Workflow
青稞白酒
icon
Search documents
天佑德酒(002646):Q2营收正增长 盈利同比改善
Xin Lang Cai Jing· 2025-08-23 00:35
Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with a slight increase in revenue compared to the previous quarter [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit attributable to shareholders of 51 million yuan, down 35.37% [1]. - In Q2 2025, the company recorded revenue of 242 million yuan, a year-on-year increase of 3.86%, with a net profit of -17 million yuan, an improvement from -29 million yuan in the same period last year [1][2]. Product and Sales Analysis - In H1 2025, revenue from different product lines was as follows: barley liquor 570 million yuan (down 10.79%), other barley wines 776,800 yuan (down 71.77%), and grape wine 5 million yuan (down 6.89%) [2]. - The overall sales volume of barley liquor decreased by 16.85% to 7,300 tons, while the price per ton increased by 6.75% to 92,100 yuan [2]. - Revenue from distribution channels was 512 million yuan (down 9.52%) and from direct sales was 64 million yuan (down 21.43%) [2]. Profitability Metrics - In Q2 2025, the company's gross margin was 54.96%, an increase of 3.58 percentage points year-on-year, while the net margin was -7.02%, improving by 5.31 percentage points [3]. - The reduction in management expenses contributed to the improvement in net margin, with sales expense ratio at 33.88% and management expense ratio at 14.88% [3]. Strategic Outlook - The company maintains a long-term strategy, focusing on the local market in Qinghai and expanding its product offerings to adapt to market changes [4]. - There is optimism about capturing future industry opportunities and increasing market share both locally and in surrounding areas [4]. Investment Recommendation - The investment rating is upgraded to "Buy-A" with a target price of 11.13 yuan over the next six months, anticipating revenue growth rates of 4.7%, 6.5%, and 7.1% from 2025 to 2027, and net profit growth rates of 22.9%, 9.5%, and 10.4% respectively [5].
天佑德酒(002646):Q2营收正增长,盈利同比改善
Guotou Securities· 2025-08-22 08:32
2025 年 08 月 22 日 天佑德酒(002646.SZ) Q2 营收正增长,盈利同比改善 事件: 公司发布 2025 年半年报,2025H1 实现营业收入 6.74 亿元,同比减 少 11.24%;实现归母净利润 0.51 亿元,同比减少 35.37%;实现扣非 归母净利润 0.49 亿元,同比减少 35.99%。根据计算,2025Q2 实现营 业收入 2.42 亿元,同比增长 3.86%;实现归母净利润-0.17 亿元,上 年同期为-0.29 亿元;实现扣非归母净利润-0.17 亿元,上年同期为 -0.3 亿元。 25Q2 营收小幅增长,上半年省内表现优于省外 1)分产品来看,25H1 公司青稞白酒/其他青稞酒类/葡萄酒分别实现 营 收 5.7 亿 元 /77.68 万 元 /0.05 亿 元 , 分 别 同比减少 10.79%/71.77%/6.89%。上半年公司整体青稞白酒销量 0.73 万吨,同 比减少 16.85%,吨价 9.21 万元/吨,同比提升 6.75%。根据计算, 2025Q2 实现营业收入 2.42 亿元,同比增长 3.86%。公司在酿造工艺 方面核心竞争力保持稳定,同时聚焦创新 ...
