21世纪经济报道肖夏 72岁的实控人，选择再次减持。 口子窖7月20日公告，大股东之一的刘安省拟从公告发布之日起15个交易日后的三个月内减持不超过 1000万股，占公司总股本1.67%。 刘安省是口子窖的"创始元老"，也是口子窖的实控人之一。在2020年退休前，刘安省曾担任口子窖的董 事长、监事会主席等职务，退休后依然是公司第二大股东、实控人之一。 在退休前，刘安省就启动了减持行动。21世纪经济报道记者梳理注意到，刘安省从2018年开始已通过二 级市场交易、股东间转让等方式三度减持口子窖，累计减持超过1725万股。此次1000万股减持完成后， 其持股比例将下降至8.91%。 白酒股今年行情低迷，口子窖已经连续四年下跌，年内股价已经下跌11%。面对资本市场看空白酒行业 前景，公司创始高管情愿在股价低谷也要连续减持，显然不会提振口子窖的投资者信心。 恰恰相反。在近年诸多酒企纷纷提高分红率、承诺分红金额、大股东开展回购的背景下，口子窖的分红 率已经连续三年下滑。 这既有行情下行的因素，也有口子窖特殊模式的原因。当年通过管理层MBO改制为民企，曾经激活口 子窖的发展动能。但如今逐渐高龄化的管理团队，能否带领口子窖面对 ...

Core Viewpoint - The announcements from Kuozi Jiao indicate significant operational pressures and market challenges faced by the company, highlighted by the major shareholder's plan to reduce holdings and the cancellation of stock options due to unmet performance targets [1][3][9]. Shareholder Actions - Major shareholder Liu Ansheng plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total shares, between August 12, 2025, and November 11, 2025, potentially cashing out approximately 336 million yuan based on the latest closing price [1][3]. - Liu Ansheng has previously reduced his holdings, totaling 9.8999 million shares and cashing out around 528 million yuan since September 2018 [6]. Market Reaction - Following the announcements, Kuozi Jiao's stock price fell by 0.5%, with a current price of 33.56 yuan per share and a total market capitalization of 20.136 billion yuan [2]. Performance Challenges - Kuozi Jiao's recent financial performance shows stagnation, with 2024 revenue at 6.015 billion yuan (up 0.89% year-on-year) and net profit at 1.655 billion yuan (down 3.83% year-on-year) [8]. - The company failed to meet the performance targets set for its stock incentive plan, leading to the cancellation of nearly 1.88 million restricted shares due to not achieving a 30% growth in either net profit or revenue compared to 2022 [9][10]. Industry Context - Kuozi Jiao faces intense competition in the high-end liquor market, particularly from leading brands like Gujing Gongjiu, and struggles with brand recognition and positioning outside its home province [11]. - The current challenges reflect broader systemic issues within the regional liquor industry, exacerbated by changing consumer preferences and increased competition, indicating a narrowing window for regional brands to adapt [11].

1. 艾罗能源(688717.SH)：公司及多名董监高因个人资金需求，计划在15个交易日后3个月内通过集中竞价或大宗交易方式减持股 份，减持数量不超过公司总股本的0.78%。 2. 奥普光电(002338.SZ)：控股股东长春光机所计划在15个交易日后90日内，以集中竞价方式减持公司股份不超过240万股，占公 司总股本的1%。 3. 铂科新材(300811.SZ)：股东铂科天成及其一致行动人合计减持1.01%股份，减持计划实施完毕，同时股东梅建军合计减持8134 股，占总股本的0.0476%。 4. 博迁新材(605376.SH)：股东新辉投资计划在15个交易日后3个月内通过大宗交易减持公司股份不超过261.6万股，占公司总股本 的1%。 5. 博盈特焊(301468.SZ)：股东前海股权基金和中原前海基金减持计划实施完成，合计减持394.48万股，占公司总股本的2.99%。 6. 测绘股份(300826.SZ)：高级管理人员刘键计划在15个交易日后3个月内通过集中竞价方式减持公司股份不超过5万股，占公司总 股本的0.03%。 13. 红宝丽(002165.SZ)：控股股东宝源投资及实际控制人芮敬功计划在15 ...

