多品牌、多区域布局，能否更好抵御市场波动？ 老白干酒8月28日傍晚披露了半年报，上半年营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%。 在截至目前披露半年报的白酒上市公司中，能保持营收正增长的是少数。其二季度实现营收13.14亿元，同比下滑1.95%；归母 净利润1.68亿元，同比增长0.16%，显示出二季度以来挑战加剧。 老白干酒上半年能保持正增长，主要是依靠大本营河北市场和第二支柱湖南市场，上半年分别增长3.74%和11.34%。在河北市 场，衡水老白干和承德乾隆醉两大业务板块上半年实现收入超过16亿元，主要在湖南市场的武陵酒上半年实现收入5.26亿元。几 块业务中规模最小的山东孔府家酒，则保持了小幅增长。 而安徽毫不意外是上半年其下滑最严重的市场。文王贡酒上半年收入2.4亿元，同比下滑近两成。 不过即便是如此，老白干酒也未能赶上全年经营目标。老白干酒2025年的目标营收是54.7亿元，按此推算今年营收只需要同比增 长2%即可完成任务。 为了动销，上半年老白干酒的销售费用增长了三个多点，增速高于营收。 翻看财报数据能注意到，老白干酒上半年之所以营收能稍有增长，是因为 ...

21世纪经济报道肖夏 多品牌、多区域布局，能否更好抵御市场波动？ 老白干酒8月28日傍晚披露了半年报，上半年营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿 元，同比增长5.42%。 在截至目前披露半年报的白酒上市公司中，能保持营收正增长的是少数。其二季度实现营收13.14亿 元，同比下滑1.95%；归母净利润1.68亿元，同比增长0.16%，显示出二季度以来挑战加剧。 老白干酒上半年能保持正增长，主要是依靠大本营河北市场和第二支柱湖南市场，上半年分别增长 3.74%和11.34%。在河北市场，衡水老白干和承德乾隆醉两大业务板块上半年实现收入超过16亿元，主 要在湖南市场的武陵酒上半年实现收入5.26亿元。几块业务中规模最小的山东孔府家酒，则保持了小幅 增长。 而安徽毫不意外是上半年其下滑最严重的市场。文王贡酒上半年收入2.4亿元，同比下滑近两成。 不过即便是如此，老白干酒也未能赶上全年经营目标。老白干酒2025年的目标营收是54.7亿元，按此推 算今年营收只需要同比增长2%即可完成任务。 为了动销，上半年老白干酒的销售费用增长了三个多 点，增速高于营收。 翻看财报数据能注意到，老白干酒上半年 ...

21世纪经济报道肖夏 多品牌、多区域布局，能否更好抵御市场波动？ 老白干酒（600559）8月28日傍晚披露了半年报，上半年营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长 5.42%。 在截至目前披露半年报的白酒上市公司中，能保持营收正增长的是少数。其二季度实现营收13.14亿元，同比下滑1.95%；归母 净利润1.68亿元，同比增长0.16%，显示出二季度以来挑战加剧。 老白干酒上半年能保持正增长，主要是依靠大本营河北市场和第二支柱湖南市场，上半年分别增长3.74%和11.34%。在河北市 场，衡水老白干和承德乾隆醉两大业务板块上半年实现收入超过16亿元，主要在湖南市场的武陵酒上半年实现收入5.26亿元。几 块业务中规模最小的山东孔府家酒，则保持了小幅增长。 (来自财报) 半年报中也有一些经营改善的信号。 上半年老白干酒的营业成本同比减少3%，管理费用同比减少近1%。老白干酒近年一直在开展降本增效活动，以此提升盈利水 平。上半年其销售毛利率提升至近68%。 而安徽毫不意外是上半年其下滑最严重的市场。文王贡酒上半年收入2.4亿元，同比下滑近两成。 不过即便是如此，老白干酒也未能赶 ...

