JGJC(SZ:000799) Xin Lang Cai Jing·2025-12-24 01:05Core Viewpoint - The performance of JiuGui Jiu has significantly declined under the leadership of Cheng Jun, with revenue and net profit showing substantial year-on-year decreases, indicating ongoing struggles to reverse the company's fortunes [2][9][24]. Financial Performance - In the first three quarters of 2025, JiuGui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of 10 million yuan, down 117.36% year-on-year [2][9][24]. - The company's revenue dropped to 2.83 billion yuan in 2023, a decrease of 30.14%, and further fell to 1.423 billion yuan in 2024, with net profit plummeting by 97.72% to approximately 12.49 million yuan [8][12][24]. Product Development and Market Strategy - Cheng Jun has been promoting a younger demographic strategy, including the development of lower-alcohol products (33°, 28°, 21°, and 18°), but many of these products have not yet been launched due to poor market feedback [3][18][21]. - The introduction of the "Xiao Cher Gui" sparkling wine has faced challenges, with low sales (only 101 units sold online) and limited availability in retail channels [8][23]. Competitive Landscape - JiuGui Jiu's core product lines, including Neican and JiuGui Hongtan, have seen significant revenue declines of 67.06% and 49.32% respectively, while only the Xiangquan line showed growth, albeit at a small scale [11][26]. - The company struggles to compete with leading brands like Moutai and Wuliangye, which have stronger brand recognition and consumer loyalty [11][26]. Management Changes - The company has experienced frequent leadership changes, with key figures like former Chairman Wang Hao and former Sales Vice President Wang Zhe resigning within a year, indicating instability in management [12][13][27]. - Cheng Jun, who took over as General Manager, has not yet demonstrated the ability to turn around the company's fortunes after a year in charge [15][29].