| 交易日期 | 证券简称 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-01 | 口子窖 | 603589 | 38.1 | 214.88 | 5.64 | 招商证券股份有限 | 招商证券股份有限 | | | | | | | | 公司苏州华池街证 | 公司苏州华池街证 | | | | | | | | 444 - 11 - 407 | 444 - 11 - 447 | 9月1日，口子窖大宗交易成交5.64万股，成交额214.88万元，占当日总成交额的0.92%，成交价38.1元，较市场收盘价34.56元溢价10.24%。 ...

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 重要内容提示 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 40.47%；本次质押 5,000,100 股后，黄绍刚先生及其一致行动人持 有本公司股份累计质押数量为 36,361,700 股，占其持股数量比例为 15.02%。 本公司于 2025 年 9 月 1 日收到黄绍刚先生办理股票质押的通知，具体情况 如下： 一、本次股份质押情况 黄绍刚先生于 2025 年 9 月 1 日将持有的本公司的股份 5,000,100 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, facing challenges such as production contraction, consumption differentiation, and weak terminal sales, leading to a shift from rapid growth to declining production and sales profits [1] Industry Overview - The release of half-year reports from listed liquor companies indicates a significant change in the industry, with increased sales expenses and fierce competition among well-known brands for first-tier markets [1][12] - The overall profitability of the industry is declining, with many companies experiencing double-digit declines in revenue and profit, alongside rising inventory pressures and deteriorating product liquidity [11] Company Performance - Guizhou Moutai reported a total revenue of 91.094 billion, a year-on-year increase of 9.16%, and a net profit of 45.403 billion, up 8.89% [3] - Wuliangye achieved a revenue of 52.771 billion, growing 4.19%, and a net profit of 19.492 billion, up 2.28% [3] - Shanxi Fenjiu's revenue reached 23.964 billion, a 5.35% increase, with a net profit of 8.505 billion, up 1.13% [3] - Luzhou Laojiao reported a revenue of 16.454 billion, down 2.67%, and a net profit of 7.663 billion, down 4.54% [5] - Yanghe's revenue was 14.796 billion, down 35.32%, with a net profit of 4.344 billion, down 45.34% [5] - Other companies like Water Well and Shede also reported significant declines in revenue and profit, indicating the widespread impact of the industry's challenges [5][6][7] Market Trends - The industry is seeing a shift towards product innovation and channel transformation, with companies launching lower-alcohol and light bottle products to attract younger consumers [12][13] - The market is characterized by a need for companies to adapt to changing consumer preferences and enhance brand influence and channel efficiency [7][12] - Analysts suggest that the current environment is not isolated, and the liquor industry will eventually recover as consumption and the economy improve [13]

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 5, 2025, to discuss key proposals [1][3] - The agenda includes the cancellation of the supervisory board, reduction of registered capital, and amendments to the company's articles of association [4][6] - The meeting will adopt a combination of on-site and online voting methods for decision-making [2][3] Group 1: Meeting Procedures - A meeting service team will be established to ensure the organization and related work during the meeting [1] - Attendees must register and confirm their participation to be eligible to vote and speak [2][3] - The meeting will follow strict order, prohibiting personal recordings and disruptive behavior [3] Group 2: Proposals - Proposal 1 involves the cancellation of the supervisory board and the delegation of its powers to the board's finance and audit committee [4][6] - Proposal 2 focuses on revising certain governance systems to enhance corporate governance [6][7] - The company aims to align with regulatory requirements and improve governance practices [4][6] Group 3: Voting and Results - Voting will be conducted with each share holding one vote, and invalid votes will be treated as abstentions [2][3] - The results of the voting will be announced at the end of the meeting, detailing the number of shares represented and the voting outcomes [21][22] - The company will ensure transparency in the voting process and the announcement of resolutions [21][22]

