智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 7月21日，安徽白酒上市公司口子窖披露减持公告。公告称，因自身资金需求，实控人刘安省拟自减持 公告发布之日起15个交易日后的三个月内通过大宗交易方式减持不超过1000万股口子窖股票，占公司总 股本的1.67%，减持价格按照市场价格确定。 截至公告日，刘安省共持有约6347.35万股口子窖股票，对应持股比例为10.58%，为IPO前取得。另外， 其与徐进、范博、张国强等8人为一致行动人，合共持有口子窖42.01%股权。 其中，徐进持股比例最高，为19.34%，刘安省位居第二，黄绍刚以2.07%的持股比例排第三，即便完成 减持，刘安省在口子窖内部的个人股东席位依旧不变。 据了解，刘安省现年72岁，是口子窖创始人之一，2020年5月，他卸任口子窖监事会主席一职，正式退 休。 据东方财富Choice数据，2018年9月，刘安省开始减持手中股份，持股比例从13.31%降至该年末的 12.91%，此后又陆续减持数次。 从今年年初至减持公告发布次日收盘，口子窖股价累计下跌14.48%，期间均价为35.9元/股。经计算， 刘安省此番减持将取得约3.59亿元。 公告发出后，投 ...

Core Viewpoint - The recent share reduction announcement by Liu Ansheng, the second-largest shareholder of Kuozi Jiao, highlights the financial pressures faced by the company amid a challenging market environment, reflecting broader issues within the liquor industry [1][3]. Group 1: Shareholder Actions - Liu Ansheng plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total share capital, potentially raising around 340 million yuan at the current share price [1]. - Since the expiration of the lock-up period in 2018, Liu has gradually reduced his stake, with cumulative cashing out expected to exceed 1 billion yuan if the current plan is executed [2]. - Currently, 49.7% of Liu's remaining shares are pledged, raising concerns about his financial situation and the stability of the company's equity structure [3]. Group 2: Company Performance - Kuozi Jiao's revenue for Q1 2025 was 1.81 billion yuan, with a year-on-year growth of only 2.42%, marking the lowest growth rate since 2021 [4]. - For the full year of 2024, the company reported revenue of 6.015 billion yuan, a mere 0.89% increase, and a net profit decline of 3.83%, the first drop since its listing [4]. - The dividend payout ratio for 2024 fell to 47%, the lowest since 2018, raising questions about the company's profit distribution policy [4]. Group 3: Industry Challenges - The liquor industry is undergoing a deep adjustment period, with significant impacts from sales restrictions and a decline in demand for mid-to-high-end liquor [5]. - Kuozi Jiao faces intensified competition, particularly from local brands, which threatens its market position [5]. - The company is struggling with product, channel, and brand challenges, as new product launches have not met market expectations, and its traditional distribution model is becoming less effective [6].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

7月21日，口子窖(603589.SH）发布公告，公司大股东刘安省因自身资金需求，计划减持其所持有的部 分公司股份。 创始股东持续减持，拟套现约3亿元 公告显示，公司创始股东、原核心高管刘安省计划自2025年8月12日起的三个月内，通过大宗交易方式 减持不超过1000万股公司股份，占公司总股本的1.67%。按7月18日收盘价33.73元计算，若顶格减持， 刘安省预计可套现逾3.37亿元。 | 股东名称 | 刘安省 | | --- | --- | | 计划减持数量 | 不超过:10,000,000 股 | | 计划减持比例 | 不超过:1.67% | | 减持方式及对应减持数 | 大宗交易减持,不超过:10,000,000 股 | | 量 | | | 减持期间 | 2025年8月12日~2025年11月11日 | | 拟减持股份来源 | 首次公开发行前持有的股份 | | 拟减持原因 | 自身资金需求 | 刘安省现年72岁，是口子窖的创始元老，曾长期担任集团总经理、董事长及上市公司监事会主席等重要 职务，于2020年退休。截至公告日，其直接持股6347.35万股，占比10.58%，为公司第二大股东，并与 徐进等一 ...

