资金流向方面，主力资金净流入1511.61万元，特大单买入1947.89万元，占比6.14%，卖出1841.42万 元，占比5.80%；大单买入7241.09万元，占比22.82%，卖出5835.95万元，占比18.39%。 酒鬼酒今年以来股价涨2.03%，近5个交易日跌2.33%，近20日涨3.11%，近60日跌8.93%。 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%。 酒鬼酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：白酒、国资改革、央企改革、 中盘、融资融券等。 1月5日，酒鬼酒盘中上涨2.03%，截至13:44，报55.69元/股，成交3.17亿元，换手率1.77%，总市值 180.95亿元。 截至9月30日，酒鬼酒股东户数13.56万，较上期减少0.31%；人均流通股2395股，较上期增加0.32%。 2025年1月-9 ...

Core Viewpoint - The stock of JiuGuiJiu has experienced a decline of 2.01% on December 2, with a current price of 57.08 CNY per share, reflecting a total market capitalization of 18.547 billion CNY [1] Financial Performance - For the period from January to September 2025, JiuGuiJiu reported a revenue of 760 million CNY, a year-on-year decrease of 36.21%, and a net profit attributable to shareholders of -9.8055 million CNY, a decline of 117.36% [2] Stock Market Activity - JiuGuiJiu's stock has seen a year-to-date increase of 3.74%, but has declined by 1.86% over the last five trading days, 7.41% over the last 20 days, and 19.49% over the last 60 days [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on November 10, where it recorded a net buy of 193 million CNY [1] Shareholder Information - As of September 30, 2025, JiuGuiJiu had 135,600 shareholders, a decrease of 0.31% from the previous period, with an average of 2,395 circulating shares per shareholder, an increase of 0.32% [2] - The top ten circulating shareholders include major funds such as the China Securities White Wine Index A and the Hong Kong Central Clearing Limited, with notable changes in holdings [3]

Core Insights - The company reported a revenue of 760 million yuan and a net profit of -10 million yuan for the first three quarters of 2025, with a positive signal in Q3 showing a revenue of 200 million yuan, a year-on-year increase of 0.8%, ending a declining trend [1][3] - The gross profit margin for the first three quarters was approximately 66.7%, with a Q3 margin of 61.2%, which decreased mainly due to product mix adjustments [1] - The collaboration with Pang Donglai on the "Jiu Gui · Zi You Ai" product has been a significant highlight, quickly selling out and demonstrating strong market demand [1] Financial Performance - The net cash flow from operating activities for the first three quarters was -330 million yuan, showing improvement compared to the previous year but still negative, indicating ongoing inventory destocking [1] - Sales expenses decreased significantly by 46.8% year-on-year, and the sales expense ratio dropped by 31.3 percentage points, reflecting effective cost control [1] - Management expenses also fell by 10.6% year-on-year, with a decrease in the expense ratio by 2.40 percentage points, indicating improved operational efficiency [1] Market Position and Future Outlook - The company’s high-end product "Nei Can Series" struggled to compete with brands like Moutai and Wuliangye due to insufficient brand strength [1] - The pricing of the "Jiu Gui · Zi You Ai" product at around 200 yuan may further lower the brand's price center despite boosting short-term sales [1] - Forecasts from Southwest Securities and Dongwu Securities predict net profits of 10 million yuan, 30 million yuan, and 50 million yuan for 2025-2027, with current stock price PE ratios significantly above industry averages, reflecting market expectations for performance recovery [1] Strategic Opportunities and Challenges - The collaboration with Pang Donglai, gradual recovery of channel inventory, and resource empowerment from COFCO Group are identified as three major opportunities for the company [1] - Challenges include macroeconomic slowdown and intensified industry competition, which need to be monitored closely [1] - The company is in a critical phase of deep adjustment and strategic transformation, requiring evidence of sustainable profitability for long-term investment considerations [1]