天佑德酒,困在青海
Sou Hu Cai Jing· 2025-08-21 03:47
Core Viewpoint - The company Tianyoude is facing significant challenges in the white liquor industry, with declining revenues and profits amid a market adjustment period, leading to a critical juncture in its business strategy [1][3]. Financial Performance - In the first half of 2025, the company reported approximately 674 million yuan in revenue and 51 million yuan in net profit, representing year-on-year declines of 11.24% and 35.37% respectively [3]. - The company's core product, barley liquor, generated 570 million yuan in revenue, accounting for 99.06% of total income, with total sales volume dropping by 16.85% to 7,313 tons [4]. Market Dynamics - The company's stronghold in its home market of Qinghai is being eroded as competition intensifies, with a year-on-year revenue decline of 8.49% in the province, equating to a loss of approximately 43 million yuan [4][5]. - The company has attempted to expand into provincial markets, but faced a 17.18% drop in revenue from these markets, despite increasing the number of distributors [7]. Inventory and Operational Efficiency - The company is experiencing a decline in inventory turnover efficiency, with inventory turnover days increasing by 149.7 days to 959.7 days as of June 30 [8]. Diversification Efforts - The company has invested in wine and whiskey to diversify its product offerings, acquiring a U.S. winery in 2013 for 15 million USD, but has faced ongoing losses in this segment [9][11]. - The whiskey business, launched with significant investment, has seen slow product rollout, with only three products launched by the end of 2023, and faces stiff competition from other domestic brands [12][13]. Future Outlook - Despite the challenges, the company remains optimistic about its whiskey business, planning to focus on the North American market and gradually expand into Southeast Asia [13][14].
天佑德酒:半年报营收利润双降,青海省外市场跌17%
Core Insights - Tianyoude Liquor (002646.SZ) reported a revenue of 674 million yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders was 51.46 million yuan, reflecting a significant decline of 35.37% compared to the previous year [1] - The company's core business, Qingke liquor, generated 570 million yuan in revenue, down 10.79% year-on-year, indicating challenges in both core and provincial markets [1] Revenue and Profit Analysis - The overall revenue decline was driven by a contraction in the core market of Qinghai province, which saw an 8.49% drop, while the previously promising provincial markets experienced a 17.18% decline [1] - The revenue from Qingke liquor was particularly affected, with price segments above and below 100 yuan per 500ml declining by 10.19% and 11.44% respectively [1] - The U.S. subsidiary, Oranos Group, Inc., reported a loss of 13.02 million yuan, further compounding the company's financial challenges [1] Subsidiary Performance - Beijing Mutual Tianyoude Qingke Liquor Sales Co., Ltd. faced a dramatic revenue drop of 85.52% year-on-year, resulting in a net loss of 7.98 million yuan [1] - The overall performance of Tianyoude Liquor in the first half of 2025 indicates a dual decline in both revenue and net profit, with significant setbacks in the provincial and core business markets [1]
天佑德酒上半年经营现金流翻番,董事长李银会涉足地产、体育
Sou Hu Cai Jing· 2025-08-20 08:56
Core Viewpoint - Tianyoude Liquor (SZ002646) reported a decline in revenue and net profit for the first half of 2025, while cash flow from operating activities showed significant growth [1][2]. Financial Performance - Revenue for the first half of 2025 was 674 million yuan, a decrease of 11.24% compared to the same period last year [2]. - Net profit attributable to shareholders was 51.46 million yuan, down 35.37% year-on-year [2]. - Net cash flow from operating activities reached 54.01 million yuan, an increase of 136.47% compared to the previous year [1][2]. - Basic and diluted earnings per share were both 0.1080 yuan, reflecting a decline of 34.90% [2]. - The weighted average return on equity was 1.81%, down from 2.78% [2]. Sales and Production Metrics - Sales volume of Qingke liquor was 7,313 tons, a year-on-year decrease of 16.85% [2]. - Production volume was 5,968 tons, down 17.58% compared to the previous year [2]. - Inventory levels stood at 3,600 tons, a reduction of 10.38% year-on-year [2]. Distribution Network - As of June 2025, the number of distributors in the Qinghai region remained stable at 77, while the total number of distributors in other regions increased by 11 to 522 [3][4].
