Core Viewpoint - The stock of Kuozi Jiao has shown fluctuations with a recent increase of 2.08%, but it has experienced a year-to-date decline of 7.99% [1] Group 1: Stock Performance - As of September 17, Kuozi Jiao's stock price reached 34.91 CNY per share, with a market capitalization of 20.88 billion CNY [1] - The stock has seen a net inflow of 28.75 million CNY from major funds, with significant buying and selling activities [1] - Over the past five trading days, the stock has increased by 1.54%, while it has decreased by 1.38% over the last 20 days [1] Group 2: Financial Performance - For the first half of 2025, Kuozi Jiao reported a revenue of 2.531 billion CNY, a year-on-year decrease of 20.07%, and a net profit of 715 million CNY, down 24.63% [2] - Cumulative cash dividends since the A-share listing amount to 6.919 billion CNY, with 2.577 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Kuozi Jiao was 71,900, a decrease of 6.70% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.18% to 8,313 shares [2] - The third-largest circulating shareholder is the Zhao Shang Zhong Zheng Bai Jiu Zhi Shu A, holding 29.6216 million shares, an increase of 3.8228 million shares from the previous period [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the high-end liquor market and overall industry adjustments [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 2.531 billion yuan, a year-on-year decrease of 20.07%, and a net profit attributable to shareholders of 715 million yuan, down 24.63% [1]. - For Q2 2025, revenue was 721 million yuan, reflecting a substantial year-on-year decline of 48.48%, with net profit dropping to 105 million yuan, a decrease of 70.91% [1]. Product Performance - Revenue from high-end, mid-range, and low-end liquor in H1 2025 was 2.385 billion yuan, 32 million yuan, and 68 million yuan, respectively, with year-on-year changes of -19.8%, -10.8%, and -2.6% [2]. - In Q2 2025, revenue from high-end, mid-range, and low-end liquor was 657 million yuan, 12 million yuan, and 29 million yuan, with year-on-year changes of -49.6%, -7.7%, and +7.5%, respectively [2]. Regional and Channel Analysis - H1 2025 revenue from domestic and external markets was 2.101 billion yuan and 384 million yuan, with year-on-year changes of -19.3% and -19.2% [2]. - In Q2 2025, domestic and external revenue was 515 million yuan and 183 million yuan, with year-on-year changes of -54.0% and -18.6% [2]. - Direct sales (including group purchases) and wholesale agency revenue in H1 2025 were 133 million yuan and 2.352 billion yuan, with year-on-year changes of +44.6% and -21.3% [2]. Profitability and Cost Structure - The gross margin for Q2 2025 was 65.18%, a decrease of 9.86 percentage points year-on-year, primarily due to reduced revenue from high-end liquor and an increase in low-margin products [3]. - The net profit margin for Q2 2025 was 14.51%, down 11.18 percentage points year-on-year [3]. Strategic Focus - The company aims to maintain strategic focus during the industry adjustment period by enhancing market presence, structural improvements, and brand upgrades, while also investing in smart and digital transformation [3]. - Efforts include deepening the domestic market, expanding in key regions like the Yangtze River Delta, and actively developing e-commerce and digital marketing [3]. Investment Outlook - Revenue growth rates are projected to be -21.0% for 2025, +4.3% for 2026, and +7.0% for 2027, with net profit growth rates of -28.6%, +7.2%, and +7.3% respectively [4].

收入下滑幅度较大，盈利能力有所降低 事件： 公司发布2025年半年报，2025H1实现营业收入25.31亿元，同比减少20.07%；实现归母净利润7.15亿元，同比减少24.63%；实现扣非归母净利润6.98亿元，同比减少24.90%。根据计算， 中高档白酒承压，直销渠道增长较快 1)分产品看，25H1高档白酒/中档白酒/低档白酒营收分别为23.85/0.32/0.68亿元，分别同比变化-19.8%/-10.8%/-2.6%；25Q2酒类中高档白酒/中档白酒/低档白酒产品营收分别为6.5 25Q2公司毛利率为65.18%，同比降低9.86pct，毛利率下滑明显，主要受中高档酒收入减少及低毛利产品占比提升影响。目前行业处于深度调整期，渠道去库与价格竞争延续，二季度受行业影 投资建议： 我们预计公司2025年-2027年的收入增速分别为-21.0%、+4.3%、+7.0%，净利润的增速分别为-28.6%、+7.2%、+7.3%。参考可比公司25年平均估值，给予买入-A投资评级，对应2025年 风险提示：宏观经济恢复不及预期，行业竞争加剧，渠道动销不畅，新品推广不及预期。 ...

