8月28日，河北衡水老白干酒业股份有限公司（以下简称衡水老白干）正式公布2025半年度财务报告。 半年报显示，衡水老白干1~6月实现营业收入24.8亿元，同比增长0.5%；净利润达3.21亿元，同比增长 5.4%；100元以上高档酒实现营业收入13.17亿元，同比提升5.1%；河北、湖南、山东等省份分别实现营 业收入14.82亿元、5.24亿元、0.86亿元，同比增长3.74%、11.34%和2.95%。 站在白酒行业深度调整周期，以及大部分酒企动销艰难半年报遇冷的情况下，衡水老白干依旧能坚守战 略定力，秉承"长期主义"持续发力，最终呈送一份亮眼答卷，充分证明了企业的盈利能力、发展韧性与 抗风险能力，行稳致远，突破预期。 两条腿走路，两条腿都要硬 众所周知，在相当长时间内，酒企动销极大依赖餐饮消费。但随着客观因素的变化，消费疲软，宴席和 商务宴请等关键场景需求不振，对白酒行业造成明显冲击。 对此，衡水老白干一方面选择稳固传统宴席市场，通过衡水老白干1915、十八酒坊20/15等核心单品占 据用户餐桌消费，并联合媒介，于元旦、五一、端午等宴席消费高峰期，在电梯、地铁站等高频次场合 提升单品场景曝光，扩大品牌知名 ...

Core Viewpoint - The company, Hebei Hengshui Laobaigan Liquor Co., Ltd., reported a revenue of 2.481 billion yuan for the first half of 2025, marking a year-on-year growth of 0.48%, ending a four-year streak of double-digit growth. Net profit was 321 million yuan, up 5.42%, but showed signs of slowing growth compared to the previous year's 40.25% increase [1][3]. Revenue Performance - The company's high-end products (priced above 100 yuan) generated approximately 1.317 billion yuan in revenue, a year-on-year increase of 5.1%. In contrast, products priced below 100 yuan saw revenue decline by 3.81% to about 1.153 billion yuan [2]. - In 2024, the company achieved a revenue of 5.358 billion yuan, a slight increase of 1.91%, but fell short of its target of 5.78 billion yuan. The sales of high-end products grew by 5.29% to 2.704 billion yuan, while lower-priced products increased by 7.09% to 2.622 billion yuan [3]. - For the first half of 2025, the company reported a revenue of 2.481 billion yuan, with a target of 5.47 billion yuan for the year, indicating a downward adjustment of 310 million yuan from the previous year's target [3]. Market Challenges - The company faced significant challenges in the Anhui market, with revenue declining by 18.52% to approximately 222 million yuan in the first half of 2025. This decline is attributed to the overall industry adjustment and increased competition from leading brands [1][7]. - The company is considered a typical regional liquor enterprise, struggling to establish itself as a dominant player in the local market due to low brand value and niche product offerings. This has hindered its ability to penetrate external markets effectively [4][8]. Strategic Adjustments - The company has undertaken strategic measures, including the absorption and merger of subsidiaries to streamline management and improve operational efficiency. This includes the merger with Fenglian Liquor and the transfer of three subsidiaries from Anhui Wenwang to enhance resource allocation [5][6]. - The company aims to optimize its product structure by increasing the proportion of mid-to-high-end liquor and enhancing brand image to drive business growth. This strategy is part of a broader effort to adapt to changing market dynamics and consumer preferences [2][8].