格隆汇8月22日｜开源证券研报指出，口子窖2025H1归母净利润7.15亿元，同比-24.6%；其中Q2归母净 利润1.05亿元，同比-70.9%。收入利润下滑幅度超预期。收入下滑幅度较大，一方面体现了当下需求压 力，另一方面也是由于2024年同期兼8新品上市，基数较高。分产品看，2025Q2高档/中档/低档产品收 入分别为6.57/0.12/0.29亿元，同比分别-49.6%/-7.7%/+7.5%。分区域看，Q2省内/省外分别实现收入 5.15/1.83亿元，同比分别-54.0%/-18.6%，省内下滑幅度较大，主要是安徽省内政策执行严格，对消费场 景有很大影响。公司渠道库存不高，经销商渠道相对稳定。二季度省内/省外经销商分别净增25/25个。 公司组织能力、渠道建设仍有改善空间，维持"增持"评级。 ...

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 8月19日，口子窖披露了半年报，上半年实现营收25.31亿元，同比下滑20.07%；实现净利润7.15亿元， 同比下滑24.63%。 其中二季度收入一举下滑48.48%，和上年同期相比，接近腰斩。2024年第三季度，口子窖营业收入首 次出现22.04%的降幅，去年四季度及今年一季度小幅恢复后，二季度再度大幅下滑。 二季度禁酒令对口子窖动销产生了较大影响，公司披露，"中高档白酒销售产生显著影响"，"升学宴数 量及用酒需求显著下滑"。与此同时，随着销售费用率的提升，口子窖的净利率也在大幅下滑，目前已 经低于迎驾贡酒。 口子窖二季度收入大幅下滑 经营活动现金流转负 而2024年公司白酒设计产能已经达到8万千升，实际产量3.95万千升，产能利用率仅为49%。未来新建 产能投产后，如果不能及时消化，有可能进一步拉低公司的产能利用率。 销售费用率不断下降 实际控制人减持 口子窖原本是徽酒老二，近几年被迎驾贡酒反超。 口子窖落后的主要原因是其大商制，一个地级市只设置一到两个经销商，核心经销商持有公司股份，利 益深度绑定。口子窖给予经销商巨大的利润空间，而拓展市场、营销投 ...

证券代码：603589 证券简称：口子窖 公告编号：2025-028 安徽口子酒业股份有限公司 关于股东部分股份解除质押的公告 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。 重要内容提示： 朱成寅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 10,555,202 股，占公司总股本比例为 1.76%；本次解除质押 4,607,600 股 后，朱成寅先生持有本公司股份累计质押数量为 4,607,600 股，占其持股数量比 例为 43.65%。 朱成寅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 42.14%；本次解除质押 4,607,600 股后，朱成寅先生及其一致行动 人持有本公司股份累计质押数量为 41,138,000 股，占其持股数量比例为 16.32%。 本公司于 2025 年 8 月 22 日收到朱成寅先生部分股份解除质押的通知，具体 情况如下： 一、本次股份解除质押情况 1.朱成寅先生于 2022 年 10 月 19 日将持有的本公司的股份 5,133, ...

