证券代码：603589 证券简称：口子窖 公告编号：2025-033 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： 2 具体情况如下： 股东名称 黄绍刚 本次解除质押股份（股） 5,000,100 占其所持股份比例（%） 40.29 占公司总股本比例（%） 0.84 解除质押时间 2025 年 9 月 2 日 持股数量（股） 12,411,743 持股比例（%） 2.08 剩余被质押股份数量（股） 5,000,100 剩余被质押股份数量占其所持股份比例（%） 40.29 剩余被质押股份数量占公司总股本比例（%） 0.84 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%；本次解除质押 5,000,100 股 后，黄绍刚先生持有本公司股份累计质押数量为 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 242,063 ...

Investment Rating - The report maintains a strong buy recommendation for leading companies in the liquor sector, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, while suggesting a hold for Yingjia Gongjiu and Jinhuijiu [10][9]. Core Insights - The liquor industry is undergoing a significant clearing phase due to the impact of the "ban on alcohol" policy, with second and third-tier companies facing substantial challenges, while leading firms show resilience [1][9]. - The report anticipates that the financial statements of leading liquor companies will signal an industry turning point, potentially reshaping market expectations and indicating a gradual emergence of the industry bottom [9][1]. - The demand for liquor is expected to continue recovering, driven by a positive price index in 2026, which may lead to inflation and increased corporate profitability [1][9]. Revenue and Net Profit - In Q2 2025, the liquor industry reported revenues of 881 billion yuan, a year-on-year decrease of 5.0%, and a net profit of 312 billion yuan, down 7.5% [2][13]. - For the first half of 2025, the industry generated revenues of 2,415 billion yuan, with a slight year-on-year decline of 0.9% in revenue and 1.2% in net profit [2][13]. - Excluding Moutai, the industry's revenue in Q2 2025 was 484 billion yuan, reflecting a more significant decline of 13.1% [2][13]. Profitability - The overall gross margin of the liquor sector is under pressure due to declining prices and structural changes, with high-end liquor experiencing a slight decrease in gross margin [4][28]. - Many companies have increased their expense ratios to cope with price declines and intensified competition, although some have managed to reduce costs through digitalization and refined channel management [4][28]. Investment Recommendations - The report suggests focusing on strong leading companies and those that have cleared their market burdens first, such as Shanxi Fenjiu and Luzhou Laojiao, while also monitoring companies like Yingjia Gongjiu and Jinhuijiu for potential growth contributions in the second half of 2025 [9][10]. - The anticipated recovery in liquor demand and the potential for improved profitability in 2026 present a favorable investment landscape for the sector [9][1].

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 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： 截至本公告日，实际控制人徐进、刘安省及一致行动人张国强、徐钦祥、朱成寅、范博、周图亮、段 炼、黄绍刚（以下简称"实际控制人及一致行动人"）共计持有本公司的股份242,063,712股，占本公司总 股本的40.47%，均为无限售流通股。实际控制人及一致行动人尚质押本公司股份36,361,700股，占其合 计持股总数的15.02%，占本公司总股本的6.08%，具体情况如下： ■ ● 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 ...

两融数据显示，该股最新融资余额为5.20亿元，近5日减少214.19万元，降幅为0.41%。（数据宝） 9月1日口子窖大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.64 | 214.88 | 38.10 | 10.24 | 招商证券股份有限公司苏 | 招商证券股份有限公司苏 | | | | | | 州华池街证券营业部 | 州华池街证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 口子窖9月1日大宗交易平台出现一笔成交，成交量5.64万股，成交金额214.88万元，大宗交易成交价为 38.10元，相对今日收盘价溢价10.24%。该笔交易的买方营业部为招商证券股份有限公司苏州华池街证 券营业部，卖方营业部为招商证券股份有限公司苏州华池街证券营业部。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为3. ...

责任编辑：小浪快报 第1笔成交价格为38.10元，成交5.64万股，成交金额214.88万元，溢价率为10.24%，买方营业部为招商 证券股份有限公司苏州华池街证券营业部，卖方营业部为招商证券股份有限公司苏州华池街证券营业 部。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为3.42亿元。该股近5个交易日累计 下跌2.65%，主力资金合计净流出8386.27万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月1日，口子窖收跌0.35%，收盘价为34.56元，发生1笔大宗交易，合计成交量5.64万股，成交金额 214.88万元。 ...

| 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]