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Jiangsu King's Luck Brewery Joint-Stock Co. (603369) investor relations material
Jiangsu King's Luck Brewery Joint-Stock Co. Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for 2025 was RMB 10.18 billion, down 11.81% year-over-year; net profit attributable to shareholders was RMB 2.60 billion, down 23.69% year-over-year.
Operating cash flow decreased 47.39% year-over-year to RMB 1.51 billion.
The company maintained a high gross margin of 74.78% for its main white liquor business.
Dividend payout ratio was 57.46% of net profit, with RMB 1.50 billion distributed as cash dividends.
Financial highlights
Operating income: RMB 10.18 billion, down 11.81% year-over-year.
Net profit attributable to shareholders: RMB 2.60 billion, down 23.69% year-over-year.
Basic and diluted EPS: RMB 2.0883, down 23.69% year-over-year.
Operating cash flow: RMB 1.51 billion, down 47.39% year-over-year.
Gross margin for white liquor: 74.78%.
Net assets attributable to shareholders: RMB 16.56 billion, up 7.18% year-over-year.
Outlook and guidance
Strategic focus on high-quality, steady growth during industry adjustment.
Plans to strengthen core products, expand into new channels, and enhance digital transformation.
2026 targets include market share growth and profit increase above industry average.
- Revenue and profit declined sharply, but cash flow and assets showed strong growth.603369
Q1 202629 Apr 2026 - Record revenue and profit growth driven by high-end products and market expansion.603369
Q4 202422 Dec 2025 - Q3 2025 saw steep declines in revenue and profit amid challenging industry conditions.603369
Q3 202531 Oct 2025 - Revenue and profit fell, but core brands and digital initiatives drove resilience.603369
Q2 202526 Aug 2025 - Nine-month net profit rose 17.08% year-over-year on strong sales and margin gains.603369
Q3 202413 Jun 2025 - H1 2024 revenue and net profit surged over 20% year-over-year, maintaining strong margins.603369
Q2 202413 Jun 2025 - Revenue and net profit both rose over 7% year-over-year in Q1 2025.603369
Q1 20256 Jun 2025
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