Wuliangye (000858) Q2 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached RMB52.77 billion, up 4.19% year-over-year, with net profit attributable to shareholders at RMB19.49 billion, a 2.28% increase year-over-year.

• Gross profit margin for liquor products was 82.20%, with Wuliangye-branded Baijiu products achieving 86.45%.

• The company maintained robust cash flow, with net cash from operating activities up 131.88% year-over-year to RMB31.14 billion.

• No interim dividend was declared for the period.

Financial highlights

• Total assets as of June 30, 2025, were RMB193.42 billion, up 2.74% from December 31, 2024.

• Equity attributable to shareholders increased by 5.40% to RMB140.48 billion.

• Basic and diluted EPS both rose to RMB5.0216, up 2.28% year-over-year.

• Weighted average ROE was 13.63%, down 0.07 percentage points year-over-year.

• Liquor products contributed 93.08% of total revenue, with East China and South China as key markets.

Outlook and guidance

• The company aims to continue steady growth, focusing on high-quality supply, innovation, and brand enhancement.

• Strategic focus remains on adapting to industry changes and leading demand with premium products.