临近业绩中报披露节点，口子窖的实控人要减持了。 7月20日，口子窖披露减持公告，称因自身资金需求，实控人刘安省拟自减持公告发布之日起15个交易日后的三个月内通过大宗交易方式减持不超过1000 万股口子窖股票，占公司总股本的1.67%，减持价格按照市场价格确定。 今年年初至今（截至7月21日收盘），口子窖股价累计下跌14.48%，期间均价为35.9元/股，若以此粗略计算，刘安省此番减持将获益3.59亿元。 如此大规模的减持，是否会引起二级市场波动？ 多次减持 香颂资本董事沈萌告诉《国际金融报》记者，刘安省采用的是大宗交易方式，后者是一个独立的交易系统，交易数据不会被纳入市场交易中，即一般投资 者进行交易的系统里不会出现大笔交易订单，因此不会影响二级市场股价。 不同于集合竞价系统以中小投资者为主，大宗交易意味着接盘方大概率会是机构投资者。对于在财报披露窗口期减持的合规性，沈萌表示，只要如实披露 信息，就符合规定。 截至公告日，刘安省共持有约6347.35万股口子窖股票，对应持股比例为10.58%，为IPO前取得。另外，其与徐进、范博、张国强等8人结为一致行动人， 合共持有口子窖42.01%股权。 其中徐进持股比例 ...

7月20日，安徽口子酒业股份有限公司（以下简称"口子窖"）董事会发布股东减持股份计划公告。公告 显示，口子窖大股东刘安省计划在2025年8月12日至2025年11月11日期间，通过大宗交易方式减持不超 过1000.00万股，占总股本的1.67%。按照最新收盘价33.56元测算，刘安省套现金额约合3.36亿元。 与此同时，口子窖还关于股权激励限制性股票回购注销实施的公告，宣布回购注销近188万股限制性股 票，主要原因是业绩考核未达标。这两项举措背后，折射出口子窖当前面临的经营压力与市场挑战。 7月21日，口子窖股价下跌。截至发稿，口子窖报33.56元/股，下跌0.5%，总市值为201.36亿元。 公司实控人套现超3亿元 套现背后发展承压 作为安徽代表酒企之一，口子窖连发两则公告，均涉及股票信息，引发市场关注。 根据公告，因自身资金需求，作为公司大股东的刘安省计划自公告披露之日起15个交易日后的3个月 内，通过大宗交易方式减持不超过1000万股（占总股本的1.67%），减持价格将按市场价格确定。根据 测算，刘安省此次减持或套现超3亿元。 但也有人认为，口子窖当前一致行动人合计持股超42%，股权高度集中，大股东减持 ...

Group 1 - The collaboration between Baidu and Jiugui Liquor has resulted in the launch of "Jiugui·Free Love" liquor, priced at 200 yuan per bottle, with a gross profit margin of 15.87% [1] - The cost structure of "Jiugui·Free Love" includes a product cost of 155 yuan, with a comprehensive cost of 168.26 yuan, indicating a low gross margin compared to industry standards [1] - The direct-to-retail model employed by Baidu may disrupt traditional liquor sales channels, prompting liquor companies to reassess their distribution strategies [1] Group 2 - Major shareholder Liu Ansheng of Kuozi Liquor plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total share capital, due to personal financial needs [2] - Liu Ansheng currently holds 10.58% of Kuozi Liquor's shares, and his reduction plan may negatively impact investor confidence and stock price in the short term [2] - Historical precedents indicate that shareholder reductions have previously led to significant stock price declines for Kuozi Liquor [2] Group 3 - Langjiu has reported over 30% year-on-year growth in shipments in the Beijing and Shanghai markets during the first half of the year [3] - The company's strategy focuses on transforming these markets into consumption-driven areas, aiming for nationwide expansion [3] - Langjiu's growth is attributed to a combination of quality assurance, strategic innovation, and ecosystem collaboration, marking a shift in the liquor industry from channel-driven growth to value-driven growth [3]

来源：倪卫涛 A股又现迷惑操作！口子窖大股东刘安省挥刀减持1000万股，套现5个亿，理由竟是"自身资金需求"。5 个亿啊！够普通人从猴年花到马月，这哥们是要拿钱买火箭还是咋地？要知道，这可是占总股本1.67% 的筹码，相当于从酒缸里直接舀走一瓢茅台！更讽刺的是，公告还嘴硬说"不会导致公司控制权变 更"——大哥，你都持股42%了，减持1.67%确实不影响控制权，但你这一刀下去，散户的心都凉透了！ 今天咱就扒开这件事的底裤，看看这酒桌上的资本游戏，到底藏着多少猫腻。 口子窖是啥来头？安徽白酒一哥，号称"兼香型白酒代表"，在长三角地区的酒桌上还算有排面。但这几 年，它的日子过得比黄连还苦。为啥？因为白酒行业早就变天了！ 以前是"地方酒企割据一方"，你在安徽卖口子窖，我在山西卖汾酒，井水不犯河水。现在呢？茅台、五 粮液、泸州老窖这些一线品牌疯狂下沉，500块以下的市场全给你抢了！你以为口子窖卖50块一瓶很便 宜？人家茅台出个"茅台1935"卖1500，五粮液出个"五粮春"卖300，直接把中产消费者全薅走了。剩下 的低端市场，还有牛栏山、红星二锅头跟你拼刺刀，5块钱一瓶的光瓶酒，口子窖拿头去打？ 一、5个亿"零花钱"？ ...

