JGJC(SZ:000799) Sou Hu Cai Jing·2025-07-15 17:27Core Viewpoint - The liquor industry is undergoing a deep adjustment, leading to significant performance pressure on liquor companies, particularly for JiuGuiJiu, which has reported a substantial decline in revenue and profit for the first half of 2025 [1][2]. Financial Performance Summary - JiuGuiJiu expects revenue of approximately 560 million yuan for the first half of 2025, a year-on-year decrease of about 43% [1][2]. - The company's net profit attributable to shareholders is projected to be between 8 million and 12 million yuan, representing a decline of 90.08% to 93.39% compared to the same period last year [1][2]. - The first quarter of 2025 already showed a downward trend, with revenue of 344 million yuan, down 30.34%, and a net profit of 31.71 million yuan, down 56.78% [3]. - The first half of 2024 had a revenue of 994 million yuan, down 35.5%, and a net profit of 121 million yuan, down 71.3% [3]. Industry Context - The liquor industry is experiencing a prolonged adjustment phase, with increased pressure on operations, particularly for small and medium-sized enterprises [2][4]. - JiuGuiJiu's performance has been declining sharply since 2023, with a reported revenue of approximately 2.83 billion yuan in 2023, down 30.14%, and a net profit of about 548 million yuan, down 47.77% [8]. - In 2024, the company continued to see significant contraction, with revenue of 1.423 billion yuan, down 49.70%, and a net profit of 12.49 million yuan, down 97.72% [8]. Company Challenges - JiuGuiJiu's geographical limitations are evident, with 45.11% of revenue coming from Hunan province [9]. - The company relies heavily on offline sales channels, with online sales only reaching 186 million yuan compared to 1.229 billion yuan from offline channels in 2024 [9]. - The number of distributors has decreased significantly, from 1,774 at the end of 2023 to 1,336 by the end of 2024, indicating a contraction in sales channels [10].