金徽酒率先披露！白酒一季度业绩前瞻

Core Viewpoint - The performance of the liquor industry, particularly the baijiu sector, is under scrutiny as companies begin to disclose their Q1 2025 earnings, with a focus on the impact of consumer demand and market conditions on financial results [1][2]. Company Performance - Jinhui Liquor (603919) reported Q1 2025 revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 234 million yuan, up 5.77% year-on-year [2][3]. - The company's product structure has improved, with products priced over 100 yuan accounting for 79.82% of total revenue. Sales of products priced above 300 yuan grew by 28.14%, while those priced below 100 yuan saw a decline of 31.72% [2][3]. Industry Trends - The baijiu industry is currently in a bottoming phase, with high-end liquor demand remaining stable while mid-range brands show varied performance [4][5]. - Many liquor companies have adjusted their targets and slowed down their sales pace, with a focus on reducing channel pressure and maintaining stable sales for leading brands [4][5]. - The overall sales performance during the Spring Festival was better than expected, with high-end brands showing resilience while mid-range brands faced challenges [5][6]. Future Outlook - Analysts predict a rational slowdown in the baijiu industry, with potential signs of recovery in Q2 2025 as the market clears [5][6]. - High-end liquor demand is expected to remain stable, with companies focusing on inventory control and price stabilization [5][6]. - The competition in the industry is likely to be led by premium brands such as Moutai and Fenjiu, which are adapting their marketing strategies to expand their consumer base [6].