2025年8月29日， 古井贡酒 发布2025年半年度报告，数据显示公司实现营业总收入138.80亿元，同比增 长0.54%；归母净利润36.62亿元，同比增长2.49%；扣非归母净利润36.26亿元，同比增长2.42%。从整 体数据来看，古井贡酒在 白酒 行业整体处于深度调整期的背景下，依然维持了盈利的正增长，展现出 一定的经营韧性。深入拆解其财务结构、区域表现与增长动力，不难发现这份"稳健"背后，实则隐藏着 增长乏力、结构失衡与外部扩张受阻的深层问题。其业绩的维持，更多依赖于内部费用压缩与渠道库存 调节，而非市场真实需求的强劲复苏，这为公司未来的可持续发展埋下了不确定性。 首先，从季度经营节奏看，古井贡酒的增长呈现出明显的"前高后低"与"主动降速"特征。2025年第二季 度，公司单季实现营业收入47.34亿元，同比大幅下降14.23%；归母净利润13.32亿元，同比下降 11.63%。这一数据与上半年整体微增的表象形成强烈反差，暴露出二季度经营的严峻压力。究其原 因，并非完全源于外部市场环境恶化，而是公司主动采取"降速纾压"策略的结果。2025年二季度末，公 司合同负债为14.28亿元，较上年同期减少7. ...

Core Viewpoint - In the context of the deep adjustment cycle in the liquor industry characterized by "volume shrinkage, price decline, and high inventory," Gujing Gongjiu (000596.SZ) has reported a rare achievement of revenue and net profit growth in the first half of 2025, showcasing its resilience and proactive strategies in a challenging environment [1][12]. Group 1: Financial Performance - Gujing Gongjiu's revenue for the first half of 2025 reached 13.88 billion yuan, a year-on-year increase of 0.54%, while the net profit attributable to shareholders was 3.66 billion yuan, up 2.49% year-on-year [1][12]. - The company's core product, "Nianfen Yuanjiang," generated revenue of 10.96 billion yuan, accounting for 80.34% of total liquor revenue, and achieved a gross margin of 85.14%, indicating strong brand recognition in the premium liquor market [2][4]. Group 2: Product and Market Strategy - The "Gujing Gongjiu" series saw a revenue decline to 1.18 billion yuan, with a gross margin of 52.04%, reflecting the industry's consumption differentiation and intensified competition in the mid-to-low-end market [4][12]. - In the core market of Central China, centered in Anhui, the company achieved revenue of 12.30 billion yuan, a year-on-year increase of 3.60%, highlighting its strong market presence and brand penetration [4][12]. Group 3: Channel Development - The offline channel, primarily through distributors, generated revenue of 13.31 billion yuan, maintaining a gross margin of 80.16%, while the online channel experienced explosive growth with revenue of 573 million yuan, up 40.19% year-on-year [5][6]. - The company has adapted to changing consumer preferences by launching products suitable for online consumption, such as low-alcohol and small-packaged products, effectively targeting younger demographics [6][12]. Group 4: Strategic Initiatives - Gujing Gongjiu has actively engaged in brand building, marketing, production, and digitalization across seven dimensions to navigate the industry's challenges and pursue long-term goals of national expansion and premiumization [7][12]. - The company has implemented a "Three Communications Project" for real-time inventory monitoring and has expanded its distribution network through "flag planting, well drilling, nurturing households, and increasing volume" strategies [8][12]. Group 5: Production and Digitalization - The company has invested 567 million yuan in intelligent production technology, with a total investment of 7.6 billion yuan, enhancing production efficiency and quality control [9][12]. - Gujing Gongjiu is advancing its digital transformation by establishing a comprehensive digital system that covers production, marketing, and management, improving operational efficiency and market responsiveness [11][12]. Group 6: Long-term Growth Outlook - Despite short-term challenges in the liquor industry, Gujing Gongjiu is well-positioned for long-term growth due to its brand, quality, and channel advantages, which are expected to yield increased market share as industry concentration rises [12][13]. - The company aims to deepen its market penetration in core regions, expand its national presence, and enhance its product matrix to meet evolving consumer demands [13][14].

Company Overview - Gujing Gongjiu reported a closing price of 145.68 yuan on August 13, down 0.60 yuan or 0.41% from the previous trading day [1] - The company is a well-known liquor producer in Anhui, specializing in the production and sale of high-end liquor, with key products including the Year Original Series and Gujing Gongjiu Series [1] Market Performance - The stock opened at 146.28 yuan, with an intraday high of 146.80 yuan and a low of 143.80 yuan, resulting in a price fluctuation of 2.05% [1] - The trading volume was 31,703 hands, with a total transaction amount of 461 million yuan [1] Pricing Trends - Recent market research indicates that instant retail platforms are significantly impacting the pricing structure of high-end liquor [1] - In the Guangdong-Hong Kong-Macao Greater Bay Area, the retail average price of Gujing Gongjiu's main product, Gu20, decreased from 660 yuan to 597 yuan in Guangzhou, with online channels in Shenzhen averaging around 601 yuan and Foshan at 629 yuan [1] - Price fluctuations are primarily driven by instant retail platforms using subsidies to lower prices, with some channels pricing as low as 545 yuan [1] Capital Flow - On August 13, the net outflow of main funds was 14.32 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, there has been a cumulative net inflow of 71.59 million yuan, representing 0.12% of the circulating market value [1]

Group 1 - The stock price of Gujing Gongjiu on July 31 was 137.79 yuan, down by 3.94 yuan, a decrease of 2.78% from the previous trading day [1] - The opening price on the same day was 141.45 yuan, with a highest point of 141.45 yuan and a lowest point of 137.10 yuan, with a trading volume of 36,916 hands and a transaction amount of 512 million yuan [1] - Gujing Gongjiu operates in the liquor industry, primarily engaged in the production and sales of liquor, with main products including the Year Original Series and Gujing Gongjiu Series, and has a nationwide market presence [1] Group 2 - In the second quarter, institutional investors made significant adjustments to their holdings in the liquor sector, with some fund managers reducing their positions in Gujing Gongjiu and other liquor stocks, while others chose to increase their investments [1] - The number of shares held by actively managed funds in liquor stocks decreased from 521 million shares to 325 million shares, representing a decline of 38% [1] - On July 31, Gujing Gongjiu experienced a net outflow of main funds amounting to 21.47 million yuan, accounting for 0.04% of its circulating market value [1]