古井贡酒发布中报,H1实现营收70.1亿元,YoY+26.7%,实现归母净利润13.8亿元,YoY+34.5%,实现扣非后归母净利润13.4亿元,YoY+32.8%;H1毛利率76.40%,同增0.2pct;年份原浆/古井贡酒/黄鹤楼分别实现收入50.7/8.1/5.8亿元,分别YoY+15.5%/14.1%/319.6%,黄鹤楼低基数下快速恢复,换算销售口径收入后基本完成全年任务一半,全年17亿对赌任务有机会完成;H1销售费用率28.94%,同降0.37pct,管理费用率6.96%,同降0.49pct;H1现金回款80.6亿元,YoY+27.2%,合同负债余额22.1亿元,QoQ+13.9%,YoY+204%。拆分Q2,Q2实现营收28.8亿元,YoY+28.6%,较19年Q2 CAGR 13.4%,实现归母净利润5.6亿元,YoY+45.4%;Q2毛利率75.56%,同增1.01pct,产品结构升级对毛利率贡献逐渐体现,销售费用率28.12%,同增0.04pct,管理费用率8.57%,同降0.77pct,Q2现金回款40.8亿元,YoY+112.7%。