Jiangsu King's Luck Brewery Joint-Stock Co. (603369) Q4 2025 earnings summary

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.