SCSF(SH:600779) Xin Lang Cai Jing·2025-10-30 12:47Core Viewpoint - Water Well Square, a well-known Chinese liquor company, has reported a significant gap in revenue and net profit compared to industry leaders, indicating challenges in its market position and performance [2][6]. Group 1: Business Performance - In Q3 2025, Water Well Square's revenue was 2.348 billion, ranking 13th in the industry, significantly lower than the top competitors, Kweichow Moutai at 128.454 billion and Wuliangye at 60.945 billion [2]. - The company's net profit for the same period was 326 million, ranking 12th in the industry, again trailing behind Kweichow Moutai's 66.899 billion and Wuliangye's 22.212 billion [2]. - The main business composition shows high-end liquor revenue at 1.305 billion, accounting for 87.10% of total revenue, while mid-range liquor contributed 86.9813 million, representing 5.81% [2]. Group 2: Financial Ratios - As of Q3 2025, Water Well Square's debt-to-asset ratio was 39.26%, lower than the previous year's 44.02% but still above the industry average of 32.41% [3]. - The gross profit margin for the same period was 80.18%, down from 82.94% year-on-year, yet still higher than the industry average of 67.32% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.58% to 80,500, while the average number of circulating A-shares held per shareholder increased by 5.91% to 6,053.23 [5]. - The top circulating shareholders include the China Securities White Wine Index A, holding 17.7303 million shares, an increase of 1.6367 million shares from the previous period [5]. Group 4: Management Compensation - The chairman, Fan Xiangfu, received a salary of 1.1117 million in 2024, an increase of 25,200 from 2023, while the general manager, Hu Tingzhou, earned 6.2339 million [4].