JINHUI(SH:603919) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-25 04:20Core Insights - The first quarterly report of the leading regional liquor company, Jinhui Liquor, for 2025 has been released, showing a decline in revenue and profit for the first three quarters [2][4]. Financial Performance - For the first three quarters, Jinhui Liquor achieved a revenue of 2.305 billion yuan, with a net profit attributable to shareholders of 324 million yuan [2][3]. - In Q3, the revenue was 546 million yuan, a year-on-year decrease of 4.89%, while the net profit dropped significantly by 33% to 255 million yuan [2][3]. - The total profit for the first three quarters was 423 million yuan, reflecting a 5.48% increase year-on-year, despite the decline in net profit [3]. Product Performance - The sales growth of mid-to-high-end products has slowed down, with products priced above 300 yuan seeing a decrease in growth from 28% in Q1 to less than 14% in the first three quarters [4]. - Products priced between 100-300 yuan also experienced a decline in growth, dropping from 14% in Q1 to 2.36% in the first three quarters [4][6]. - Low-end products (below 100 yuan) saw a significant revenue decline of 23.6% year-on-year [6]. Market Context - The overall liquor industry has been in decline since Q2, and the peak sales season in Q3 did not reverse this trend [4]. - Jinhui Liquor attributes the revenue decline to limited consumption scenarios influenced by policies and macroeconomic factors [6]. Future Outlook - Jinhui Liquor aims to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, indicating that it has completed approximately 70% of its revenue target and nearly 80% of its profit target in the first three quarters [6]. - As of the end of Q3, the company's contract liabilities reached a record high of 632 million yuan, up nearly 25% from the same period last year [7].