JINHUI(SH:603919) Zheng Quan Shi Bao Wang·2025-10-27 09:49Core Viewpoint - Jinhuijiu (603919) demonstrates strong resilience and strategic determination in the face of a complex external environment and industry adjustments, maintaining steady operations and profit growth while enhancing asset scale and overall financial health [2][3]. Financial Performance - For the first three quarters of 2025, Jinhuijiu achieved a total profit of 424 million yuan, reflecting a year-on-year increase of 5.48%, indicating ongoing optimization in cost control and operational efficiency [2]. - Cumulative operating revenue for the first three quarters reached 2.306 billion yuan, showing a solid business foundation despite slight fluctuations in third-quarter revenue due to macro consumption environment impacts [2]. - The company's total assets increased to 4.928 billion yuan, a growth of 7.02% compared to the end of the previous year, solidifying the asset structure for long-term development [2]. Profitability - Jinhuijiu reported a net profit attributable to shareholders of 324 million yuan for the first three quarters, maintaining stable profitability through product structure optimization, refined channel management, and cost control despite market pressures [2]. - The weighted average return on net assets stood at 9.52%, reflecting robust shareholder equity appreciation capabilities [2]. Cash Flow and Investment - The net cash flow from operating activities was 283 million yuan, indicating strong core business cash generation capabilities [3]. - The company continued to invest in fixed and intangible assets during the reporting period, with cash outflows primarily directed towards capacity enhancement and technological upgrades, preparing for future product upgrades and market expansion [3]. Shareholder Structure - As of September 30, 2025, the total number of ordinary shareholders exceeded 41,600, with major shareholders including Gansu Yate Investment Group Co., Ltd. and Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., indicating stable equity structure and continued confidence from industrial capital and institutional investors in the company's long-term value [3]. Strategic Direction - Jinhuijiu, as a regional liquor enterprise with a rich brewing history and brand heritage, showcases good risk resistance and development potential during the industry adjustment phase, adhering to a development philosophy centered on quality and market orientation [3].