证券代码：603589 证券简称：口子窖 公告编号：2025-030 安徽口子酒业股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东的基本情况 二、减持计划的实施结果 (一)大股东及董监高因以下事项披露减持计划实施结果： 减持计划实施前，刘安省持有安徽口子酒业股份有限公司（以下简称"公司"） 股份 63,473,529 股，占公司总股本比例为 10.61%； 上述股东与徐进、范博、徐钦祥、朱成寅、周图亮、段炼、黄绍刚、张国强 为一致行动人，合计持有公司股份 252,063,712 股，占公司总股本的 42.14%。 减持计划的实施结果情况 因自身资金需求，刘安省自减持计划公告发布之日起 15 个交易日后的三个 月内，于 2025 年 8 月 25 日通过大宗交易方式减持 10,000,000 股，占公司总股 本的 1.67%，减持价格为 32.92 元/股。本次减持完成后，刘安省持有公司股份 53,473,529 股，占公司总股本比例为 8.94%。与徐进、范博 ...

8月25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） | | | | | 500.00 | 16460.00 | 32.92 | -7.27 | 机构专用 | 海通证券股份有限公司 | | | | | | | 淮北相山路证券营业部 | | 130.00 | 4279.60 | 32.92 | -7.27 | 机构专用 | 海通证券股份有限公司 | | | | | | | 淮北相山路证券营业部 | | 72.00 | 2370.24 | 32.92 | -7.27 | 机构专用 | 海通证券股份有限公司 | | | | | | | 淮北相山路证券营业部 | | 60.00 | 1975.20 | 32.92 | -7.27 | 申万宏源证券有限公司证券 | 海通证券股份有限公司 | | | | | | 投资总部 | 淮北相山路证券营业部 | | 50.00 | 1646.00 | 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a profit growth in the coming years despite current challenges [5]. Core Views - The company experienced significant revenue and profit declines in the first half of 2025, with total revenue of 2.531 billion yuan, down 20.07% year-on-year, and a net profit of 715 million yuan, down 24.63% year-on-year [1]. - The high-end liquor segment faced the most substantial revenue drop, indicating a challenging market environment [2]. - The direct sales channel, particularly e-commerce, showed strong growth, contrasting with the struggling wholesale channel [2][3]. - The company is optimizing its distributor structure, with an increase in the number of distributors both within and outside its home province [3]. - Profit margins were affected by the overall weak demand in the industry, particularly for high-end products, leading to a decline in gross and net profit margins [4]. Summary by Sections Financial Performance - In H1 2025, the company's revenue from high-end, mid-range, and low-end liquor was 2.385 billion, 32 million, and 68 million yuan respectively, with declines of 19.80%, 10.82%, and 2.59% year-on-year [2]. - The gross profit margin for H1 2025 was 73.07%, down 2.77 percentage points year-on-year, while the net profit margin was 28.25%, down 1.71 percentage points [4]. Sales Channels - The wholesale channel, which accounts for over 90% of revenue, saw a significant decline, with H1 2025 revenue of 2.352 billion yuan, down 21.26% year-on-year [2]. - In contrast, the direct sales channel, including e-commerce, reported a revenue of 133 million yuan in H1 2025, up 44.57% year-on-year [2]. Regional Performance - Revenue from both the home province of Anhui and outside provinces declined in H1 2025, with Anhui revenue at 2.101 billion yuan and outside revenue at 384 million yuan, both down approximately 19% year-on-year [3]. Profitability Forecast - The company forecasts net profits of 1.247 billion, 1.314 billion, and 1.393 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of -24.66%, 5.41%, and 5.98% [5].

