民生证券给予口子窖推荐评级，2025年半年报点评：场景缺失需求疲软Q2报表同步释压

Group 1 - The report from Minsheng Securities on August 22 recommends a buy rating for Kouzi Jiao (603589.SH) [2] - The reasons for the rating include a decrease in the proportion of high-end liquor, leading to a downward shift in product structure, and intensified competition due to strict provincial policies [2] - The downward shift in structure has resulted in a decline in gross profit margins, with revenue shrinking and weakening economies of scale, causing a significant drop in the profit center [2]