今年上半年，高档产品所实现的营业收入成为水井坊业绩主要贡献者。财报数据显示，1—6月，水井坊 旗下高档、中档产品分别实现营业收入13.05亿元、0.87亿元，同比下降14%、10.37%。 （文章来源：北京商报） 北京商报讯（记者刘一博冯若男）8月28日，四川水井坊股份有限公司（以下简称"水井坊"）发布 《2025年半年度报告》显示，上半年公司实现营业收入14.98亿元，同比下降12.84%；实现归属于上市 公司股东的净利润为1.05亿元，同比下降56.52%；实现经营活动产生的现金流量净额亏损5.05亿元。 对于现金流下降原因，水井坊在其公告中指出，主要系邛崃全产业生产基地项目（一期）达到预计可使 用状态转运营后，原辅料采购及人员、运营费用等经营活动相关的现金流出增加所致。 ...

格隆汇8月22日｜开源证券研报指出，口子窖2025H1归母净利润7.15亿元，同比-24.6%；其中Q2归母净 利润1.05亿元，同比-70.9%。收入利润下滑幅度超预期。收入下滑幅度较大，一方面体现了当下需求压 力，另一方面也是由于2024年同期兼8新品上市，基数较高。分产品看，2025Q2高档/中档/低档产品收 入分别为6.57/0.12/0.29亿元，同比分别-49.6%/-7.7%/+7.5%。分区域看，Q2省内/省外分别实现收入 5.15/1.83亿元，同比分别-54.0%/-18.6%，省内下滑幅度较大，主要是安徽省内政策执行严格，对消费场 景有很大影响。公司渠道库存不高，经销商渠道相对稳定。二季度省内/省外经销商分别净增25/25个。 公司组织能力、渠道建设仍有改善空间，维持"增持"评级。 ...

Core Insights - The company reported a revenue of 8.84 billion yuan for the first half of 2025, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 860 million yuan, down 4.0% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.48 billion yuan, a decline of 1.8% year-on-year, with a net profit of 390 million yuan, down 12.7% year-on-year [1] - The sales volume in Q2 2025 remained flat at 920,000 tons, with a revenue per ton of 4,888 yuan, reflecting a decrease of 1.9% year-on-year [1] Revenue Breakdown - In Q2 2025, the revenue from high-end, mainstream, and economy products was 2.66 billion, 1.60 billion, and 1.05 billion yuan respectively, with year-on-year changes of -1.1%, -3.6%, and +4.8% [1] - By region, the revenue for Q2 2025 was 1.42 billion yuan in the Northwest, 1.70 billion yuan in the Central region, and 1.25 billion yuan in the South, with year-on-year changes of +1.9%, -2.9%, and -4.5% respectively [2] Cost and Profitability - The company experienced a 3.4% year-on-year decrease in cost per ton in Q2 2025, leading to a gross margin increase of 0.8 percentage points to 51.2% [2] - Operating profit margin in Q2 2025 decreased by 0.3 percentage points to 24.3%, influenced by a decline in investment income and an increase in tax rates [2] - The net profit margin attributable to shareholders in Q2 2025 was 8.7%, down 1.1 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.6%, down 1.0 percentage points [2] Profit Forecast - The company anticipates revenue of 14.66 billion, 14.84 billion, and 15.11 billion yuan for the years 2025 to 2027, reflecting year-on-year growth of 0.1%, 1.2%, and 1.8% respectively [3] - Expected net profit attributable to shareholders for the same period is projected at 1.22 billion, 1.25 billion, and 1.30 billion yuan, with year-on-year increases of 9.9%, 2.0%, and 3.8% respectively [3]