Kouzijiao announced the 2025 annual results forecast. Net profit attributable to shareholders of listed companies is estimated to be 662 million yuan to 828 million yuan, a year-on-year decrease of 50% to 60%. Net profit after deducting non-recurring profit and loss was 645 million yuan to 811 million yuan, a year-on-year decrease of 49.65% to 59.93%. During the reporting period, market differentiation and channel changes in the liquor industry intensified. Combined with declining demand and policy changes, sales of the core product high-end cellar declined sharply, leading to a sharp decline in revenue; the decline in management expenses and sales expenses was less than the decline in revenue, and total profit declined significantly.

Kouzijiao announced the 2025 annual results forecast. Net profit attributable to shareholders of listed companies is estimated to be 662 million yuan to 828 million yuan, a year-on-year decrease of 50% to 60%. Net profit after deducting non-recurring profit and loss was 645 million yuan to 811 million yuan, a year-on-year decrease of 49.65% to 59.93%. During the reporting period, market differentiation and channel changes in the liquor industry intensified. Combined with declining demand and policy changes, sales of the core product high-end cellar declined sharply, leading to a sharp decline in revenue; the decline in management expenses and sales expenses was less than the decline in revenue, and total profit declined significantly.