Keytakeaway
In2025,thecompanygraduallycompletedchannelinventoryadjustmentsandthedeploymentofnewbusinessesandnewproducts,improvingmarkethealthanddrivinghigh-single-digitrevenuegrowthin1Q26.In2026,thepre-mixedcocktailbusinesswillcontinuetolaunchnewzero-sugarversions,alongwiththeQingxiangandjellycocktaillines,makingrevenueaccelerationlikely.Afterayearofmarketoperations,thewhiskybusiness,affectedbyprohibitionpoliciesandotherfactors,isseeingagradualimprovementinchannelsign-uprates.Thecompany’sstrategyisclear,andincrementalcontributionsforthefullyearareexpected.Theflavorandfragrancebusinessisexpectedtoremainstable.Forthefullyear,anoverallrecoveryinrevenueandprofitperformanceisexpected.
Event
Thecompanyreleasedits2025annualreportand1Q26quarterlyreport:
In2025,thecompanyachievedrevenueofRMB2.944bn,aYoYchangeof-3.43%;netprofitattributabletoshareholdersoftheparentcompanywasRMB637mn,aYoYchangeof-11.36%;andnetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringitemswasRMB604mn,aYoYchangeof-10.16%.
In4Q25,thecompanyachievedrevenueofRMB674mn,aYoYchangeof+1.85%;netprofitattributabletoshareholdersoftheparentcompanywasRMB88mn,aYoYchangeof-39.16%;andnetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringitemswasRMB87mn,aYoYchangeof-21.43%.
In1Q26,thecompanyachievedrevenueofRMB800mn,aYoYchangeof+8.54%;netprofitattributabletoshareholdersoftheparentcompanywasRMB216mn,aYoYchangeof+19.34%;andnetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringitemswasRMB209mn,aYoYchangeof+17.41%.
QuickTake
Whiskyandnewproductsdrivegradualsalesimprovement.
In2025,alcoholicbeveragebusinessrevenuedecreasedby3.89%YoYtoRMB2.573bn,mainlyduetoprioritizingchanneldestockinginresponsetomarketdemandtrendstomaintainchannelhealth.Lookingatquarterlyperformance,thecompanygraduallyreturnedtopositivegrowthfrom3Q25,withthelaunchofnewproductssuchasQingxiangandWeixunjellycocktails.In2025,thewhiskybusinesswasofficiallylaunched,withthetwomajorbrands,LanZhouandBailide,launchingnewproductstoenrichtheproductmatrix.Inthefirstquarter,revenuegrowthisexpectedtohaveaccelerated,drivenbynewproductsandwhisky.In2025,flavorandfragrancebusinessrevenuewasRMB323mn,aYoYchangeof-3.91%.
Grossmarginandexpenseratiosweighedonprofitabilityin2025,whilemarginsimprovedin1Q26
In2025,thecompany’sgrossmarginchangedYoYby-0.49pctsto69.18%,andnetmarginattributabletoshareholdersoftheparentcompanychangedYoYby-1.94pctsto21.65%.In4Q25,thecompany’sgrossmarginchangedYoYby-2.64pctsto65.45%,andnetmarginattributabletoshareholdersoftheparentcompanychangedYoYby-8.81pctsto13.07%.In1Q26,thecompany’sgrossmarginchangedYoYby+0.65pctsto70.31%,andnetmarginattributabletoshareholdersoftheparentcompanychangedYoYby+2.45pctsto27.06%.ThedeclineingrossmarginwasmainlyduetothenewdeploymentofthewhiskybusinessandthepromotionofQingxiangandWeixunjellycocktails.In2025,thesellingexpenseratiowas24.74%,aYoYchangeof+0.12pcts,andtheadministrativeexpenseratiowas8.07%,aYoYchangeof+1.39pcts.In1Q26,thesellingexpenseratiowas21.39%,up0.12pctsYoY,whiletheadministrativeexpenseratiowas7.11%,down0.25pctsYoY.Theadministrativeexpenseratioincreasedsignificantlyin2025,mainlyduetothecommissioningofprojectssuchasthewhiskeyexperiencecenter,whichledtoasubstantialriseindepreciationexpenses,aswellastherecruitmentofteamsfornewbusinesses.
Earningsforecast:basedonthecompany'sfinancialperformance,weestimatethatfrom2026to2028,thecompanywillachieverevenueofRMB3.257bn,RMB3.600bn,andRMB3.949bn,andnetprofitattributabletoshareholdersoftheparentcompanyofRMB737mn,RMB860mn,andRMB1.004bn,correspondingtoP/Emultiplesof24.80x,21.25x,and18.20x.
Risks:
1.Foodsafety:Foodsafetyisalwaysthefocusofconsumers.Althoughthecompanyhascontinuouslyimprovedproductionqualitycontrollevels,sinceitinvolvesmanylinksandenterprises,therearestillfoodqualityandsafetyrisks.
2.Rawmaterialpricefluctuations:Rawmaterialsaccountforthemajorityofproductioncosts.Risingrawmaterialpriceswillsignificantlyreducecorporateprofitability,andunexpectedpricehikeswillmakecorporateprofitsfallshortofexpectations.
3.Intensifiedcompetition:theRTDsectorisdevelopingrapidly,andthemarketcapacityisconstantlyexpanding.Moreandmorecompaniesareventuringintotheindustry,makingthecompetitionincreasinglyfierce.TheincreaseofcompetitiveproductsmayfurtherintensifythecompetitioninthedomesticRTDmarket.Asaresult,thecompany'smarketsharemaybeaffectedtoacertainextent,itsadvertising,promotionandothermarketingexpensesmayincrease,weighingontheprofitabilityofthecompany.
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。 （
