业绩简评 2025 年 8 月 22 日公司披露 25 年中期业绩，期内实现营收 24.97 亿元，同比-39.6%；归母净利 5.75 亿元，同比-23.5%；经调整净 利 6.13 亿元，同比-39.8%。 经营分析 分价位来看：25H1 高端/次高端/中端及以下分别实现营收 5.8/9.8/9.4 亿元，同比 -47%/-42%/-31% ，毛利率分别 -2.2/+2.3/+2.7pct；高端价位毛利率回落主要源于内部结构调 整，次高端及以下价位毛利率提升主要源于自产基酒逐步替代+包 材等成本优化+低毛利产品销量下滑致使内部结构优化。 从报表质量看：1）25H1 整体毛利率同比+0.3pct 至 59.0%，销售 及经销开支占比同比+0.4pct 至 22.2%（绝对值同比-38.5%），行 政开支占比同比+3.1pct 至 9.8%（绝对值同比-11.3%）；经调整净 利率-0.1pct 至 24.6%；2）25H1 末应计返利/预收客户款项余额分 别 4.9/14.3 亿元，较 24 年末-1.9/-3.3 亿元。 盈利预测、估值与评级 我们预计公司 25-27 年收入分别-20.4%/+11.7% ...

Group 1: Core Insights - The event "Cultural Leadership and Innovative Change" organized by Li Du Distillery highlights the importance of cultural heritage in the development of the liquor industry amidst deep adjustments [1] - Li Du's ancient brewing site, recognized as a national treasure, showcases the evolution of brewing techniques from the Yuan, Ming, and Qing dynasties, enhancing its cultural significance [3] - The integration of cultural storytelling and innovative tourism experiences is crucial for Li Du to connect with consumers and expand its market presence [5] Group 2: Technological Innovation - Li Du Distillery utilizes ancient brewing techniques and modern technology to create unique products, achieving a distinctive flavor profile described as "one sip, four fragrances" [6] - Collaborations with universities for research on ancient microbial brewing techniques and the establishment of a smart brewing facility demonstrate Li Du's commitment to technological advancement [8] - The implementation of AI technology in management, production, flavor science, and marketing aims to enhance product quality and consumer experience [10] Group 3: Market Positioning and Branding - Li Du's marketing strategies, including the launch of new products and innovative experiential centers, have positioned it as a leader in the competitive liquor market [11] - The brand's engagement with new media and interactive marketing campaigns has significantly increased its visibility and consumer engagement [13] - The focus on storytelling and cultural heritage is seen as a way to differentiate Li Du in a challenging economic environment, fostering a new growth logic for the industry [13]

Group 1 - Moutai Group and COFCO Group held a meeting to explore innovative cooperation models for mutual benefit and high-quality development [2] - Moutai's Chairman emphasized the importance of quality and innovation in maintaining the brand's global reputation [2] - During the 618 promotion, Moutai's product priced at 1499 yuan sold out quickly on Meituan, indicating strong demand [2] Group 2 - Yanghe launched three new products for the Dragon Boat Festival, featuring unique designs and cultural themes [2] - The new products include "Dream Blue·J-20" and "Dream Blue·Chinese Rocket," showcasing a blend of modern aesthetics and traditional values [2] Group 3 - Luzhou Laojiao announced the resignation of board member Qian Xu due to personal reasons [3] - The company will not appoint Qian Xu to any position within the company or its subsidiaries post-resignation [3] Group 4 - Several liquor companies received patent authorizations for innovative technologies and packaging [4] - Moutai received patents for a "cutting mud machine" and a "distillation water recovery system," enhancing production efficiency and sustainability [4] - Other companies like Langjiu and Songhe also received patents for their unique production and packaging solutions [4] Group 5 - Li Du launched "Li Du Sorghum 1965" at a promotional event, celebrating its historical significance and the spirit of perseverance [5] - The event featured discussions on the company's turnaround from losses to becoming the first Chinese liquor company listed on the Hong Kong Stock Exchange [5] Group 6 - Fosun plans to establish a "World Famous Liquor Shanghai Center" to enhance the visibility and marketing of Chinese liquor brands [6] - The center aims to provide a platform for brand display, cultural exchange, and tasting experiences [6] Group 7 - Jiu Gui Jiu announced that both distribution and sales will exceed 100% in 2024, focusing on high-quality sales strategies [7] - The company aims to enhance brand, product, channel, and system capabilities to improve sales quality [7] Group 8 - Luzhou announced a total investment of 352.8 billion yuan in various liquor projects during an investment promotion event [7] - The projects cover 13 liquor-related initiatives, contributing to the local economy [7] Group 9 - From January to April, Guangdong Province's beer production increased by 1.3%, indicating a stable market [7] - The total beer production for April reached 416,500 kiloliters, reflecting a year-on-year growth of 13.1% [7] Group 10 - Japan's sake industry faces a raw material shortage crisis due to rising prices of cooking rice, affecting the supply of sake rice [7] - The Hyogo Prefecture Sake Rice Promotion Association is advocating for equal pricing between sake rice and consumption rice to ensure sustainable production [7]