King's Luck(SH:603369) Xin Lang Cai Jing·2025-11-26 09:06Core Viewpoint - The company, Jinshiyuan, reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the white liquor market and a need for strategic adjustments [1][2]. Financial Performance - For the first three quarters of 2025, Jinshiyuan achieved total revenue of 8.881 billion yuan, a year-on-year decrease of 10.66% [1] - The net profit attributable to shareholders was 2.549 billion yuan, down 17.39% year-on-year, with basic earnings per share at 2.04 yuan [1] - In Q3 alone, revenue was 1.93 billion yuan, a decline of 26.8% year-on-year, while net profit fell sharply by 48.69% to 320 million yuan, marking the worst performance in nearly a decade [1] Market Dynamics - The company heavily relies on the Jiangsu market, with nearly 90% of its revenue generated from this region [1] - Key markets within Jiangsu, such as Huai'an, Nanjing, and Southern Jiangsu, experienced revenue declines exceeding 30% [1] - The company is currently navigating a deep adjustment phase in the white liquor industry, focusing on destocking, stabilizing prices, and promoting sales [1] Future Outlook - The management expressed cautious optimism about a gradual recovery in the white liquor market in 2026, despite anticipated pressures due to high comparative bases in the first half of the year [2] - The company aims to enhance its management systems and improve market share as key drivers for future growth [2] - Jinshiyuan is focusing on expanding its sales outside Jiangsu, particularly in surrounding provinces like Shandong, Anhui, and Zhejiang, through a structured market development strategy [3]