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, primarily due to decreased market demand and sales performance [1] Financial Performance - For 25H1, revenue was 1.07 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 160 million yuan, down 17.8% year-on-year [1] - In 25Q2, revenue was 270 million yuan, down 44.9% year-on-year; net profit attributable to shareholders was 20 million yuan, down 52.8% year-on-year [1] - The gross profit margin for 25H1 was 49.3%, a decrease of 1.2 percentage points year-on-year, mainly due to reduced scale effects from declining revenue [3] - The net profit margin for 25H1 was 15.2%, an increase of 0.1 percentage points year-on-year, attributed to significant reductions in sales expenses [3] Product and Market Strategy - The company is undergoing product structure adjustments, with revenue from high-end, mid-range, and low-end products in 25H1 being 800 million, 200 million, and 70 million yuan respectively, showing declines of 8.0%, 42.3%, and 36.0% year-on-year [2] - The company is focusing on the "stabilize domestic, expand outside" strategy, with key markets identified as Xi'an and Lanzhou, and new product "Yili Jinbiao" achieving sales of 5 million yuan [2] - The direct sales channel saw a revenue increase of 59.8% year-on-year in 25H1, while traditional distribution channels faced pressure, leading to a 34.7% decline in revenue [2] Cost Control and Cash Flow - The sales expense ratio for 25H1 was 7.2%, down 3.7 percentage points year-on-year, due to reduced advertising and promotional expenses [3] - Cash flow from operating activities in 25Q2 was -150 million yuan, slightly improved from -170 million yuan in the same period last year [3] - As of the end of 25Q2, the company's contract liabilities and other current liabilities were 40 million yuan, showing a decrease both year-on-year and quarter-on-quarter [3] Future Outlook - The company is expected to see improvements in the second half of 2025 as it consolidates its core products and optimizes its marketing system [4] - Profit forecasts for 2025-2027 project net profits of 230 million, 250 million, and 280 million yuan respectively, with EPS of 0.49, 0.53, and 0.59 yuan [4] - The company is in a deep reform phase with a clear strategic direction, benefiting from channel structure optimization and national market expansion [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight decline in revenue and net profit, indicating pressure from external market conditions [1] Revenue and Profit Performance - In 2024, the company achieved revenue of 2.2 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 290 million yuan, down 15.9% year-on-year [1] - For Q1 2025, revenue was 800 million yuan, a decline of 4.3% year-on-year, with a net profit of 140 million yuan, down 9.3% year-on-year [1] Product Structure and Sales Channels - The product structure continues to optimize, with significant growth in self-operated sales outside the region. In 2024, high-end, mid-range, and low-end products generated revenues of 1.53 billion, 510 million, and 130 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% [2] - In Q1 2025, revenue from high-end, mid-range, and low-end products was 620 million, 130 million, and 30 million yuan, with year-on-year changes of +8.8%, -30.7%, and -41.0% [2] - The company’s direct sales channel showed resilience, with revenue of 490 million yuan in 2024, up 90.9% year-on-year, and 200 million yuan in Q1 2025, up 69.9% year-on-year [2] Gross Margin and Cost Structure - The gross margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.8%, a decrease of 3.1 percentage points year-on-year [3] - The sales and management expense ratios for 2024 were 11.9% and 4.1%, respectively, with increases of 2.5 percentage points and 0.5 percentage points year-on-year [3] - The net profit margin for 2024 was 13.1%, down 2.4 percentage points year-on-year, while Q1 2025 had a net profit margin of 18.0%, down 1.3 percentage points year-on-year [3] Strategic Initiatives and Future Outlook - The company is undergoing significant transformation, focusing on core products and optimizing its marketing system to enhance sales team performance [4] - New product launches and external sales efforts are expected to drive growth, particularly in high-end product segments [4] - Profit forecasts for 2025-2027 are projected at 320 million, 370 million, and 430 million yuan, with corresponding EPS of 0.68, 0.77, and 0.90 yuan [4]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a strategic focus on product upgrades and market expansion despite industry pressures [1][4]. Financial Performance - In 2024, the company achieved total revenue of 2.203 billion yuan, a year-on-year decrease of 1.3% - The net profit attributable to shareholders was 286 million yuan, down 15.9% year-on-year - The net profit excluding non-recurring items was 278 million yuan, a decrease of 16.5% year-on-year - For Q4 2024, total revenue was 549 million yuan, down 6.6% year-on-year, with a net profit of 45 million yuan, down 59.6% year-on-year [1] - In Q1 2025, total revenue reached 796 million yuan, a decrease of 4.3% year-on-year, with a net profit of 144 million yuan, down 9.3% year-on-year [1] Product Structure - In 2024, revenue from high-end, mid-range, and low-end products was 1.529 billion yuan, 506 million yuan, and 134 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% - High-end liquor revenue accounted for 70.5% of total revenue, an increase of 3.4 percentage points [2] - In Q1 2025, high-end liquor revenue was 620 million yuan, up 8.8% year-on-year [2] Channel Structure - In 2024, revenue from direct sales, wholesale agents, and online sales was 492 million yuan, 1.544 billion yuan, and 133 million yuan, with year-on-year changes of +90.9%, -13.9%, and -1.7% - In Q1 2025, direct sales revenue was 197 million yuan, up 69.9% year-on-year [2] Regional Performance - In 2024, sales revenue from within and outside the region was 1.598 billion yuan and 571 million yuan, with year-on-year changes of -5.8% and +16.7% - In Q1 2025, sales revenue from within and outside the region was 695 million yuan and 93 million yuan, with year-on-year changes of +3.5% and -37.9% [2] Strategic Initiatives - The company is accelerating its strategic layout within the region, focusing on market expansion outside the region, particularly in Sichuan [3] - The gross profit margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 gross profit margin was 48.8%, down 3.1 percentage points year-on-year [3] - The company is implementing organizational reforms and product system upgrades, with a focus on major product strategies and market expansion [4] Future Outlook - The company expects to achieve revenues of 2.295 billion yuan and 2.483 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4.2% and 8.2% - Projected net profits for 2025 and 2026 are 376 million yuan and 422 million yuan, respectively [4]