Core Viewpoint - Jinhui Liquor achieved a net profit attributable to shareholders of 298 million yuan in the first half of the year, reflecting a year-on-year increase of 1.12% [1] Financial Performance - In Q2 2025, the company reported a net profit of 64 million yuan, down 12.78% year-on-year [1] - Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan were 380 million, 969 million, and 366 million yuan respectively, with year-on-year changes of +21.60%, +8.93%, and -29.78% [1] - The proportion of products priced above 300 yuan increased by 4.03 percentage points to 22.17%, while products priced above 100 yuan increased by 8.91 percentage points to 78.66%, indicating a significant improvement in product structure [1] Strategic Initiatives - The company is committed to a strategic path of "national layout, deepening the northwest, and key breakthroughs," steadily advancing the integration of new markets in Gansu and Qinghai, and focusing on cultivating the East China and Northern markets as new growth engines [1] - There is a strengthened focus on online channel development, with the establishment of a national online marketing platform, resulting in a 29.30% year-on-year growth in internet sales during the reporting period [1] Outlook - Given the ongoing marketing transformation, steady market share growth in Gansu, expansion into out-of-province markets, and product structure upgrades, the company is viewed positively for medium to long-term performance growth [1] - Despite the current external environment being under pressure, the previous profit forecast has been revised down, while maintaining a "buy" rating [1]

证券研究报告 | 公司更新 | 白酒Ⅱ 产品结构逆势提升，所得税影响盈利能力 ——金徽酒 25H1 更新报告 投资要点 25Q2 公司 300 元以上产品/100-300 元产品/100 元以下产品收入分别为 1.36/3.40/1.45 亿元，同比+11.32%/+0.31%/-26.61%，300 元以上产品占比提升 3.35pcts 至 21.84%，百元以上产品占比提升 6.65pcts 至 76.61%。 ❑ 分区域：甘青一体化&陕宁一体化稳步推进，互联网销售高增 25H1 省内/省外收入分别 13.34/3.82 亿元，同比-1.11%/+1.78%，省内占比降低 0.5pcts 至 77.71%。 公司坚持"布局全国、深耕西北、重点突破"的战略路径，稳步推进甘青新市场 一体化和陕宁市场一体化建设，着力培育华东市场、北方市场成为公司业绩增长 的新引擎。此外强化线上渠道布局，打造金徽全国化线上营销平台，报告期内互 联网销售同比增长 29.30%。 ❑ 财务指标：25H1 毛利率仍有提升，所得税影响盈利能力 1）盈利能力：25H1 毛利率/净利率为 65.65%/16.51%（同比+0.53/-0.1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a total revenue of 1.759 billion yuan in the first half of 2025, reflecting a slight increase of 0.31% year-on-year, while the net profit attributable to shareholders was 298 million yuan, up by 1.12% [1]. - The growth in high-end products priced above 300 yuan continues to lead, with a revenue increase of 21.60% year-on-year, while products priced below 100 yuan saw a significant decline in revenue by 29.78% [2]. - The internet sales channel experienced substantial growth, with a 29.30% increase in revenue in the first half of 2025, indicating a shift in consumer purchasing behavior [3]. Financial Performance Summary - The gross profit margin for the first half of 2025 was 65.65%, an increase of 0.53 percentage points year-on-year, although the second quarter saw a slight decline to 63.67% [4]. - The net profit margin for the first half of 2025 was stable at 16.95%, but decreased to 9.90% in the second quarter due to fluctuations in gross margin and fixed expenses [4]. - The company expects net profits for 2025, 2026, and 2027 to be 397 million, 431 million, and 470 million yuan respectively, with growth rates of 2.34%, 8.53%, and 8.97% [5].

Core Viewpoint - Jinhuijiu Co., Ltd. reported steady growth in revenue and net profit for the first half of 2025 despite challenges in the liquor industry, which is undergoing a deep adjustment period characterized by policy changes, consumption structure transformation, and intense competition [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.759 billion yuan, a year-on-year increase of 0.31% [1]. - The net profit attributable to shareholders was 298 million yuan, reflecting a year-on-year growth of 1.12% [1]. - Sales revenue from products priced above 300 yuan reached 380 million yuan, up 21.6% year-on-year [1]. - Sales revenue from products priced between 100 and 300 yuan was 969 million yuan, marking an 8.93% year-on-year increase [1]. Group 2: Market Strategy - Jinhuijiu is implementing a national layout strategy with a focus on the northwest region, aiming to enhance market share and solidify its base in the northwest [2]. - The company is advancing integrated market development in Gansu and Qinghai, as well as in Shaanxi and Ningxia, to strengthen regional market synergy [2]. - The Gansu provincial market generated 1.334 billion yuan in revenue, accounting for 77.71% of liquor revenue, while the out-of-province market contributed 382 million yuan, a year-on-year increase of 1.78%, representing 22.29% of liquor revenue [2]. Group 3: Digital Transformation - The internet sales segment grew by 29.3% year-on-year, driven by refined operations focused on user value and organizational efficiency [2]. - The company is leveraging its platform ecosystem to enhance online channel development and deepen cooperation across all platforms, establishing a national online marketing platform [2].

Group 1 - The company reported a revenue growth of 0.31% to 1.759 billion yuan for the first half of 2025 [1] - Net profit attributable to the parent company increased by 1.12% to 298 million yuan [1] - Revenue from products priced above 300 yuan grew by 21.60% to 380 million yuan [1] Group 2 - Revenue from products priced between 100 to 300 yuan increased by 8.93% to 969 million yuan [1] - Revenue from products priced below 100 yuan decreased by 29.78% to 366 million yuan [1]