| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000799 | 酒鬼酒 | # | -2.79 | 212亿 | 18.57 | | 600559 | 老白干酒 | | -2.72 | 164亿 | -11.80 | | 600197 | 伊力特 | | -2.48 | 74.29亿 | -6.18 | | 600199 | 金种子酒 | | -2.22 | 72.29亿 | -17.37 | | 600779 | 水井坊 | 美 | -2.16 | 221亿 | -13.24 | | 000596 | 古井贡酒 | 家 | -2.02 | 881亿 | 0.33 | | 002646 | 天佑德酒 | 策 | -1.98 | 47.53亿 | -7.62 | | 000568 | 泸州老窖 | | -1.78 | 1981亿 | 12.82 | | 603589 | 口子窖 | # | -1.71 | 203亿 | -10.15 | | 002304 | 洋河股份 | | -1.67 | 1092亿 ...

Core Insights - The cash flow performance of major liquor companies in the first half of 2025 shows significant divergence, with over 60% of companies experiencing a year-on-year decline in cash flow from operating activities, and many entering negative territory [1][5] - The cash flow gap between leading companies and smaller enterprises has widened, highlighting the importance of cash management during the industry's adjustment period [1][5] Cash Flow Defense - A clear "three-tier" distribution of cash flow is observed among the industry, with Wuliangye leading at 31.137 billion yuan, followed by Moutai at 13.119 billion yuan, together accounting for over 70% of the total cash flow of the sampled companies [3][4] - Several leading companies, such as Luzhou Laojiao and Shanxi Fenjiu, maintain positive cash flow in the range of 4-5 billion yuan, showcasing operational stability compared to smaller firms [5][6] - Many regional companies, including Kuaizi Jiao and Laobai Gan, report negative cash flow, indicating operational challenges [5][6] Profit and Cash Flow Choices - The unique operating model of liquor companies often results in substantial cash flow, but many firms are now showing negative cash flow despite positive net profits, indicating delayed cash collection or concentrated short-term expenditures [8][10] - For instance, Kuaizi Jiao reported a net profit of 9.47 billion yuan but a cash flow of -0.383 billion yuan due to reduced cash receipts from sales [8][11] Financial Management Trends - The tightening of cash flow is seen as a normal response to industry adjustments and intensified competition, with distributors facing greater challenges than manufacturers [6][14] - Increased cash dividends, such as those from Luzhou Laojiao and Jiu Gui Jiu, further pressure cash flow despite their profitability [6][10] Strategic Adjustments - Companies are focusing on cost control and operational efficiency to improve cash flow, with some reporting significant increases in cash flow due to reduced tax payments and lower sales and management expenses [16][20] - The industry is shifting towards digitalization and refined management practices to enhance cash flow and operational efficiency, with a focus on high-turnover products to mitigate cash flow issues [18][20] Future Outlook - The transition from high-leverage expansion to refined operations is expected to be a painful but necessary process for the industry, with cash management capabilities becoming a key competitive factor [18][20] - The overall cash flow situation is anticipated to stabilize as companies implement strategic measures in production, marketing, and distribution [20]

口子窖广告（孙婉秋 摄） 近期，素有"徽酒老三"之称的口子窖披露2025年中期业绩。报告期内，公司实现营收约25.31亿元，同比下滑20.07%，对应归母净利润为7.15亿元，较 上年同期减少24.63%，毛利率同比下滑2.77个百分点至73.07%。 交出一份营利双跌的 " 成绩单 " 后，口子窖下半年压力陡增。 截至6月末，口子窖来自"大本营"安徽省内的收入约21亿元，较上年同期的26亿元下滑19.31%，省外市场则同比下滑19.24%至3.84亿元。其中第二季 度，公司安徽省内、省外分别实现收入5.15亿元、1.83亿元，同比下滑54.01%、18.57%。 可以看出，第二季度，口子窖在安徽省内的销售更加低迷。而截至5月末，公司在安徽省内的经销商数量为536家，省外经销商数量则实现反超，对应 546家。 动销萎靡之下，口子窖的现金流也开始承压。 按季度拆分来看，今年一季度，口子窖实现营收18.1亿元，同比提升2.42%，归母净利润则同比增长3.59%至6.1亿元。第二季度，公司经营情况急剧 恶化，当季营收同比下滑48.48%至7.21亿元，归母净利润只有1.05亿元，同比跌幅达到70.91%。 财报中， ...

