白酒股首份年度业绩：口子窖去年盈利腰斩

Core Viewpoint - The first annual performance report of a liquor company, Kuozi Jiao, indicates a significant decline in expected net profit for 2025, projecting a decrease of 50% to 60% compared to the previous year [1][3]. Group 1: Financial Performance - Kuozi Jiao expects to achieve a net profit attributable to shareholders of between 662 million yuan and 828 million yuan for 2025 [1]. - The company's net profit for the first three quarters of the previous year was 742 million yuan, indicating a substantial decline in the fourth quarter, potentially leading to a loss [3]. - The sales revenue from high-end liquor products dropped by nearly 28% year-on-year to 2.96 billion yuan in the first three quarters of 2025, with a further acceleration in the decline of mid-range liquor sales [3]. Group 2: Market Conditions - The decline in profit is attributed to a downturn in demand and changes in policy, alongside intensified market differentiation and channel transformation within the liquor industry [3]. - Kuozi Jiao's management expenses and sales expenses decreased at a slower rate than the decline in operating revenue, contributing to a larger drop in total profit [3]. - The overall revenue for the year is expected to fall below 5 billion yuan, widening the gap with leading liquor companies [3]. Group 3: Stock Performance - Kuozi Jiao's stock price has decreased by 20% in 2025, marking four consecutive years of decline, with the price-to-earnings ratio falling to below 20 times [3].