口子窖预计去年净利至少腰斩，核心利润来源高端窖产品销量大幅下滑

Core Viewpoint - Kuaizi Jiao expects a significant decline in net profit for 2025, projecting a decrease of 50% to 60% year-on-year, primarily due to market differentiation, channel changes, and a drop in high-end product sales [1][3]. Group 1: Company Performance - Kuaizi Jiao forecasts a net profit attributable to shareholders of between 662 million to 828 million yuan for 2025, with a non-GAAP net profit of 645 million to 811 million yuan, reflecting a year-on-year decrease of 49.65% to 59.93% [1]. - For the first three quarters of 2025, Kuaizi Jiao reported revenue of 3.174 billion yuan, a decline of 27.24% year-on-year, and a net profit of 742 million yuan, down 43.39% year-on-year [2][3]. - The third quarter of 2025 saw revenue drop to 643 million yuan, a decrease of 46.23% year-on-year, with net profit plummeting to 26.97 million yuan, down 92.55% year-on-year, marking the worst quarterly performance since its listing in 2015 [2][3]. Group 2: Industry Context - The white liquor industry is currently undergoing a deep adjustment period, with a reported 13.8% year-on-year decline in industrial white liquor production in November 2025, and an 11.3% decrease in cumulative production from January to November 2025 [3]. - Kuaizi Jiao acknowledges that the industry is facing pressures from economic downturns, low consumer demand, and high inventory levels, which have become the norm [3]. Group 3: Strategic Initiatives - In response to the challenging market conditions, Kuaizi Jiao is exploring transformation paths, including the opening of its first community store, Kuaizi Jiu Fang, in Huai Bei City, Anhui Province, aimed at enhancing community consumption [3].