Core Viewpoint - The Chinese liquor industry is entering a deep adjustment period characterized by policy adjustments, consumption structure transformation, and intensified competition, leading to a slowdown or negative growth in the revenue of listed liquor companies in 2025 [1][5][14] Group 1: Industry Performance - In the first half of 2025, only five out of 17 liquor companies reported revenue growth, with Moutai, Wuliangye, Gujing, Jinhui, and Fenjiu showing positive growth, while 12 companies, including Jiu Gui, experienced negative growth, with Jiu Gui's revenue declining by 43% [2][3] - The overall revenue of the liquor industry is expected to face a slowdown, with a significant number of companies reporting negative profit growth, including a staggering 750.54% decline for Jinzizi [2][3] Group 2: Market Dynamics - The liquor industry is undergoing structural changes, with a notable decline in government and business consumption, leading to a shift in consumer behavior towards lower-priced products [5][10] - The market for strong aroma liquor is projected to grow to over 300 billion yuan by 2025, but with a low compound annual growth rate of only 3%, indicating a challenging environment for regional liquor companies [7][10] Group 3: Product Segmentation - The introduction of new national standards for sauce-flavored liquor is expected to accelerate industry reshuffling, imposing significant cost pressures on small and medium-sized distilleries [8][10] - Clear aroma liquor is gaining traction among younger consumers, with its market share increasing significantly, reflecting a shift in consumer preferences towards lighter and more affordable options [11][12] Group 4: Future Outlook - The liquor industry is anticipated to continue facing challenges, with a projected 7.2% decline in production in the first half of 2025, marking the eighth consecutive year of decline [5][10] - The market is expected to transition from "barbaric expansion" to "structural growth," with leading companies likely to increase their market share as weaker players exit [10][14]

安徽口子酒业股份有限公司 关于股东部分股份解除质押的公告 证券代码：603589 证券简称：口子窖 公告编号：2025-033 黄绍刚先生于 2022 年 11 月 3 日将持有的本公司的股份 5,000,100 股无限售 流通股质押给国泰海通证券股份有限公司，用于办理股票质押式回购交易业务， 该业务的初始交易日为 2022 年 11 月 3 日，购回交易日为 2023 年 11 月 3 日。2023 年 10 月 30 日，黄绍刚先生将上述股份 5,000,100 股质押展期一年，展期后的购 回交易日为 2024 年 11 月 1 日。2024 年 10 月 29 日，黄绍刚先生将上述股份 年 9 月 2 日，黄绍刚先生提前将上述股份 5,000,100 股解除了质押，并办理完成 了相关手续。 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： ? 黄绍刚先生持有安徽口子酒业股份有限公司（以下简称"本公司"）股份 数量为 12,411,743 股，占公司总股本比例为 2.08%；本次解除质押 5,000,100 ...

证券代码：603589 证券简称：口子窖 公告编号：2025-033 安徽口子酒业股份有限公司 关于股东部分股份解除质押的公告 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： 2 具体情况如下： 股东名称 黄绍刚 本次解除质押股份（股） 5,000,100 占其所持股份比例（%） 40.29 占公司总股本比例（%） 0.84 解除质押时间 2025 年 9 月 2 日 持股数量（股） 12,411,743 持股比例（%） 2.08 剩余被质押股份数量（股） 5,000,100 剩余被质押股份数量占其所持股份比例（%） 40.29 剩余被质押股份数量占公司总股本比例（%） 0.84 黄绍刚先生持有安徽口子酒业股份有限公司（以下简称"本公司"）股份 数量为 12,411,743 股，占公司总股本比例为 2.08%；本次解除质押 5,000,100 股 后，黄绍刚先生持有本公司股份累计质押数量为 5,000,100 股，占其持股数量比 例为 40.29%。 黄绍刚先生及其一致行动人持有本公司股份数量为 242,063 ...