Core Viewpoint - The article highlights the significant decline in the performance of Kuozi Jiao, a leading brand in the Chinese liquor industry, particularly in the context of a deep adjustment period for the liquor sector, which has led to challenges in achieving its strategic goals and maintaining market position [4][6]. Financial Performance - In the first half of 2025, Kuozi Jiao reported revenue of 2.531 billion, a year-on-year decrease of 20.07%, and a net profit attributable to shareholders of 715 million, down 24.63% [5][6]. - This marks the first time in three years that Kuozi Jiao has experienced a simultaneous decline in both revenue and net profit, with declines exceeding 20% [5][6]. Quarterly Analysis - The second quarter of 2025 was particularly challenging, with revenue dropping to 721 million, a staggering 48.48% year-on-year decline, and net profit falling to 105 million, a 70.91% decrease, marking the largest quarterly drop since the company went public [6][7]. Product Performance - High-end product sales, which account for 96% of total revenue, saw a 19.8% decline, indicating a failure of Kuozi Jiao's "Jian Series" strategy to break through market barriers [7][9]. - Mid-range and low-end products also experienced declines, with mid-range sales down 10.82% and low-end sales down 2.59%, reflecting a broader contraction in consumer spending across all price segments [7][9]. Channel Performance - Revenue from wholesale and agency channels, which contribute 95% of total revenue, fell by 21.26%, significantly outpacing the overall revenue decline [8][9]. - Despite a 44.57% increase in direct sales, this only amounted to 133 million, which is minimal compared to the total revenue of 25.31 billion [8][9]. Market Challenges - Kuozi Jiao's home market in Anhui saw a revenue decline of 19.31%, indicating difficulties in expanding its core market [8][9]. - The company faces challenges in expanding outside its home province, with a reliance on a large distributor model that lacks refined operations, resulting in low product penetration [9][11]. Industry Context - The liquor industry is experiencing a significant downturn, with a 7.2% year-on-year decline in production among large enterprises and an average inventory turnover period of 900 days, which has increased by 10% [11][12]. - Kuozi Jiao's inventory as of June was valued at 6.159 billion, representing 45.9% of total assets, with a substantial portion of base liquor inventory that could support sales for nearly nine years based on production capacity [11][12].

第2笔成交价格为32.92元，成交50.00万股，成交金额1,646.00万元，溢价率为-7.27%，买方营业部为机 构专用，卖方营业部为海通证券股份有限公司淮北相山路证券营业部。 第3笔成交价格为32.92元，成交25.00万股，成交金额823.00万元，溢价率为-7.27%，买方营业部为机构 专用，卖方营业部为海通证券股份有限公司淮北相山路证券营业部。 第4笔成交价格为32.92元，成交24.00万股，成交金额790.08万元，溢价率为-7.27%，买方营业部为机构 专用，卖方营业部为海通证券股份有限公司淮北相山路证券营业部。 第5笔成交价格为32.92元，成交60.00万股，成交金额1,975.20万元，溢价率为-7.27%，买方营业部为申 万宏源证券有限公司证券投资总部，卖方营业部为海通证券股份有限公司淮北相山路证券营业部。 第6笔成交价格为32.92元，成交12.00万股，成交金额395.04万元，溢价率为-7.27%，买方营业部为招商 证券股份有限公司西安北大街证券营业部，卖方营业部为海通证券股份有限公司淮北相山路证券营业 部。 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 ...

8月25日，口子窖大宗交易成交1000万股，成交额3.29亿元，占当日总成交额的36.67%，成交价32.92 元，较市场收盘价35.5元折价7.27%。 ...

