白酒告急！天佑德酒三季度亏损近3000万元

Core Viewpoint - Tianyoude Liquor reported a significant decline in both revenue and net profit for the first three quarters of 2025, attributed to macroeconomic factors and a conservative consumer sentiment impacting the liquor industry [1][2] Financial Performance - For the first three quarters, the company achieved revenue of 880 million yuan, a year-on-year decrease of 10.79%, and a net profit of 21.814 million yuan, down 62.03% [1] - In Q3 alone, revenue was 207 million yuan, a decline of 9.28%, with a net loss of 29.646 million yuan, a 33.73% decrease year-on-year [1] - The company's gross margin for the first three quarters was 58.48%, down 0.88% year-on-year, while the net margin was only 2.49%, a drop of 3.34% [2] Cost Structure - Despite a decrease in operating costs, management and R&D expenses also fell, but sales expenses remained high at 234.7 million yuan, compared to 229.6 million yuan in the previous year [1] - Sales expenses for 2024 are projected to reach 324 million yuan, a year-on-year increase of 12.5% [1] Market Performance - The company's stock has been underperforming in the secondary market, with a 65.49% decline from its relative high point over four years, closing at 9.74 yuan per share on October 24, with a nearly 10% drop this year [2] - The stock performance has significantly diverged from the broader market trends since last year [2]