安徽口子酒业股份有限公司 2025 年半年度经营数据公告 证券代码：603589 证券简称：口子窖 公告编号：2025-024 单位：万元币种：人民币 产品名称 2025 年 1－6 月 销售收入 2024 年 1－6 月 销售收入 增减变动幅度（%） 高档白酒 238,467.45 297,332.99 -19.80 中档白酒 3,228.95 3,620.51 -10.82 低档白酒 6,809.45 6,990.46 -2.59 合计 248,505.85 307,943.96 -19.30 3、按区域分类情况： 本公司董事会及全体董事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。 1、按产品档次分类情况： 注：上述表格合计数差异系四舍五入尾差所致。 2、按销售渠道分类情况： 单位：万元币种：人民币 | 渠道类型 | 2025 年 1－6 月 | 2024 年 1－6 月 | 增减变动幅度（%） | | --- | --- | --- | --- | | | 销售收入 | 销售收入 | | | 直销（含团购） | 13,267.18 | 9, ...

8月18日，珍酒李渡股价持续上扬。截至收盘，公司股价报9.13港元/股，上涨2.24%，交易额达2.54亿 元，总市值309亿元。8月以来，珍酒李渡股价涨幅达41.33%。 浙商证券研报指出，珍酒李渡作为底部向上的酱酒龙头，其核心大单品"大珍"展现出强劲增长潜力，凭 借"团队能力突出+三大创新"，有望成为全新增长极。 一是团队能力突出。珍酒李渡管理团队深耕酒业多年，实控人吴向东旗下还拥有上市公司华致酒行，金 东投资集团、金六福品牌等优质资产，具有多元化的产业布局和强大的资源整合能力。 二是产品创新。"大珍"以600元价位对标市场2000元价位产品，能以高性价比吸引消费者；其包装采用 极简主义光瓶风格，并以"明四家"之一的沈周书写"珍"字为核心视觉符号，极具辨识度，差异化优势明 显。 三是模式创新。"大珍"客户主要面向异业，拥有严格控价模式，能维护市场价格稳定。此外，公司依托 独创的持续分红机制，确保客户能获得持续稳定的收益。 四是营销创新。"大珍"经销权设置独特前置环节，客户需参加万商联盟创富论坛后才签约，有利于客户 深入了解产品特点和市场策略，增强对产品和品牌的信心。截至目前，该论坛已成功举办48场，吸引 ...

Core Insights - MDWerks, Inc. is making significant progress in expanding its proprietary energy wave technology platform, targeting large market opportunities in the alcoholic beverages and wood manufacturing industries [1][2] - The company reported a 55% increase in revenue for Q2 2025, reaching approximately $421,000 compared to $272,000 in Q2 2024, driven by higher branded liquor sales and increased revenue from white-label aging services [2] - MDWerks anticipates higher revenues in the upcoming quarters as strategic initiatives take hold, including the installation of a second SRAS unit to meet growing demand [3] Financial Performance - Revenue for Q2 2025 was approximately $421,000, a 55% increase from Q2 2024's $272,000 [2] - The company expects to benefit from a full three months of white-label aging services revenue from a new customer in Q3 2025 [3] Strategic Initiatives - The installation of a second, larger SRAS unit at Two Trees' facilities is expected to quintuple spirits production capacity, addressing built-in demand for various white-label products [3] - The Whiskey-as-a-Service (WaaS) business model is projected to contribute meaningful recurring revenue starting in Q4 2025 [3] Product Development and Recognition - Two Trees Beverage Company received three prestigious 2025 SIP Awards, highlighting the quality of its spirits [3] - The launch of Land of the Sky, a limited-edition bourbon aiding Hurricane Helene relief efforts, is part of the new Uplifting Spirits product line [3] Technological Advancements - RF Specialties, LLC is delivering its first Molecular Sawdust Drying System (MSDS) unit to a leading sawmill, with expectations for follow-on orders as the customer expands throughput [3]

Core Viewpoint - The Chinese liquor industry is undergoing significant changes, prompting the revision of two long-standing regulations from 2005 to better align with current market dynamics and technological advancements [1][4]. Group 1: Regulatory Changes - The China Alcoholic Drinks Association has released draft regulations for wholesale and retail liquor management, seeking public feedback on the updates [1]. - The revisions focus on e-commerce and new retail channels, reflecting the industry's shift towards digitalization and the need for updated standards [4][5]. Group 2: Industry Trends - The number of registered enterprises in China's liquor distribution industry has reached 9.4 million, highlighting the sector's vast scale and the urgent need for standardized regulations [4]. - Online sales of liquor surpassed 120 billion yuan in 2023, marking a 56.4% year-on-year increase, with white liquor contributing nearly 90 billion yuan and growing at 77.7% [6]. - Instant retail models are also experiencing significant growth, with a 41% month-on-month increase in sales for ice beverages in June 2025, indicating a shift in consumer purchasing behavior [6]. Group 3: Technological Integration - The new regulations emphasize the importance of digital transformation, including the adoption of smart supply chain management systems and secure electronic payment methods for e-commerce operators [5]. - Requirements for warehousing and logistics have been updated to ensure safety and efficiency in the storage and delivery of liquor products [5]. Group 4: Market Dynamics - Traditional liquor distribution models are being disrupted as online channels gain market share, leading to a strategic shift among offline retailers to clear inventory through online sales [6]. - The introduction of e-commerce subsidies is driving down prices, further incentivizing offline liquor merchants to increase their online supply [6].

