Kouzijiao(SH:603589) Xin Lang Cai Jing·2025-10-28 10:17Core Viewpoint - Kouzi Jiao reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24% [1]. - The net profit attributable to shareholders was 742 million yuan, down 43.39% year-on-year [1]. - The basic earnings per share were 1.24 yuan [1]. - The gross profit margin for the first three quarters was 70.96%, a decrease of 3.81 percentage points year-on-year [2]. - The net profit margin was 23.38%, down 6.67 percentage points compared to the same period last year [2]. Quarterly Analysis - In Q3 2025, the gross profit margin was 62.66%, a decline of 9.25 percentage points year-on-year and 2.52 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 4.20%, down 26.09% year-on-year and 10.31 percentage points from the previous quarter [2]. Expense Management - Total operating expenses for Q3 were 785 million yuan, a decrease of 133 million yuan year-on-year [2]. - The expense ratio was 24.74%, an increase of 3.69 percentage points year-on-year [2]. - Sales expenses decreased by 17.52% year-on-year, while management expenses increased by 1.23% [2]. - R&D expenses rose by 26.03%, and financial expenses decreased significantly by 936.28% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 73,100, an increase of 1,190 or 1.65% from the end of the previous half [2]. - The average market value per shareholder decreased from 290,200 yuan to 273,100 yuan, a decline of 5.91% [2]. Company Overview - Kouzi Jiao is located in Huai Bei City, Anhui Province, and was established on December 26, 2002, with its IPO on June 29, 2015 [3]. - The company's main business involves the production and sale of liquor, with high-end liquor accounting for 94.22% of revenue [3]. - The company belongs to the food and beverage industry, specifically in the liquor sector [3].