Core Viewpoint - The company reported a strong performance in 2024 with a revenue of 5.36 billion yuan, a year-on-year increase of 1.9%, and a net profit of 790 million yuan, up 18.2%, indicating sustained high growth despite a slight dip in Q4 performance [1][2][6] Financial Performance - In 2024, the company achieved a total revenue of 5.36 billion yuan, with the liquor segment contributing 5.33 billion yuan, reflecting a 6.2% year-on-year growth [1][2] - The net profit attributable to shareholders was 790 million yuan, marking an 18.2% increase year-on-year, while the net profit after deducting non-recurring items was 740 million yuan, up 20.1% [2][3] - Q4 2024 revenue was 1.27 billion yuan, down 10.0% year-on-year, with a net profit of 230 million yuan, a decrease of 6.8% [2][3] Cost Management and Profitability - The company effectively reduced promotional expenses, leading to a 3.5 percentage point decrease in the sales expense ratio [3] - The gross profit margin for 2024 was 66.0%, a decrease of 1.2 percentage points year-on-year, while the liquor segment's gross margin was 66.2%, an increase of 0.29 percentage points [3] - The net profit margin attributable to shareholders improved to 13.8% for the year, up 2.1 percentage points [3] Product Performance - The company saw double-digit growth in its Wuling and Laobai Gan brands, with total revenues for these brands reaching 2.59 billion yuan and 1.1 billion yuan respectively [4] - In Q1 2025, revenue and profit grew by 3% and 13% respectively, with the gross margin rising to 68.6%, an increase of 5.9 percentage points year-on-year [5] Strategic Outlook - The company maintains a long-term growth strategy, with a target for 2025 of 2% revenue growth and 12% profit growth [6] - The company continues to focus on maintaining healthy channel relationships and enhancing profitability through cost control measures [6]

Core Viewpoint - The company reported a slight increase in revenue for 2024, with a notable growth in net profit, while Q4 2024 showed a decline in revenue and net profit. The first quarter of 2025 showed a modest revenue increase and a significant rise in net profit, indicating a mixed performance trend [1][4]. Financial Performance - For 2024, the company achieved revenue of 5.358 billion yuan, a year-on-year increase of 1.91%, and a net profit of 787 million yuan, up 18.19%. However, Q4 2024 revenue was 1.270 billion yuan, down 10.03%, with a net profit of 231 million yuan, down 6.79% [1]. - In Q1 2025, revenue reached 1.168 billion yuan, a year-on-year increase of 3.36%, while net profit was 152 million yuan, up 11.91%. Contract liabilities decreased by 20.58% year-on-year to 1.877 billion yuan [1]. Product Performance - In 2024, specific products showed varied performance: Wuling and Kongfu Family wines experienced significant growth, while others like Hengshui Laobai Gan and Bancheng Shaoguo saw declines. The revenue for Wuling wine was 1.099 billion yuan, up 12.30%, and Kongfu Family wine was 230 million yuan, up 28.12% [2]. - In Q1 2025, products priced above 100 yuan generated 661 million yuan in revenue, a year-on-year increase of 25.50%, while products below 100 yuan generated 502 million yuan, down 15.65% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 65.95%, a decrease of 1.21 percentage points. The net profit margin improved to 14.69%, an increase of 2.02 percentage points. In Q1 2025, the gross profit margin rose to 68.58%, up 5.86 percentage points, indicating improved product mix and cost management [3]. - The sales expense ratio and management expense ratio showed a decline in 2024, contributing to the overall improvement in profitability [3]. Future Outlook - The company projects revenue growth for 2025-2027, estimating revenues of 5.473 billion, 5.764 billion, and 6.016 billion yuan, respectively, with corresponding net profits of 928 million, 1.052 billion, and 1.169 billion yuan. This reflects a compound annual growth rate (CAGR) of 14.09% [4]. - The company maintains a "buy" rating, citing significant potential for profit improvement due to effective state-owned enterprise reforms and rational planning for 2025 [4].