Core Viewpoint - The stock of JiuGuiJiu has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 19.43%, indicating volatility in the market and investor sentiment towards the company [1]. Financial Performance - For the period from January to September 2025, JiuGuiJiu reported a revenue of 760 million yuan, a year-on-year decrease of 36.21%, and a net profit attributable to shareholders of -9.81 million yuan, reflecting a significant decline of 117.36% [2]. Stock Market Activity - As of November 14, JiuGuiJiu's stock price was 65.71 yuan per share, with a total market capitalization of 21.35 billion yuan. The trading volume was 502 million yuan, with a turnover rate of 2.30% [1]. - The stock has seen significant trading activity, with a net outflow of 29.11 million yuan in principal funds, and notable buying and selling from large orders [1]. Shareholder Structure - As of September 30, 2025, JiuGuiJiu had 135,600 shareholders, a slight decrease of 0.31% from the previous period. The average number of circulating shares per shareholder increased by 0.32% to 2,395 shares [2]. - The top shareholders include various funds, with notable positions held by the China Securities White Wine Index A and the Hong Kong Central Clearing Limited, indicating institutional interest in the stock [3]. Dividend Distribution - Since its A-share listing, JiuGuiJiu has distributed a total of 2.15 billion yuan in dividends, with 942 million yuan distributed over the past three years [3].

Core Viewpoint - The stock of JiuGuiJiu has shown significant price movements and trading activity, indicating investor interest and potential market dynamics affecting the company [1][2]. Company Performance - As of November 13, JiuGuiJiu's stock price increased by 2.03% to 66.95 CNY per share, with a total market capitalization of 21.754 billion CNY [1]. - Year-to-date, JiuGuiJiu's stock has risen by 21.68%, with a notable increase of 10.90% over the last five trading days [1]. - For the period from January to September 2025, JiuGuiJiu reported a revenue of 760 million CNY, a decrease of 36.21% year-on-year, and a net profit of -9.8055 million CNY, down 117.36% year-on-year [2]. Shareholder Information - As of September 30, 2025, JiuGuiJiu had 135,600 shareholders, a slight decrease of 0.31% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.32% to 2,395 shares [2]. Dividend Distribution - Since its A-share listing, JiuGuiJiu has distributed a total of 2.151 billion CNY in dividends, with 942 million CNY distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is the China Securities White Wine Index A, holding 15.9475 million shares, unchanged from the previous period [3]. - The third-largest shareholder, the Wine ETF, increased its holdings by 2.6071 million shares to 7.3133 million shares [3].

Core Viewpoint - The stock of JiuGuiJiu has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 9.80%, indicating volatility in its market performance [1][2]. Financial Performance - For the period from January to September 2025, JiuGuiJiu reported a revenue of 760 million yuan, a year-on-year decrease of 36.21%, and a net profit attributable to shareholders of -9.81 million yuan, a decline of 117.36% [2]. - The company has cumulatively distributed 2.151 billion yuan in dividends since its A-share listing, with 942 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, JiuGuiJiu's stock price was 60.41 yuan per share, with a market capitalization of 19.629 billion yuan and a trading volume of 267 million yuan [1]. - The stock has seen significant trading activity, with a net outflow of 30.6468 million yuan in principal funds and notable fluctuations in large orders [1]. Shareholder Structure - As of September 30, 2025, JiuGuiJiu had 135,600 shareholders, a slight decrease of 0.31% from the previous period, with an average of 2,395 circulating shares per shareholder, an increase of 0.32% [2][3]. - Major institutional shareholders include the China Securities Index White Wine Index A and the Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Core Viewpoint - The stock of JiuGuiJiu has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 13.03%, indicating mixed performance in the market [1][2]. Financial Performance - For the period from January to September 2025, JiuGuiJiu reported a revenue of 760 million yuan, a year-on-year decrease of 36.21%, and a net profit attributable to shareholders of -9.81 million yuan, a decline of 117.36% [2]. - The company has cumulatively distributed 2.151 billion yuan in dividends since its A-share listing, with 942 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 4, JiuGuiJiu's stock price was 62.19 yuan per share, with a total market capitalization of 20.207 billion yuan [1]. - The stock has seen significant trading activity, with a net outflow of 6.3419 million yuan in principal funds recently, and notable trading volumes in the past months [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for JiuGuiJiu was 135,600, a slight decrease of 0.31% from the previous period [2]. - Major shareholders include the China Securities Index White Wine Index A and the Wine ETF, with significant holdings remaining stable or increasing [3].

