古井贡酒（000596）：古井贡酒2025年三季报点评：需求承压，调整加速

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 16.425 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.87%. The net profit attributable to the parent company was 3.96 billion yuan, down 16.57% year-on-year. In Q3 2025, the total revenue was 2.545 billion yuan, reflecting a significant year-on-year decline of 51.65%, with net profit dropping 74.56% to 299 million yuan [2][4]. Financial Performance Summary - For Q1-Q3 2025, the total revenue was 16.425 billion yuan, with a year-on-year decline of 13.87%. The net profit attributable to the parent company was 3.96 billion yuan, down 16.57% year-on-year. The net profit after deducting non-recurring gains and losses was 3.908 billion yuan, a decrease of 16.85% year-on-year [2][4]. - In Q3 2025, the total revenue was 2.545 billion yuan, a year-on-year decline of 51.65%. The net profit attributable to the parent company was 299 million yuan, down 74.56% year-on-year, and the net profit after deducting non-recurring gains and losses was 282 million yuan, a decrease of 75.71% year-on-year [2][4]. Profitability Analysis - The company's profitability in Q3 2025 showed a significant decline, primarily due to a substantial increase in expense ratios. The net profit margin decreased by 10.57 percentage points to 11.73%, while the gross profit margin increased by 1.96 percentage points to 79.83%. The expense ratio rose by 18.23 percentage points to 47.21% [11]. Market Outlook - The company is facing industry demand pressure but is responding promptly by accelerating its adjustments. Given the solid brand foundation within the province and ongoing cultivation of strategic markets outside the province, recovery is expected in the future. The estimated EPS for 2025 and 2026 is 8.53 yuan and 8.76 yuan, respectively, corresponding to a PE ratio of 18 and 17 times based on the current stock price [11].