SCSF(SH:600779) Chang Jiang Shang Bao·2025-11-05 03:18Core Viewpoint - The company, Shui Jing Fang, maintains strategic stability during the deep adjustment period of the liquor industry, focusing on a "steady" approach to navigate through the cycle [1]. Group 1: Financial Performance - In the first three quarters of 2025, Shui Jing Fang achieved operating revenue of 2.348 billion yuan and a net profit of 326 million yuan [1]. - In the third quarter, the company turned a profit with a net profit of 221 million yuan, marking a significant quarter-on-quarter revenue increase of approximately 58% [1]. - The net profit margin improved to about 26%, a notable recovery from 7.04% in the first half of the year [1]. - The asset-liability ratio reached 39.26%, the lowest since the first quarter of 2017 [1]. Group 2: Value Chain Stability - Shui Jing Fang prioritizes the stable development of its value chain amidst increasing competition and a complex market environment [2]. - The company implemented a full-channel suspension of its Zhen Niang No. 8 (500ml) to maintain reasonable social inventory levels, thereby protecting profit margins across the value chain [4]. - Shui Jing Fang has established mechanisms and penalties to ensure channel health, particularly in the e-commerce sector, while optimizing measures for Zhen Niang No. 8 (520ml) [4]. - The management of channel inventory is included in the core KPIs, reflecting the company's commitment to channel health and promoting a win-win situation among enterprises, distributors, and consumers [4]. Group 3: Distributor Support - The company adheres to a "coexistence and win-win" philosophy, increasing channel investments and credit sales support [5]. - Credit sales have been progressing smoothly with no bad debts reported [5]. - The introduction of the "Creative Partner" model allows channel clients to deeply participate in value co-creation and profit sharing, enhancing operational efficiency [7]. Group 4: Innovation and Market Responsiveness - Shui Jing Fang continues to implement its brand strategy of "drinking fine wine, celebrating beautiful moments," strengthening emotional ties with consumers [8]. - The company launched the "Gathering Fortune Festival" during the Mid-Autumn Festival, integrating online and offline channels to create unique consumption scenarios [8]. - In September, the company introduced a new product, Shui Jing Fang·Jing 18, which offers a higher quality-to-price ratio while clearly communicating product value [10]. - Future plans include launching low-alcohol products to cater to younger and more personalized market segments [10]. - The company demonstrates operational resilience amid industry downturns, with third-quarter performance indicators showing signs of stabilization and recovery [10].