酒鬼酒中报业绩“双降”，净利润降超九成，联名胖东来能否“逆风翻盘”？

Core Viewpoint - The company is facing significant challenges in its performance due to a deep adjustment in the white liquor industry, with a notable decline in both revenue and net profit in the first half of 2025 [1][2][6] Financial Performance - In the first half of 2025, the company reported revenue of 561 million yuan, a year-on-year decrease of 43.54%, and a net profit of 8.955 million yuan, down 92.60% year-on-year [2][4] - For the years 2023 and 2024, the company achieved revenues of 2.83 billion yuan and 1.423 billion yuan, reflecting declines of 30.14% and 49.7% respectively, with net profits of 548 million yuan and 12 million yuan, showing decreases of 47.77% and 97.72% [1][2] Industry Context - The white liquor industry is undergoing a deep adjustment, with increased operational pressures on companies, particularly smaller enterprises, due to cautious payment willingness from distributors [2][3] - The company is in a transitional phase, with new growth drivers taking time to materialize [2][3] Marketing and Product Strategy - The company is focusing on transforming its marketing model, enhancing consumer engagement through promotions and strengthening terminal sales [2][4] - The launch of "Jiu Gui · Free Love" in collaboration with retail benchmark company Pang Donglai has generated significant market interest, with the product selling out quickly upon release [4][5] Product Details - "Jiu Gui · Free Love" is priced at 200 yuan per bottle, with a total cost of 168.26 yuan, resulting in a gross profit margin of 15.87%, which is significantly lower than the industry average of 71.37% [4][5] - The product is made from high-quality base liquor aged over five years, combined with ten-year-old liquor, and is noted for its appealing taste profile [5] Future Outlook - While the initial sales of "Jiu Gui · Free Love" have exceeded expectations, it remains to be seen if it can serve as a turning point for the company's performance [6] - The company aims to leverage this collaboration to optimize its product structure, expand sales channels, and enhance brand influence for sustained growth [6]