本公司于 2024 年 10 月 29 日收到黄绍刚先生办理股票质押展期的通知，具 体情况如下： 一、本次股份质押展期情况 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 2.07%；本次质押展期 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 252,063,712 股，占本 公司总股本的 42.01%；本次质押展期 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 38,431,600 股，占其持股数量比例为 15.25%。 证券代码：603589 证券简称：口子窖 公告编号：2024-047 安徽口子酒业股份有限公司 关于股东股票质押展期的公告 黄绍刚先生于 2022 年 11 月 3 日将持有的本公司的股份 5,0 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 49.92 CNY [4][6][13]. Core Insights - The company has entered an adjustment phase due to constrained consumer power, resulting in performance below expectations. However, profitability remains relatively high, and pre-sale indicators are healthy, suggesting potential for recovery [2][4][14]. - The report forecasts a decline in earnings per share (EPS) for 2024-2026, with expected EPS of 2.58 CNY, 2.70 CNY, and 2.83 CNY, down from previous estimates of 3.24 CNY, 3.53 CNY, and 3.77 CNY respectively [4][13]. - Despite the current adjustment period, the company is expected to benefit from a recovery in consumer goods valuation and industry average comparisons, which supports the target price [4][13]. Financial Summary - For Q3 2024, the company reported revenue of 1.195 billion CNY and a net profit of 362 million CNY, reflecting year-on-year declines of 22.04% and 27.02% respectively [14]. - The gross margin showed significant fluctuations, while the net margin remained high at 30.28%, despite a year-on-year decrease of 2.38 percentage points [14]. - The company’s revenue for 2024 is projected at 5.45 billion CNY, down 8.6% from the previous year, with a gradual recovery expected in subsequent years [5][14]. Market Position - The company is currently facing challenges in both domestic and external markets, with revenue declines of 22% and 26% respectively in Q3 2024 [14]. - The company is undergoing channel and product reforms, which are expected to take time but may lead to performance recovery as the industry cycle improves [14].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 45 yuan [1]. Core Views - The company reported a revenue of 4.36 billion yuan for the first three quarters of 2024, a decrease of 1.9% year-on-year, and a net profit attributable to shareholders of 1.31 billion yuan, down 2.8% year-on-year. In Q3 alone, revenue was 1.20 billion yuan, down 22.0%, and net profit was 360 million yuan, down 27.7% [1]. - The company is focusing on inventory reduction and nurturing terminal sales, adjusting its growth expectations in response to industry pressures and increased competition [1]. - The introduction of the new product "Jian 8" is expected to enhance market acceptance and contribute to sales growth, with a focus on improving channel management and relationships [1]. Financial Summary - Total revenue for 2023 is projected at 5.96 billion yuan, with a year-on-year growth rate of 16.1%. However, revenue is expected to decline by 8.2% in 2024, followed by further declines in 2025 and 2026 [9]. - The net profit attributable to shareholders is forecasted to be 1.72 billion yuan in 2023, with a decline of 10.9% in 2024, and further declines in the following years [9]. - Earnings per share (EPS) is expected to be 2.87 yuan in 2023, decreasing to 2.56 yuan in 2024, and further to 2.23 yuan in 2025 [9].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 10 月 28 日 口子窖 (603589) ——24Q3 点评：收入业绩承压 现金流相对稳健 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 42.79 | | 一年内最高/最低（元） | 52.74/33.88 | | 市净率 | 2.6 | | 息率（分红 / 股价） | 3.51 | | 流通 A 股市值（百万元） | 25,594 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 16.93 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][12]. Core Views - The company is showing signs of a bottoming out in its fundamentals, with expectations for recovery momentum [2]. - The external macro environment presents challenges, particularly affecting the sales of mid-to-high-end liquor products [3]. - The company is focusing