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]

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]

Core Viewpoint - The legal opinion letter from Shanghai Junlan Law Firm confirms that Anhui Kouzi Liquor Co., Ltd. has complied with relevant laws and regulations regarding the repurchase and cancellation of restricted stocks under its 2023 incentive plan, indicating that the process is legally sound and will not adversely affect the company's operations or shareholder interests [1][10]. Summary by Sections Approval and Authorization of Repurchase - The company has obtained necessary approvals and authorizations for the repurchase and cancellation of restricted stocks as per the relevant legal frameworks, including the Company Law and the Management Measures for Incentive Plans [5][9]. Details of the Repurchase - The repurchase is based on the failure to meet performance targets set for the second release period of the incentive plan, leading to the cancellation of 1,880,528 shares of restricted stock [6][9]. - The repurchase price is set at 35.16 yuan per share plus interest from the People's Bank of China, with funding sourced from the company's own funds [7][9]. Impact of the Repurchase - The repurchase and cancellation of shares will not harm the interests of the company or its shareholders and will not significantly impact the company's daily operations or future development [8][9]. Arrangements for the Repurchase - The company has established a dedicated securities account for the repurchase and plans to complete the cancellation by July 23, 2025, followed by necessary changes in business registration [8][9]. Share Capital Structure Post-Repurchase - After the completion of the repurchase, the company's share capital structure will change, resulting in zero restricted shares and a total of 598,119,472 unrestricted shares [8][9]. Information Disclosure - The company has fulfilled its information disclosure obligations as required by law and will continue to do so as the repurchase progresses [9][10].

安徽口子酒业股份有限公司 关于股权激励限制性股票回购注销实施的公告 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。 证券代码：603589 证券简称：口子窖 公告编号：2025-019 重要内容提示： ●回购注销原因：安徽口子酒业股份有限公司（以下简称"公司"）《2023 年限制性股票激励计划》第二个解除限售期的公司层面业绩考核未达标，解除限 售条件未成就，公司董事会审议决定回购注销《2023年限制性股票激励计划》第 二个解除限售期激励对象已获授尚未解除限售的限制性股票940,264股；此外， 根据《2023年限制性股票激励计划》中变更、终止程序的相关规定，董事会审议 决定回购注销除《2023年限制性股票激励计划》第二个解除限售期无法解除限售 以外的激励对象已获授尚未解除限售的940,264股限制性股票。综上，公司本次 拟回购注销的限制性股票数量合计为1,880,528股。 ●本次注销股份的有关情况： 回购股份数量（股） 注销股份数量（股） 注销日期 一、本次限制性股票回购注销的决策程序和信息披露情况 次会议，审议通过《关于终 ...

证券代码：603589 证券简称：口子窖 公告编号：2025-020 安徽口子酒业股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： ? 大股东持股的基本情况 截至本公告披露日，刘安省持有安徽口子酒业股份有限公司（以下简称"公 司"）股份 63,473,529 股，占公司总股本比例为 10.58%； 其他：无 持股数量 63,473,529股 上述股东与徐进、范博、徐钦祥、朱成寅、周图亮、段炼、黄绍刚、张国强 为一致行动人，合计持有公司股份 252,063,712 股，占公司总股本的 42.01%。 ? 减持计划的主要内容 因自身资金需求，刘安省拟自减持计划公告发布之日起 15 个交易日后的三 个月内通过大宗交易方式减持不超过 10,000,000 股，占公司总股本的 1.67%， 减持价格按照市场价格确定。 若上述减持计划期间公司有送股、资本公积金转增股本、配股等股份变动事 项，上述拟减持数量不变。 一、减持主体的基本情况 股东名称 刘安省 控股股东、实控人及一致行动 ...