Shede Spirits (SHA:600702) expects to book a net profit attributable to shareholders of between 320 million yuan and 420 million yuan in 2024, dropping between 76% and 82% from the preceding year, according to a Shanghai Stock Exchange disclosure on Friday.

The attributable profit a year ago was 1.77 billion yuan or 5.35 yuan per share.

The Chinese liquor maker attributed the forecast to an expected drop in the operating income amid stringent competition within the liquor industry.

The company's shares closed more than 3% lower.