Investment Rating - The investment rating for the company is Buy-A, with a target price of 41.79 CNY for the next six months [4][5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with a revenue of 2.531 billion CNY, down 20.07% year-on-year, and a net profit of 715 million CNY, down 24.63% year-on-year [1][2]. - The high-end liquor segment is under pressure, while the low-end liquor segment showed slight growth, helping to offset the decline in high-end sales [2][3]. - The company is focusing on market, structural, and brand upgrades, while also enhancing digital marketing and e-commerce efforts to strengthen its core market and cultivate external growth [3]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 721 million CNY, a decrease of 48.48% year-on-year, and a net profit of 105 million CNY, down 70.91% year-on-year [1][3]. - The gross margin for Q2 2025 was 65.18%, a decrease of 9.86 percentage points year-on-year, primarily due to reduced revenue from high-end liquor and an increase in low-margin products [3]. - The company’s net profit margin for Q2 2025 was 14.51%, down 11.18 percentage points year-on-year [3]. Revenue and Profit Forecast - The projected revenue growth rates for 2025 to 2027 are -21.0%, +4.3%, and +7.0%, respectively, while net profit growth rates are expected to be -28.6%, +7.2%, and +7.3% [4][10]. - The average valuation for comparable companies suggests a PE ratio of 21.22x for 2025 [4][9].

Core Viewpoint - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production, profits, and increasing inventory pressures among distributors [1][2]. Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%. Sales revenue reached 330.42 billion yuan, a slight increase of 0.19%, while profits fell to 87.687 billion yuan, down 10.93% [1]. - 58.1% of distributors reported increased inventory, with over half facing price inversion issues, indicating weak terminal consumption and reduced willingness to collect payments from distributors [1][2]. Company Performance - Among 19 listed liquor companies, 13 experienced revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [1][2]. - The market is increasingly favoring leading companies, with the top six liquor firms accounting for 47% of revenue and 62.2% of total profits in 2024, marking a 13 percentage point increase over five years [2]. Profitability Trends - The wholesale price index for liquor has been declining, with notable drops in prices for major brands like Moutai and Wuliangye, indicating a broader trend of price decreases across the industry [3][4]. - Only three companies saw an increase in gross margin, while 16 experienced declines, with the most significant drops reported by Jiugui Liquor, Shede Liquor, and Kouzi Liquor [4][7]. - The average net profit margin for many companies has also decreased, with Jiugui Liquor, Shunxin Agriculture, and Water Well Square showing the most significant declines [4][7]. Market Dynamics - The growth logic of the liquor industry is changing, with a shift from "volume reduction and price increase" to simultaneous declines in both volume and price [2][3]. - Smaller liquor companies, particularly those with revenues below 5 billion yuan, are facing the most severe impacts, entering a destocking phase earlier than larger firms [4][5][6]. Financial Highlights - In the first half of 2025, the total net profit for 19 listed liquor companies was 97.003 billion yuan, with Moutai and Wuliangye accounting for 69% of this total [8]. - Six leading liquor companies contributed to 94% of the total net profit, while 11 companies reported net profits below 1 billion yuan, with some even incurring losses [8].

