Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to weak consumer demand and falling prices in both the pork and liquor segments [1][2]. Group 1: Financial Performance - In 25H1, total revenue was 4.59 billion, with net profit attributable to shareholders at 170 million, and net profit excluding non-recurring items at 180 million, representing year-on-year declines of 19.2%, 59.1%, and 57.9% respectively [1]. - For 25Q2, total revenue was 1.33 billion, with net profit attributable to shareholders and net profit excluding non-recurring items at -110 million and -100 million, compared to -30 million in the same period last year [1]. - The company's gross margin decreased by 1.9 percentage points to 34.3% in 25H1, with a more significant drop in 25Q2 to 28.4% [3]. Group 2: Business Segments - The liquor segment generated revenue of 3.61 billion in 25H1, down 23.2% year-on-year, with high-end, mid-range, and low-end liquor revenues at 530 million, 500 million, and 2.58 billion respectively, reflecting declines of 12.3%, 21.9%, and 25.4% [2]. - The pork segment maintained revenue at 890 million in 25H1, with slaughtering business revenue at 780 million, showing a slight decline of 0.5% [2]. Group 3: Strategic Outlook - The company is focusing on upgrading its liquor products and innovating marketing strategies, particularly through the "dual-wheel drive" strategy centered on its white liquor brands [2]. - Following the divestment of its real estate business, the company aims for clearer focus on its core operations, with expectations for the liquor business to benefit from the demand for staple liquor [1][4]. Group 4: Future Projections - The company has revised its revenue forecasts for 2025-2027 to 7.66 billion, 7.89 billion, and 8.21 billion, reflecting a downward adjustment of 10% [4]. - Expected earnings per share (EPS) for 2025-2027 are projected at 0.15, 0.19, and 0.24 yuan, also down by 46%, 47%, and 44% respectively [4].

证券研究报告 顺鑫农业 (000860 CH) 需求平淡，盈利承压 25H1 毛利率下降+费投增加，公司净利率承压 25H1 公司毛利率同比-1.9pct 至 34.3%（25Q2 同比-5.7pct 至 28.4%），预 计系买赠等投入增加影响成本，25H1 高端酒毛利率同比-2.2pct。费用端， 25H1 销售费用率同比+1.5pct 至 9.6%（25Q2 同比-3.7pct 至 10.9%）；25H1 管理费用率同比+1.5pct 至 7.8%（25Q2 同比+4.5pct 至 12.9%），25H1 费用端投放均有增加；25H1 税金及附加比率同比+0.2pct 至 10.0%（25Q2 同比+0.6pct 至 10.5%）；25H1 归母净利率 3.8%（同比-3.7pct）；25Q2 归母净利率-8.2%（同比-6.5pct）。同时，公司 25H1 销售回款 34.7 亿（同 比-18%）；经营现金流量净额-9.5 亿（同比-7%）；25Q2 末合同负债 3.9 亿（同比变化-1.9 亿元/环比持平）。 静待公司需求改善，维持"增持"评级 考虑到口粮酒需求释放仍需时间，非白酒业务短期仍有扰动， ...