高端酒卖不动了，口子窖净利腰斩

Group 1 - The core viewpoint of the article highlights that Kuozi Jiao's annual performance for 2025 is expected to decline significantly, with a projected net profit of 662 million to 828 million yuan, representing a year-on-year decrease of 50% to 60% [1] - The company attributes the substantial drop in profits to a combination of demand decline, policy changes, and intensified market differentiation within the liquor industry, particularly affecting high-end product sales [1] - In the first three quarters of 2025, Kuozi Jiao's high-end liquor sales revenue was 2.96 billion yuan, a nearly 28% year-on-year decline, indicating an acceleration in the downturn compared to the previous year [1] Group 2 - Kuozi Jiao did not disclose revenue figures, but based on the profit decline, it is anticipated that annual revenue will likely fall below 5 billion yuan, widening the gap with leading liquor companies [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 to below 20 times [2] - More liquor companies are expected to disclose their core operating indicators this month, especially those that reported losses or significant profit fluctuations in the previous year [2]