Group 1 - The report from Minsheng Securities on August 22 recommends a buy rating for Kouzi Jiao (603589.SH) [2] - The reasons for the rating include a decrease in the proportion of high-end liquor, leading to a downward shift in product structure, and intensified competition due to strict provincial policies [2] - The downward shift in structure has resulted in a decline in gross profit margins, with revenue shrinking and weakening economies of scale, causing a significant drop in the profit center [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 34.65 yuan [5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 2.531 billion yuan and a net profit of 715 million yuan, representing year-on-year decreases of 20.07% and 24.63% respectively [1]. - The high-end liquor segment saw a substantial drop in revenue, contributing to a shift in product structure, with high-end liquor accounting for 94.13% of total revenue in Q2 2025, down from previous periods [1]. - The company is expected to recover in the medium to long term as market conditions improve, with projected net profits of 1.044 billion yuan, 1.193 billion yuan, and 1.420 billion yuan for 2025, 2026, and 2027 respectively [2]. Financial Summary - For the first half of 2025, the gross margin was 73.07%, down 2.78 percentage points year-on-year, while the net profit margin dropped to 14.51%, a decrease of 11.18 percentage points [2]. - The company’s sales and management expense ratios were 14.09% and 7.37% respectively for the first half of 2025, indicating a strategic adjustment in marketing expenses [2]. - Forecasts for revenue and net profit show a decline in 2025, with expected revenues of 4.691 billion yuan and a net profit of 1.044 billion yuan, followed by a recovery in subsequent years [4][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q2 performance showed a significant decline, with total revenue of 7.21 billion yuan, down 48.5% year-on-year, and net profit of 1.05 billion yuan, down 70.9% year-on-year. This decline was greater than expected, leading to a downward revision of profit forecasts for 2025-2027 [4][5] - Despite the challenges, there is still potential for improvement in the company's organizational capabilities and channel development, justifying the "Accumulate" rating [4] Financial Performance Summary - For H1 2025, the company achieved total revenue of 25.31 billion yuan, a decrease of 20.1% year-on-year, and a net profit of 7.15 billion yuan, down 24.6% year-on-year [4] - The company's revenue and profit forecasts for 2025-2027 are adjusted to 9.8 billion yuan (-6.9%), 11.0 billion yuan (-6.4%), and 12.1 billion yuan (-6.0%) respectively, with corresponding EPS of 1.64 yuan (-1.14), 1.84 yuan (-1.05), and 2.02 yuan (-0.99) [4] - The current stock price corresponds to P/E ratios of 21.2, 18.9, and 17.2 for the years 2025, 2026, and 2027 respectively [4] Product and Market Analysis - The revenue decline is attributed to demand pressure and a high base from the previous year due to new product launches. In Q2 2025, revenue from high-end, mid-range, and low-end products was 6.57 billion yuan (-49.6%), 0.12 billion yuan (-7.7%), and 0.29 billion yuan (+7.5%) respectively [5] - Revenue from domestic and foreign markets in Q2 was 5.15 billion yuan (-54.0%) and 1.83 billion yuan (-18.6%) respectively, with a significant decline in the domestic market due to strict policy enforcement affecting consumption scenarios [5] Cash Flow and Inventory Management - In Q2 2025, the company's cash sales were 10.58 billion yuan, down 24.1% year-on-year, which was better than revenue performance. The company's contract liabilities at the end of Q2 were 2.98 billion yuan, an increase of 0.28 billion yuan quarter-on-quarter [6] - The company maintains relatively low channel inventory, and the number of domestic and foreign distributors increased by 25 each in Q2 [6] Profitability Metrics - The gross margin in Q2 2025 decreased by 9.9 percentage points to 65.2%, primarily due to restrictions on mid-range products and a significant decline in product structure [7] - The net profit margin decreased by 11.18 percentage points to 14.51% [7] Financial Summary and Valuation Indicators - The company's financial indicators for 2023A to 2027E show a projected revenue decline in 2025E to 4.482 billion yuan (-25.5%), with a recovery expected in subsequent years [8] - The projected net profit for 2025E is 980 million yuan (-40.8%), with a gradual recovery to 1.207 billion yuan by 2027E [8] - The gross margin is expected to decline to 66.1% in 2025E, with a gradual recovery to 70.2% by 2027E [8]

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

证券代码：603589 证券简称：口子窖 公告编号：2025-027 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 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 重要内容提示： ? 朱成寅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 10,555,202 股，占公司总股本比例为 1.76%；本次质押 4,607,600 股后， 朱成寅先生持有本公司股份累计质押数量为 9,215,2 00 股，占其持股数量比例为 ? 朱成寅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 42.14%；本次质押 4,607,600 股后，朱成寅先生及其一致行动人持 有本公司股份累计质押数量为 45,745,600 股，占其持股数量比例为 18.15%。 本公司于 2025 年 8 月 21 日收到朱成寅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 朱成寅先生于 2025 年 8 月 20 日将持有的本公司的股份 4,607,600 股 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, reflecting challenges in the regional liquor market and the need for new growth avenues [2][4][6]. Financial Performance - For the first half of 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% [4][5]. - In Q2 2025, revenue dropped to 721 million yuan, a decline of 48.48%, while net profit fell sharply by 70.91% to 105 million yuan [11][12]. - The company's cash flow from operating activities was negative 383 million yuan, a drastic decline of 9854.35% compared to the previous year [7][8]. Product Performance - High-end liquor sales accounted for nearly 96% of the company's revenue, with high-end product sales down 19.80% to 2.385 billion yuan [14][17]. - Mid-range and low-end products also saw declines, with revenues of 323 million yuan and 681 million yuan, down 10.82% and 2.59% respectively [15][18]. Market Dynamics - The liquor industry is experiencing market differentiation and channel changes, with overall production and sales growth slowing down due to economic downturns and low consumer demand [4][6]. - The company heavily relies on its home market in Anhui, with 84.54% of its revenue coming from this region, and sales in Anhui and outside Anhui both declined by approximately 19% [20][21]. Strategic Challenges - Experts suggest that the company faces multiple internal challenges, including outdated product strategies, channel profit issues, and an aging distribution system [23]. - The company needs to adapt its product offerings to align with changing consumer preferences, particularly in the mid-range price segment [18][12].

（文章来源：每日经济新闻） 2024年1至12月份，口子窖的营业收入构成为：酒类占比97.69%，其他业务占比2.31%。 口子窖（SH 603589，收盘价：34.75元）8月21日晚间发布公告称，朱成寅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42.14%；本次质押4,607,600股后，朱成寅先生及其 一致行动人持有本公司股份累计质押数量为45,745,600股，占其持股数量比例为18.15%。 ...