Open source securities: maintain a "buy" rating for Shanxi Fenjiu, Q2 quarter-on-quarter growth slows down, but still achieves positive growth.

The open source securities report pointed out that Shanxi Fenjiu's net profit attributable to mothers in the first half of the year was 8.52 billion yuan, a year-on-year increase of 1.1%; in 2025Q2, it achieved a net profit attributable to mothers of 1.86 billion yuan, a year-on-year decrease of 13.5%. Due to the impact of the demand environment, the growth rate in the second quarter has slowed down compared to the previous quarter, but it still achieved positive growth, reflecting the company's rich product structure and solid advantages brought by its national layout. In 2025Q2, the company's sales of medium to high-end products were affected by the environment, leading to a noticeable shift in the product structure, with a decrease in gross profit margin of 3.2 percentage points to 71.9%. Sales/management/financial expense ratios were -0.01 / +0.08 / +0.01 percentage points, relatively stable. Net profit margin decreased by 4.0 percentage points to 25.1%. The company has significantly increased its net profit margin in the past few years, but facing a decrease in demand in the future, the expected increase in net profit margin may slow down or even show a slight decrease. In the trend of the industry's demand becoming younger and the pursuit of lighter hangover burdens, the company's aroma type has a clear competitive advantage. Combined with the company's product structure, national market advantage, and the good profit level of distributors, it is expected to continue to outperform in the future, maintaining a "buy" rating.