口子窖公告，第三季度营收为6.43亿元，下降46.23%；净利润为2696.51万元，下降92.55%。前三季度 营收为31.74亿元，下降27.24%；净利润为7.42亿元，下降43.39%。 ...

证券代码：603589 证券简称：口子窖公告编号：2025-036 安徽口子酒业股份有限公司 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。 关于完成工商变更登记并换发营业执照的公告 安徽口子酒业股份有限公司（以下简称"公司"）于2025年8月19日召开了第五届董事会第十一次会议、9 月5日召开了2025年第一次临时股东会，审议通过了《关于取消监事会、减少注册资本并修订〈安徽口 子酒业股份有限公司章程〉部分条款的议案》，同意公司因回购注销部分限制性股票事宜对公司注册资 本及股份总数进行变更。公司注册资本由600,000,000元变更为598,119,472元，公司股份总数由 600,000,000股变更为598,119,472股。同意对《公司章程》相应条款进行修订。具体内容详见公司在上海 证券交易所网站（www.sse.com.cn）及指定媒体上披露的《关于取消监事会、减少注册资本并修订〈公 司章程〉部分条款及修订公司部分治理制度的公告》（公告编号：2025-025）。 公司已于2025年7月23日在中国证券登记结算有限责任公 ...

（编辑 任世碧） 证券日报网讯 10月24日晚间，口子窖发布公告称，公司于2025年8月19日召开了第五届董事会第十一次 会议、9月5日召开了2025年第一次临时股东会，审议通过了《关于取消监事会、减少注册资本并修订部 分条款的议案》，同意公司因回购注销部分限制性股票事宜对公司注册资本及股份总数进行变更。公司 注册资本由600，000，000元变更为598，119，472元，公司股份总数由600，000，000股变更为598， 119，472股。公司已于2025年7月23日在中国证券登记结算有限责任公司上海分公司完成前述注销手 续。近日，公司完成了相关工商变更登记手续，并取得淮北市市场监督管理局换发的《营业执照》。 ...

证券代码：603589 证券简称：口子窖 公告编号：2025-036 安徽口子酒业股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 安徽口子酒业股份有限公司（以下简称"公司"）于2025年8月19日召开了 第五届董事会第十一次会议、9月5日召开了2025年第一次临时股东会，审议通过 了《关于取消监事会、减少注册资本并修订<安徽口子酒业股份有限公司章程> 部分条款的议案》，同意公司因回购注销部分限制性股票事宜对公司注册资本及 股份总数进行变更。公司注册资本由600,000,000元变更为598,119,472元，公司 股份总数由600,000,000股变更为598,119,472股。同意对《公司章程》相应条款 进行修订。具体内容详见公司在上海证券交易所网站（www.sse.com.cn）及指定 媒体上披露的《关于取消监事会、减少注册资本并修订<公司章程>部分条款及修 订公司部分治理制度的公告》（公告编号：2025-025）。 公司已于2025年7月23日在中国证券登记结算有限 ...

Core Viewpoint - The Chinese liquor industry is facing a bleak outlook, with multiple securities firms predicting significant profit declines for major companies, including Moutai and Wuliangye, by Q3 2025, indicating a severe downturn compared to previous optimistic expectations [1][4]. Group 1: Industry Predictions - Analysts from various securities firms, including Zhongyou Securities and Guangfa Securities, predict that major liquor companies may experience profit declines of up to 30% or more, with Wuliangye's profits potentially halving [1][3]. - Moutai is expected to see near-zero profit growth, while Wuliangye, Luzhou Laojiao, and Gujinggongjiu are projected to face around a 20% profit decline [1][4]. - The overall liquor industry is anticipated to face a more than 20% decline in sales volume due to external demand shocks [4]. Group 2: Market Conditions - The retail sales growth of consumer goods has significantly slowed, particularly in the catering sector, which has nearly stagnated, directly impacting liquor consumption [1][8]. - The average turnover days for inventory in the industry are high, indicating a pressing need for companies to manage inventory effectively amid changing consumer demand [10]. Group 3: Company Responses - Companies are adopting pragmatic strategies to alleviate channel pressure, including adjusting inventory and reducing expenses to enhance operational efficiency [6][9]. - Wuliangye acknowledged the challenges in the market during the recent holiday season but emphasized that official data should be awaited for a clearer picture [3]. Group 4: Consumer Trends - There is a noticeable shift in consumer behavior towards more rational consumption, with increased sensitivity to prices and a decline in the enthusiasm for high-priced products [9]. - The demand is shifting from traditional business banquets to more casual settings, such as gatherings with friends and family, prompting companies to adjust their product offerings [9][10]. Group 5: Future Outlook - Despite the short-term profit declines, the fundamentals of the liquor industry, especially for leading companies, remain intact, with a potential shift towards quality-focused growth rather than mere scale expansion [11]. - The upcoming Q3 reports are expected to provide critical insights into how companies are navigating the current challenges and adapting to market changes [11].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

