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On August 26, Shunxin Agriculture released its 2024 semi-annual report, showing that the company achieved operating income of 5.687 billion yuan in the first half of the year, a year-on-year decrease of 8.45%; and achieved a net profit of 423 million yuan, a year-on-year increase of 621.87%, turning losses into profits. Among them, liquor, as its core business, also achieved revenue growth in the first half of the year. But behind the data, the sales of Shunxin Agriculture’s two core liquor products declined in the first half of the year, and the contract liabilities as a "reservoir" also decreased significantly.

More than a month ago, Shunxin Agriculture just announced the appointment of a new general manager, and the new management team is obviously facing new challenges.

Liquor business revenue share increased

Two core productsSales decline

Public information shows that Shunxin Agriculture is mainly engaged in liquor brewing and sales, breeding of breeding pigs, pig farming, slaughtering and meat processing. Liquor products are centered on the two major brands of "Niulanshan" and "Ningcheng", with a series of products such as "Classic Erguotou", "Traditional Erguotou", "Centennial Niulanshan", "Treasure Niulanshan", "Aged Niulanshan", and the mellow-flavored Ningcheng Laojiao liquor.

In terms of business, in the first half of the year, Shunxin Agriculture's pork industry segment achieved operating income of 890 million yuan, accounting for 13.82% of total revenue; the liquor industry achieved operating income of 4.698 billion yuan, an increase of 3.17% year-on-year, accounting for 82.61% of total revenue, a further increase compared with 73.31% in the same period last year, which means that Shunxin Agriculture's revenue is further dependent on the liquor business.