Core Insights - The liquor sector experienced a slight increase of 0.53% on September 10, with *ST Yanshi leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Liquor Sector Performance - The following companies showed notable performance: - *ST Yanshi: Closed at 6.54, up 1.87% with a trading volume of 59,000 shares and a transaction value of 38.78 million [1] - Yingjia Gongjiu: Closed at 45.93, up 1.50% with a trading volume of 145,300 shares and a transaction value of 670 million [1] - Gujing Gongjiu: Closed at 174.37, up 1.40% with a trading volume of 51,700 shares and a transaction value of 900 million [1] - Jiu Gui Jiu: Closed at 69.47, up 1.14% with a trading volume of 125,110 shares and a transaction value of 1.741 billion [1] - Kweichow Moutai: Closed at 1522.01, up 1.13% with a trading volume of 49,700 shares and a transaction value of 7.541 billion [1] Capital Flow Analysis - The liquor sector saw a net inflow of 896 million from main funds, while retail funds experienced a net outflow of 148 million [2] - The following companies had significant capital flow: - Kweichow Moutai: Main fund net inflow of 827 million, retail fund net outflow of 372,700 [3] - Jiu Gui Jiu: Main fund net inflow of 54.21 million, retail fund net outflow of 91.93 million [3] - Yingjia Gongjiu: Main fund net inflow of 31.79 million, retail fund net outflow of 31.19 million [3]

天弘中证食品饮料ETF（159736）成立日期2021年9月9日，最新规模46.93亿。今年以来收益4.04%，同 类排名3951/4222；近一年收益23.07%，同类排名3340/3781；成立以来亏损24.31%。 天弘中证食品饮料ETF（159736）基金经理为沙川。 截至发稿，沙川累计任职时间7年230天，现任基金资产总规模215.56亿元，任职期间最佳基金回报 97.38%， 任职期间最差基金回报-69.41%。 9月2日，酒鬼酒跌5.05%，截至发稿，报67.32元/股，成交17.15亿元，换手率7.64%，总市值218.74亿 元。 资料显示，酒鬼酒股份有限公司位于湖南省吉首市振武营酒鬼酒工业园，成立日期1997年7月14日，上 市日期1997年7月18日，公司主营业务涉及从事馥郁香型白酒系列产品的生产和销售。主营业务收入构 成为：酒鬼系列51.60%，其他系列22.38%，内参系列19.77%，湘泉系列5.61%，其他(补充)0.64%。 从酒鬼酒十大流通股东角度 数据显示，天弘基金旗下1只基金位居酒鬼酒十大流通股东。天弘中证食品饮料ETF（159736）二季度 增持2100股，持有股数78 ...

资料显示，酒鬼酒股份有限公司位于湖南省吉首市振武营酒鬼酒工业园，成立日期1997年7月14日，上 市日期1997年7月18日，公司主营业务涉及从事馥郁香型白酒系列产品的生产和销售。主营业务收入构 成为：酒鬼系列51.60%，其他系列22.38%，内参系列19.77%，湘泉系列5.61%，其他(补充)0.64%。 9月9日，酒鬼酒盘中下跌2.06%，截至10:09，报67.40元/股，成交4.51亿元，换手率2.04%，总市值 219.00亿元。 资金流向方面，主力资金净流出5228.32万元，特大单买入3224.80万元，占比7.15%，卖出7982.57万 元，占比17.69%；大单买入9155.24万元，占比20.29%，卖出9625.78万元，占比21.33%。 酒鬼酒今年以来股价涨22.50%，近5个交易日涨0.58%，近20日涨37.33%，近60日涨69.18%。 今年以来酒鬼酒已经2次登上龙虎榜，最近一次登上龙虎榜为8月20日，当日龙虎榜净买入1.03亿元；买 入总计3.65亿元 ，占总成交额比17.53%；卖出总计2.62亿元 ，占总成交额比12.57%。 酒鬼酒所属申万行业为：食品饮料-白酒 ...

