明年重回增长是否有信心？今世缘顾祥悦：压力还是有的，持谨慎乐观态度

Core Insights - The company, Jinshiyuan, reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue of 8.881 billion yuan, down 10.66% year-on-year, and net profit of 2.549 billion yuan, down 17.39% [1] - The third quarter alone saw a revenue drop of 26.8% to 1.93 billion yuan and a net profit decrease of 48.69% to 320 million yuan, marking the worst performance in nearly a decade [1] - The company heavily relies on the Jiangsu market, with nearly 90% of its revenue coming from the province, where core markets experienced over 30% revenue declines [1] Industry Context - The white liquor industry is undergoing a deep adjustment phase focused on "de-stocking, stabilizing prices, and promoting sales," significantly impacting overall industry performance since the second quarter [2] - The chairman expressed that the brand "Guo Yuan" maintains upward momentum and increasing popularity among consumers, despite market pressures [2] Future Outlook - The company anticipates a gradual recovery in the white liquor market in 2026, driven by improved management systems, increased market share, and enhanced marketing team effectiveness [3] - The chairman remains cautiously optimistic about the company's growth prospects, acknowledging the challenges posed by high comparative bases in the first half of the year [4]