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徽酒探花“失速”!二季度省内收入腰斩,口子窖百亿梦悬了
Guo Ji Jin Rong Bao· 2025-09-02 15:21
口子窖广告(孙婉秋 摄) 近期,素有"徽酒老三"之称的口子窖披露2025年中期业绩。报告期内,公司实现营收约25.31亿元,同比下滑20.07%,对应归母净利润为7.15亿元,较 上年同期减少24.63%,毛利率同比下滑2.77个百分点至73.07%。 交出一份营利双跌的 " 成绩单 " 后,口子窖下半年压力陡增。 截至6月末,口子窖来自"大本营"安徽省内的收入约21亿元,较上年同期的26亿元下滑19.31%,省外市场则同比下滑19.24%至3.84亿元。其中第二季 度,公司安徽省内、省外分别实现收入5.15亿元、1.83亿元,同比下滑54.01%、18.57%。 可以看出,第二季度,口子窖在安徽省内的销售更加低迷。而截至5月末,公司在安徽省内的经销商数量为536家,省外经销商数量则实现反超,对应 546家。 动销萎靡之下,口子窖的现金流也开始承压。 按季度拆分来看,今年一季度,口子窖实现营收18.1亿元,同比提升2.42%,归母净利润则同比增长3.59%至6.1亿元。第二季度,公司经营情况急剧 恶化,当季营收同比下滑48.48%至7.21亿元,归母净利润只有1.05亿元,同比跌幅达到70.91%。 财报中, ...
营收利润暴跌,口子窖高端化战略拖累业绩?
Xin Lang Cai Jing· 2025-08-29 13:28
Core Viewpoint - Kouzi Jiao's performance in the first half of 2025 shows significant declines in revenue and profit, primarily due to the failure of its high-end product strategy [2][4]. Financial Performance - In the first half of 2025, Kouzi Jiao achieved revenue of 2.531 billion yuan, a year-on-year decrease of 20.07% [2] - The net profit attributable to shareholders was 715 million yuan, down 24.63% year-on-year [2] - The net profit after deducting non-recurring items was 698 million yuan, a decline of 24.90% year-on-year [2] - Operating cash flow turned negative at -383 million yuan, with a dramatic year-on-year change of -9854.35% [2] - Accounts receivable increased by 59.71% to 22.77 million yuan, while contract liabilities decreased by 46.74% to 298 million yuan [2] Product Performance - Revenue from high-end liquor was 2.385 billion yuan, a decrease of 19.8% year-on-year, accounting for 96% of total revenue [2] - The "Jian Series" products launched in 2023 have not generated the expected growth, with high-end liquor revenue growth rates of 1.94%, 16.58%, and 0.06% from 2022 to 2024, followed by negative growth in 2025 [4] Market Positioning - Kouzi Jiao's brand recognition is primarily associated with traditional products priced around 110-130 yuan, rather than its high-end offerings [6] - The company faces competition from both local brands like Gujing Gongjiu and national giants such as Moutai and Wuliangye, which have stronger brand power and market support [6] - Marketing expenditures in 2024 reached 1.716 billion yuan, with over 60% allocated to advertising, but digital marketing and content creation investments were insufficient [6] Strategic Challenges - The "Jian Series" lacks clear consumer value propositions and cultural narratives necessary for success in the high-end market [6] - The decline in high-end positioning is attributed to the exhaustion of old business models and a disconnect with new consumer contexts [6] - Short-term strategies should focus on digital channel development and targeted marketing, while long-term strategies must establish a clear brand narrative and product scarcity [6]
业绩腰斩,突围艰难,口子窖的十年坎怎么过? | 看财报
Sou Hu Cai Jing· 2025-08-20 22:45
Core Viewpoint - Kouzi Jiao, known as the "second brother of Huijiu," faces significant challenges as it reports a substantial decline in performance during its 10th anniversary, with revenue and net profit both experiencing sharp decreases [2][5]. Financial Performance - In the first half of 2025, Kouzi Jiao achieved revenue of 2.531 billion yuan, a year-on-year decrease of 20.07%, with Q2 revenue plummeting by 48.48% [4][5]. - The net profit attributable to shareholders was 715 million yuan, down 24.63% year-on-year, while the net profit after deducting non-recurring gains and losses was 698 million yuan, also reflecting a decline of 24.90% [4][5]. - The company reported a negative cash flow from operating activities of -382 million yuan, a drastic decline of 9854.35% compared to the previous year [9]. Sales and Market Dynamics - All product categories experienced sales declines, with high-end products seeing the largest drop in revenue at 2.385 billion yuan, down 19.8% [5][6]. - The company’s sales in both the domestic (Anhui) and national markets fell, with domestic revenue around 2.1 billion yuan, down 19.31%, and national revenue at 384 million yuan, down 19.24% [6]. Inventory and Cash Flow Issues - Kouzi Jiao's inventory reached a record high of 6.159 billion yuan, accounting for 45.92% of total assets, with a turnover rate of only 0.11 times and an average sales cycle nearing four years [7][9]. - The company’s cash flow issues are compounded by a significant reduction in sales and marketing expenses, with advertising costs dropping by 37.20% to 125 million yuan [9]. Strategic Response - In response to these challenges, Kouzi Jiao is implementing a "three-pronged" strategy focusing on deep channel reform, enhancing internal management efficiency, and optimizing marketing and product strategies [9]. - The company continues to expand its dealer network, adding 34 new dealers in Anhui and 29 outside the province during the first half of the year [6]. Shareholder Actions - The controlling shareholder, Liu Ansheng, has begun to reduce his stake, transferring 650,000 shares, which amounts to over 220 million yuan, indicating potential concerns about the company's future [10].
