证券代码：600696 证券简称：*ST岩石 公告编号：2025－041 上海贵酒股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 公司 2024 年经审计的归属于上市公司股东的净利润为负且营业收入低于 3 亿 元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一）项规定的情形， 公司股票已于 2025 年 4 月 23 日起被实施退市风险警示（股票代码前冠以*ST）。具 体详见公司于 2025 年 4 月 22 日披露的《上海贵酒股份有限公司关于实施退市风险警 示暨停牌的公告》（2025-022）。 ● 公司预计 2025 年半年度实现归属于上市公司股东的净利润为-5,000.00 万元 至-7,500.00 万元，具体详见公司于 2025 年 7 月 15 日披露的《上海贵酒股份有限公 司 2025 年半年度业绩预亏公告》（2025-037）。 重要内容提示： ● 截至 2025 年 8 月 5 日上海证券交易所交易收盘，上海贵酒股份有限公司（以 下简称"公司"） ...

公司于2024年11月16日披露了贵州仁怀茅台商业银行股份有限公司茅台支行（以下简称"原告"）向贵州 省仁怀市人民法院申请查封贵州高酱酒业有限公司（以下简称"被告一）的贷款抵押物，具体请见《上 海贵酒股份有限公司关于收到执行裁定的公告》（2024-082）。公司于近日收到法院下发的《民事判决 书》（（2025）黔0382民初856号）。 二、民事判决书的主要内容 1、被告一于本判决生效后五日内偿还原告借款本金50,374,077.00元，并以欠款本金为基数，按月利率 9%计付2024年8月21日起至还清借款的利息（含罚息）; 证券代码：600696 证券简称：*ST岩石（维权） 公告编号：2025－039 上海贵酒股份有限公司 关于诉讼进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、诉讼的基本情况 公司已确认了借款本金并计提了相应利息。由于目前案件尚在一审判决上诉期，公司会依法提起上诉， 目前暂无法预计对公司本期或期后利润的影响。 四、备查文件 《民事判决书》 特此公告 上海贵酒股份有限公司董事 ...

重要内容提示: 公司于 2024 年 11 月 16 日披露了贵州仁怀茅台商业银行股份有限公司茅台支行 （以下简称"原告"）向贵州省仁怀市人民法院申请查封贵州高酱酒业有限公司（以 下简称"被告一"）的贷款抵押物，具体请见《上海贵酒股份有限公司关于收到执行 裁定的公告》（2024-082）。公司于近日收到法院下发的《民事判决书》（（2025）黔 二、民事判决书的主要内容 本金为基数，按月利率 9‰计付 2024 年 8 月 21 日起至还清借款的利息（含罚息）; 业园区荣昌坝生产区 1 号贵州高酱酒业有限公司酒库坛区 1296.96 吨大曲酱香基酒 享有优先受偿权； 证券代码：600696 证券简称：*ST岩石 公告编号：2025－040 上海贵酒股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司已确认了借款本金并计提了相应利息。由于目前案件尚在一审判决上诉期，公司 会依法提起上诉，目前暂无法预计对公司本期或期后利润的影响。 四、备查文件 《民事判决书》 特此公告 上海贵酒股份有限公司董事会 ● 案件所处阶段：一 ...

证券代码：600696 证券简称：*ST岩石 公告编号：2025－040 上海贵酒股份有限公司 关于诉讼进展的公告（修订后） 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、诉讼的基本情况 公司于 2024 年 11 月 16 日披露了贵州仁怀茅台商业银行股份有限公司茅台支行 （以下简称"原告"）向贵州省仁怀市人民法院申请查封贵州高酱酒业有限公司（以 下简称"被告一"）的贷款抵押物，具体请见《上海贵酒股份有限公司关于收到执行 裁定的公告》（2024-082）。公司于近日收到法院下发的《民事判决书》（（2025）黔 0382 民初 856 号）。 二、民事判决书的主要内容 1、被告一于本判决生效后五日内偿还原告借款本金 50,374,077.00 元，并以欠款 本金为基数，按月利率 9‰计付 2024 年 8 月 21 日起至还清借款的利息（含罚息）; 2、原告在前述借款本息范围内对被告一提供存放于贵州省遵义市仁怀市名酒工 业园区荣昌坝生产区 1 号贵州高酱酒业有限公司酒库坛区 1296.96 吨大曲酱香基酒 ...

