ZJLD (06979) announces annual performance, adjusted net profit decreased by 68.8% year-on-year to 5.23 billion yuan.

ZJLD (06979) released its annual results for the year ending December 31, 2025. The group achieved a revenue of 3.65 billion yuan, a decrease of 48.3% year-on-year; net profit attributable to equity shareholders of the company was 538 million yuan, a decrease of 59.3% year-on-year; adjusted net profit was 523 million yuan, a decrease of 68.8% year-on-year; earnings per share were 0.163 yuan. In 2025, the liquor industry faced several challenges, especially a continuous decline in liquor consumption demand since the second quarter of 2025 due to the introduction of anti-corruption policies. To address these challenges and the decline in liquor consumption demand in the current economic environment, the company is committed to reducing channel inventory and maintaining the profitability and pricing system of its distribution channels. In particular, the company took the following strategic measures in 2025: actively exploring and implementing more effective business models to better respond to industry challenges and seize emerging growth opportunities. In June 2025, the company officially launched the "Wan Shang Alliance" model, aiming to aggregate high-quality distribution resources and build long-term strategic partnerships for mutual benefit. The company vigorously promoted the digital upgrade of brand communication. Through new media platforms such as Chairman Wu Xiangdong's personally operated video account, a significant online presence was created, combined with offline activities and traditional channels to achieve an integrated online and offline communication matrix, significantly improving the efficiency of the company's brand consumer reach and further strengthening the high-end brand image. In terms of product strategy, the company focused on consumer scenarios with relatively small macroeconomic impacts, focusing on promoting product series suitable for celebratory occasions such as weddings and birthdays, and strengthening market penetration of products in the sub-high-end and mid-range price segments to meet diverse and rational consumer demands. The company maintained a moderate sales pace, especially accelerating the clearance of channel inventory in the second half of 2025, effectively easing distributor pressure and creating favorable conditions for healthy growth in the future. The company continued to recruit and nurture quality distributors and consumers through immersive marketing activities, and further optimized the allocation of production costs and marketing expenses.