10月20日，第十七届"华樽杯"中国酒类品牌价值颁奖典礼在深圳盛大举行，由中国酒类流通协会权威发布的《2025年中国酒类品牌价值 200名研究报告》正式揭晓。安徽口子酒业股份有限公司口子窖品牌以797.64亿元的品牌价值再创新高，稳居行业前列。同时，口子窖荣 膺"2025年度中国兼香型高端白酒领导品牌"与"2025年度中国白酒匠心品质典范品牌"两项殊荣，品牌实力再获权威认证。 品牌价值并非一蹴而就，而是源于岁月的长期积淀与品质的始终坚守。作为国家酿酒重点骨干企业，多年来，口子酒业持续优化产能规 模、完善生产工艺，发展规模不断壮大，品牌实力不断增强，成为中国白酒标准化技术委员会兼香型白酒分技术委员会秘书处承担单 位，先后荣获"国家原产地域保护产品""中华老字号""中国驰名商标"等荣誉称号。独创"一步兼香工艺"，多粮酿造、多曲并用、多香融 合，以"兼三香、具五味"的绝佳口感和独特兼香风格，为讲究品味的中国高端白酒消费者，带来更丰富的口感选择和享受，赢得了广大 消费者的广泛好评。 此次品牌价值逼近800亿元大关，并一举斩获双项行业大奖，既是对口子窖过往成就的权威肯定，更是对未来发展的有力赋能。站在新的 起点，口子窖 ...

资料显示，安徽口子酒业股份有限公司位于安徽省淮北市相山南路9号，成立日期2002年12月26日，上 市日期2015年6月29日，公司主营业务涉及从事白酒的生产和销售。主营业务收入构成为：高档白酒 94.22%，低档白酒2.69%，其他(补充)1.81%，中档白酒1.28%。 10月14日，口子窖盘中上涨2.01%，截至13:43，报33.51元/股，成交1.78亿元，换手率0.90%，总市值 200.43亿元。 资金流向方面，主力资金净流入444.02万元，特大单买入471.01万元，占比2.65%，卖出787.78万元，占 比4.43%；大单买入3109.13万元，占比17.47%，卖出2348.34万元，占比13.19%。 口子窖今年以来股价跌11.68%，近5个交易日跌0.33%，近20日跌2.79%，近60日跌0.77%。 分红方面，口子窖A股上市后累计派现69.19亿元。近三年，累计派现25.77亿元。 机构持仓方面，截止2025年6月30日，口子窖十大流通股东中，招商中证白酒指数A（161725）位居第 三大流通股东，持股2962.16万股，相比上期增加382.28万股。 责任编辑：小浪快报 口子 ...

Investment Rating - The industry investment rating is "Overweight" [3][4][59] Core Insights - The overall demand for the liquor industry during the 2025 Mid-Autumn Festival and National Day is expected to decline by 20-30% year-on-year, with inventory increasing by 10-20% [3][7] - The industry is still in a bottoming phase, and patience is required for potential investment opportunities [3][7] - The report highlights that the stock price turning point may occur before the fundamental turning point, suggesting a need for cautious observation [3][7] Summary by Sections Industry Viewpoint - The report anticipates a significant decline in liquor demand, with banquet performance below expectations and gift demand decreasing [3][7] - The current high inventory levels in channels will require time to digest, and the consumption scenarios are still recovering, leading to weak demand [3][7] - Key recommendations include maintaining patience for high-dividend stocks and waiting for potential buying opportunities in quality stocks [3][7] Brand Performance - Moutai is performing the best, while Wuliangye is trading volume for price [8][9] - Moutai's expected sales decline is in single digits, with prices slightly down to around 1780-1835 yuan [8] - Wuliangye's sales are expected to drop by about 15%, with current prices around 810-830 yuan [8] - Guojiao 1573 is controlling inventory to maintain prices, with expected sales declines of 20-30% [8][9] Regional Liquor Situation - Feedback from various regions indicates a general decline in sales, with specific brands like Moutai and Wuliangye showing varying performance [11][19] - The report notes that the business and banquet consumption scenarios are under pressure, with overall sales expected to decline by 30-25% during the Mid-Autumn Festival and National Day [44][49] - The report emphasizes the need for careful monitoring of inventory levels and sales performance across different brands and regions [11][19] Valuation Table - The report includes a valuation table for key companies in the food and beverage sector, highlighting projected net profits and PE ratios for companies like Moutai, Wuliangye, and Luzhou Laojiao [53]