Core Viewpoint - Kouzi Jiao's performance in the first half of 2025 shows significant declines in revenue and profit, primarily due to the failure of its high-end product strategy [2][4]. Financial Performance - In the first half of 2025, Kouzi Jiao achieved revenue of 2.531 billion yuan, a year-on-year decrease of 20.07% [2] - The net profit attributable to shareholders was 715 million yuan, down 24.63% year-on-year [2] - The net profit after deducting non-recurring items was 698 million yuan, a decline of 24.90% year-on-year [2] - Operating cash flow turned negative at -383 million yuan, with a dramatic year-on-year change of -9854.35% [2] - Accounts receivable increased by 59.71% to 22.77 million yuan, while contract liabilities decreased by 46.74% to 298 million yuan [2] Product Performance - Revenue from high-end liquor was 2.385 billion yuan, a decrease of 19.8% year-on-year, accounting for 96% of total revenue [2] - The "Jian Series" products launched in 2023 have not generated the expected growth, with high-end liquor revenue growth rates of 1.94%, 16.58%, and 0.06% from 2022 to 2024, followed by negative growth in 2025 [4] Market Positioning - Kouzi Jiao's brand recognition is primarily associated with traditional products priced around 110-130 yuan, rather than its high-end offerings [6] - The company faces competition from both local brands like Gujing Gongjiu and national giants such as Moutai and Wuliangye, which have stronger brand power and market support [6] - Marketing expenditures in 2024 reached 1.716 billion yuan, with over 60% allocated to advertising, but digital marketing and content creation investments were insufficient [6] Strategic Challenges - The "Jian Series" lacks clear consumer value propositions and cultural narratives necessary for success in the high-end market [6] - The decline in high-end positioning is attributed to the exhaustion of old business models and a disconnect with new consumer contexts [6] - Short-term strategies should focus on digital channel development and targeted marketing, while long-term strategies must establish a clear brand narrative and product scarcity [6]

Core Viewpoint - The white liquor sector has seen a significant increase in stock prices, with a notable rise in the index by over 13% since August, driven by investor interest amid low valuations and recent institutional buying activity [1][2][6]. Group 1: Market Performance - As of August 29, several white liquor stocks have shown strong performance, with Jinhuijiu rising over 6%, and others like Shede Liquor and Gujing Gongjiu increasing by over 4% [1][2]. - The white liquor index has increased by more than 13% since the beginning of August [1]. Group 2: Institutional Investment - Central Huijin has increased its holdings in white liquor ETFs, acquiring 121 million shares, bringing its total to 581 million shares, making it the third-largest holder [4][5]. - This move is seen as a long-term strategy to stabilize the market, particularly in the context of the white liquor sector's recent downturn [6]. Group 3: Financial Performance of Companies - Many white liquor companies have reported significant declines in revenue and profit for the first half of 2025, with companies like Kuaijiu and Shede Liquor experiencing double-digit drops [7][9]. - In contrast, leading companies like Kweichow Moutai and Wuliangye have reported growth, with Kweichow Moutai achieving a revenue of 91.094 billion yuan, up 9.16% year-on-year [10][11]. Group 4: Industry Trends - The white liquor industry is facing challenges, with a reported 5.8% decline in production for the first half of 2025 and increasing inventory issues among distributors [12]. - The average inventory turnover days have reached 900 days, indicating potential overstocking and pricing issues [12]. - Analysts suggest that the industry may be approaching a cyclical bottom, with expectations for a recovery in performance by mid-2026 [13].