深夜 10点的手机屏幕亮起，外卖平台酒水专区里，那些排列整齐的酒饮套组们正在上演当代酒饮行业最真实的"适者生存"——果立方与热门饮料 的混饮套组，以及各种精酿啤酒。但有趣的是，当其他爆款还在区域市场轮流坐庄时，只有果立方稳定出现在了各个平台的 即时零售货架上。 无独有偶，这款中国本土果汁酒，在上海大润发平型关店的特殊场域里，也被韩国人捧成了东亚土特产和社畜专属伴手礼。 新酒饮不仅国内进入了新零售2.0时代，也开始发生出海大流行，第一瓶酒都是果立方，有些问题需得弄清楚。 新消费人群，不是不喝酒了，而是喝得更爽、更自由了。 日韩酒饮文化比中国更早脱离社交属性进入悦己阶段，也就是更早出现新酒饮的势头。日本的宅文化催生了孤饮、韩国的居家饮酒文化盛行，低 度和利口化产品带来了新酒饮的大流行。特别是韩国，被公认为东亚最能喝的的国家，2022年韩国人喝掉了3.6亿瓶烧酒，有人调侃韩国社畜的血 管里，一半流冰美式，另一半流的是酒精。 其实果立方因为随身可携带、酒度低等特点，以及白葡萄、蜜桃、柚子等丰富口味早就深受韩国年轻人喜爱，但无奈加上关税，这款酒在韩售价 偏贵，市场打开速度缓慢。 转折发生于中韩试行免签政策后，韩国年轻人 ...

2025年上半年，中国白酒市场在价格波动中艰难前行。 高端名酒在电商平台"破价"，线下西南区域均价亦呈下滑态势，中低端品牌亦难独善其身。白酒行业人士分析认为，这轮深度调整背后，是消费信心不足、 渠道库存高企、电商假货冲击等多重压力叠加的结果。 面对困局，"稳价"成为行业上半年最核心的关键词，酒企们频繁出台"控量挺价"政策，推出保障经销商利润、铁腕打假等组合拳。然而，挑战远未结束。 展望2025年下半场，白酒行业如何破局？答案指向了更深层次的变革：从"以商品为中心"转向"以消费者为中心"，从争夺渠道到培育场景，从坚守高度酒到 拥抱低度年轻化，一场围绕服务升级、产品创新与渠道重构的转型已然拉开序幕。 白酒上半年关键词仍是"稳价" 回顾2025年上半年，在6.18电商平台促销的关键时间点上，国窖1573（52度/500ml）、第八代五粮液（52度/500ml）以及飞天茅台（53度/500ml）等高端名 酒在电商平台上接连破价。 从《西南酒价》上半年统计数据来看，高端白酒品牌在西南地区线下价格虽不同于电商平台频频破价，但整体仍呈下滑态势。相较于1月10日的市场零售均 价，国窖1573、君品习酒等产品价格均有所下滑，甚 ...

Market Performance - Indian alcoholic beverage stocks have outperformed global peers over the past three months [1] Trade Agreements - Performance is attributed to a newly-signed UK trade deal [1]

Core Viewpoint - Leading liquor companies are tightening control over e-commerce channels to combat counterfeit products and maintain brand value [3][5][7]. Group 1: E-commerce Channel Management - On July 18, Moutai Sauce Wine announced the removal of 24 online authorized stores, reflecting a significant tightening of channel control [5][7]. - The removal includes six stores under the Gede Yingxiang brand, which are currently not operating normally due to financial issues and employee wage arrears [4][10]. - The adjustments were made in response to consumer complaints about low-quality products purchased from certain platforms, indicating a proactive approach to protect consumer rights [5][6]. Group 2: Impact on Gede Yingxiang - Gede Yingxiang's stores were removed due to ongoing operational uncertainties, including financial difficulties and a lack of inventory [4][10][11]. - The company has faced significant challenges, including a total of 1.58 billion yuan in execution orders as of 2025, highlighting its precarious financial situation [13]. - Despite the challenges, some Gede Yingxiang offline stores in Beijing are still operating normally, suggesting a mixed operational status [15]. Group 3: Market Implications - The actions taken by Moutai reflect a broader trend among top liquor companies to enforce strict compliance among their partners, aiming to eliminate non-compliant distributors and restore order in the online market [11][12]. - Experts believe that Moutai's decisive actions will enhance investor confidence by demonstrating a commitment to maintaining a healthy pricing system and market order [7][11].

Government Policy & Revenue - Egypt amends VAT on cigarettes and alcoholic drinks [1] - Egypt introduces a levy on crude oil [1] - The amendments and levy aim to boost revenue [1] Economic Context - The measures are part of IMF-backed reforms [1]

Group 1 - The core activity of the company is a public welfare event named "Gold List Title, Celebration at Spring Water" held from July 8 to 13, aimed at congratulating high school students who scored 550 points or above in their college entrance examination [1][9] - Over 200 students participated in the event, which included a cultural study tour and the presentation of a custom commemorative wine, enhancing the celebration of their academic achievements [1][2] - The event reflects the company's commitment to social responsibility, emphasizing the importance of nurturing talent and preserving local cultural heritage [9][10] Group 2 - Students experienced the traditional brewing process, gaining insights into the craftsmanship and cultural significance behind the production of the commemorative wine [2][3] - The commemorative wine, a 2.5L bottle, symbolizes the company's sincere wishes for the students and serves as a unique memory to be shared with family and friends [2][3] - The company aims to inspire the new generation by promoting values of hard work and gratitude through this initiative [9][10]