口子窖(603589.SH)：预计2025年净利润同比减少50%到60%

Core Viewpoint - The company, Kuozi Jiao (口子窖), anticipates a significant decline in net profit for the year 2025, primarily due to market differentiation in the liquor industry, changes in distribution channels, and a decrease in demand, leading to a substantial drop in sales of high-end products [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 662.10 million and 827.60 million yuan, representing a year-on-year decrease of 50% to 60% [1] - The net profit after deducting non-recurring gains and losses is expected to range from 645.27 million to 810.77 million yuan, reflecting a year-on-year decline of 49.65% to 59.93% [1] Market Conditions - The decline in profit is attributed to intensified market differentiation within the liquor industry, exacerbated by a downturn in demand and changes in policies [1] - The core profit source, high-end liquor product sales, has experienced a significant drop, contributing to reduced operating revenue [1] Cost Management - To ensure ongoing operations and market investments, the company has seen a decrease in management and sales expenses, although the reduction in these expenses has not kept pace with the decline in operating revenue, resulting in a larger decrease in total profit [1]