这也是白酒行业首份年度业绩预告出炉。 此前发布的 2025 年前三季度显示，口子窖的归母净利润为7.42亿元，同比减少 43 . 39%， 按照 披露的预计净利润， 2025 年第四季度口子窖的归母净利润同比大幅缩减，甚至可能出现亏损。 对比三季报，口子窖净利润下滑幅度进一步加大。 公告称，业绩预减的原因，主要是报告期内白酒行业市场分化与渠道变革加剧，叠加需求下行 及政策变化影响，核心利润来源高端窖产品销量大幅下滑，导致营业收入减少，同时为保 证公 司运营及市场持续投入，管理费用、销售费用下降幅度均小于营业收入下降幅度致利润总额下 降幅度较大。 截至公告日，口子窖股价报30.32元， 1 月 9 日收盘报 30 . 21 元，最新市值18 0 . 69 亿元， 2025年全年股价累计下跌2 0 %。 高档酒销量下滑 资料图。 口子窖发布年度业绩预告 王琳 2025 年末，白酒行业的深度调整态势仍在持续发酵 。 1月7日晚间，徽酒"四朵金花"之一的口子窖（603589.SH）发布2025年年度业绩预减公告称，经 财务部门初步测算，预计2025年年度实现归属于上市公司股东的净利润为6 . 62亿元到8 . 2 8 ...

单看第四季度，25Q4口子窖预计实现归母净利润为-7991万元至8559万元。以此来看，公司25Q4最好的 情况也将是净利润同比下降约75%。 业绩腰斩之际，口子窖开始将目光瞄准散酒领域。去年12月5日，口子窖宣布在安徽淮北开出首家直 营"口子酒坊"，定位"家门口的老酒铺"，主打纯粮散酒与社区化体验，现打现卖濉溪大曲、口子酒、口 子窖三款核心产品，旨在满足口粮酒复购需求。 中国酒业独立评论人肖竹青对智通财经记者表示，口子窖用直营酒坊，以"厂家直营+散酒高频复购"切 入，本质是重建终端触点，把价格、陈列、动销数据重新握在自己手里，同时用散酒承接低端需求，防 止份额被光瓶名酒继续蚕食，但效果如何还有待观察。 事实上，口子窖的业绩恶化此前已有端倪。 2025年前三季度，口子窖营收为31.74亿元，同比下降27.24%；净利润为7.42亿元，同比下降43.39%。 其中，当年第三季度营收为6.43亿元，同比下降46.23%；净利润为2696.51万元，同比下降92.55%。这 是口子窖2016年以来单季度最差营收，更是2015年公司上市以来单季度最差盈利。 尽管如此，口子窖2025年的业绩恶化程度还是超出了多数券商预 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 智通财经1月7日讯（记者 朱万平）白酒行业深度调整、叠加政策调整背景下，白酒股第一份业绩预告 出炉："徽酒老三"口子窖（603589.SH）2025年净利润预计同比减少超五成。业绩重挫之下，口子窖开 始将目光瞄准在散酒领域。 今日晚间，口子窖发布2025年度业绩预告，预计归母净利润为6.62亿元至8.28亿元，同比减少50%到 60%；预计扣非后归母净利润为6.45亿元至8.11亿元，同比减少49.65%至59.93%。 口子窖表示，公司业绩下滑主要系白酒行业市场分化与渠道变革加剧，叠加需求下行及政策变化影响， 核心利润来源高端窖产品销量大幅下滑，导致营业收入减少，同时为保证公司运营及市场持续投入，管 理费用、销售费用下降幅度均小于营业收入下降幅度，致利润总额下降幅度较大。 单看第四季度，25Q4口子窖预计实现归母净利润为-7991万元至8559万元。以此来看，公司25Q4最好的 情况也将是净利润同比下降约75%。 业绩腰斩之际，口子窖开始将目光瞄准散酒领域。去年12月5日，口子窖宣布在安徽淮北开出首家直 营"口子酒坊"，定位"家门口的老酒铺"，主打纯 ...

依托 "一企三园" 格局，企业打造集文化展示、工艺体验、品鉴互动于一体的精品旅游区，口子窖以匠 心守护文化根脉，用创新实践赋能城市发展，让淮北酒香飘向全国。 日前，口子酒业以依托全国目前已发现出土面积最大的酿酒遗址而建的濉溪酿酒遗址博物馆为核心，搭 配酒香四溢的东关打酒铺、融合运河文脉的口子酒文化博览园，创新性地将酒文化与运河文化相融合， 既留住老主顾，更圈粉年轻群体。 更通过"回厂游"等活动为淮北引流，让天南地北的 "口子粉" 熟知美酒小城故事。 ...

Core Viewpoint - The liquor industry is entering a deep adjustment period, significantly impacting medium-sized liquor companies like Kuozi Jiao [1] Financial Performance - In the first three quarters of 2025, Kuozi Jiao reported revenue of 3.174 billion yuan, a year-on-year decline of approximately 27% [2][3] - The net profit attributable to shareholders was 742 million yuan, down over 43% year-on-year, with a staggering 92.55% decline in the third quarter [1][3] - Operating cash flow turned negative at -390 million yuan, marking only the second occurrence of negative cash flow in the past decade [2][8] Sales Performance - High and mid-range liquor sales saw double-digit declines, while low-end liquor sales increased by 25.09% [2][8] - The sales revenue from high and mid-range liquor was 2.961 billion yuan and 41.304 million yuan, respectively, both showing significant year-on-year declines [7][8] Market Dependency - Kuozi Jiao remains highly dependent on the Anhui provincial market, with provincial revenue accounting for 84.54% in the first half of 2025 [7] - The company’s high-end liquor revenue growth has been declining, with growth rates of 1.94%, 16.58%, and 0.06% from 2022 to 2024 [7] Cost Structure - Despite the significant drop in net profit, the company’s selling expenses were 515 million yuan, only a 17.47% decrease year-on-year, indicating that cost reductions have not kept pace with revenue declines [4][8] - Management expenses increased slightly to 283 million yuan, compared to 280 million yuan in the previous year [4] Inventory Levels - As of September 2025, Kuozi Jiao's inventory reached a historical high of 6.218 billion yuan [9]

