(编辑：林辰)关键字： 白酒 金徽酒 按地区分，前三季度省内地区收入16.89亿元，同比下滑2.00%，占酒类营收比例76.01%。省外地区收入 5.33亿元，同比降低2.46%，占酒类营收比例23.99%。 按渠道分，前三季度经销商渠道收入20.93亿元，同比减少2.74%，占酒类营收比例94.17%。互联网销售 渠道收入0.73亿元，同比上涨25.22%，占酒类营收比例3.28%。直销（含团购）收入0.57亿元，同比降 低6.06%，占酒类营收比例2.54%。 （企业公告） 10月24日，金徽酒发布2025年前三季度财报。披露公司前三季度营收同比下滑0.97%至23.06亿元，归属 净利润减少2.78%至3.24亿元。 另据经营数据公告，前三季度300元以上产品收入5.37亿元，同比上涨13.75%，占酒类营收比例 24.19%。100-300元产品收入12.28亿元，同比增加2.36%，占酒类营收比例55.24%100元以下产品4.57亿 元，同比下滑23.60%，占酒类营收比例20.57% ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has shown better-than-expected performance with continuous product structure upgrades, maintaining a focus on marketing transformation and orderly adjustments in provincial markets [6][7] - For the first half of 2025, the company achieved total revenue of 1.759 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to the parent company of 298 million yuan, a year-on-year increase of 1.1% [6] - The company is adjusting its profit forecasts for 2025-2027, expecting net profits of 410 million yuan, 460 million yuan, and 540 million yuan respectively, with year-on-year growth rates of 4.6%, 13.1%, and 16.9% [6] Financial Performance - In Q2 2025, the company reported revenue of 651 million yuan, a year-on-year decrease of 4.0%, and a net profit of 64 million yuan, a year-on-year decrease of 12.8% [6] - The revenue breakdown for Q2 2025 shows that products priced above 300 yuan, between 100-300 yuan, and below 100 yuan generated revenues of 136 million yuan, 340 million yuan, and 145 million yuan respectively, with year-on-year changes of +11.3%, +0.3%, and -26.6% [7] - The company's cash flow performance is better than revenue, with cash sales of 749 million yuan in Q2 2025, a year-on-year increase of 17.2% [8] Profitability Metrics - The gross margin decreased by 1.0 percentage points in Q2 2025, primarily due to a slowdown in sales of products priced below 100 yuan after previous price increases [9] - The net profit margin in Q2 2025 decreased by 1 percentage point to 9.9% [9] - The company maintains a long-term trend of more precise and efficient expense allocation, with a sales expense ratio increasing by 1.6 percentage points year-on-year [9] Financial Summary and Valuation Indicators - For 2025, the expected revenue is 3.135 billion yuan, with a year-on-year growth of 3.8% [11] - The expected diluted EPS for 2025 is 0.80 yuan, with a corresponding P/E ratio of 26.6 times [11] - The expected net profit for 2025 is 406 million yuan, with a year-on-year growth of 4.6% [11]