JGJC(SZ:000799) Sou Hu Cai Jing·2025-04-29 13:41Core Viewpoint - The performance of JiuGui Jiu continues to decline, with significant drops in both revenue and net profit for the fiscal year and the first quarter of 2025 [2][3][10] Financial Performance - For the fiscal year, JiuGui Jiu reported revenue of 1.423 billion yuan, a year-on-year decline of 49.70%, and a net profit of 12 million yuan, down 97.72% [2] - In Q1 2025, the company achieved revenue of 344 million yuan, a decrease of 30.34% year-on-year, with a net profit of 32 million yuan, down 56.78% [11][10] Product Performance - Core products, including the Inner Reference and JiuGui series, saw a decline, while the Xiangquan series experienced growth, albeit with limited revenue contribution [6][2] - The Inner Reference series revenue fell by 67.06% to 235 million yuan, while the JiuGui series contributed nearly 60% of total revenue but declined by 49.32% to 835 million yuan [6] Distribution and Inventory - The number of distributors decreased from 1,774 to 1,336, a net loss of 438 distributors, indicating a pessimistic outlook among channel partners [3][8] - As of the end of 2024, finished product inventory was reduced by 4.48% to 5,417 tons, with JiuGui series inventory decreasing from 3,394 tons to 3,063 tons [7] Pricing and Market Strategy - The pricing structure has been disrupted, with wholesale prices for Inner Reference dropping from 850 yuan to 750 yuan, significantly below the official guide price of 1,499 yuan [7] - The company plans to restructure its product matrix with a "2+2+2" strategy, reducing SKUs by 50% to eliminate low-performing products and enhance product differentiation [13] Management Changes - A new board candidate, Cheng Jun, has been nominated, with expectations that he will lead the company towards recovery and growth [12]