SCSF(SH:600779) Zheng Quan Shi Bao Wang·2025-10-30 13:54Core Viewpoint - Water Margin's Q3 performance shows signs of recovery despite a significant decline in year-to-date revenue and profit [1][3] Financial Performance - For the first nine months of 2025, Water Margin reported revenue of 2.348 billion yuan, a year-on-year decrease of 38.01% [1] - Net profit for the same period was 326 million yuan, down 71.02% year-on-year [1] - In Q3 alone, revenue reached 850 million yuan, representing a 57.78% increase from Q2 [1][2] - Q3 net profit was 221 million yuan, the highest profit level in the first three quarters of the year [1] Industry Context - The liquor industry is undergoing a deep adjustment phase, with many companies facing growth bottlenecks due to macroeconomic factors such as policy regulation and changing consumer behavior [3] - Traditional consumption scenarios, such as business banquets, continue to be under pressure, leading to high inventory levels in the industry [3] Strategic Measures - Water Margin has implemented measures to manage its distribution channels, including reducing promotional activities and controlling inventory, which resulted in decreased shipment volumes and revenue [3] - The company has also adopted cost-cutting and efficiency-enhancing strategies, leading to significant growth in Q3 net profit and profit margins compared to the first half of the year [3] Product Development - Water Margin is focusing on low-alcohol products to attract younger consumers, aligning with industry trends [4] - The company plans to launch innovative products, such as "Water Margin Well 18," to further penetrate the younger and personalized market segments [4] - Efforts are being made to integrate online and offline marketing strategies to enhance brand visibility and drive sales [4]