丢失 “徽酒第二” 宝座之后 口子窖再遭联合创始人减持

Core Viewpoint - The announcement of shareholder Liu Ansheng's plan to reduce his stake in Kuozi Jiao has drawn attention to the challenges the company is facing, including slowing performance and difficulties in product restructuring [2][4][11]. Shareholder Actions - Liu Ansheng plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total share capital, between August 12 and November 11, 2025 [2]. - Liu Ansheng has a history of reducing his stake, having previously cashed out over 700 million yuan from multiple reductions since 2018 [4]. - If the current reduction plan is fully executed, Liu Ansheng could realize over 300 million yuan, bringing his total cash-out to over 1 billion yuan, with remaining shares dropping below 9% [5]. Financial Performance - Kuozi Jiao's revenue and net profit have been under pressure, particularly after losing its position as the "second in Anhui liquor" to Yingjia Gongjiu in 2022 [6][8]. - In 2022, Kuozi Jiao reported revenue of 5.135 billion yuan, a 2.12% increase, and a net profit of 1.55 billion yuan, a 10.24% decline [6][7]. - The gap in performance between Kuozi Jiao and Yingjia Gongjiu has widened, with Kuozi Jiao's revenue in 2023 at 5.962 billion yuan, a 16.1% increase, compared to Yingjia Gongjiu's 6.720 billion yuan, a 22.07% increase [7][8]. Market Challenges - Kuozi Jiao is facing significant challenges in product restructuring and market competition, particularly in the high-end segment where it has a small market share [9][10]. - The company has increased its marketing expenses significantly, with sales costs rising by 18.19% to 827 million yuan in 2023, but this has not translated into expected sales growth [10]. Future Outlook - The future for Kuozi Jiao appears challenging due to ongoing performance issues, shareholder actions, and market pressures [11]. - Analysts suggest that the company needs to make breakthroughs in the mid-to-high-end market and expand its presence outside Anhui to remain competitive [11].