口子窖：预计2025年净利润同比减少50%—60%

Core Viewpoint - Kouzi Jiao (603589) expects a significant decline in net profit for the year 2025, projecting a range of 662 million to 828 million yuan, which represents a year-on-year decrease of 50% to 60% [1] Group 1: Company Performance - The anticipated profit reduction is primarily attributed to market differentiation within the liquor industry and intensified channel transformations [1] - A notable decline in sales of high-end liquor products, which are the core profit source for the company, has led to a decrease in operating revenue [1] - Management and sales expenses have not decreased as significantly as the decline in operating revenue, resulting in a larger drop in total profit [1] Group 2: Industry Context - The liquor industry is experiencing a downturn in demand, compounded by changes in policies affecting market dynamics [1]