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Shanxi Xinghuacun Fen Wine Factory (600809) Q1 2025 Report Review: Stability is the priority, strengthening market share.
Report Overview: The company focuses on stability in Q1 2025, with relatively stable profitability, and a strengthening logic for the market share of Fenjiu. Investment Highlights: Maintain a "Shareholding" rating, and keep the Target Price at 238.54 yuan. Downgrade the profits for 2025-26.
GF SEC: The Baijiu(Chinese Liquor) Industry is still in a period of adjustment, with increasing differentiation between real estate liquor and Other Baijiu.
In the first quarter of 2025, driven by the Spring Festival peak season, the Industry's overall revenue saw slight growth, but the growth rate declined compared to 2024, and the Industry is still in a period of adjustment.
SWHY: In the first quarter, the revenue growth rate of Baijiu(Chinese Liquor) companies has slowed down, and short-term demand pressure will continue to intensify.
Baijiu(Chinese Liquor) companies are generally cautious about setting annual goals. Although there will be a recovery in banquets during the May Day holiday, Baijiu(Chinese Liquor) consumption is still expected to be flat, with fundamental pressures in the second quarter, and attention is needed on the follow-up strength of domestic demand-related policies.
Research Reports Discovery丨Guolian Minsheng: The Shanxi Xinghuacun Fen Wine Factory's annual target revenue maintains steady growth, maintaining a "Buy" rating.
Gelonghui, May 7th｜According to a research report by Guolian Minsheng Securities, Shanxi Xinghuacun Fen Wine Factory (600809.SH) is expected to achieve a year-on-year growth of 7.72% in revenue and 6.15% in profit for Q1 2025, meeting our previous expectations. The company's annual target revenue maintains stable growth, and considering the company's category and product matrix advantages, the rating is maintained as "Buy." In Q1 2025, Fen Wine and other types of liquor achieved revenues of 16.212 billion yuan and 0.268 billion yuan respectively, with year-on-year changes of +8.23% and -15.49%. By region, the revenue for 2024 is expected to be 13.5 billion yuan within the province and 22.374 billion yuan outside the province.
Shanxi Xinghuacun Fen Wine Factory (600809): Operation is steady and healthy, with the momentum of the light aroma leader moving upwards.
The company released its 2024 annual report and the 2025 first quarter report, with revenues of 36.011 billion yuan, 4.653 billion yuan, and 16.523 billion yuan for 2024, 2024 Q4, and 2025 Q1 respectively, with year-on-year comparisons.
Shanxi Xinghuacun Fen Wine Factory (600809): Inventory develops healthily and steadily, focusing on new products and middle-tier products in 2025.
Investment highlights: In 2024, revenue is 36.011 billion yuan (up 13% year-on-year); net income attributable to the parent company is 12.243 billion yuan (up 17%). In Q4 2024, revenue is 4.653 billion yuan (down 10%); net income attributable to the parent company is 8.
