Agencia Comercial Spirits Ltd - Class A Ordinary Share

Consolidated gross margin declined from 50 percent in 2024 to about 30 percent in 2025 as sales mix shifted and procurement and logistics costs rose. The new proprietary cask‑to‑bottle packaging line carried approximately 58 percent gross margin in 2025, but its absolute contribution is small relative to consolidated sales.

Given heavy reliance on third‑party brands and wholesale channels, and evidence of margin compression, sustained pricing power appears limited.