白酒股首份年度业绩：口子窖去年盈利腰斩｜酒业财报观察

Core Viewpoint - The first annual performance report of a liquor company, Kuozi Jiao, indicates a significant decline in net profit for 2025, with expectations of a decrease of 50% to 60% compared to the previous year [1][2]. Group 1: Financial Performance - Kuozi Jiao expects its net profit attributable to shareholders for 2025 to be between 662 million yuan and 828 million yuan, reflecting a substantial decline from the previous year's figures [1]. - The company's net profit for the first three quarters of the previous year was 742 million yuan, indicating a further deterioration in profit margins [1]. - The sales revenue from high-end liquor products dropped nearly 28% year-on-year in the first three quarters of 2025, contributing to the overall decline in profitability [3]. Group 2: Market Conditions - The decline in profitability is attributed to a combination of market differentiation within the liquor industry, intensified channel changes, and a downturn in demand, alongside policy impacts [2]. - Kuozi Jiao's management expenses and sales costs did not decrease at the same rate as revenue, exacerbating the decline in total profit [2]. - The overall revenue for Kuozi Jiao is projected to fall below 5 billion yuan for the year, widening the gap with leading liquor companies [3]. Group 3: Industry Trends - More liquor companies are expected to disclose their core operating indicators for the previous year within the month, particularly those that reported losses or significant fluctuations in net profit [4].