SCSF(SH:600779) Sou Hu Cai Jing·2025-07-31 11:52Core Viewpoint - The company, Shui Jing Fang, is experiencing a decline in revenue and net profit despite an increase in sales volume, attributed to ongoing adjustments in the liquor industry and weak consumer demand in traditional consumption scenarios [2][5][6]. Group 1: Financial Performance - For the first half of 2025, the company expects a revenue of 1.498 billion yuan, a year-on-year decrease of 12.84%, and a net profit of 105 million yuan, down 56.52% year-on-year [3]. - The sales volume of finished liquor is projected to increase by 543 thousand liters, a 14.54% year-on-year rise, all from mid-to-high-end products [5]. - From 2021 to 2024, the company's revenue showed a fluctuating growth pattern: 4.632 billion yuan (54.10%), 4.673 billion yuan (0.88%), 4.953 billion yuan (6%), and 5.217 billion yuan (5.32%) [5]. Group 2: Management Changes - The company has undergone significant management changes, with the chairman and general manager positions changing hands in July 2025, marking the second leadership transition in less than two years [1][11]. - Cristina Samin Suner, who took over as chairman in June 2024, has already been replaced by Sudhindra Shivnegere Rajarao [11][12]. - Frequent changes in the executive team may impact the company's strategic execution and market confidence [11][13]. Group 3: Market Dynamics - The liquor industry is currently in a deep adjustment phase, with traditional consumption scenarios like business banquets under pressure, leading to a slowdown in market recovery [5][6]. - The company has reported higher-than-expected channel inventory levels post-Spring Festival, affecting subsequent shipment volumes [5]. - In response to market disruptions, the company has implemented strict measures against violations of its pricing policies during promotional events [16][18].