - The net profit attributable to shareholders for the same period was 116 million yuan, showing a year-on-year growth of 3.23% [1] - In the third quarter, the company achieved a revenue of 395 million yuan, which is a year-on-year increase of 21.09%, and a net profit of 22 million yuan, up by 2.47% year-on-year [1] Revenue Breakdown - For the first nine months, the sales revenue from mid-to-high-end yellow wine reached 751 million yuan, increasing by 19.64% year-on-year [1] - The revenue from ordinary yellow wine was 273 million yuan, which represents a decline of 16.01% year-on-year [1] - Other alcoholic beverages generated a revenue of 150 million yuan, marking a significant increase of 109.2% year-on-year [1]

| 区域名称 | 报告期末经销商数量 | 报告期内增加数量 | 报告期内减少数量 | | --- | --- | --- | --- | | 浙江大区 | 530 | 46 | 71 | | 江苏大区 | 365 | 25 | 31 | | 上海地区 | 200 | 13 | 31 | | 其他地区 | 838 | 128 | 37 | | 小计 | 1,933 | 212 | 170 | 特此公告。 证券代码：601579 证券简称：会稽山 公告编号：2025-027 会稽山绍兴酒股份有限公司董事会 会稽山绍兴酒股份有限公司 2025 年 1-9 月经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年 1-9 月主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | | | 单位：万元 | 币种：人民币 | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a stable revenue performance in Q2 2025, with total revenue and net profit attributable to the parent company reaching 527.71 billion and 194.92 billion yuan respectively, reflecting a year-on-year increase of 4.19% and 2.28% [1] - The growth in the liquor business is primarily driven by volume, although the price per ton is under pressure due to structural declines [2] - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 895 billion, 933 billion, and 977 billion yuan, and net profits of 319 billion, 333 billion, and 351 billion yuan respectively [4] Financial Performance - In H1 2025, the liquor segment generated revenues of 491.20 billion yuan, with the flagship product Wuliangye contributing 409.98 billion yuan, both showing year-on-year growth of 4.26% and 4.57% respectively [2] - The gross profit margin for the liquor segment was 82.20%, with a slight decrease of 0.39 percentage points year-on-year [2] - The company’s operating cash flow increased by 18.40% year-on-year to 152.88 billion yuan [4] Channel Performance - In H1 2025, the revenue from distribution and direct sales channels was 279.25 billion and 211.95 billion yuan respectively, with direct sales showing a stronger growth of 8.60% year-on-year [3] - The number of Wuliangye distributors decreased by 20 to 2,510, while the number of distributors for other liquor brands increased by 127 to 1,077 [3] Cost and Profitability - The company faced pressure on profitability due to increased expenses, with the gross margin and net profit margin for Q2 2025 at 74.69% and 29.26% respectively, both showing declines year-on-year [4] - The sales and management expense ratios increased to 18.88% and 4.90% respectively, indicating higher operational costs [4] Future Outlook - The company is expected to maintain a strong cash flow position, with contract liabilities increasing by 19.11% year-on-year to 100.87 billion yuan [4] - The projected earnings per share (EPS) for 2025 is 8.21 yuan, with a price-to-earnings (P/E) ratio of 14.75 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's total revenue for H1 2025 is 52.771 billion yuan, representing a year-on-year increase of 4.19%. The net profit attributable to shareholders is 19.492 billion yuan, up 2.28% year-on-year, while the net profit excluding non-recurring items is 19.48 billion yuan, an increase of 2.86% year-on-year [2][6]. - In Q2 2025, the company reported total revenue of 15.831 billion yuan, a slight increase of 0.1% year-on-year, but the net profit attributable to shareholders decreased by 7.58% to 4.632 billion yuan, with the net profit excluding non-recurring items down 5.75% to 4.618 billion yuan [2][6]. - The sales revenue from liquor products in H1 2025 reached 49.12 billion yuan, a year-on-year increase of 4.26%. The revenue from Wuliangye liquor was 40.998 billion yuan, up 4.57% year-on-year, while other liquor products generated 8.122 billion yuan, an increase of 2.73% year-on-year [11]. Financial Performance - The company's gross profit margin for H1 2025 decreased by 0.53 percentage points to 76.83%, and the net profit margin attributable to shareholders declined by 0.69 percentage points to 36.94% [11]. - The company plans to align its revenue growth target for 2025 with macroeconomic indicators, with expected EPS for 2025 and 2026 at 8.36 yuan and 8.83 yuan, respectively, corresponding to PE ratios of 15 and 14 times [11].