Group 1 - The company, JiuGuiJiu Co., Ltd., has announced an online performance briefing for its 2025 semi-annual report scheduled for September 12, 2025, from 15:30 to 16:30 [1][2] - The purpose of the briefing is to provide investors with further insights into the company's operational performance for the first half of 2025 [1] - Investors are encouraged to participate and submit questions in advance, with the question submission channel open from the date of the announcement [1][2] Group 2 - Key personnel attending the briefing include the company's Party Secretary and General Manager Cheng Jun, independent director Li Shihui, and other senior executives [2] - The company emphasizes the importance of accurate and complete information disclosure, ensuring no false or misleading statements are made [1]

北京商报讯（记者 刘一博 冯若男）9月8日，北京商报记者从酒鬼酒公众号获悉，今年夏天，酒鬼酒在 湖南升学宴举办场次同比逆势攀升21%，其中，湘西市场同比增长273%，长沙、岳阳、郴州等多地增 幅均超27%；同时，终端参与率与宴席扫码量分别提升11%与291%。 ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-22 酒鬼酒股份有限公司 关于召开2025年半年度报告网上业绩说明会的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 敬请广大投资者积极参与。 特此公告 酒鬼酒股份有限公司董事会 2025 年 9 月 9 日 1 酒鬼酒股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《2025 年 半年度报告》。 为便于广大投资者进一步了解公司 2025 年半年度经营情况，公 司定于 2025 年 9 月 12 日（星期五）下午 15:30 至 16:30 采用网络远 程的方式举行 2025 年半年度报告网上业绩说明会。投资者可登陆网 站 https://eseb.cn/1rjA8uZqydi 参与互动交流。为广泛听取投资者 的意见和建议，提前向投资者征集问题，提问通道自发出公告之日起 开放。 参与方式一：登录网站 https://eseb.cn/1rjA8uZqydi； 参与方式二：微信扫一扫以下二维码： 出席本 ...

证券之星消息，9月8日白酒板块较上一交易日上涨1.52%，酒鬼酒领涨。当日上证指数报收于3826.84， 上涨0.38%。深证成指报收于12666.84，上涨0.61%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000799 | 翻鬼澳 | 68.82 | 4.65% | 31.18万 | | 21.48亿 | | 616809 | 全徽酒 | 22.84 | 3.91% | 14.66万 | | 3.32亿 | | 000568 | 泸州老窖 | 139.88 | 2.93% | 14.22万 | | 19.73亿 | | 000596 | 古井贡酒 | 169.00 | 2.80% | - 3.78万 | | 6.34亿 | | 600702 | 舍得酒业 | 68.06 | 2.25% | 15.97万 | | 10.89 亿 | | 000995 | 皇台酒业 | 15.06 | 2.10% | 12.46万 | | 1.87亿 | | 6 ...

