WLY(SZ:000858) Xin Lang Cai Jing·2025-10-31 06:39Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1-Q3 2025, reflecting the challenges faced in the liquor industry and the company's proactive measures to adjust to market conditions [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 60.945 billion yuan, a year-on-year decrease of 10.26%, and a net profit attributable to shareholders of 21.511 billion yuan, down 13.72% year-on-year [1]. - In Q3 2025, the company reported revenue of 8.174 billion yuan, a substantial decline of 52.66% year-on-year, and a net profit of 2.019 billion yuan, down 65.62% year-on-year [1]. - The gross margin for Q1-Q3 2025 was 74.93%, a decrease of 2.13 percentage points year-on-year, while the net margin was 35.3%, down 1.41 percentage points year-on-year [2]. Cost Management - The company’s expense ratio for Q1-Q3 2025 was 11.84%, a slight decrease of 0.46 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and finance showing varied changes [2]. - In Q3 2025, the expense ratio increased to 14.15%, with notable increases in sales and management expense ratios [2]. Strategic Adjustments - The company is actively adjusting its strategies in response to industry pressures, including reducing inventory and controlling channel supply to navigate through the current market challenges [1][3]. - The introduction of new products, such as the 29-degree Wuliangye, aims to diversify the product lineup and create new growth opportunities [3]. Shareholder Returns - The company announced a mid-year cash dividend plan, proposing a total distribution of 10 billion yuan, reflecting its commitment to returning value to shareholders [2]. Future Outlook - Projections for revenue from 2025 to 2027 are 78.137 billion yuan, 83.540 billion yuan, and 92.087 billion yuan, with net profits expected to be 27.022 billion yuan, 28.118 billion yuan, and 30.352 billion yuan respectively [3].