Shanxi Xinghuacun Fen Wine Factory (600809) H2 2025 earnings summary

Executive summary

• Revenue reached ¥38.72 billion, up 7.52% year-over-year; net profit attributable to shareholders was ¥12.25 billion, up 0.06% year-over-year.

• Gross margin for main business was 74.95%, down 1.35 percentage points year-over-year.

• Cash dividend proposed: ¥65.60 per 10 shares, totaling ¥8.00 billion, representing 65.35% payout ratio.

• Audit opinion: Standard unqualified; no material risks affecting operations identified.

Financial highlights

• Operating income: ¥38.72 billion (+7.52% YoY); operating cost: ¥9.74 billion (+13.62% YoY).

• Net profit attributable to shareholders: ¥12.25 billion (+0.06% YoY); basic EPS: ¥10.0383.

• Net cash from operating activities: ¥9.01 billion (-25.95% YoY).

• Gross margin: 74.95% (down 1.35 ppts YoY); net margin: 31.6%.

• Weighted average ROE: 33.48% (down 6.20 ppts YoY).

Outlook and guidance

• 2026 is the start of the new five-year plan, focusing on high-quality growth, brand upgrade, and digital transformation.

• Strategic priorities: market expansion, product innovation, ESG management, and risk control.

• Plans to strengthen national and international market presence, accelerate digitalization, and enhance sustainable development.