今世缘三季度净利润下降近五成，江苏省内收入下滑拖累业绩

Core Viewpoint - Jiangsu Mingjiu Jinshiyuan reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the regional liquor market and increased competition [1][3]. Financial Performance - For the first three quarters of 2025, Jinshiyuan's revenue was 8.88 billion yuan, a year-on-year decrease of 10.7%, while net profit attributable to shareholders was 2.55 billion yuan, down 17.4% [1]. - In Q3 alone, revenue dropped to 1.93 billion yuan, a decline of 26.8%, and net profit fell to 320 million yuan, down 48.7% [1]. Product Performance - The revenue breakdown by product for the first three quarters shows: - Special A+ products: 5.43 billion yuan, down 15.97% - Special A products: 2.87 billion yuan, up 0.32% - A products: 301 million yuan, down 18.04% - B products: 106 million yuan, down 13.26% - C and D products: 42 million yuan, down 30.59% - Other products: 400,000 yuan, down 8.95% [2][3]. Market Dynamics - Jinshiyuan's Special A+ products accounted for 61.2% of total revenue, indicating reliance on high-end market segments [3]. - The company primarily operates in Jiangsu province, where it faces intense competition, particularly from Yanghe, leading to a decline in market share [3][4]. - Revenue from Jiangsu province decreased by 12.4% to 7.96 billion yuan, while revenue from outside the province was stable at 804 million yuan, showing limited growth in national expansion efforts [4]. Sales and Distribution - Sales expenses for the first three quarters reached 1.61 billion yuan, an increase of 5.5% [5]. - The number of distributors decreased by 84, with a significant reduction of 80 in the provincial market, highlighting challenges in maintaining distribution networks [5].