Kouzijiao(SH:603589) Mei Ri Jing Ji Xin Wen·2025-08-24 06:35Industry Overview - The white liquor sector has seen a significant rebound, with the Wind White Liquor Index recording a weekly increase of 6.28%, marking the largest weekly gain of the year [1][2] - The index closed at 62557.44 points, reaching a new high since the second quarter of this year [2] Company Performance - Kuozi Jiao has underperformed, with a weekly increase of less than 1%, placing it at the bottom of the A-share liquor sector [2][5] - The company's struggles are attributed to challenges in high-end product positioning, ineffective channel reforms, and ongoing share reductions by its actual controller [2][5] - Kuozi Jiao's mid-year report for 2025 revealed a 20.07% year-on-year decline in revenue to 2.531 billion yuan and a 24.63% drop in net profit to 715 million yuan [6] - The high-end liquor segment, which is crucial for profitability, saw a 19.8% decrease in sales revenue, significantly impacting Kuozi Jiao's overall earnings [6] Market Dynamics - Despite the overall industry sentiment being low, the white liquor sector is attracting investor attention due to clear valuation advantages and the upcoming Mid-Autumn Festival, which is expected to boost demand [2][4] - The basic fundamentals of the white liquor industry are stabilizing, with expectations of improved sales performance as the market recovers from previous declines [4] - The shift in Kuozi Jiao's distribution strategy to a "1+N" small merchant model has not yielded significant results during the industry's downturn, despite an increase in the number of distributors [6]