LZLJ(SZ:000568) Nan Fang Du Shi Bao·2025-10-31 06:19Core Viewpoint - Luzhou Laojiao's financial performance for the first three quarters of 2025 shows a slight decline in revenue and net profit, but it remains relatively stable compared to other companies in the liquor industry, which have experienced more significant declines [2][3]. Financial Performance - The company reported a revenue of 23.127 billion yuan, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 10.762 billion yuan, down 7.17% year-on-year [3]. - In Q3, revenue was 6.673 billion yuan, down 9.80%, and net profit was 3.099 billion yuan, down 13.07% [3]. - The net cash flow from operations for the first three quarters was 9.823 billion yuan, a decline of 21.20% year-on-year [3]. Market Resilience - Analysts noted that despite the overall industry downturn, Luzhou Laojiao's performance demonstrates relative resilience and risk resistance [3][4]. - The company's focus on the low-alcohol market has yielded significant results, with the 38-degree Guojiao 1573 product surpassing 10 billion yuan in sales, becoming the first low-alcohol liquor in the industry to reach this milestone [3]. Contract Liabilities - As of the end of Q3, contract liabilities reached 3.838 billion yuan, a substantial increase of 44.6% year-on-year, indicating strong confidence from distributors in Luzhou Laojiao's future performance [6]. - Analysts suggest that the increase in contract liabilities reflects the company's strong brand value and market demand, as distributors are willing to make proactive payments [6]. Industry Outlook - The liquor industry is expected to see a mild improvement in sales in Q4, but year-on-year performance will still be under pressure due to high channel inventory and limited dining consumption [6]. - Companies with strong brand power and effective channel management are anticipated to perform more steadily in the current market environment [6].