重要内容提示： ● 截至 2026 年 1 月 28 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"）股票交易连续 3 个交易日内日收盘价格跌幅偏离值累计达 12.00%。根 据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 ● 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）。 证券代码：600696 证券简称：*ST岩石 公告编号：2026－010 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。 公司股票交易在 2026 年 1 月 26 日、1 月 27 日、1 月 28 日连续 3 个交易日内日 收盘价格跌幅偏离值累计达 12.00%，根据《上海证券交易所交易规则》的相关规定， 属于股票交易异常波动。 二、公司股票预计将触及财务类终止上市 1 公司预计 2025 年度营业收入 ...

证券之星消息，1月28日白酒板块较上一交易日下跌0.79%，*ST岩石领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出12.38亿元，游资资金净流入13.56亿元，散户资金净流 出1.18亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000568 泸州老窖 | | 1.07 Z | 6.89% | -6686.18万 | -4.29% | -4056.45万 | -2.60% | | 600809 山西汾酒 | | 7464.03万 | 5.95% | 1.05亿 | 8.38% | -1.80亿 | -14.33% | | 000995 | 皇台酒业 | 2633.56万 | 12.95% | -253.88万 | -1.25% | -2379.67万 ...

Core Viewpoint - The Chinese liquor market is experiencing a mixed trend in retail prices, with the average price of the top ten liquor products showing a decline, indicating potential market volatility and shifts in consumer demand [1][5]. Price Trends - As of January 28, the total retail price for a package of the top ten liquor products is 8866 yuan, down 20 yuan from the previous day, marking a new low in the past five days [1]. - The market shows four price increases and six decreases today, with premium Moutai leading the increase by 6 yuan per bottle, while Qinghua Lang saw a significant drop of 17 yuan per bottle [1][4]. Market Dynamics - The introduction of the iMoutai platform selling Moutai at 1499 yuan per bottle and premium Moutai at 2299 yuan per bottle has begun to influence market prices, reflecting a magnetic effect on retail prices [5]. - The A-share liquor sector has seen a decline, with the China Securities White Liquor Index dropping to 8293.16 points, the lowest since September 19, 2024, and the sector has experienced a continuous six-year decline [5]. Stock Performance - Within the liquor sector, 20 constituent stocks have averaged a decline of nearly 8.5% over the past 11 trading days, with a median drop of 6.6% [5]. - Six stocks have seen declines exceeding 10%, representing nearly 30% of the sector's total stocks, including Shanxi Fenjiu and Yanghe Brewery [5]. Financing Activity - Despite the market downturn, there is a trend of increased investment from financing clients, with Guizhou Moutai seeing a net purchase of 3.166 billion yuan over the last ten trading days, reaching a new high in financing balance [5].

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月28日呈 放量分化走势。如果十大单品各取一瓶整体打包售卖，今日总售价为8866元，较昨日下跌20元，创近五 日以来价格新低。今日市场四涨六跌：上涨端，精品茅台领涨6元/瓶；水晶剑南春上涨3元/瓶；国窖 1573和梦之蓝M6+均上涨2元/瓶。下跌端，青花郎显著回调17元/瓶，调整幅度居前，此前该酒品曾五 连涨获利回吐压力日增；飞天茅台终端零售价受i茅台平台常态化供应影响，环比下跌9元/瓶；习酒君 品和古井贡古20分别下跌3元/瓶、2元/瓶；青花汾20和五粮液均微跌1元/瓶，走势相对平稳。 | 2 | 习酒君品 | 639/瓶 | -3元' | | --- | --- | --- | --- | | | 53度/500ml | | | | 北 | 青花郎 | 720/瓶 | -17元▼ | | | 53度/500ml | | | | 100 | 水晶剑南春 | 391/瓶 | 3元 ▲ | | | 52度/500ml | | | "酒价内参"的每日数据源自全国各大区均有 ...

