口子窖Q3盈利大跌九成 高档产品加速下滑

Core Viewpoint - The demand for liquor consumption is declining, significantly impacting regional liquor companies' financial reports, particularly Kuozi Jiao, which reported substantial revenue and profit declines in Q3 2025 [1]. Financial Performance - Kuozi Jiao's Q3 revenue was 643 million yuan, a year-on-year decrease of 46.23%, with a net profit attributable to shareholders of 26.97 million yuan, down 92.55% [2]. - For the first three quarters, Kuozi Jiao's revenue decreased by 27%, and net profit fell by 43%, indicating a potential annual revenue drop below 5 billion yuan [1][2]. Product Sales Breakdown - High-end liquor sales revenue for Kuozi Jiao was 2.96 billion yuan, down nearly 28% year-on-year, while mid-range liquor also saw accelerated declines [3]. - In contrast, low-end liquor sales increased by 25% year-on-year, with revenue exceeding 45 million yuan in Q3, marking it as the only product category with growth [3]. Market Position and Competition - Kuozi Jiao's wholesale and agency income dropped nearly 30% due to reduced channel purchases, highlighting the challenging market environment [3]. - Compared to competitors like Gujing Gongjiu and Yingjia Gongjiu, which reported revenues of over 13.8 billion yuan and 3.1 billion yuan respectively in the first half of the year, Kuozi Jiao faces significant challenges in reversing its current situation [4].