Yanghe(SZ:002304) Xin Lang Cai Jing·2025-10-30 14:33Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. reported a net loss of 369 million yuan in Q3 2025, indicating significant financial challenges amid a declining market for liquor sales [2][5]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 18.09 billion yuan, a year-on-year decrease of 34.26% [2][3]. - The net profit attributable to shareholders was 3.98 billion yuan, down 53.66% year-on-year [2][3]. - In Q3 alone, the operating revenue was 3.30 billion yuan, a decline of 29.01% compared to the same period last year [2][3]. - The net profit for Q3 turned into a loss of 369 million yuan, contrasting with a profit of 631 million yuan in the same quarter last year [2][3]. - The cash flow from operating activities decreased by 72.06% year-on-year, primarily due to reduced sales revenue [5]. Shareholder Information - The top three shareholders are Jiangsu Yanghe Group Co., Ltd. (34.18%), Jiangsu Blue Alliance Co., Ltd. (17.59%), and Shanghai Haiyan Logistics Development Co., Ltd. (9.67%) [6][7]. - During the reporting period, two shareholders increased their holdings while three reduced theirs, indicating mixed investor sentiment [6][7]. Industry Context - The liquor industry is currently experiencing a deep adjustment phase, with a reported 9.90% decline in production among major liquor enterprises in China from January to September 2025 [8]. - Yanghe Brewery noted that the competitive landscape in the liquor industry is intensifying, particularly among leading brands, necessitating improved operational capabilities [8].