二季度净利润骤减70%，口子窖，陷入转型阵痛期

Core Viewpoint - The liquor industry, particularly the white liquor segment, is currently experiencing a downturn, with companies like Kuozi Jiao facing significant performance declines and losing market positions [2][3]. Company Performance - Kuozi Jiao's revenue for the first half of the year was 2.531 billion yuan, a year-on-year decline of 20.07%, with net profit dropping by 24.63% to 715 million yuan [2][6]. - In Q2, Kuozi Jiao's revenue fell to 720.7 million yuan, down 48.48%, and net profit decreased by 70.91% to 104.6 million yuan [2][6]. - In contrast, Yingjia Gongjiu achieved revenue and net profit of 3.16 billion yuan and 1.13 billion yuan respectively in the same period, widening the gap with Kuozi Jiao [2][6]. Historical Context - Kuozi Jiao was established in 1997 and initially faced survival challenges due to intense competition in the liquor market [4]. - The company successfully adopted an innovative sales model known as the "Pan-Zhong-Pan" model, which significantly contributed to its growth and market presence [4][5]. Marketing Strategies - The "Pan-Zhong-Pan" model focuses on high-end consumption through business banquets, which has become a classic marketing strategy in the white liquor industry [5]. - The "Da Shang Zhi" distribution system allowed Kuozi Jiao to grant exclusive distribution rights to single large distributors, stabilizing pricing and reducing costs for the company [5][6]. Market Challenges - The decline in Kuozi Jiao's performance is attributed to a slowdown in revenue growth, with growth rates of 2.12%, 16.1%, and 0.89% from 2022 to 2024 [7]. - The "Pan-Zhong-Pan" model has become less effective due to changing consumption patterns, with a significant reduction in business banquets [8]. - The "Da Shang Zhi" system has also faced challenges, as distributors prioritize mature products over new offerings, leading to stagnation in sales [8][9]. Current Situation - Kuozi Jiao's high-end liquor revenue was 2.385 billion yuan, down 19.8%, while mid and low-end liquor revenues saw smaller declines [8]. - The company has recognized the need for channel reform and has attempted to shift from a distributor-led model to a manufacturer-led approach, but results have been limited [9].