Anhui Gujing Distillery (000596) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥18.83 billion, down 20.13% year-over-year; net profit attributable to shareholders was ¥3.55 billion, down 35.67% year-over-year.

• Gross margin remained high at 79.26%, but operating cash flow dropped 58.81% year-over-year to ¥1.95 billion.

• The company maintained its leading position in the baijiu industry, focusing on brand building, quality control, digital transformation, and management efficiency.

• The board approved a cash dividend of ¥34.00 per 10 shares, with a payout ratio of 65.53%.

Financial highlights

• Revenue: ¥18.83 billion, down 20.13% year-over-year.

• Net profit attributable to shareholders: ¥3.55 billion, down 35.67% year-over-year.

• Operating cash flow: ¥1.95 billion, down 58.81% year-over-year.

• Basic and diluted EPS: ¥6.71, down 35.73% year-over-year.

• Gross margin: 79.26%; net margin: 18.85%.

• Total assets: ¥38.20 billion; net assets: ¥25.05 billion.

Outlook and guidance

• The baijiu industry faces short-term pressure with continued destocking and weak demand, but long-term prospects for leading brands remain resilient.

• The company will focus on product innovation, digital transformation, channel restructuring, and brand rejuvenation to drive future growth.

• 2026 plans emphasize management strengthening, market expansion, and high-quality operations.