Core Viewpoint - The liquor sector experienced a decline of 0.56% on January 27, with *ST Rock leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1]. Group 1: Liquor Sector Performance - The closing prices and performance of key liquor stocks showed mixed results, with Kweichow Moutai slightly up by 0.08% at 1343.01, while several others like Wuliangye and Luzhou Laojiao saw declines of 1.29% and 0.06% respectively [1]. - The total trading volume for Kweichow Moutai was 48,400 hands, with a transaction value of 6.515 billion yuan, while Wuliangye had a trading volume of 225,300 hands and a transaction value of 2.284 billion yuan [1]. Group 2: Capital Flow Analysis - The liquor sector saw a net outflow of 386 million yuan from institutional investors and 289 million yuan from retail investors, while retail investors had a net inflow of 675 million yuan [2]. - Specific stocks like Kweichow Moutai experienced a net inflow of 39.8 million yuan from institutional investors, while *ST Rock had a net outflow of 68,400 yuan [3]. Group 3: ETF Performance - The Food and Beverage ETF (product code: 515170) tracked the sub-index of the food and beverage industry, showing a decline of 2.01% over the past five days, with a price-to-earnings ratio of 19.31 times [5]. - The Consumer ETF (product code: 510630) tracked the main consumer industry index, with a decline of 1.52% over the past five days and a price-to-earnings ratio of 20.22 times [6].

上海贵酒在公告中坦承："公司股票将因触及财务类退市情形被终止上市。" 华夏时报 记者 方凤娇 新京报 记者 秦胜南 当其他表现优异的白酒企业都在为了IPO、拥有一个A股上市公司身份而发愁的时候，有些A股上市公司却不争气到快要退市的边缘。因为2025年业绩糟 糕，上海贵酒有望成为首家被终止上市的白酒企业。 1月24日，上海贵酒股份有限公司（证券简称：ST岩石）发布了2025年度业绩预亏公告，公司预计2025年营业收入仅为4800万元至6000万元。同时，公司 净利润预计亏损1.8亿元至2.5亿元，触及财务类退市标准，公司股票将被终止上市。这将是今年首只明确预计将被强制退市的A股股票。 根据《上海证券交易所股票上市规则》的相关规定，上市公司若出现"经审计的净利润为负值且营业收入低于1亿元，或者追溯重述后最近一个会计年度净 利润为负值且营业收入低于1亿元"的情形，其股票将终止上市。 詹军豪指出，当前白酒行业头部效应凸显，市场资源向龙头集中，中小酒企加速出清，大众消费主导的主流价格带竞争尤为激烈。上海贵酒缺乏品牌历史 积淀，产品溢价能力不足，渠道布局薄弱，难以形成核心竞争力。而资金链断裂导致市场运营停滞，经销商持续流 ...

对于投资者而言，每年1月的业绩预告期，不仅是观察上市公司盈利状况的窗口，更是一次重要的"排 雷"期。翻阅这些公告，部分投资者习惯于捕捉利润增幅、营收规模等直观数据，却可能忽略了更为关 键的退市风险提示。*ST岩石（600696）、*ST熊猫（600599）近期发布的业绩预告，均揭示了重大退 市风险。*ST正平（603843）、*ST沐邦（603398）等公司，虽尚未披露业绩预告，但其退市风险在前 期公告中已反复提示，即将披露的业绩预告值得重点关注。读懂业绩预告中的退市信号，洞察"非标意 见"的消除可能，辨别"踩线达标"陷阱，无疑是投资者守护自身投资安全的一道防线。 退市预期已明确不可再有侥幸心理 1月23日晚间，*ST岩石和*ST熊猫双双发布业绩预告，均表示基于初步核算或审核情况，公司股票预计 因触及财务类退市指标而被终止上市。 具体来看，*ST岩石的退市风险源于主业萎缩。根据业绩预告，公司预计2025年度营业收入仅为0.48亿 元至0.6亿元，且利润总额、净利润、扣非净利润均亏损超1亿元。根据股票上市规则，这将触及"营收 低于3亿元且利润总额、扣非前后净利润孰低者为负"的财务类退市情形，退市预期已相当明确。 ...