on strategic single product development while enhancing the promotion of series products [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.362 billion yuan, a year-on-year decrease of 1.89%, and a net profit attributable to shareholders of 1.311 billion yuan, down 2.81% year-on-year [2]. - In Q3 2024 alone, the company reported revenue of 1.195 billion yuan, a decline of 22.04% year-on-year, with a net profit of 362 million yuan, down 27.72% year-on-year [2]. Product Segmentation - High-end liquor revenue for the first three quarters of 2024 reached 4.112 billion yuan, a decrease of 3.09%, accounting for 96.71% of total revenue [3]. - In Q3 2024, high-end liquor revenue was 1.139 billion yuan, down 22.7% year-on-year, while low-end liquor revenue increased by 44.47% to 91 million yuan [3]. Channel and Market Analysis - The company's direct sales and wholesale channels generated revenues of 135 million yuan and 4.117 billion yuan respectively, with direct sales up 48.01% and wholesale down 3.86% year-on-year [4]. - The company is focusing on deepening its market presence in Anhui province, where Q3 2024 revenue was 9.52 billion yuan, down 22.09% year-on-year [4]. Profitability Metrics - The company's gross margin for Q3 2024 was 71.91%, a decrease of 5.9 percentage points year-on-year [4]. - The net profit margin decreased by 2.38 percentage points to 30.28% compared to the same period last year [4]. Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted downwards, with expected net profits of 1.739 billion yuan in 2024, 1.996 billion yuan in 2025, and 2.249 billion yuan in 2026 [5]. - The corresponding price-to-earnings ratios are projected to be 15, 13, and 11 times for the respective years [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.62 CNY based on a 17x P/E ratio for 2024 [2][4][7]. Core Insights - The company reported a revenue of 4.36 billion CNY for the first three quarters of 2024, a year-on-year decrease of 1.9%, and a net profit of 1.31 billion CNY, down 2.8% year-on-year. In Q3 alone, revenue was 1.20 billion CNY, reflecting a significant decline of 22.0%, while net profit fell by 27.7% to 360 million CNY [1]. - The revenue from high-end, mid-range, and low-end products for the first three quarters of 2024 was 4.11 billion CNY, 49 million CNY, and 91 million CNY, showing year-on-year changes of -3.1%, -27.4%, and +44.5% respectively. In Q3, the revenue for these categories was 1.14 billion CNY, 13 million CNY, and 21 million CNY, with year-on-year changes of -22.7%, -55.3%, and +26.5% respectively [1]. - The company’s gross margin for the first three quarters of 2024 was 74.8%, a decrease of 0.5 percentage points year-on-year. The net profit margin was 30.1%, down 0.3 percentage points year-on-year [1][3]. Financial Summary - The company’s projected earnings per share for 2024, 2025, and 2026 are 2.86 CNY, 3.17 CNY, and 3.54 CNY respectively, with a downward revision from previous estimates [2][7]. - The forecasted revenue for 2024 is 6.006 billion CNY, with a slight growth of 0.7% year-on-year, followed by 6.565 billion CNY in 2025 and 7.277 billion CNY in 2026, reflecting growth rates of 9.3% and 10.8% respectively [3][7]. - The company’s net profit for 2024 is expected to be 1.716 billion CNY, with a slight decline of 0.3% year-on-year, followed by 1.903 billion CNY in 2025 and 2.126 billion CNY in 2026, indicating growth rates of 10.9% and 11.7% respectively [3][7].

财联社10月28日讯（记者 朱万平）"徽酒老三"口子窖（603589.SH）今年前三季度营收和净利润双降， 不及多数券商预期，也未达公司此前确定的营收增速目标指引。单看Q3，公司营收下滑超过两成，归 母净利润下滑近三成。此外，公司实控人之一刘安省在Q3减持套现超2亿元。 今日晚间，口子窖发布三季报，今年前三季度公司实现营收43.62亿元，同比下降1.89%；归母净利润 13.11亿元，同比下降2.81%。这一业绩增速未达到公司年初确定的目标指引。此前口子窖披露《2024年 度财务预算方案》称，今年口子窖预算营业收入70.35亿元，同比增长18%。 单看第三季度，今年Q3口子窖实现营业收入11.95亿元，同比下降22.04%，归母净利润3.62亿元，同比 下降27.72%。而口子窖Q3净利润不及多数券商预期。 据财联社记者统计，目前包括浙商证券、国信证券、招商证券、申万宏源、华创证券等在内，共9家券 商对口子窖Q3净利润作出预测，除申万宏源预计口子窖Q3净利润将下滑20%外，其余券商普遍预计Q3 净利润同比增幅在0%-6%。 分产品看，今年前三季度口子窖中高档白酒均出现销售下滑。其中，公司高档产品实现营收41. ...

