产品销量全线下滑，今世缘三季度利润减少48.69%

Core Viewpoint - The liquor industry is undergoing a deep adjustment period focused on "de-stocking, stabilizing prices, and promoting sales," significantly impacting overall performance since the second quarter [1] Group 1: Industry Performance - In the first three quarters of this year, the average revenue of liquor listed companies decreased by 20.04%, while net profit fell by 39.2% [2] - The third quarter saw a year-on-year revenue decline of 26.78% for the company, amounting to 1.931 billion yuan, with a corresponding net profit of 320 million yuan, down 48.69% year-on-year [2] Group 2: Product Performance - All product categories under the company experienced a decline in sales during the third quarter [3] - The company's premium A+ products (with a factory guide price of 300 yuan) generated revenue of 1.124 billion yuan, a year-on-year drop of 38%, marking the steepest decline; A category products (priced between 50-100 yuan) saw a 36.7% decrease to 69 million yuan; B category products (20-50 yuan) fell by 26.83%, while C and D category products (below 20 yuan) dropped by 11.76% [3] - The only category to achieve year-on-year growth was the premium A category (100-300 yuan), which generated 639 million yuan, a slight decline of 1.08% [3] Group 3: Regional Performance - From January to September, the company's revenue from the Jiangsu province was 7.955 billion yuan, down 12.4% year-on-year, while revenue from outside the province saw a slight increase of 0.06% to 804 million yuan [4] - In the third quarter alone, the demand in the Suzhong region showed strong growth, reversing previous downward trends with a year-on-year increase of 1.13% [4] Group 4: Future Outlook - The company anticipates a gradual recovery in the liquor market next year, although the first half will still face significant pressure due to high comparative bases [4] - The management expressed cautious optimism about future growth, emphasizing the enhancement of management systems and market share, as well as the strengthening of the marketing team's capabilities [4] - The company is focused on replicating the advantages of its Jiangsu team in external markets, albeit at a measured pace, considering talent reserves and regional configurations [4]