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant developments, including administrative penalties, stock suspensions, changes in control, and new project contracts, which may present investment opportunities and risks for investors [2]. Regulatory Actions - ST Renzihang received an administrative penalty from the China Securities Regulatory Commission for inflating revenue by 112 million yuan and profits by 73.2852 million yuan from 2020 to mid-2022, resulting in a fine of 5 million yuan for the company and 12 million yuan for four responsible individuals [3]. - ST Zitian's stock may be terminated due to failure to correct false financial reports as mandated by the Fujian Securities Regulatory Bureau, leading to a suspension of trading starting July 21 [4]. Changes in Control - Kanghua Biological announced a transfer of 28.466 million shares (21.91% of total shares) to Shanghai Wankexin Biological, changing its controlling shareholder, with the transfer price around 1.851 billion yuan [5]. - Xiling Information's actual controllers are planning a change in control, leading to a stock suspension starting July 21, with the suspension expected to last no more than two trading days [6]. Delisting and Termination - Zhongcheng Tui's stock has been decided to be terminated by the Shenzhen Stock Exchange, with the delisting date set for July 21, following a 15-day trading period after entering the delisting preparation phase [7]. Financial Developments - Morning Feng Technology plans to increase capital by 90 million yuan to its wholly-owned subsidiary, aiming to enhance its business in the integrated power and computing sectors [9]. - China First Heavy Industries expects a net loss of 90 million to 108 million yuan for the first half of 2025, an improvement from a loss of 173 million yuan in the same period last year [14][15]. - Shaanxi Guotou A reported a 5.74% increase in net profit for the first half of 2025, totaling 726 million yuan, despite a 2.95% decline in total revenue [16]. Shareholding Changes - Hengtong Co., Ltd. plans to reduce its shareholding by up to 3%, with a maximum of 21.425 million shares to be sold [17]. - Jinma Leisure's controlling shareholder plans to reduce holdings by up to 4.83%, totaling 471,200 shares [18]. - Tianli Lithium Energy's shareholder plans to reduce holdings by 4.55%, equating to 5.4 million shares, due to the fund's operational period nearing its end [24]. Major Contracts - Qidi Design, in a consortium, won a bid for the Henan Airport Intelligent Computing Center project, with a contract amount of 859 million yuan [29]. - Donghong Co., Ltd. secured a procurement project for pressure steel pipes and fittings, with a bid price of 109 million yuan [30]. - Dash Intelligent signed a contract worth 122 million yuan for the Shenzhen Urban Rail Transit Line 13 Phase II monitoring system [31].

Group 1: Company Announcements - Chenfeng Technology plans to invest 90 million yuan in its wholly-owned subsidiary, Beiwang Zhican, to support its business development and create a new ecosystem for integrated power computing [1] - Daotong Technology's controlling shareholder proposes a mid-term dividend of 5.8 yuan per 10 shares for the year 2025 [4] - Huazheng New Materials' supervisors and executives plan to reduce their holdings by a total of no more than 124,900 shares [5] - Kuozi Jiao's controlling shareholder intends to reduce its stake by no more than 1.67% [9] - Rundu Co., Ltd.'s controlling shareholder plans to reduce its stake by no more than 3% [14] Group 2: Performance Forecasts - China First Heavy Industries expects a net loss of 90 million to 108 million yuan for the first half of 2025, an improvement from a net loss of 173 million yuan in the same period last year [2] Group 3: Shareholder Actions - China Xidian's shareholder, General Electric Singapore, plans to reduce its stake by no more than 3% [3] - Boguang New Materials' shareholder, Newhui Investment, plans to reduce its stake by no more than 1% [8] - Donghong Co., Ltd. has won a procurement project for pressure steel pipes and accessories worth 109 million yuan [6] - Tianshi Technology's wholly-owned subsidiary has resumed production after a temporary shutdown due to supplier issues [12] - Baichuan Co., Ltd.'s controlling shareholder has returned to work and is performing normal duties after being detained [13]