Core Viewpoint - Shunxin Agriculture reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to poor performance in its liquor and pork businesses [1] Group 1: Financial Performance - The company achieved a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24% [1] - The net profit attributable to shareholders was approximately 173 million yuan, down 59.09% compared to the previous year [1] Group 2: Liquor Business - The liquor segment contributed nearly 80% of the company's revenue, generating 3.606 billion yuan, which represents a substantial decline of 23.25% year-on-year [1] - All categories of liquor, including high-end, mid-range, and low-end, experienced revenue declines of 12.32%, 21.87%, and 25.41% respectively [1] - Gross margins for high-end, mid-range, and low-end liquor also fell to 69.32%, 42.12%, and 36.91% respectively [1] Group 3: Pork Business - The pork business, primarily consisting of slaughtering and breeding, generated revenue of 782 million yuan, a slight decline of 0.49% year-on-year [2] - The gross margin for the pork business plummeted to just 0.01% [2] Group 4: Regional Performance - Revenue in both Beijing and other regions saw declines, with decreases of 12.97% and 21.69% respectively [2]

Core Viewpoint - In the first half of 2023, Shunxin Agriculture reported a significant decline in both revenue and net profit, indicating challenges in its core business segments, particularly in the liquor and pork industries [2]. Revenue and Profit Summary - The company's revenue for the first half of the year was 4.593 billion yuan, a decrease of 19.24% year-on-year [2]. - The net profit attributable to shareholders was approximately 173 million yuan, down 59.09% compared to the previous year [2]. Business Segment Performance - The liquor business, which contributed nearly 80% of the company's revenue, generated 3.606 billion yuan, reflecting a substantial decline of 23.25% year-on-year [2]. - All categories of liquor, including high-end, mid-range, and low-end, experienced revenue declines of 12.32%, 21.87%, and 25.41% respectively [2]. - The gross profit margins for high-end, mid-range, and low-end liquor also fell to 69.32%, 42.12%, and 36.91% respectively [2]. Product-Specific Performance - Among the six main liquor products, five saw declines in both sales and production volumes year-on-year, indicating a lack of competitive strength in the market [3]. - The production and sales figures for the 42-degree 500ml Niulanshan Chenxiang liquor were 65,203.23 thousand liters and 115,405.25 thousand liters, showing a year-on-year decline of 58.63% and 33.05% respectively [4]. - The 52-degree 500ml Niulanshan Chenxiang liquor had production and sales of 4,215.98 thousand liters and 8,922.64 thousand liters, with declines of 37.75% and 14.81% respectively [4]. Pork Business Performance - The pork segment, primarily driven by slaughtering and breeding, generated 782 million yuan in revenue, a slight decline of 0.49% year-on-year, with a gross margin dropping to just 0.01% [5]. - Revenue from both Beijing and external markets also fell, with declines of 12.97% and 21.69% respectively [5].