口子窖净利腰斩迎“至暗时刻”，实控人刘安省刚套现3个亿

Core Insights - The company, Kuaizi Jiao, has issued a profit warning for 2025, projecting a net profit of only 662 million to 828 million yuan, representing a decline of 50%-60% year-on-year [1][2] - The significant drop in profit is attributed to industry differentiation, channel changes, weak demand, and policy shifts, particularly affecting high-end liquor sales [1] - In the first three quarters of 2025, the company's revenue fell by 27.24% and net profit decreased by 43.39%, with the fourth quarter expected to be even worse [1] Company Performance - The projected annual revenue for 2025 is likely to be below 5 billion yuan, widening the gap with leading brands in the liquor industry [2] - The company's stock price has dropped by 20% in 2025, marking four consecutive years of decline, with the price-to-earnings ratio falling below 20 times [1] Management Actions - The company's actual controller, Liu Ansheng, sold 10 million shares at a price of 32.92 yuan, cashing out 330 million yuan, which raised concerns among investors about management's commitment [1] - This sell-off occurred just before the company's poor performance announcement, leading to a sharp decline in stock price immediately after [1][2]