证券代码：600696 证券简称：*ST岩石 公告编号：2025－039 上海贵酒股份有限公司 关于诉讼进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、诉讼的基本情况 公司于 2024 年 11 月 16 日披露了贵州仁怀茅台商业银行股份有限公司茅台支行 （以下简称"原告"）向贵州省仁怀市人民法院申请查封贵州高酱酒业有限公司（以 下简称"被告一）的贷款抵押物，具体请见《上海贵酒股份有限公司关于收到执行 裁定的公告》（2024-082）。公司于近日收到法院下发的《民事判决书》（（2025）黔 0382 民初 856 号）。 二、民事判决书的主要内容 1、被告一于本判决生效后五日内偿还原告借款本金 50,374,077.00 元，并以欠款 本金为基数，按月利率 9%计付 2024 年 8 月 21 日起至还清借款的利息（含罚息）; 2、被告一在前述借款本息范围内对被告提供存放于贵州省遵义市仁怀市名酒工 业园区荣昌坝生产区 1 号贵州高酱酒业有限公司酒库坛区 1296.96 吨大曲酱香基酒 享有优先受 ...

Group 1 - Huang Wensheng resigned as the General Manager of Zhujiang Beer, with Zhang Yong appointed as the new General Manager [1] - Zhujiang Beer has a significant revenue concentration in South China, with non-South China market revenue accounting for only 4.19% last year [1] - The ability of the new General Manager to drive performance growth will be a focal point for the market [1] Group 2 - Kuaijishan's market value has decreased by nearly 4 billion yuan in two months, with a total market value dropping from 12.7 billion yuan to 9.1 billion yuan [2] - The stock price has experienced a cumulative decline of 24.5% since June, reflecting investor concerns over the sustainability of its marketing-driven growth model [2] - The rapid decline in the popularity of its "sparkling yellow wine" product has led to a significant drop in sales and investor confidence [2] Group 3 - Liu Zhitai resigned from the position of Deputy General Manager of *ST Yanshi due to personal reasons, and will no longer hold any position in the company [3] - The resignation of executives at *ST Yanshi raises concerns about the company's internal governance and future operational stability [3] - This change may impact investor assessments of the company's operational capabilities [3]

Core Viewpoint - The Chinese liquor industry is facing severe challenges in 2025 due to a combination of policy adjustments, consumption structure transformation, and deep competition, leading to declining production, prices, and profits [2][6]. Group 1: Industry Performance - Major liquor companies such as Shunxin Agriculture, Shui Jing Fang, and Jiu Gui Jiu have reported significant declines in net profits, with some experiencing drops of over 90% [2][3]. - The overall industry is experiencing a "volume and price decline," with production volume down 7.6% year-on-year in the first five months of 2025, and a cumulative decline of 69.5% from 2016 to 2024 [5][6]. - The first quarter of 2025 saw a slight increase in revenue of 0.38% for large-scale liquor enterprises, but total profits decreased by 0.73%, indicating a clear downward trend [5][6]. Group 2: Market Dynamics - The industry is facing "three heavy cold currents": persistent price fluctuations, high inventory levels, and a collapse in consumption scenarios [8][10][11]. - Price declines are evident, with liquor prices dropping by 2.0% year-on-year in the first half of 2025, and over 60% of companies experiencing price inversions [8][9]. - Inventory pressure is significant, with an average inventory turnover period of 900 days, and over 58% of distributors reporting increased stock levels [10][11]. Group 3: Consumer Behavior and Trends - Consumer demand is shifting towards more rational spending, with a notable decrease in high-end liquor purchases and a preference for lower-priced products [12][13]. - The traditional consumption scenarios, such as business banquets and gift-giving, are shrinking, leading to a decline in sales during peak seasons [11][12]. - The rise of low-alcohol and foreign liquor preferences among younger consumers is further diluting the market for traditional liquor [11][12]. Group 4: Strategic Responses - Liquor companies are urged to adapt by targeting the mass market with affordable and quality products, as the market for low-cost liquor is expected to grow significantly [14]. - Product innovation is essential, with a focus on lower alcohol content to meet the health-conscious preferences of younger consumers [14]. - Companies are exploring new sales channels, including online platforms and instant retail, to enhance market reach and efficiency [14][15].

