Jiangsu King's Luck Brewery Joint-Stock Co. (603369) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 1.93 billion, down 26.78% year-over-year; YTD revenue was RMB 8.88 billion, down 10.66% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 320 million, a 48.69% decrease year-over-year; YTD net profit was RMB 2.55 billion, down 17.39%.

• Declines in sales and profit were attributed to challenging industry conditions.

Financial highlights

• Q3 gross margin and operating profit both declined significantly compared to the same period last year.

• Basic and diluted EPS for Q3 were RMB 0.2569, down 48.70% year-over-year; YTD EPS was RMB 2.0445, down 17.39%.

• Net cash flow from operating activities for the first nine months was RMB 906.85 million, down 59.33% year-over-year.

• Total assets at quarter-end were RMB 24.48 billion, up 1.06% from year-end 2024.

• Shareholders’ equity was RMB 16.51 billion, up 6.82% from year-end 2024.

Outlook and guidance

• Management cited industry headwinds as the main reason for the decline in sales and profit.