白酒股持续拉升，金徽酒涨停，舍得酒业、老白干酒、酒鬼酒、古井贡酒、皇台酒业跟涨。 ...

Core Viewpoint - The article highlights the rebound of the liquor sector, particularly the significant rise in Jinhuijiu's stock price, indicating a positive trend in the industry [3]. Group 1: Liquor Sector Performance - Jinhuijiu's stock reached the daily limit, while other liquor companies such as Shede Liquor, Laobai Ganjiu, and others saw increases of around 5% [3]. - The overall performance of the liquor sector suggests a recovery, with multiple companies experiencing notable gains [3]. Group 2: Market Overview - The total trading volume in the Shanghai and Shenzhen markets exceeded 500 billion [6]. - The ChiNext 50 Index experienced a decline, with a drop of 3% [7]. - The A-share market opened with mixed results, with the insurance sector showing strong performance [9]. Group 3: Company-Specific News - Cambrian Technology opened down by 6.8%, with an announcement projecting annual revenue between 5 billion to 7 billion for 2025 [8].

| 叶书怀 | yeshuhuai@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860517090002 | | 姚晔 | yaoye@orientsec.com.cn | | | 执业证书编号：S0860524090006 | | 燕斯娴 | yansixian1@orientsec.com.cn | | | 执业证书编号：S0860524080004 | | 三大主线产品稳健增长，费效提升费用率 | 2025-03-25 | | --- | --- | | 下降 | | | 年份系列高增，省外增速强劲 | 2024-10-28 | | 中高档势能持续向上，省内大本营强势增 | 2024-04-23 | | 长：——24Q1 季报点评 | | 核心观点 动销良性，结构提升，省内外双轮驱动发 金徽酒 603919.SH 公司研究 | 中报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年08月25日） | 20.9 元 | | 目标价格 | 24.18 元 | | 52 周最高价/最低价 | 23.57/15.08 元 | | 总 ...

Group 1 - The food and beverage sector experienced a significant decline on August 27, with the Food ETF (515710) dropping by 2.45% to close at 0.636 [1][2] - Notable declines were observed in liquor stocks, with Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu falling over 4%, while Kweichow Moutai and Wuliangye also saw declines exceeding 2% [1][2] - The overall market sentiment indicates that despite previous gains, the liquor sector remains at a low point, with institutions suggesting that the current market conditions may present attractive opportunities for high-quality liquor stocks [1][3] Group 2 - According to institutional analysis, the current environment, characterized by policy-driven demand and favorable supply-side conditions, is expected to gradually improve the supply-demand dynamics in the liquor sector [3] - The Food ETF's price-to-earnings ratio stands at 21.35, placing it in the 10.57 percentile over the past decade, indicating a favorable long-term investment opportunity [3] - Analysts from Ping An Securities believe that the liquor sector's fundamentals are stabilizing, with upcoming festive seasons likely to boost consumption [4] Group 3 - The liquor sector has faced pressure since the implementation of the alcohol ban, but recent policy changes are expected to alleviate some of this pressure, setting the stage for a potential recovery [4] - Investment strategies suggest focusing on high-end liquor, mid-range liquor with national expansion, and local market strongholds as key areas for potential growth [4] - The Food ETF (515710) is highlighted as a core asset for investors looking to gain exposure to the food and beverage sector, with a significant portion of its holdings in leading liquor stocks [5]

Core Viewpoint - The stock of Jinhui Liquor has experienced fluctuations, with a recent decline of 2.12% on August 27, 2023, while the company shows a year-to-date stock price increase of 8.90% [1] Group 1: Stock Performance - As of August 27, 2023, Jinhui Liquor's stock price is 20.81 CNY per share, with a total market capitalization of 10.556 billion CNY [1] - The stock has seen a trading volume of 78.0233 million CNY and a turnover rate of 0.73% [1] - Over the past 60 days, the stock price has increased by 10.34%, with a 1.86% increase in the last 5 trading days and an 11.52% increase over the last 20 trading days [1] Group 2: Financial Performance - For the first half of 2025, Jinhui Liquor reported a revenue of 1.759 billion CNY, reflecting a year-on-year growth of 0.31%, and a net profit attributable to shareholders of 298 million CNY, up by 1.12% [2] - Since its A-share listing, the company has distributed a total of 1.168 billion CNY in dividends, with 598 million CNY distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Jinhui Liquor is 44,500, a decrease of 7.68% from the previous period, while the average circulating shares per person increased by 8.32% to 11,408 shares [2] - The sixth largest circulating shareholder is the China Securities White Wine Index A (161725), holding 20.9613 million shares, an increase of 6.4165 million shares compared to the previous period [2] Group 4: Business Overview - Jinhui Liquor, established on December 23, 2009, and listed on March 10, 2016, is primarily engaged in the production and sale of liquor, with a revenue composition of 55.10% from products priced between 100-300 CNY, 21.62% from products above 300 CNY, and 20.82% from products below 100 CNY [1] - The company is classified under the food and beverage industry, specifically in the liquor sector, and is associated with concepts such as high dividend yield, margin financing, and mid-cap stocks [1]

