Core Viewpoint - Shanxi Fenjiu is demonstrating strong resilience and growth in a challenging market, driven by its national strategy and product structure optimization, contrasting with the overall decline in the Chinese liquor industry [1][3]. Group 1: Industry Overview - The Chinese liquor industry is entering a deep adjustment period characterized by policy changes, consumption structure transformation, and intense competition, with many companies facing performance pressure [1]. - In the first half of 2025, only 5 out of 17 liquor companies reported revenue growth, while 12 experienced declines, with some seeing revenue drop by as much as 43% [3]. - The number of large-scale liquor enterprises has decreased by over a hundred year-on-year, and industry production has declined by 5.8% [3]. Group 2: Shanxi Fenjiu's Performance - Shanxi Fenjiu reported a revenue of 239.64 billion yuan and a net profit of 85.05 billion yuan in the first half of 2025, both showing steady growth [1]. - The company's revenue from markets outside Shanxi reached 151.43 billion yuan, a year-on-year increase of 6.15%, accounting for 63.2% of total revenue [3]. - The sales revenue of Fenjiu series products was 233.91 billion yuan, up 5.75% year-on-year, making up 98% of total revenue [5]. Group 3: Market Trends - The white liquor market is witnessing a shift in flavor preferences, with clear aroma liquor leading at 45.60%, followed closely by sauce aroma and strong aroma liquors [4]. - The rise of clear aroma liquor is attributed to its health-oriented characteristics and appeal to younger consumers, becoming the preferred choice for many [4]. Group 4: Strategic Initiatives - Shanxi Fenjiu is implementing a national strategy 2.0, focusing on key regions like the Yangtze River Delta and Pearl River Delta, which are crucial for its growth [5]. - The company is also enhancing its product structure, with a focus on mid-to-high-end products like the Qinghua Fenjiu, which have gained market recognition [5][6]. Group 5: Future Outlook - The liquor industry is expected to evolve towards diversification, personalization, and health consciousness, with a growing emphasis on quality and brand influence [11]. - The international market presents another growth opportunity, with clear aroma liquor exports increasing by 30% and the Asia-Pacific market accounting for over 60% of exports [11]. - Shanxi Fenjiu's contract liabilities reached 59.83 billion yuan, a year-on-year increase of 4.38%, indicating a healthy channel inventory status [11].

公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利239.6/85.1/85.2亿， 同比+5.4%/+1.1%/+1.3% ； 25Q2 总营收/ 归母净利/ 扣非净利74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成 汾酒复兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"，上半年也顺利实现 稳健增长，为未来长期发展打下坚实基础。展望全年，产品端公司将坚持四轮驱动；渠道端优化经销商 考核结构；市场端在稳固基地市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 25H1 公司毛利率同比持平为76.7%（25Q2 同比-3.2pct 至71.9%），Q2下滑我们预计系产品结构下行所 致。费用端，25H1 销售费用率同比+1.1pct至9.9%（25Q2 同比持平为11.5%）；25H1 管理费用率同 比-0.2pct 至2.6%（25Q2 同比+0.1pct 至4.3%）；25H1 税金及附加比率同比+0.9pct 至16.3%（25Q2 同比 +2.6pct 至22.3%）；最终得25H1 归母净利率35.5%（ ...