Investment Rating - The report maintains a strong buy recommendation for leading companies in the liquor sector, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, while suggesting a hold for Yingjia Gongjiu and Jinhuijiu [10][9]. Core Insights - The liquor industry is undergoing a significant clearing phase due to the impact of the "ban on alcohol" policy, with second and third-tier companies facing substantial challenges, while leading firms show resilience [1][9]. - The report anticipates that the financial statements of leading liquor companies will signal an industry turning point, potentially reshaping market expectations and indicating a gradual emergence of the industry bottom [9][1]. - The demand for liquor is expected to continue recovering, driven by a positive price index in 2026, which may lead to inflation and increased corporate profitability [1][9]. Revenue and Net Profit - In Q2 2025, the liquor industry reported revenues of 881 billion yuan, a year-on-year decrease of 5.0%, and a net profit of 312 billion yuan, down 7.5% [2][13]. - For the first half of 2025, the industry generated revenues of 2,415 billion yuan, with a slight year-on-year decline of 0.9% in revenue and 1.2% in net profit [2][13]. - Excluding Moutai, the industry's revenue in Q2 2025 was 484 billion yuan, reflecting a more significant decline of 13.1% [2][13]. Profitability - The overall gross margin of the liquor sector is under pressure due to declining prices and structural changes, with high-end liquor experiencing a slight decrease in gross margin [4][28]. - Many companies have increased their expense ratios to cope with price declines and intensified competition, although some have managed to reduce costs through digitalization and refined channel management [4][28]. Investment Recommendations - The report suggests focusing on strong leading companies and those that have cleared their market burdens first, such as Shanxi Fenjiu and Luzhou Laojiao, while also monitoring companies like Yingjia Gongjiu and Jinhuijiu for potential growth contributions in the second half of 2025 [9][10]. - The anticipated recovery in liquor demand and the potential for improved profitability in 2026 present a favorable investment landscape for the sector [9][1].

证券代码：603589 证券简称：口子窖 公告编号：2025-032 安徽口子酒业股份有限公司 关于股东进行股票质押式回购交易的公告 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 重要内容提示： 截至本公告日，实际控制人徐进、刘安省及一致行动人张国强、徐钦祥、朱成寅、范博、周图亮、段 炼、黄绍刚（以下简称"实际控制人及一致行动人"）共计持有本公司的股份242,063,712股，占本公司总 股本的40.47%，均为无限售流通股。实际控制人及一致行动人尚质押本公司股份36,361,700股，占其合 计持股总数的15.02%，占本公司总股本的6.08%，具体情况如下： ■ ● 黄绍刚先生持有安徽口子酒业股份有限公司（以下简称"本公司"）股份数量为12,411,743股，占公司 总股本比例为2.08%；本次质押5,000,100股后，黄绍刚先生持有本公司股份累计质押数量为10,000,200 股，占其持股数量比例为80.57%。 ● 黄绍刚先生及其一致行动人持有本公司股份数量为242,063,712股，占本公司总股本的 ...

两融数据显示，该股最新融资余额为5.20亿元，近5日减少214.19万元，降幅为0.41%。（数据宝） 9月1日口子窖大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.64 | 214.88 | 38.10 | 10.24 | 招商证券股份有限公司苏 | 招商证券股份有限公司苏 | | | | | | 州华池街证券营业部 | 州华池街证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 口子窖9月1日大宗交易平台出现一笔成交，成交量5.64万股，成交金额214.88万元，大宗交易成交价为 38.10元，相对今日收盘价溢价10.24%。该笔交易的买方营业部为招商证券股份有限公司苏州华池街证 券营业部，卖方营业部为招商证券股份有限公司苏州华池街证券营业部。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为3. ...

责任编辑：小浪快报 第1笔成交价格为38.10元，成交5.64万股，成交金额214.88万元，溢价率为10.24%，买方营业部为招商 证券股份有限公司苏州华池街证券营业部，卖方营业部为招商证券股份有限公司苏州华池街证券营业 部。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为3.42亿元。该股近5个交易日累计 下跌2.65%，主力资金合计净流出8386.27万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月1日，口子窖收跌0.35%，收盘价为34.56元，发生1笔大宗交易，合计成交量5.64万股，成交金额 214.88万元。 ...