格隆汇7月30日｜A股市场白酒股普涨，其中，酒鬼酒、泸州老窖涨超2%，迎驾贡酒、洋河股份、顺鑫 农业、古井贡酒、今世缘涨超1%，茅台、口子窖、五粮液涨近1%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000568 | 泸州老窖 | 来 | 2.17 | 1869亿 | 2.64 | | 000799 | 酒鬼酒 | 1 | 2.07 | 161亿 | -10.64 | | 603198 | 迎驾贡酒 | 1 | 1.48 | 345亿 | -16.97 | | 002304 | 洋河股份 | (નેક્ટિ | 1.46 | 1038亿 | -11.98 | | 000596 | 古井贡酒 | 康 | 1.42 | 757亿 | -13.74 | | 600809 | 山西汾酒 | 演 | 1.25 | 2261亿 | 4.15 | | 000860 | 顺喜农业 | 夜 | 1.19 | 119亿 | -16.46 | | 603369 | 今世缘 | | 1.10 | 505亿 | -7.9 ...

新华网北京7月30日电（冯孔）近日，口子窖（603589.SH）一则公告，再次让市场将目光聚焦这家徽酒企业。 公告显示，公司股东刘安省计划自减持公告发布之日起15个交易日后的三个月内，即2025年8月12日至2025年 11月11日，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。 作为口子窖联合创始人，刘安省此番减持计划的披露，正值口子窖经营面临挑战之时。自2022年营收、净利润 被迎驾贡酒超越，失去"徽酒第二" 宝座后，口子窖业绩增长放缓、产品结构调整遇阻等问题逐渐暴露。在此 背景下，联合创始人减持无疑给本就压力重重的口子窖增添了更多不确定性。 若按照今年7月上半月的平均股价推算，若本次减持计划顶格完成，刘安省预计可套现逾3亿元。这也意味着， 此次减持完成后，刘安省累计套现金额可能会超过10亿元，而其在口子窖的剩余持股将不到9%。 联合创始人持续减持，套现金额或超10亿 公开资料显示，刘安省为口子窖的"元老级"人物。1996年至2002年，刘安省历任口子集团总经理、董事长； 2003年1月至2011年3月，其又担任口子窖监事会主席、党委书记等职务。尽 ...

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]

Group 1 - The major shareholder of Kuozi Jiao, Liu Ansheng, sold 10 million shares for 500 million yuan, citing "personal funding needs," which raises questions about the legitimacy of this reason given his significant stake of 42.01% in the company [1][3] - The method of selling shares was through a "block trade," allowing for a discreet transaction that avoids immediate market impact, but potentially at a discount, which could harm retail investors [3][4] - The timing of the sale, which must be completed within three months after a 15-day trading period, suggests urgency that may indicate insider knowledge of potential negative news, such as disappointing quarterly results [4][6] Group 2 - Kuozi Jiao, a leading regional liquor company, is facing challenges due to increased competition from major brands like Moutai and Wuliangye, which are capturing market share in lower price segments [6][8] - Despite a projected revenue growth of 5% to 8 billion yuan in 2024, net profit growth is only 2%, indicating rising costs outpacing revenue growth, leading to a decline in profit margins [6][7] - The company's inventory turnover days have increased from 80 to 100 days, suggesting excess stock that may need to be sold at lower prices, further squeezing profit margins [7] Group 3 - The current state of the liquor market reflects a "winner-takes-all" scenario, where leading brands thrive while regional players like Kuozi Jiao struggle to survive [8][9] - Changing consumer preferences, particularly among younger generations who favor beer and wine over traditional liquor, pose a long-term risk to Kuozi Jiao's customer base [8] - Regulatory pressures, such as stricter alcohol consumption policies, further complicate the market landscape for Kuozi Jiao, which primarily targets business-related consumption [8]