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in maintaining growth amidst a competitive market environment [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 16.454 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 7.663 billion yuan, down 4.45% year-on-year [1]. - For Q2 2025, revenue was 7.102 billion yuan, reflecting a year-on-year decline of 7.97%, with net profit at 3.070 billion yuan, down 11.10% year-on-year [1]. Product and Channel Analysis - In H1 2025, revenue from mid-to-high-end liquor and other liquor segments was 15.048 billion yuan and 1.350 billion yuan, respectively, with year-on-year changes of -1.09% and -16.96% [2]. - Traditional sales channels generated 15.465 billion yuan in revenue, a decrease of 3.99% year-on-year, while emerging channels saw a revenue increase of 27.55% to 1.948 billion yuan [2]. Profitability and Cost Structure - The company's gross margin and net margin for H1 2025 were 87.09% and 46.57%, respectively, with slight declines of 1.48 percentage points and 0.91 percentage points year-on-year [3]. - The tax rate increased by 1.18 percentage points, impacting net margin, while sales and management expense ratios improved slightly [3]. Cash Flow and Liabilities - Operating cash flow for H1 2025 was 6.064 billion yuan, down 26.27% year-on-year, with Q2 cash flow at 2.757 billion yuan, a decline of 28.69% [3]. - Contract liabilities increased, providing some assurance for future performance, with H1 liabilities at 3.530 billion yuan and Q2 at 4.636 billion yuan [3]. Investment Outlook - The company forecasts revenue growth rates of -5.2%, 4.6%, and 7.5% for 2025 to 2027, with net profit growth rates of -7.7%, 5.5%, and 8.8% respectively [4]. - A buy-A investment rating is suggested, with a target price of 162.08 yuan based on a 19.18x valuation for 2025 [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for the stock price over the next 12 months [5]. Core Insights - The company reported a revenue of 52.77 billion yuan and a net profit attributable to shareholders of 19.49 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.19% and 2.28% respectively [1]. - The focus on banquet markets has led to a double-digit growth in both the number of events and bottle openings, although overall performance showed an increase in volume but a decrease in price [1]. - The company launched a new low-alcohol product aimed at younger consumers, which is expected to contribute to revenue growth in the second half of the year [1]. Revenue Breakdown - The main liquor segment achieved a revenue of 49.12 billion yuan in the first half of 2025, with a volume increase of 44.59% but a price decrease of 27.89%, resulting in a gross margin decline of 0.39 percentage points to 82.20% [1]. - The revenue from Wuliangye products was 40.99 billion yuan, with a volume increase of 12.75% and a price decrease of 7.25% [1]. - Other liquor products generated a revenue of 8.12 billion yuan, with a significant volume increase of 58.81% but a price drop of 35.31% [1]. Regional Performance - The company restructured its marketing regions into three major areas, with the Eastern region showing the best growth at 7.88% year-on-year [2]. - Revenue from the Northern and Southern regions increased by 1.82% and 1.93% respectively [2]. Channel Performance - Revenue from distribution and direct sales reached 27.93 billion yuan and 21.20 billion yuan respectively, with direct sales growing faster than the overall market [2]. - The company has been expanding its direct sales channels, increasing the number of exclusive stores to 1,768 by the end of Q2 [2]. Profitability Metrics - The gross margin for the first half of 2025 was 76.83%, down 0.53 percentage points year-on-year, while the net profit margin was 36.94% [3]. - The company expects net profits to recover in the coming years, projecting 30.40 billion yuan in 2025, a decrease of 4.6% from the previous year, followed by growth in subsequent years [5][6]. Financial Forecast - The company is projected to achieve revenues of 89.69 billion yuan in 2025, with a growth rate of 0.6% [6]. - The earnings per share are expected to be 7.83 yuan in 2025, with a price-to-earnings ratio of 17 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is navigating challenges and seeking practical changes, focusing on enhancing marketing execution and channel transformation [8] - In H1 2025, the company achieved