Group 1: Industry Overview - More than 10 listed liquor companies reported their semi-annual results, showing a general decline in performance among second-tier liquor brands, with many experiencing significant setbacks [1] - First-tier liquor brands continue to launch new products and upgrade existing ones to capture market share [1] Group 2: New Product Launches - Moutai's new product, Moutai 1935, is positioned as a high-end offering with a price of 998 yuan for 500ml, set to launch on August 28 [2] - Wuliangye is set to launch a new 29-degree product called "Wuliangye·Yijianqingxin" this week, with three different flavor samples previously tested [3] - Shede Liquor will introduce its first low-alcohol, high-flavor aged liquor, "Shede Zizai," also at 29 degrees, on August 30 [3] - Gujing Gongjiu has launched a new low-alcohol product, "Gujing Gongjiu·Nianfen Yuanjiang Qingdu 20," with an alcohol content of 26 degrees, priced at 375 yuan for 375ml [3] Group 3: Company Performance - China Resources Beer reported a 0.8% increase in revenue to 23.942 billion yuan, with a 23% rise in net profit to 5.789 billion yuan, while beer sales grew by 2.2% [6] - Jinhui Liquor achieved a revenue of 1.759 billion yuan, a slight increase of 0.31%, and a net profit of 298 million yuan, up 1.12% [7] - Shede Liquor's revenue fell by 17.41% to 2.701 billion yuan, with a net profit decrease of 24.98% [9] - Jiu Gui Jiu reported a 43.54% drop in revenue to 561 million yuan and a 92.6% decline in net profit [10] - Tian You De Jiu's revenue decreased by 11.24% to 674 million yuan, with a net profit drop of 35.37% [10] - Huazhi Liquor's revenue fell by 33.55% to 3.949 billion yuan, with a net profit decline of 63.75% [11] - Kouzi Jiao's revenue decreased by 20.07% to 2.531 billion yuan, with a net profit drop of 24.63% [12] - Kuaijishan reported an 11.03% increase in revenue to 817 million yuan, with a net profit increase of 3.41% [13] - Zhenjiu Lidu's revenue fell by 39.6% to 2.497 billion yuan, but the gross margin increased to 59% [14]

Group 1 - The core viewpoint of the article highlights a significant increase in the A-share market for liquor stocks, with Shede Liquor leading the gains by over 7% [1] - Other notable performers include Shui Jing Fang, Shanxi Fen Jiu, Ying Jia Gong Jiu, and Luzhou Laojiao, all experiencing gains of over 1% [1] Group 2 - Shede Liquor (600702) saw a rise of 7.34%, with a total market capitalization of 21.8 billion and a year-to-date change of -0.06% [2] - Shui Jing Fang (600779) increased by 1.85%, with a market cap of 22.5 billion and a year-to-date decline of -11.63% [2] - Ying Jia Gong Jiu (603198) rose by 1.71%, with a market cap of 35.7 billion and a year-to-date decline of -14.09% [2] - Shanxi Fen Jiu (600809) increased by 1.68%, with a market cap of 243.8 billion and a year-to-date increase of 12.31% [2] - Luzhou Laojiao (000568) rose by 1.58%, with a market cap of 195.4 billion and a year-to-date increase of 11.27% [2] - Other companies such as Jinzhongzi Jiu (600199) and Gujing Gong Jiu (000596) also showed minor increases, with market caps of 7.4 billion and 87.5 billion respectively [2]

Industry Overview - The white liquor sector has seen a significant rebound, with the Wind White Liquor Index recording a weekly increase of 6.28%, marking the largest weekly gain of the year [1][2] - The index closed at 62557.44 points, reaching a new high since the second quarter of this year [2] Company Performance - Kuozi Jiao has underperformed, with a weekly increase of less than 1%, placing it at the bottom of the A-share liquor sector [2][5] - The company's struggles are attributed to challenges in high-end product positioning, ineffective channel reforms, and ongoing share reductions by its actual controller [2][5] - Kuozi Jiao's mid-year report for 2025 revealed a 20.07% year-on-year decline in revenue to 2.531 billion yuan and a 24.63% drop in net profit to 715 million yuan [6] - The high-end liquor segment, which is crucial for profitability, saw a 19.8% decrease in sales revenue, significantly impacting Kuozi Jiao's overall earnings [6] Market Dynamics - Despite the overall industry sentiment being low, the white liquor sector is attracting investor attention due to clear valuation advantages and the upcoming Mid-Autumn Festival, which is expected to boost demand [2][4] - The basic fundamentals of the white liquor industry are stabilizing, with expectations of improved sales performance as the market recovers from previous declines [4] - The shift in Kuozi Jiao's distribution strategy to a "1+N" small merchant model has not yielded significant results during the industry's downturn, despite an increase in the number of distributors [6]

（编辑 楚丽君） 证券日报网讯 8月22日晚间，口子窖发布公告称，股东朱成寅先生在国泰海通证券股份有限公司办理了 股票解除质押业务，本次解除质押股份数量为4，607，600股，占其所持股份比例的43.65%，占公司总 股本比例的0.77%。 ...