JINHUI(SH:603919) Xin Lang Cai Jing·2025-10-25 06:05Core 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 [1][2][3]. Financial Performance - For the first three quarters of 2025, Jinhui Liquor achieved revenue of 2.305 billion yuan and a net profit attributable to shareholders of 324 million yuan [2]. - In Q3 alone, the company reported revenue of 546 million yuan, a year-on-year decline of 4.89%, and a net profit of 255 million yuan, down 33% year-on-year [3]. - The overall revenue and profit for the first three quarters have turned to a slight decline compared to the previous year due to the downturn in Q3 [3]. Market Position and Trends - Jinhui Liquor is recognized as one of the fastest-growing regional liquor brands and is currently the leader among listed liquor companies in Northwest China [3]. - The liquor industry has been experiencing a downturn since Q2 of this year, with the peak sales season during the double festival in Q3 failing to reverse this trend [3]. Product Performance - The growth rate of mid-to-high-end products has slowed down, with products priced above 300 yuan seeing a decline in growth from 28% in Q1 and 21.6% in the first half to less than 10% in the first three quarters [3]. - Products priced below 100 yuan have seen a significant revenue decline of 23.6% year-on-year, attributed to changing consumer preferences and product upgrades [3]. Future Outlook - Jinhui Liquor aims to achieve a revenue target of 3.28 billion yuan and a net profit target of 408 million yuan for 2025, having completed 70% of its revenue target and nearly 80% of its profit target in the first three quarters [4]. - The company still has potential for growth in the upcoming fourth quarter [4]. Liabilities - As of the end of Q3, Jinhui Liquor's contract liabilities reached 632 million yuan, marking a record high for the same period, which is nearly 25% higher than the previous year [5].