revenue and net profit of 52.77 billion and 19.49 billion RMB, respectively, with year-on-year growth of 4.2% and 2.3% [8] - The company is adjusting its profit forecasts for 2025-2027 due to a slower recovery in high-end demand, with net profit estimates revised to 31.6 billion, 32.0 billion, and 34.9 billion RMB [8] Financial Performance Summary - Total revenue for 2023A is projected at 83.27 billion RMB, with a year-on-year growth of 12.58% [1] - The net profit attributable to shareholders for 2023A is estimated at 30.21 billion RMB, reflecting a year-on-year increase of 13.19% [1] - The latest diluted EPS for 2023A is 7.78 RMB, with a P/E ratio of 16.27 [1] Revenue Breakdown - In H1 2025, the company achieved 49.12 billion RMB in liquor revenue, a year-on-year increase of 4.3% [8] - The revenue from the flagship product, Wuliangye, grew by 4.6% in H1 2025, with volume and price changes of +12.7% and -7.2%, respectively [8] - Other liquor categories saw a revenue increase of 2.7% in H1 2025, with significant volume growth of 58.8% but a price decline of 35.3% [8] Profitability Metrics - The company's net profit margin decreased by 1.0 percentage points year-on-year in H1 2025, primarily due to pressure on gross margins and taxes [8] - The overall gross margin for H1 2025 was 82.2%, down 0.4 percentage points from the previous year [8] - Sales expenses remained stable, with a slight decrease in advertising costs and an increase in promotional expenses [8] Strategic Initiatives - The company is focused on channel restructuring and enhancing marketing management through specialized sales companies [8] - In H1 2025, the company added 242 new stores, filling gaps in 18 counties, and developed 60 corporate clients [8] - The company aims to explore new marketing models and resource development to meet emerging demands and scenarios [8]

证券代码：601579 证券简称：会稽山 公告编号：2025-024 会稽山绍兴酒股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年半年度主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | | 按产品档次 2025 | 年 1-6 月销售收入 | 2024 年 1-6 月销售收入 | 同比变动（%） | | 中高端黄酒 | 52,129.72 | 48,646.00 | 7.16 | | 普通黄酒 | 19,536.36 | 19,053.49 | 2.53 | | 其他酒 | 7,038.26 | 4,385.99 | 60.47 | | 小计 | 78,704.34 | 72,085.48 | 9. ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, 70% for 2025, and 75% for 2026, with an absolute amount not less than 8.5 billion yuan (including tax) [2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency [2]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1]. - The gross margin and net margin for Q1 2025 were 86.51% and 49.11%, respectively, with slight declines compared to the previous year [2]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to be 31.82 billion yuan in 2025, with a growth rate of 2% [4]. - The net profit forecast for 2025 is 13.74 billion yuan, with a growth rate of 2% [4]. - The company aims for steady revenue growth, with targets of 31.8 billion yuan, 33.7 billion yuan, and 36.4 billion yuan for 2025, 2026, and 2027 respectively [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 14X, 13X, and 12X respectively [2]. - The company’s market capitalization is approximately 185.99 billion yuan [6]. - The estimated EPS for 2025 is 9.33 yuan, with a projected growth rate of 1.97% [4].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][15]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2][4]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, increasing to 70% and 75% in subsequent years, with an absolute amount not less than 8.5 billion yuan [1][2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency and product offerings [2][4]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1][2]. - The gross margin for Q1 2025 was 86.51%, while the net profit margin was 49.11%, indicating slight declines compared to the previous year [2][4]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to grow to 31.82 billion yuan in 2025, with further increases to 33.70 billion yuan in 2026 and 36.41 billion yuan in 2027 [4][9]. - The net profit is expected to reach 13.74 billion yuan in 2025, with projections of 14.62 billion yuan in 2026 and 15.89 billion yuan in 2027 [4][9]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 14.04 for 2023, which is expected to decrease to 11.70 by 2027 [4][9]. - The price-to-book (P/B) ratio is projected to decline from 4.49 in 2023 to 3.11 in 2027 [4][9]. - The enterprise value to EBITDA (EV/EBITDA) ratio is forecasted to decrease from 13.52 in 2023 to 6.97 in 2027 [4][9].