Core Viewpoint - The Chinese liquor industry is experiencing significant polarization, with major players like Moutai thriving while others, such as Jinzhongzi, face severe losses, indicating a challenging market environment for many companies [1][8]. Industry Overview - The white liquor industry is undergoing accelerated differentiation, with 21 listed liquor companies showing mixed results: 6 companies are struggling to grow, 14 are experiencing declines, and 3 are nearing losses [3]. - The average inventory turnover days in the liquor industry have reached 900 days, indicating a significant inventory pressure on distributors [12]. Company Performance - Moutai reported a revenue of 893.89 billion with a net profit of 454.03 billion, showing a year-on-year growth of 8.89% [5][6]. - Gujing Gongjiu achieved a revenue of 138.8 billion, with a 0.54% increase in net profit to 36.62 billion, largely due to its online sales strategy [6][24]. - Jinzhongzi reported a loss of 72 million, with a staggering year-on-year decline of 750.54% [8][19]. - Other companies like Jiugui Jiu and Yanghe experienced significant revenue declines of 43.54% and 35.32%, respectively [6][19]. Market Trends - The introduction of new regulations limiting alcohol consumption in government settings has drastically reduced the share of business banquet wines from 35% to 18%, impacting high-end liquor sales [19]. - There is a growing consumer preference for lower-priced, simpler packaging products, leading to a rise in sales of light bottle wines priced between 60-80 yuan [21][24]. - Companies are innovating their product lines, with some introducing herbal liquors and health-oriented products to attract younger consumers [22][27]. Strategic Responses - Moutai is leveraging its by-products for new revenue streams, converting waste into organic fertilizers and biogas [15][17]. - Gujing Gongjiu's online sales have surged by 40.19%, demonstrating the effectiveness of digital marketing strategies during this downturn [24]. - Companies are focusing on channel innovation and deepening market penetration to maintain resilience amid industry adjustments [24][26].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's performance is under short-term pressure due to weak liquor consumption, but new products have gained market recognition [1][5] - The company is actively adjusting its operational strategies, focusing on cost control and enhancing its product system, which is expected to contribute to revenue growth [8] Summary by Sections Market Performance - The company's total revenue for H1 2025 was 561 million yuan, a decrease of 44% year-on-year, with a net profit of 9 million yuan, down 93% [4][5] - In Q2 2025, total revenue was 217 million yuan, a decline of 57%, with a net loss of 23 million yuan, a decrease of 148% [4][5] Product and Sales Analysis - The company's product revenue for H1 2025 saw declines across various series, with the "Inner Reference" series down 36%, "Jiu Gui" down 51%, and "Xiang Quan" down 36% [6] - The company has streamlined its product offerings, reducing SKUs by over 50% in the "Jiu Gui" series, and implemented measures to address distributor inventory issues [6] Distribution and New Products - The company is accelerating the clearing of its distribution system, with a net reduction of 531 distributors, bringing the total to 805 [7] - A new co-branded product, "Jiu Gui Jiu · Free Love," launched in collaboration with a supermarket chain, has quickly sold out, indicating strong market demand [7] Earnings Forecast - The company forecasts EPS of 0.17 yuan for 2025, 0.44 yuan for 2026, and 0.79 yuan for 2027, with corresponding PE ratios of 391, 147, and 82 times [8][11] - The projected revenue growth rates are -49.7% for 2024, -16.8% for 2025, 9.8% for 2026, and 18.0% for 2027 [11]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 560 million yuan, down 43.5% year-on-year, and net profit at 10 million yuan, down 92.6% [1] - The weak recovery in business consumption scenarios and the demand for mid-to-high-end products remain a challenge for the company's performance [1] Revenue Breakdown - In the first half of 2025, the revenue from different product lines was as follows: Neican at 110 million yuan (down 35.8%), Jiugui at 290 million yuan (down 51.0%), Xiangquan at 30 million yuan (down 35.9%), and other series at 130 million yuan (down 28.8%) [1][2] - The Jiugui series experienced a significant decline, while the Neican series managed to improve its gross margin by narrowing discounts, achieving a gross margin of 88.9% (up 0.9 percentage points) [2] Regional Performance - Major markets saw substantial declines, with the core market in Central China generating 310 million yuan (down 42.5%), and North and East China regions down 39.6% and 45.7% respectively [2] Channel Strategy - The company is actively restructuring its distribution channels, significantly reducing the number of distributors, particularly in Central China, and establishing a dedicated sales company to enhance market penetration [2][3] Financial Metrics - The gross margin for the first half of 2025 was 68.7%, down 4.6 percentage points, primarily due to product mix decline and weakened scale effects [3] - The net profit margin was 1.6%, down 10.6 percentage points, attributed to worsening gross sales differences [3] Cash Flow and Inventory Management - As of the second quarter of 2025, cash receipts from sales were 220 million yuan, down 57.1%, with a negative cash flow of 110 million yuan [3] - The company is focusing on inventory reduction and enhancing direct sales and group purchase channels to alleviate pressure on distributor repayments [3] Strategic Adjustments - The company is adapting to consumer trends by launching cost-effective products and strengthening partnerships with new retail channels [4] - It is focusing on deepening its market presence in its home base of Hunan and exploring county and town markets in other regions [4] Profit Forecast - The company projects net profits of 20 million yuan, 50 million yuan, and 70 million yuan for 2025 to 2027, with corresponding EPS of 0.06 yuan, 0.14 yuan, and 0.21 yuan [4]