越救越惨？程军“掌舵”酒鬼酒整一年：业绩跌跌跌，新品慢慢慢

Core Viewpoint - The performance of Jiu Gui Jiu under the leadership of Cheng Jun has been disappointing, with significant declines in revenue and net profit over the past year, indicating ongoing struggles for the company to reverse its fortunes [1][3][5]. Financial Performance - In the first three quarters of 2025, Jiu Gui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of only 10 million yuan, down 117.36% year-on-year [1][3][5]. - 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 [5][6]. Product Development and Market Strategy - Cheng Jun has been pushing for a younger demographic by developing lower-alcohol products, but many of these products are still in the research phase, leading to delays in market launch [2][4]. - The introduction of the sparkling wine "Jiu Gui Zi You Ai" has not met expectations, with reports of low sales and limited availability, indicating a lack of market traction [3][4]. Management Changes - The company has experienced frequent changes in leadership, with multiple high-level executives resigning within a year, which is unusual in the liquor industry [6][7]. - Cheng Jun, who took over as general manager, has struggled to deliver positive results, raising concerns about his ability to lead the company out of its current challenges [7].