天佑德酒:全资子公司阿拉嘉宝酒业拟投资1.6亿元实施改扩建项目
news flash· 2025-06-23 11:31
Core Viewpoint - Tianyoude Wine (002646) announced that its wholly-owned subsidiary, Tibet Alajabao Wine Co., Ltd., plans to invest 160 million yuan in a winery expansion project, which includes various new facilities and renovations [1] Group 1: Investment Details - The investment amount for the project is 160 million yuan [1] - The project will include the construction of a personalized customization center, a barley liquor brewing workshop, a 1000-ton barley steel warehouse, a 600T/a fragrant Daqu production workshop, a 3000-ton ceramic jar storage warehouse, a new production line for the packaging workshop, and office building renovations [1] - The construction period for the project is from August 2025 to December 2028 [1]
天佑德酒(002646) - 青海互助天佑德青稞酒股份有限公司投资者关系活动记录表2025.5.15
2025-05-15 13:03
Financial Performance - In 2024, the company's net profit declined by 52.96%, primarily due to increased marketing expenses and the impact of a stock incentive plan, which negatively affected net profit by -25.1392 million yuan [2][3] - The cash flow net amount decreased by 82.03% year-on-year, attributed to cash income growth not keeping pace with increased procurement and expenses [11] - The company's inventory reached 1.488 billion yuan, a 10% increase, which is lower than the revenue growth rate [34] Sales and Market Strategy - In 2024, sales revenue for Qingke liquor priced below 100 yuan reached 495.69 million yuan, a 1.17% increase from the previous year, accounting for 45.86% of total Qingke liquor revenue [4] - The company plans to focus on the core markets of Gansu, Shanxi, and Shaanxi while also expanding into key cities in East, South, and North China [9][16] - The company is implementing a "Four Modernizations" strategy, focusing on youth, county-level markets, internationalization, and brand terminalization to enhance market presence [16][18] Product Development and Innovation - The company is actively developing low-alcohol and flavored products to cater to younger consumers, with plans for product diversification in 2024 [19] - The "1.73 million tons of quality Qingke raw liquor aging project" is underway, with an investment of 60.1425 million yuan, aimed at improving product quality and increasing the sales proportion of high-end products [21][15] Marketing and Consumer Engagement - The company has increased marketing expenses by over 30 million yuan year-on-year, focusing on consumer engagement and brand promotion [3][5] - The company is exploring online sales channels, including live streaming, to reach younger demographics [39][28] Challenges and Future Outlook - The company faces challenges in maintaining profitability amid a competitive market and changing consumer preferences, with a focus on optimizing product structure and marketing strategies to enhance profitability [40][25] - The company acknowledges the difficulties in expanding into international markets, particularly the U.S., but remains committed to exploring opportunities [7][12]
“高二生”天佑德酒能考上大学吗?
Qi Lu Wan Bao· 2025-04-25 01:36
Core Viewpoint - Tianyoude Liquor is facing significant challenges in the current market environment, with its financial performance reflecting a struggle to maintain growth amidst industry-wide pressures and competition from leading brands [1][2]. Financial Performance - In 2024, Tianyoude Liquor reported revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, while net profit was 42.14 million yuan, down 52.96% compared to the previous year [1]. - The first quarter of 2024 showed a revenue of 431 million yuan, a decrease of 17.96% year-on-year, with net profit dropping 37.69% to 67.5 million yuan [1]. - The company's basic earnings per share fell to 0.0882 yuan, a decline of 53.48% from the previous year [1]. Product Performance - Revenue from core products in 2024 included 1.069 billion yuan from barley liquor, with a minimal growth of 0.18%, while other barley and grape wine categories saw significant declines of 44.99% and 41.17%, respectively [2]. - The stagnation in barley liquor sales indicates a struggle to meet evolving consumer preferences for healthier and lower-alcohol options [2]. Market Position and Strategy - Tianyoude Liquor is experiencing difficulties in both domestic and international markets, with revenue from within Qinghai province declining by 1.23%, while revenue from outside the province grew by 14.25% [4]. - The company aims to expand into international markets, particularly in California and parts of Canada, despite facing challenges in brand recognition and market penetration [4][5]. Diversification Efforts - The company's attempts to diversify its product offerings have not yielded positive results, with significant revenue drops in its wine business and minimal contributions from e-commerce platforms [4]. - The failure to effectively innovate and market new products has led to a need for a restructuring of the product matrix [4]. Future Outlook - Industry experts suggest that Tianyoude should consider adopting innovative production techniques to create more appealing products and tap into the health-conscious consumer trend by developing low-alcohol and functional barley beverages [5]. - The integration of digital marketing and experiential tourism could help overcome regional brand recognition barriers and enhance the brand's value [5].