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production and profits [1][3] - A majority of liquor distributors are facing increased inventory pressures, leading to a negative feedback loop affecting sales and payment collection [2][3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19%. Profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory, with over half experiencing price inversion issues, and the average inventory turnover days reached 900 days, an increase of 10% compared to the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68%, with a significant slowdown in revenue growth compared to the previous year [3] - The market is increasingly favoring leading companies, with the top six liquor firms accounting for 47% of revenue and 62.2% of total profits in 2024, marking increases of 13 and 9 percentage points respectively over five years [3] - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [3][4] Profitability Trends - The gross and net profit margins of listed liquor companies are generally declining, with only three companies showing an increase in gross margin [5] - The most significant declines in gross margin were observed in companies like Jiu Gui Jiu, She De Jiu Ye, and Kou Zi Jiao [5][7] - In the first half of 2025, only three companies improved their net profit margin, while 16 experienced declines, with the most severe drops in Jiu Gui Jiu, Shui Jing Fang, and Yang He Guo Jiu [5][8] Market Dynamics - The average gross margin for leading companies like Guizhou Moutai is 91.3%, while others like Luzhou Laojiao and Wuliangye follow with 87.09% and 76.83% respectively [8] - Four companies reported gross margins below 60%, with Shunxin Agriculture having the lowest at 34.36% [8] - The total net profit for 19 listed liquor companies reached 97.003 billion yuan, with Guizhou Moutai and Wuliangye accounting for 69% of this total [8][9]

Core Viewpoint - The liquor sector experienced a slight increase of 0.3% on September 11, with strong performance from Jiu Gui Jiu, while the overall market indices also saw gains, indicating a positive sentiment in the market [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.31, up by 1.65% [1]. - The Shenzhen Component Index closed at 12979.89, up by 3.36% [1]. - The liquor sector's individual stock performance showed varied results, with notable gains from Ji Si Xing at 5.50% and She De Jiu Ye at 2.37% [1]. Group 2: Stock Data - Ji Si Xing (000799) closed at 73.29 with a trading volume of 348,200 shares and a transaction value of 2.533 billion [1]. - She De Jiu Ye (600702) closed at 68.26 with a trading volume of 156,700 shares and a transaction value of 1.060 billion [1]. - Guizhou Moutai (600519) closed at 1523.50 with a trading volume of 37,200 shares and a transaction value of 5.643 billion [2]. Group 3: Capital Flow - The liquor sector saw a net outflow of 52.239 million from institutional investors and 236 million from speculative funds, while retail investors contributed a net inflow of 289 million [2]. - Guizhou Moutai experienced a net inflow of 26,661, while Jiu Gui Jiu had a net outflow of 1.37 billion from institutional investors [3]. - The overall capital flow indicates a mixed sentiment, with retail investors showing interest despite the outflows from larger funds [2][3].

Core Viewpoint - Kouzi Jiao announced the approval of significant corporate governance changes during its first extraordinary shareholders' meeting of 2025, including the cancellation of the supervisory board and a reduction in registered capital [1] Group 1 - The company has passed a resolution to cancel the supervisory board [1] - A proposal to reduce registered capital has been approved [1] - Amendments to certain governance provisions have been made [1]

安徽承义律师事务所 关于安徽口子酒业股份有限公司 召开2025年第一次临时股东大会的法律意见书 (2025)承义法字第 00206 号 致:安徽口子酒业股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东 大会规则》等法律法规和其他规范性文件的要求,安徽承义律师事务所接受安徽口子 酒业股份有限公司(以下简称"公司")的委托,指派鲍金桥、汪律律师(以下简称 "本律师"）就公司召开 2025 年第一次临时股东大会(以下简称"本次股东大会") 出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 根据本次股东大会的会议通知,本次股东大会是由公司第五届董事会召集,会议 通知已于本次股东大会召开十五前刊登在中国证监会指定的信息披露报刊和上海证 券交易所网站上。本次股东大会已按公告的要求如期召开。 二、本次股东大会参加人员的资格 经核查,通过现场和网络投票的股东及股东代表 761 人,代表公司股份 323,903,411 股,占公司有表决权股份总数的 54.2822%,均为截止至 2024年 8 月 29 日下午交易结束后在中国证券登记结算有限责任公司上海分公司登记在册的公司股 ...

(一)股东大会召开的时间：2025 年 9 月 5 日 证券代码：603589 证券简称：口子窖 公告编号：2025-035 安徽口子酒业股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (二)股东大会召开的地点：安徽省淮北市人民路淮北口子国际大酒店 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 761 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 323,903,411 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 54.2822 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集,由董事长徐进先生主持，采用现场投票及网络 投票方式召开并表决。会议的召集、召开及表决方式符合《公司法》及《公司章 程》的相 ...