Market Overview - The Shanghai Composite Index is at 3862.74 points, above the six-month moving average, with a gain of 0.50% [1] - The total trading volume of A-shares is 135.22 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 67 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Lingge Technology: 4.28% deviation, closing at 27.72 yuan, up 7.86% [1] - Guansheng Co.: 4.22% deviation, closing at 38.40 yuan, up 5.03% [1] - Xiangyuan New Materials: 4.05% deviation, closing at 24.61 yuan, up 4.90% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Jiusheng Electric: 3.84% deviation, closing at 19.14 yuan, up 4.53% [1] - Yili Co.: 3.84% deviation, closing at 29.00 yuan, up 4.73% [1] - Shanjin International: 2.67% deviation, closing at 19.66 yuan, up 3.47% [1] Summary of Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that just crossed the six-month line include: - Dongfang Ocean, ST Huawen, and Wencan Co. [1]

在白酒行业的起伏波动中，口子窖的历程如同一面镜子，映照出行业的变迁与挑战。这家曾以"兼香第一股"身份闪耀徽酒阵营的企业，近年来 却遭遇了前所未有的困境。 回溯至2015年，口子窖登陆上交所，凭借"盘中盘"与"大商制"双轮驱动策略，迅速在业界崭露头角。上市首年，其营收便达到了25.84亿元， 净利润更是高达6.054亿元。到了2018年，口子窖更是实现了42.69亿元的营收和15.33亿元的净利润，稳坐徽酒行业的第二把交椅。 然而，白酒行业的周期性波动让口子窖的辉煌未能持续。近年来，随着消费场景的剧烈变化，口子窖的业绩开始出现下滑。财报显示，今年上 半年，口子窖实现营收25.31亿元，同比下滑20.07%；净利润7.15亿元，同比下滑24.63%。其中，二季度业绩更是大幅下滑，营收和净利润分 别同比下滑48.48%和70.91%。 这一业绩滑坡不仅让口子窖失去了往日的增长速度，更让其"徽酒榜眼"的位置岌岌可危。早在2022年，口子窖便已被迎驾贡酒超越。今年上半 年，迎驾贡酒的营收和净利润分别达到31.6亿元和11.3亿元，与口子窖的差距进一步拉大。 口子窖的崛起曾得益于其创新的"盘中盘"模式和"大商制"。所谓" ...

口子酒业 2025 年第一次临时股东大会会议资料 安徽口子酒业股份有限公司 2025 年第一次临时股东大会 会议资料 二○二五年九月五日 | 2025 年第一次临时股东大会会议须知 | | --- | | 2025 年第一次临时股东大会议程 | | 议案 1: 关于《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》的议案 | | 议案 2．关于修订公司部分治理制度的议案 . | | 议案 2-附件 . | | 股东会议事规则 … | | 董事会议事规则 . | | 独立董事工作制度 | | 独立董事专门会议工作制度 | | 对外担保管理制度 . | | 对外投资管理制度 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 38 | | 关联交易制度 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

白酒行业，正在探底。 周期之后，白酒行业大概率能重拾往日的荣光。 2015年6月，口子窖以"兼香第一股"身份登陆上交所，成为徽酒阵营中仅次于古井贡酒的明星企业。 所谓「盘中盘」模式，即以政商务宴请等高端消费人群为突破口，通过餐饮终端"小盘"带动零售、团购 等大众市场"大盘"，向外扩散至中低端消费群体。配合盘中盘模式，口子窖推出了核心单品「口子窖5 年」，虽然定价不高，但这款产品却为口子窖带来了巨大的营收，并让其走出困境。 崛起的关键 口子窖的前身，是国营濉溪人民酒厂。 1997年，淮北市口子酒厂与濉溪县口子酒厂合并，口子窖由此成立。但由于此前双方内耗太过严重，再 加上当时浓香白酒竞争已经陷入白热化阶段，再度合并成立的口子窖一度面临生存危机，资金链几乎断 裂，甚至要借钱才能开得起产品发布会。 不过，困境并没有持续太长时间，很快口子窖就渡过了难关，而帮助口子窖走出困境的是一项创新性的 销售模式——「盘中盘」模式。 上市第一年，在「盘中盘」模式与「大商制」双轮驱动下，口子窖就实现了25.84亿元的营收和6.054亿 元的净利润。而2018年，口子窖营收更是顺利突破40亿元大关，达42.69亿元，净利润为15.33亿 ...