禁酒令下动销放缓,口子窖实控人兼二股东计划减持1000万股
Sou Hu Cai Jing· 2025-07-29 10:27
Core Viewpoint - Liu Ansheng, a major shareholder of Kuozi Jiao, holds 10.58% of the company's shares and is part of a concerted action group that collectively owns 42.01% of the company [2][3] Shareholder Information - Liu Ansheng directly holds 63,473,529 shares, representing 10.58% of Kuozi Jiao's total shares [2] - The top ten shareholders collectively own 277.8 million shares, accounting for 46.37% of the total share capital, with a decrease of 2.2435 million shares since December 31, 2024 [3] - Liu Ansheng is one of the founding members of Kuozi Jiao and was a significant shareholder at the time of the company's IPO in 2015 [3] Financial Performance - Kuozi Jiao reported a net profit of 610 million yuan for Q1 2025, a year-on-year increase of 3.59% [5] - The company's gross margin decreased by 0.28 percentage points to 76.21%, and inventory turnover days increased by 10.38 days [5] - Operating cash flow showed a deficit of 246 million yuan, a year-on-year decline of 136.38% [5] Sales Performance - Sales of mid-range products are performing well, while high-end product sales have not met expectations [7] - The introduction of a ban on alcohol has significantly impacted the sales of mid to high-end liquor, with a noticeable decline in demand for celebratory events compared to the previous year [7] Shareholding Changes - Goldman Sachs has gradually reduced its holdings since 2016, initially investing 355 million yuan and later cashing out approximately 5 billion yuan [4] - Liu Ansheng is expected to execute a third round of share reduction, potentially selling up to 10 million shares, which could exert a selling pressure of around 300 million yuan on Kuozi Jiao [4]
创始股东减持1000万股,口子窖怎么了?
Xin Lang Cai Jing· 2025-07-25 10:03
Group 1 - The core point of the news is that the controlling shareholder of Kuaizi Jiao, Liu Ansheng, plans to reduce his stake by selling up to 10 million shares, which is 1.67% of the company's total shares, due to personal funding needs [1][2] - Liu Ansheng currently holds approximately 63.47 million shares, representing 10.58% of the company, and is part of a group of shareholders that collectively own 42.01% of Kuaizi Jiao [1][3] - The company's stock price has decreased by 14.48% from the beginning of the year until the announcement of the share reduction, with an average price of 35.9 yuan per share [1] Group 2 - Kuaizi Jiao's revenue has shown growth over the past three years, but the profit has fluctuated, with a situation of increased revenue but decreased profit expected in 2024 [3][5] - In 2024, the high-end product revenue remained stable at 5.681 billion yuan, while the mid-range product revenue fell by 10.35% to 6.8 million yuan, and the low-end product revenue increased by 33.01% to 12.6 million yuan [5][6] - The company reported a revenue of 4.956 billion yuan in Anhui province, a slight increase of 1.10%, while revenue outside Anhui decreased by 2.88% to 920 million yuan [6] Group 3 - The company faced challenges in the second quarter, particularly due to a ban on alcohol sales, which significantly impacted the sales of mid-to-high-end products [7] - Kuaizi Jiao has acknowledged the impact of the ban and is focusing on channel reform and market strategy adjustments to cope with the current market conditions [7][9] - The company announced a buyback and cancellation of 1.8805 million restricted stock options due to not meeting performance targets, reflecting a cautious outlook amid a declining industry [9][10]
与徽酒“榜眼”渐行渐远,口子窖业绩增势乏力
Zheng Quan Zhi Xing· 2025-05-15 23:59
Core Viewpoint - The performance of Kuozi Jiao in 2024 shows weak growth, with revenue only slightly increasing by 0.89% to 6.015 billion yuan, while net profit declined by 3.83% to 1.655 billion yuan, indicating a significant gap compared to its main competitor, Yingjia Gongjiu [1][2] Group 1: Financial Performance - Kuozi Jiao's revenue for 2024 is 6.015 billion yuan, with a net profit of 1.655 billion yuan, both showing declines compared to the previous year [1] - Yingjia Gongjiu reported a revenue increase of 8.46% to 7.344 billion yuan and a net profit increase of 13.45% to 2.589 billion yuan, highlighting Kuozi Jiao's underperformance [2] - Kuozi Jiao's revenue growth in its core market of Anhui is only 1.1%, while Yingjia Gongjiu's growth is significantly higher at 12.75% [1][2] Group 2: Market Position and Competition - The competition in the Anhui liquor market is intensifying, with Kuozi Jiao previously holding the second position but now being surpassed by Yingjia Gongjiu [2][3] - The revenue gap between Kuozi Jiao and Yingjia Gongjiu narrowed from 780 million yuan in 2018 to 452 million yuan in 2021, but Kuozi Jiao was overtaken again in 2022 [3] - Kuozi Jiao's slow product updates and ineffective sales strategies have contributed to its declining market