证券代码：603589 证券简称：口子窖 公告编号：2024-046 安徽口子酒业股份有限公司 2024 年第三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十二 号——酒制造》的相关规定，现将公司 2024 年第三季度主要经营数据（未经审 计）公告如下： 一、公司 2024 年第三季度主要经营情况： 1、按产品档次分类情况： 注：上述表格合计数差异系四舍五入尾差所致。 2、按销售渠道分类情况： 单位：万元币种：人民币 产品名称 2024 年 1－9 月 销售收入 2023 年 1－9 月 销售收入 增减变动幅度（%） 高档白酒 411,191.93 424,292.00 -3.09 中档白酒 4,881.47 6,720.23 -27.36 低档白酒 9,089.13 6,291.25 44.47 合计 425,162.53 437,303.48 -2.78 单位：万元币种：人民币 渠道类型 2024 年 1－9 月 销售收入 2023 年 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,195,226,633.66, a decrease of 22.04% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥361,937,063.97, down 27.72% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥336,740,226.93, reflecting a decline of 32.34% compared to the previous year[5] - Basic earnings per share for Q3 2024 were ¥0.61, down 27.38% from the same period last year[3] - Total operating revenue for the first three quarters of 2024 was CNY 4,361,571,776.55, a decrease of 1.89% compared to CNY 4,445,554,753.12 in the same period of 2023[10] - Net profit for the first three quarters of 2024 was CNY 1,310,632,110.19, a decrease of 2.81% from CNY 1,348,477,559.14 in the same period of 2023[11] - The total profit for the first three quarters of 2024 was CNY 1,739,847,631.09, a decrease from CNY 1,786,993,022.18 in the same period of 2023[11] Cash Flow - The net cash flow from operating activities for the period was ¥354,555,421.53, a decrease of 8.32% year-on-year[2] - The net cash flow from operating activities for Q3 2024 was ¥358,481,204.79, a decrease of 13.9% compared to ¥416,632,804.16 in Q3 2023[15] - Cash inflow from operating activities for the first three quarters of 2024 was CNY 4,228,672,777.73, compared to CNY 4,139,733,335.47 in 2023, indicating an increase[13] - The total cash outflow from investing activities was ¥709,516,835.94, down 60.9% from ¥1,813,656,476.65 in the same period last year[15] - The net cash flow from investing activities improved to ¥426,722,359.73, compared to a negative cash flow of ¥256,746,364.36 in Q3 2023[15] - Cash inflow from financing activities totaled ¥97,400,000.00, a decrease of 73.5% from ¥367,698,964.24 in Q3 2023[15] - The net cash flow from financing activities was -¥943,846,163.13, worsening from -¥785,133,636.99 in the previous year[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥12,698,843,688.89, an increase of 1.33% compared to the end of the previous year[3] - The company's current assets totaled CNY 7.73 billion, up from CNY 7.58 billion, indicating an increase of about 2.04%[8] - Total liabilities decreased to CNY 2.54 billion from CNY 2.78 billion, a reduction of about 8.66%[9] - The company's equity attributable to shareholders increased to CNY 10.16 billion from CNY 9.75 billion, reflecting a growth of approximately 4.23%[9] Shareholder Information - The total number of common shareholders at the end of the reporting period was 67,725, with the largest shareholder holding 19.34% of the shares[6] - The equity attributable to shareholders at the end of the reporting period was ¥10,159,300,824.86, up 4.20% year-on-year[3] Expenses and Investments - Research and development expenses for the first three quarters of 2024 were CNY 17,607,369.96, compared to CNY 15,880,230.11 in 2023, reflecting an increase in investment in innovation[10] - Sales expenses for the first three quarters of 2024 were CNY 624,134,646.81, a slight decrease from CNY 634,398,381.31 in 2023[10] - The company reported a tax expense of CNY 429,215,520.90 for the first three quarters of 2024, down from CNY 438,515,463.04 in 2023[11] Other Financial Metrics - Non-recurring gains and losses for the period totaled ¥25,196,837.04, with significant contributions from asset disposal gains and government subsidies[4] - The company reported a decrease in the weighted average return on equity to 3.69%, down 1.76 percentage points from the previous year[3] - Accounts receivable increased significantly to CNY 638.96 million from CNY 440.47 million, a rise of about 45.00%[7] - The company’s other receivables increased to CNY 13.40 million from CNY 2.30 million, a significant rise of approximately 484.35%[7] - The deferred income tax liabilities rose to CNY 137.84 million from CNY 117.69 million, an increase of about 17.09%[9] Accounting Standards - The company did not adopt new accounting standards for the first time in 2024[16]

证券代码：603589 证券简称：口子窖 公告编号：2024-045 安徽口子酒业股份有限公司 关于股东股票质押展期的公告 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。 一、本次股份质押展期情况 朱成寅先生于 2022 年 10 月 19 日将持有的本公司的股份 5,133,700 股无限售 流通股（占本公司总股本 0.86%）质押给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 10 月 19 日，购回交易日 为 2023 年 10 月 19 日。2023 年 10 月 18 日，朱成寅先生将上述股份 5,133,700 股质押展期一年，展期后的购回交易日为 2024 年 10 月 18 日。2024 年 8 月 13 日，朱成寅先生提前将上述股份中 400,000 股解除了质押，并办理完成了相关手 续。2024 年 10 月 11 日，朱成寅先生提前将上述股份中 670,000 股解除了质押， 并办理完成了相关手续。2024 年 10 月 14 日，朱成寅先生将上 ...