JGJC(SZ:000799) Xin Lang Cai Jing·2025-12-26 00:37Core Viewpoint - The performance of Jiu Gui Jiu under the leadership of Cheng Jun has been disappointing, with significant declines in revenue and profit, indicating ongoing struggles to reverse the company's fortunes [2][4][6]. 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 10 million yuan, down 117.36% year-on-year [2][4]. - 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 [6][8]. - The core product lines, including Neican and Jiu Gui, have seen significant revenue declines of 67.06% and 49.32% respectively, with only the Xiangquan line showing growth, albeit at a minimal contribution to overall revenue [6][8]. Product Development and Market Response - Cheng Jun has been pushing for a younger product lineup, including lower-alcohol options, but many of these products are still in development, with market feedback reportedly not favorable [3][5]. - The introduction of the "Freedom Love" sparkling wine has not met expectations, with reports of low sales and limited availability, indicating a lack of market traction [4][5]. - Comparatively, competitors like Wuliangye have successfully launched new products that achieved significant sales shortly after release, highlighting Jiu Gui Jiu's lag in product development and market responsiveness [5][6]. Management Changes - The company has experienced frequent leadership changes, with Cheng Jun taking over as general manager after a series of resignations, including former chairman Wang Hao and sales head Wang Zhe [7][8]. - The rapid turnover in management positions reflects the challenges the company faces in stabilizing its operations and reversing its declining performance [7][8].