position [3][4] Group 3: Product and Channel Strategy - Kuozi Jiao's main product line has not been updated for over a decade, leading to product aging and a lack of competitiveness in the high-end market [3][4] - The company has implemented a large dealer system for distribution, which has limited its ability to adapt to market changes and promote new products effectively [5][6] - Kuozi Jiao is attempting to reform its distribution channels to enhance product promotion and market development, but the short-term effects of these changes have yet to be seen [5][6] Group 4: National Expansion Challenges - Kuozi Jiao's revenue from outside Anhui remains low, accounting for less than 20% of total revenue, with a decline of 2.88% in 2024 [6][7] - The company aims to accelerate its national expansion by establishing operational centers in other regions, but it faces significant challenges in reducing its reliance on the Anhui market [6][7] - The chairman of Kuozi Jiao acknowledged the gap in achieving national expansion, emphasizing the need for further development outside its core market [7]
口子窖:2024年报及2025年一季报点评全年增速回正,改革仍待显效-20250429
Huachuang Securities· 2025-04-29 05:55
Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40 yuan [1]. Core Views - The company achieved a total revenue of 6.015 billion yuan in 2024, reflecting a year-on-year growth of 0.9%, while the net profit attributable to shareholders decreased by 3.8% to 1.655 billion yuan. In Q4 alone, revenue increased by 9.0% year-on-year to 1.65 billion yuan, but net profit fell by 7.5% to 350 million yuan [1][4]. - For Q1 2025, the company reported a total revenue of 1.81 billion yuan, up 2.4% year-on-year, and a net profit of 610 million yuan, which is a 3.6% increase. However, sales receipts decreased by 14.8% to 1.2 billion yuan, and contract liabilities reduced by 290 million yuan compared to Q4 2024 [1][4]. - The company is focusing on channel reform and resource integration, particularly in the Anhui province, while also expanding its product offerings in the 100-300 yuan price range. The introduction of new products is expected to enhance market performance, although challenges remain due to intensified competition [1][8]. Financial Summary - The total revenue forecast for 2025 is 5.556 billion yuan, representing a decline of 7.6% year-on-year. The net profit is projected to be 1.499 billion yuan, down 9.4% from the previous year. The earnings per share (EPS) for 2025 is estimated at 2.50 yuan [4][8]. - The company’s gross margin for Q4 2024 was 74.1%, a decrease of 0.98 percentage points year-on-year, while the net profit margin fell to 20.8%, down 3.7 percentage points [1][8]. - The company’s total assets are projected to grow to 14.217 billion yuan by 2025, with a debt-to-equity ratio of 2.0% [4][8].
口子窖(603589):2024年报及2025年一季报点评:全年增速回正,改革仍待显效
Huachuang Securities· 2025-04-29 04:44
Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price set at 40 yuan [1]. Core Views - The company achieved a total revenue of 6.015 billion yuan in 2024, reflecting a year-on-year increase of 0.9%, while the net profit attributable to shareholders decreased by 3.8% to 1.655 billion yuan. In Q4 alone, revenue reached 1.65 billion yuan, up 9.0% year-on-year, but net profit fell by 7.5% to 350 million yuan. For Q1 2025, total revenue was 1.81 billion yuan, a 2.4% increase, with net profit rising by 3.6% to 610 million yuan [1][4]. Financial Summary - **2024 Financial Performance**: Total revenue was 6,015 million yuan, with a year-on-year growth rate of 0.9%. The net profit attributable to shareholders was 1,655 million yuan, down 3.8% [4]. - **2025 Financial Projections**: Expected total revenue for 2025 is 5,556 million yuan, with a projected decline of 7.6%. The net profit is anticipated to be 1,499 million yuan, a decrease of 9.4% [4]. - **Earnings Per Share (EPS)**: The EPS for 2024 is reported at 2.76 yuan, with projections of 2.50 yuan for 2025 and 2.61 yuan for 2026 [4]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected at 13 for 2024, increasing to 14 in 2025, and then decreasing to 12 by 2027 [4]. Market Performance - The company has shown a positive revenue growth in Q4 2024, which has contributed to an overall positive growth for the year, despite challenges in profit margins and sales returns [1][8]. Strategic Outlook - The company is focusing on channel reform and resource integration, particularly in the Anhui province, to enhance market competitiveness. The introduction of new products in the 100-300 yuan price range is expected to strengthen its market position [1][8]. Investment Recommendations - The report suggests that while short-term financials may face pressure, the ongoing reforms and market adjustments could lead to improved performance in the long run. The target price has been adjusted to 40 yuan, reflecting a cautious but optimistic outlook [1][8].