Core Viewpoint - A significant number of companies in the A-share market have reported substantial losses, leading to a collective loss of 500 billion yuan, indicating a severe financial crisis within the industry [1][20]. Group 1: Company Losses - 65 companies disclosed their financial troubles, with major players like Red Star Macalline, Jindi Group, and Jianfa Holdings reporting massive losses of 225 billion, 135 billion, and 100 billion yuan respectively [4][10]. - The losses from these three companies alone could have been sufficient to acquire an entire medium-sized sector, highlighting the scale of the financial damage [5]. - The losses are attributed to asset impairment and the devaluation of previously overvalued properties, leading to a collapse in investor confidence [8][20]. Group 2: Market Reactions - The market appears to be in a state of denial, with indices showing resilience while individual stocks suffer severe declines, indicating a disconnect between market perception and reality [3][10]. - The financial reports have led to a significant drop in stock prices, undermining the belief in "core assets" and revealing the fragility of the market [10][20]. Group 3: Financial Strategies - The phenomenon of "financial big washing" is observed, where companies are using accounting flexibility to report massive losses in one go, potentially to reset their financial baselines for future reporting [17][20]. - This strategy allows companies to clear hidden liabilities and prepare for a potential recovery, but it also risks eroding investor trust [20][21]. Group 4: Regulatory Environment - The current regulatory environment, including the new registration system, has increased the pressure on companies to maintain transparency and avoid continuous losses, which could lead to delisting [21][22]. - Companies are advised to focus on fundamental performance rather than speculative trading, as the market is becoming increasingly unforgiving towards those with deteriorating fundamentals [21].

同日，*ST岩石还发布《关于公司股票可能被终止上市的风险提示公告》，称公司预计2025年度实现归 属于上市公司股东的扣除非经常性损益前后的净利润均为负值，且扣除与主营业务无关的业务收入和不 具备商业实质的收入后的营业收入低于3亿元。 根据《上海证券交易所股票上市规则》，公司股票将因触及财务类退市情形被终止上市。 资料显示，公司2019年将工商注册名称改为上海贵酒股份有限公司，明确向白酒业务聚焦，同时还通过 收购、接受控股股东赠与等方式，将高酱酒业、章贡酒业等酒类相关公司纳入麾下，逐步搭建起自身白 酒业务的基础框架。 责任编辑：郝欣煜 来源：今日酒价 1月23日，*ST岩石（600696）发布公告，预计2025年度实现营业收入为4800万元至6000万元，归母净 利润约亏损1.8亿元至2.5亿元。 来源：今日酒价 1月23日，*ST岩石（600696）发布公告，预计2025年度实现营业收入为4800万元至6000万元，归母净 利润约亏损1.8亿元至2.5亿元。 同日，*ST岩石还发布《关于公司股票可能被终止上市的风险提示公告》，称公司预计2025年度实现归 属于上市公司股东的扣除非经常性损益前后的净利润均为负值 ...

证券代码：600696 证券简称：*ST岩石 公告编号：2026－009 上海贵酒股份有限公司 关于公司股票可能被终止上市的风险提示公告 公司 2024 年度经审计的扣除非经常性损益前后的净利润均为负值且扣除与 主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于 3 亿元，该 事项触及《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， 公司股票已于 2025 年 4 月 23 日起被实施退市风险警示。 公司预计 2025 年度经审计的实现归属于上市公司股东的扣除非经常性损益 前后的净利润均为负值，且扣除与主营业务无关的业务收入和不具备商业实质的 收入后的营业收入低于 3 亿元，根据《上海证券交易所股票上市规则》第 9.3.1 条、9.3.2 条及 9.3.7 条之规定，公司股票将因触及财务类退市情形被终止上市。 公司 2024 年度财务报告被中兴财光华会计师事务所（特殊普通合伙）出具 了带与持续经营相关重大不确定性的保留意见的审计报告（中兴财光华审会字 （2025）第 202235 号），具体请见公司于 2025 年 4 月 22 日披露的《2024 年 审计报告》。目前公司审计 ...