古井贡酒前三季度营收164.25亿元同比降13.87%，归母净利润39.60亿元同比降16.57%，净利率下降0.82个百分点

Core Viewpoint - Gujing Gongjiu reported a 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 16.425 billion yuan, a year-on-year decrease of 13.87% [1]. - The net profit attributable to shareholders was 3.960 billion yuan, down 16.57% year-on-year [1]. - The basic earnings per share were 7.49 yuan [2]. - The gross profit margin for the first three quarters was 79.87%, an increase of 0.16 percentage points year-on-year [2]. - The net profit margin was 24.86%, a decrease of 0.82 percentage points compared to the same period last year [2]. Quarterly Analysis - In Q3 2025, the gross profit margin was 79.83%, up 1.96 percentage points year-on-year but down 0.41 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 12.02%, down 11.12% year-on-year and down 17.31 percentage points from the previous quarter [2]. Expense Management - Total expenses for the period were 5.109 billion yuan, a decrease of 450 million yuan year-on-year [2]. - The expense ratio was 31.10%, an increase of 1.95 percentage points year-on-year [2]. - Sales expenses decreased by 6.53%, while management expenses decreased by 1.89% [2]. - R&D expenses increased by 20.58%, and financial expenses decreased by 41.43% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 49,400, a decrease of 10,200 or 17.12% from the end of the previous half [2]. - The average market value per shareholder increased from 1.1798 million yuan to 1.7168 million yuan, a growth of 45.51% [2]. Company Overview - Gujing Gongjiu is located in Bozhou, Anhui Province, and was established on March 5, 1999, with its listing date on September 27, 1996 [3]. - The main business involves the production and sales of various alcoholic beverages, with the white liquor business accounting for 98.27% of total revenue [3]. - The company belongs to the food and beverage industry, specifically in the liquor sector [3].