Ge Long Hui A P P·2025-11-05 07:00Core Insights - The report from Zheshang Securities indicates that Jinhui Liquor's net profit attributable to shareholders for Q1-Q3 of 2025 was 324 million yuan, a year-on-year decrease of 2.78% [1] - In Q3 of 2025, the net profit attributable to shareholders was 25 million yuan, reflecting a significant year-on-year decline of 33.02% [1] - The report highlights that only the internet channel maintained growth in Q3, with a year-on-year increase of 12.53%, while both distribution and direct sales channels experienced declines [1] Financial Performance - For the first three quarters of 2025, the number of provincial and non-provincial distributors changed by +30 and -82 respectively, indicating a contraction in the distribution network [1] - The average scale of single distributors grew by 5.36% year-on-year during the first three quarters [1] - Due to external pressures affecting the liquor market, the company has revised its previous profit forecasts downward [1] Future Projections - The expected revenue growth rates for the company from 2025 to 2027 are projected at -0.99%, 6.20%, and 8.35% respectively [1] - The anticipated growth rates for net profit attributable to shareholders during the same period are -3.13%, 7.77%, and 11.46% respectively [1] - Earnings per share (EPS) are forecasted to be 0.74, 0.80, and 0.89 yuan for the years 2025, 2026, and 2027 respectively [1] - The price-to-earnings (PE) ratio for 2025 is expected to be 27.06 times, and the company maintains a "buy" rating [1]