2025 年 7 月 26 日 证券代码：600696 证券简称：*ST岩石 公告编号：2025－038 上海贵酒股份有限公司 关于高级管理人员辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海贵酒股份有限公司（以下简称"公司"）董事会于近日收到公司副总经理刘 智涛先生递交的书面辞职报告。因个人原因，刘智涛先生申请辞去公司副总经理职 务。辞职后，刘智涛先生将不再担任公司任何职务。根据《公司法》及《公司章 程》等相关规定，辞职报告自送达公司董事会之日起生效。 刘智涛先生在任职期间恪尽职守、勤勉尽责，公司及董事会对其贡献表示衷心 感谢。 特此公告 上海贵酒股份有限公司董事会 ...

Industry Dynamics - In the first half of 2023, the revenue from tobacco and alcohol increased by 5.5% year-on-year, totaling 331.6 billion yuan, while June's revenue was 51.6 billion yuan, showing a decline of 0.7% year-on-year [4] - The added value of the beverage and tea manufacturing industry grew by 3.4% year-on-year in June, with a 4.7% increase in the first half of the year [4] - Four industry standards related to fermented rice wine and fruit wines were officially released, set to be implemented on February 1, 2026 [4] - A national standard for the carbon footprint quantification of liquor was included in the 2025 national standard plan [5] - The China Chain Store & Franchise Association issued a proposal to resist "involution" competition in instant retail, emphasizing the need for fair market practices and sustainable development [5] Company Dynamics - Multiple liquor companies released their performance forecasts for the first half of 2023, showing a significant divergence in results. The white liquor sector generally performed poorly, with Shui Jing Fang's net profit dropping by 56.52% and other companies like Jiu Gui Jiu and Shun Xin Agriculture also reporting substantial declines [7] - Some companies, such as Chuan Jiu Group and Qinghai Spring, reported growth in revenue and profits, while the beer sector, led by Yan Jing Beer, saw a net profit increase of 40%-50% [7] - The wine and yellow wine sectors faced losses, attributed to rising costs and inadequate market expansion [7] - The chairman of Shui Jing Fang Group was replaced, marking a significant change in leadership [10] - Hengshui Laobaigan plans to focus on three key areas in the second half of the year: deepening core market channels, enhancing differentiated operations for banquet scenarios, and accelerating the implementation of a digital marketing system [10]

Group 1 - The white liquor industry is experiencing a "loss wave," with Shanghai Guijiu continuing to incur losses amid a financial crisis [1][4] - ST Yanshi expects a net profit loss of between 50 million to 75 million yuan for the first half of 2025, representing a year-on-year reduction in loss of 3.07% to 35.38% [1][4] - The company attributes its losses to three main factors: insufficient recovery in the white liquor industry, financial pressure leading to reduced market activity, and an increase in litigation costs due to overdue interest [4][5] Group 2 - Shanghai Guijiu is facing internal and external challenges, including the detention of its chairman and a significant reduction in its distributor network from 4,465 in 2023 to 772 by the end of 2024 [5][6] - The company has been involved in multiple lawsuits, with a total amount of 187 million yuan in disputes, and an accumulated 649 cases with unresolved amounts of 368 million yuan [5][6] - The white liquor industry is undergoing deep adjustments, with smaller brands facing increased survival pressure, as evidenced by 9 out of 17 recently disclosed performance forecasts indicating losses [6]