舍得酒业：持续出清，加速见底

Core Insights - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, a decrease of 17.0% year-on-year, and a net profit attributable to shareholders of 470 million yuan, down 29.4% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.0 billion yuan, a decline of 15.9%, and a net profit of 29 million yuan, down 63.1% year-on-year [1] - The revenue performance met expectations, while profit performance was slightly below prior expectations due to external demand shocks impacting profitability and cash flow [1] Financial Performance - Q3 gross margin was 62.1%, a decrease of 1.6 percentage points, primarily due to a slight shift in product structure [1] - The overall tax rate increased, with the operating tax rate at 18.4%, reflecting the impact of demand shocks and rigid expenses [1] - The company aims for gradual stabilization in the coming year based on a low base [1] Strategic Adjustments - The company is accelerating adjustments with a clear strategy, maintaining price stability for key products while reducing inventory [1] - There is a focus on promoting cultural and creative alcoholic beverages and enhancing marketing efforts for products like T68 [1]