口子窖三季报“预警”：三季度利润骤降超9成

Company Performance - In the first three quarters of 2025, the company reported a revenue of 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 net cash flow from operating activities was -390 million yuan, a decline of 208.91% compared to the same period last year [1][2] Quarterly Analysis - In Q3 2025, the company achieved a revenue of 643 million yuan, a year-on-year decrease of 46.23% [1] - The net profit attributable to shareholders in Q3 was 26.97 million yuan, with a significant decline of 92.55% year-on-year [1] Revenue and Profitability Factors - The decrease in revenue was attributed to weak consumer demand in the liquor market and a decline in high-end product sales [1] - The drop in net profit was primarily due to the significant decline in revenue and a slight decrease in average selling prices, leading to a reduced gross margin [1] Expense Management - Sales expenses for the first three quarters were 515 million yuan, only a 17.52% decrease, which is much lower than the 27.24% drop in revenue [1] - Management expenses amounted to 283 million yuan, showing a slight increase of 1.23% year-on-year [1] - R&D expenses reached 22.19 million yuan, with a year-on-year increase of 26.03% [1] Cash Flow and Shareholder Activity - The net cash flow from operating activities in Q3 was -7.47 million yuan, a decline of 102.11% year-on-year [2] - In Q3, one of the company's controlling shareholders, Liu Ansheng, reduced his holdings by 10 million shares, while the China Securities White Wine Index Fund increased its holdings [2] - As of the end of September, the total number of shares held by the top ten shareholders slightly decreased compared to the end of June [2]