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，推 进产品的年轻化、低度化，成功推出28 度柠檬风味青稞酒、43 度雪莉青稞酒等产品，获得市场好评。 2）分销售模式来看，25H1 公司渠道经销/厂家直销营收分别为 ...

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 ...

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].

南方财经8月21日电，天佑德酒（002646.SZ）2025年半年度报告显示，公司实现营业收入6.74亿元，同 比减少11.24%；归属于上市公司股东的净利润5146.02万元，同比降幅达35.37%；扣非后净利润4896.59 万元，同比亦降35.99%。核心市场青海省内收入萎缩8.49%，曾被寄予厚望的省外市场更录得17.18%的 跌幅，全国化战略遇到挑战。青稞白酒作为核心业务，收入5.70亿元，同比降10.79%，其中100 元/500ml以上、100元/500ml以下价位段收入分别降10.19%、11.44%。美国子公司OranosGroup,Inc.亏损 1,302万元。子公司层面，北京互助天佑德青稞酒销售有限公司上半年营业收入同比降85.52%，净利润 亏损798.22万元。整体来看，天佑德酒在2025年上半年面临着营收和净利润双降的困境，省外市场及核 心业务的下滑尤为明显。 ...

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]

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]

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].