财报数据显示，上半年山西汾酒旗下汾酒、其他酒类分别实现销售收入233.91亿元、4.84亿元，同比提 升5.75%、-10.55%。从销售区域来看，上半年山西汾酒省内、省外分别实现销售收入87.32亿元、151.43 亿元，同比提升4.04%、6.15%。 北京商报讯（记者 刘一博 冯若男）8月28日，山西杏花村汾酒厂股份有限公司（以下简称"山西汾酒"） 发布《2025年半年度报告》显示，上半年公司实现营业收入239.64亿元，同比提升5.35%；实现归属于 上市公司股东的净利润为85.05亿元，同比提升1.13%。 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-019 山西杏花村汾酒厂股份有限公司 2025年半年度经营数据公告 1.按产品分类情况 2.按销售渠道分类情况 单位：万元 币种：人民币 | 渠道类型 | 2025 年 1-6 月 | 2024 年 1-6 月 | 增减变动幅度 | | --- | --- | --- | --- | | | 销售收入 | 销售收入 | （%） | | 代理 | 2,251,916.63 | 2,101,339.55 | 7.17 | | 团购电商直销 | 135,585.38 | 164,596.91 | -17.63 | | 合计 | 2,387,502.01 | 2,265,936.46 | 5.36 | 3.按地区分类情况 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： 第十二号——酒制造》的相关规定，现将公司 2025 年半年度主要经营数据 （未经审计）公告如下： 一、主要经营情况 特此公告 山西杏花 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 31.196 billion yuan in 2024, representing a year-on-year increase of 3.19%, and a net profit attributable to shareholders of 13.473 billion yuan, up 1.71% year-on-year [2][4][10]. - In Q4 2024, the company reported total revenue of 6.893 billion yuan, a decrease of 16.86% year-on-year, and a net profit of 1.88 billion yuan, down 29.86% year-on-year [2][4][10]. - For Q1 2025, total revenue was 9.352 billion yuan, reflecting a year-on-year increase of 1.78%, with a net profit of 4.593 billion yuan, up 0.41% year-on-year [2][4][10]. - The company’s mid-to-high-end liquor revenue in 2024 was 27.585 billion yuan, an increase of 2.77% year-on-year, while other liquor revenue was 3.467 billion yuan, up 7.15% year-on-year [10]. - The company has announced a three-year dividend plan, with a payout ratio of no less than 65%, 70%, and 75% for 2024, 2025, and 2026, respectively, with a minimum total dividend of 8.5 billion yuan (including tax) [10]. Summary by Sections Financial Performance - Total revenue for 2024 was 31.196 billion yuan, with a net profit of 13.473 billion yuan [2][10]. - Q4 2024 showed a significant decline in revenue and profit compared to the previous year [2][10]. - Q1 2025 demonstrated a slight recovery in revenue and profit [2][10]. Product and Channel Analysis - Mid-to-high-end liquor sales contributed significantly to revenue growth, while other liquor categories also saw positive growth [10]. - Traditional channels generated 29.573 billion yuan in revenue, up 3.2% year-on-year, while emerging channels contributed 1.479 billion yuan, an increase of 4.16% [10]. Profitability Metrics - The net profit margin for 2024 decreased by 0.63 percentage points to 43.19%, and the gross margin fell by 0.76 percentage points to 87.54% [10]. - In Q1 2025, the net profit margin further declined by 0.67 percentage points to 49.11% [10]. Future Outlook - The company is expected to maintain stable growth, with projected EPS of 9.44 yuan and 10.03 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 13.3 and 12.5 times [10].

Investment Rating - The investment rating for Luzhou Laojiao is maintained at "Buy" [1][5]. Core Views - The company achieved a revenue of 31.2 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 13.47 billion yuan, up 1.7% year-on-year. The fourth quarter of 2024 saw a revenue decline of 16.9% year-on-year, with a net profit decrease of 29.9% [5][6]. - For the first quarter of 2025, the company reported a revenue of 9.35 billion yuan, a year-on-year increase of 1.78%, and a net profit of 4.593 billion yuan, up 0.41% year-on-year, aligning with market expectations [5]. - The company is focusing on long-term healthy development by adjusting growth expectations based on product pricing and market order, maintaining a long-term perspective [5]. Financial Summary - In 2024, the company’s mid-to-high-end liquor revenue was 27.59 billion yuan, a year-on-year increase of 2.8%, with sales volume increasing by 14.4% and price decreasing by 10.2% [6]. - The company’s sales cash collection in 2024 was 40.04 billion yuan, a year-on-year increase of 26.7%, which was higher than the revenue growth rate [7]. - The gross profit margin for 2024 decreased by 0.8 percentage points to 87.5%, while the net profit margin decreased by 0.6 percentage points to 43.2% [8]. - The company’s earnings per share (EPS) for 2025 is projected to be 9.47 yuan, with net profits expected to be 13.94 billion yuan, reflecting a year-on-year growth of 3.4% [10][11].

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-013 山西杏花村汾酒厂股份有限公司 2025年第一季度经营数据公告 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。 一、主要经营情况 1.按产品分类情况 注：因汾酒的销售收入占公司整体销售收入比例较高，为充分反映主营产品的实际 销售情况，将产品分类情况划分为汾酒和其他酒类。 2.按销售渠道分类情况 1 单位：万元 币种：人民币 产品种类 2025 年 1-3 月 销售收入 2024 年 1-3 月 销售收入 增减变动幅度（%） 汾酒 1,621,155.12 1,497,908.89 8.23 其他酒类 26,820.27 31,738.04 -15.49 合计 1,647,975.39 1,529,646.93 7.74 单位：万元 币种：人民币 渠道类型 2025 年 1-3 月 销售收入 2024 年 1-3 月 销售收入 增减变动 幅度（%） 代理 1,562,274.43 1,413,479.32 10.53 直销、团购、电商平台 85,700. ...