SCSF(SH:600779) Zheng Quan Ri Bao Wang·2025-10-30 13:45Core Viewpoint - Sichuan Shui Jing Fang Co., Ltd. reported a recovery in its operating performance in Q3 2025, despite the overall challenges faced by the liquor industry [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.348 billion yuan and a net profit attributable to shareholders of 326 million yuan, with a non-recurring net profit of 265 million yuan [1]. - In Q3, the company experienced a significant increase in operating revenue and returned to profitability, indicating signs of recovery in its business performance [1]. Industry Context - The liquor industry has entered a deep adjustment phase in 2025, particularly in Q2 and Q3, due to various factors, including pressure on traditional consumption scenarios like business banquets and high inventory levels [1]. - To manage the channel effectively and stabilize the value chain, the company implemented measures such as halting shipments, reducing promotional efforts, and enhancing channel control [1]. Strategic Initiatives - The company has adopted a series of cost-reduction and efficiency-enhancement measures, resulting in substantial growth in net profit and net profit margin in Q3 compared to the first half of the year [1]. - To achieve its strategic goals set at the beginning of the year, the company launched an innovative product, "Shui Jing Fang Jing 18," and plans to continue introducing new products to further penetrate the younger and personalized market segments [1].