口子窖：预计2025年净利润减少50%到60%，高端窖产品销量下滑

Core Viewpoint - The company, Kouzi Jiao, has announced a significant reduction in its expected net profit for the fiscal year 2025, projecting a decrease of 50% to 60% compared to the previous year [1] Financial Performance - The estimated net profit for 2025 is projected to be between 662.1 million yuan and 827.6 million yuan [1] - The decline in profit is attributed to a combination of market differentiation within the liquor industry, intensified channel changes, and a downturn in demand, alongside policy changes [1] Sales and Revenue Impact - The core profit source, high-end liquor product sales, has seen a substantial decline, leading to a decrease in overall 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]