口子窖：2025年净利同比预降50%-60% 核心利润来源高端窖产品销量大幅下滑

Core Viewpoint - Kouzi Jiao (603589.SH) forecasts a significant decline in net profit for the fiscal year 2025, projecting a decrease of 50% to 60% compared to the previous year, primarily due to market differentiation in the liquor industry and changes in distribution channels [1] Financial Performance - The expected net profit attributable to shareholders is estimated to be between 662 million yuan and 828 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 645 million yuan and 811 million yuan, reflecting a year-on-year decrease of 49.65% to 59.93% [1] Market Conditions - The decline in profit is attributed to a significant drop in sales of high-end liquor products, which are the core profit source for the company [1] - The overall revenue is expected to decrease due to a combination of declining demand and policy changes affecting the industry [1] Cost Management - Despite the decrease in revenue, the reduction in management and sales expenses is not expected to match the decline in total revenue, leading to a larger decrease in total profit [1]