Core Viewpoint - The financial performance of JiuGuiJiu (000799.SZ) in the first three quarters of 2023 has been significantly poor, with a revenue decline of 36.19% year-on-year and a net loss of 9.81 million yuan, marking a shift from profit to loss [2][3]. Financial Performance - Revenue for the first three quarters reached 760 million yuan, a decrease of 36.19% year-on-year, while net profit turned negative at -9.81 million yuan [2]. - The company has experienced a continuous decline in revenue and net profit for three consecutive years, with projected revenue growth rates of -50.68%, -87.89%, and -36.19% for 2023 to 2025 [2]. - Sales expenses were reduced by 47% to 252 million yuan, but the expense ratio remained high at 33%, significantly above the industry average [3]. Product Performance - The launch of the co-branded product "JiuGui·Free Love" in July provided a temporary boost, leading to a slight revenue increase of 0.78% in Q3, with a net loss of 18.76 million yuan, a 70.93% improvement from the previous year [3][4]. - Despite the positive impact of the new product, the main product lines, including Neican, JiuGui, and Xiangquan, are experiencing significant declines, with revenue drops of 35.81%, 51.01%, and 35.87% respectively [4]. Inventory and Production Capacity - The company is expanding production capacity despite high inventory levels, with construction projects amounting to 862 million yuan, which will increase total capacity from 15,000 tons to 22,800 tons [5]. - The actual production volume was only 2,984 tons, resulting in a capacity utilization rate of less than 40%, indicating inefficiency [5]. - Finished goods inventory reached 5,370 tons, while base liquor inventory was as high as 49,827 tons, equivalent to nearly 3.3 years of current production [5]. Market Dynamics - The inventory turnover days in the liquor industry have reached 900 days, raising concerns about the company's expansion plans, which do not align with the current market demand [6]. - The company’s cash flow situation is concerning, with cash reserves dropping from 1.25 billion yuan to 540 million yuan, a decrease of 56.98% [6]. - Accounts receivable surged from 13,400 yuan at the beginning of the year to 47.58 million yuan, deviating from industry norms and potentially increasing cash flow pressure and bad debt risks [7].

Core Viewpoint - The stock of JiuGuiJiu has shown a mixed performance in recent trading sessions, with a year-to-date increase of 13.29% but a decline of 10.03% over the past 20 days, indicating volatility in investor sentiment [2]. Group 1: Stock Performance - As of October 27, JiuGuiJiu's stock price rose by 2.15% to 62.33 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 1.41%, resulting in a total market capitalization of 20.253 billion CNY [1]. - Year-to-date, JiuGuiJiu's stock has increased by 13.29%, while it has decreased by 0.53% in the last five trading days and 10.03% in the last 20 days, but has risen by 30.21% over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, JiuGuiJiu reported operating revenue of 561 million CNY, a year-on-year decrease of 43.54%, and a net profit attributable to shareholders of 8.955 million CNY, down 92.60% year-on-year [2]. - Since its A-share listing, JiuGuiJiu has distributed a total of 2.151 billion CNY in dividends, with 942 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, JiuGuiJiu had 136,000 shareholders, a decrease of 4.40% from the previous period, with an average of 2,388 shares held per shareholder, an increase of 4.61% [2]. - The top ten circulating shareholders include major funds such as the China Securities White Wine Index A and the Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Core Viewpoint - The stock of JiuGuiJiu has experienced fluctuations, with a year-to-date increase of 24.32% but a recent decline of 6.67% over the past five trading days [2] Group 1: Stock Performance - As of September 18, JiuGuiJiu's stock price was 68.40 CNY per share, with a market capitalization of 22.225 billion CNY [1] - The stock has seen a 68.18% increase over the past 60 days, while it has decreased by 6.67% in the last five trading days [2] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the latest instance on August 20, where it recorded a net purchase of 1.03 billion CNY [2] Group 2: Financial Performance - For the first half of 2025, JiuGuiJiu reported a revenue of 561 million CNY, a year-on-year decrease of 43.54%, and a net profit attributable to shareholders of 8.955 million CNY, down 92.60% year-on-year [2] - The company has distributed a total of 2.151 billion CNY in dividends since its A-share listing, with 942 million CNY distributed in the last three years [3] Group 3: Shareholder Structure - As of June 30, 2025, JiuGuiJiu had 136,000 shareholders, a decrease of 4.4% from the previous period, with an average of 2,388 circulating shares per shareholder, an increase of 4.61% [2] - Major shareholders include the China Securities White Wine Index A and the Hong Kong Central Clearing Limited, with varying changes in their holdings [3]