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五粮液:2025 年第二季度初步看法,韧性利润基本符合预期,营收同比稳定,客户预付款季度环比增长;净利润率
2025-08-28 02:12
28 August 2025 | 12:18AM HKT Wuliangye Yibin (000858.SZ): 2Q25 First Take: Resilient prints largely in line, with stable topline yoy and customer advances qoq; NPM Wuliangye reported 2Q25 results on Aug 29th. The company grew its total revenue/net profit by 4.2%/2.3% in 1H25, slightly better than GSe of 2%/2%. Implied 2Q sales and NP changed by +0.1%/-7.6% yoy to Rmb15.8bn/Rmb4.6bn, vs. GSe of -7%/-7% (sales better, NP in line). 2Q25 OPM/NPM reached 35.4%/29.3% respectively (below GSe of 38.1%/31.8%), -2.9p ...