Group 1 - The A-share liquor sector has experienced a significant pullback, with Shanxi Fenjiu dropping nearly 4% [1] - Luzhou Laojiao and Jiugui Liquor both fell over 3%, while Yingjia Gongjiu, Jiansi Yuan, and Gujing Gongjiu declined more than 2% [1] - Kweichow Moutai saw a decrease of 1.3%, with other companies like *ST Yanshi and Jinhui Liquor also following the downward trend [1]

食品饮料/白酒Ⅱ 金徽酒（603919.SH） 2025 年 08 月 26 日 投资评级：增持（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 21.26 | | 一年最高最低(元) | 24.18/15.47 | | 总市值(亿元) | 107.84 | | 流通市值(亿元) | 107.84 | | 总股本(亿股) | 5.07 | | 流通股本(亿股) | 5.07 | | 近 3 个月换手率(%) | 49.0 | 报 告 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 金徽酒 沪深300 相关研究报告 —公司信息更新报告》-2025.3.25 《收入韧性持续，利润弹性显现—公 司信息更新报告》-2024.10.29 产品结构升级持续，表现优于行业 ——公司信息更新报告 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | pangxiaojuan@kysec. ...

东吴证券研报指出，金徽酒25H1归母净利润2.98亿元，同比+1.12%；其中25Q2归母净利润0.64亿元， 同比-12.78%。年份、柔和系列增势延续，持续深耕大西北根据地。分地区来看，上半年省内、省外营 收分别同比-1.11%、+1.78%，省内各个区域趋势不错，省外陕西经过两年调整目前势能向好，华东聚 焦核心区域有所调整。短期来看，当前白酒产业虽进入深度调整，但金徽品牌、渠道协同发力，销售节 奏彰显韧性。中长期来看，金徽经营风格稳健同时不失进取，坚持"布局全国、深耕西北、重点突破"战 略路径，稳步推进甘青新市场一体化和陕宁市场一体化建设，进一步夯实大西北根据地市场，着力培育 华东市场、北方市场为增长新引擎。二季度升级韧性延续，回款节奏稳健，中长期持续推进大西北根据 地市场一体化建设。维持"买入"评级。 ...

8月22日晚，金徽酒（603919）（603919.SH）发布2025年半年度报告，实现营业收入17.59 亿元，同比 增长0.31%，实现归母净利润2.98亿元，同比增长1.12%。营收净利润双增长，凸显了金徽酒穿越周期的 业绩韧性与战略定力。 财报显示，金徽酒在营收、净利润实现逆势增长的同时，上半年经营活动生产的现金流净额为19.29亿 元，同比增长2.77%；主营业务毛利率为66.40%，同比增长1.02个百分点；与此同时，销售费用占营收 比例为18.96%，较上年同期下降0.20个百分点。 业绩增长的背后，金徽酒上半年分区域、分产品进行布局，打造大单品，在核心价格带进行明确布局， 形成产品铁塔。各价位产品中，金徽年份系列、金徽老窖系列成功抢占商务宴席，发挥引领作用；柔和 金徽系列、金徽正能量系列、世纪金徽五星系列产品销量稳健增长，满足大众消费的品质升级需求。 2025年上半年金徽酒300元以上产品营收3.80亿元，同比增长21.60%；100-300元产品营收9.69亿元，同 比增长8.93%。上半年，金徽酒中高档产品营收占比提升至78.66%，产品结构进一步优化。 作为西北名酒，金徽酒品牌形象独具特 ...

Core Viewpoint - The report from Guohai Securities highlights that Jinhui Liquor's net profit attributable to shareholders for the first half of 2025 reached 298 million yuan, reflecting a year-on-year increase of 1.12%, while the net profit for Q2 2025 was 64 million yuan, showing a year-on-year decrease of 12.78% [1] Group 1 - The company demonstrated strong resilience in its performance during the first half of the year, maintaining positive year-on-year growth, which is rare among liquor companies [1] - The product structure of the company has continued to improve, contributing to its performance in the second quarter [1] - The core market in Gansu has shown effective consumer cultivation and structural upgrades, leading to an increase in market share [1] Group 2 - The company is steadily advancing its development in markets outside of its core region [1] - Guohai Securities maintains an "overweight" rating for the company, indicating a positive outlook [1]