Core Insights - The 17th "Huazun Cup" China Liquor Brand Value Award Ceremony was held in Shenzhen, where the brand value report for 2025 was released, highlighting the achievements of the Anhui Kouzi Liquor Co., Ltd. with its Kouzi Jiao brand valued at 79.764 billion yuan, marking a new high and solidifying its position in the industry [1] - Kouzi Jiao was awarded the titles of "2025 Leading Brand of Chinese Mixed Aroma High-end Baijiu" and "2025 Chinese Baijiu Craftsmanship Quality Model Brand," further validating its brand strength [1] Industry Overview - The "Huazun Cup" is recognized as the "Olympics of the Chinese liquor industry," being the first and only authoritative platform focused on liquor brand value assessment in China [1] - The evaluation methodology employs a comprehensive factor measurement algorithm, considering brand strength, market performance, consumer reputation, and expert opinions, establishing itself as a credible industry assessment tool [1] Company Achievements - Kouzi Liquor has been recognized as a key national liquor enterprise, continuously optimizing production capacity and processes, leading to significant brand strength enhancement [3] - The company has received multiple honors, including "National Geographical Indication Product," "Chinese Time-honored Brand," and "China Famous Trademark," showcasing its commitment to quality and brand development [3] - The unique "One-step Mixed Aroma Process" and the combination of various grains and flavors have contributed to its distinctive taste, appealing to high-end Baijiu consumers [3] Future Outlook - The brand's value nearing 80 billion yuan and the receipt of two industry awards serve as authoritative recognition of its past achievements and empower its future development [4] - Kouzi Liquor aims to uphold its craftsmanship spirit, deepen quality connotations, and strengthen brand building to lead the development trend of Chinese mixed aroma Baijiu [4]

Core Viewpoint - The 2025 Mid-Autumn Festival Gala, sponsored exclusively by Kuaizi Jiao, aims to create a cultural celebration that combines audiovisual enjoyment with deep-rooted hometown sentiments, featuring prominent artists and a nostalgic reunion of the "Super Big Winner" production team [1][6][20]. Group 1: Event Overview - The gala took place on September 27, 2025, in Hefei, showcasing a blend of music and cultural themes related to the Mid-Autumn Festival [1]. - The event featured performances from notable artists such as Li Yuchun, Wang Feng, and Gu Juji, who sang classic and innovative songs related to themes of the moon, longing, and hometown [7][15]. Group 2: Brand and Cultural Significance - Kuaizi Jiao, as a key player in the Chinese liquor industry, embodies the essence of Anhui culture, with its unique "Jianxiang" flavor deeply embedded in the local community's identity [4][17]. - The theme of the gala, "Jianxiang Invites the Moon, Hometown Wine Talks Reunion," effectively connects the brand's unique product characteristics with the cultural significance of the Mid-Autumn Festival [4][18]. Group 3: Emotional Connection - For many Anhui residents, Kuaizi Jiao represents more than just a beverage; it symbolizes hometown flavors and cherished memories of gatherings with family and friends [6][20]. - The gala serves as a heartfelt tribute to Anhui, allowing people to celebrate their roots and share a drink that evokes nostalgia and warmth [6][18].

Group 1 - The article highlights the significant achievements of the market supervision system in protecting intellectual property rights in Chizhou City during the first half of 2025, including actions against patent infringement, trademark violations, and geographical indication protections [2] - A case was reported where a conference service company infringed on the registered trademark "面颂吉祥" by distributing unauthorized gift boxes during an event, resulting in a fine of 500 yuan and the confiscation of 164 gift boxes [3] - Another case involved a mother and baby store selling "Maxigenes" milk powder without authorization, leading to a fine of 5000 yuan and the confiscation of the infringing products [4] Group 2 - A wholesale store in Dongzhi County was found selling "六神" branded mosquito repellent and anti-itch products without proper authorization, resulting in a fine of 4000 yuan and the confiscation of 27 bottles of the infringing products [5][6] - A liquor store in Guichi District was penalized for selling counterfeit "口子" branded liquor, receiving a fine of 10000 yuan and the confiscation of 4 bottles of the infringing products [7][8] - An e-commerce center was found selling unauthorized "古井贡酒" and "口子窖" products, leading to a fine of 10000 yuan and the confiscation of 28 boxes of infringing liquor [9] Group 3 - A tea factory in Dongzhi County was penalized for selling products labeled "东至云尖" without authorization, resulting in a fine of 200 yuan and the confiscation of the infringing tea packaging [10]

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Viewpoint - The opening of the Suixi Brewing Site Museum marks a significant cultural development in Huai Bei, showcasing the historical significance of the brewing industry in the region and filling a gap in archaeological research in East China [1][6]. Group 1: Archaeological Significance - The Suixi Brewing Site is the largest brewing archaeological site in China, with an excavation area of 370,000 square meters and a digging area of over 3,600 square meters, revealing a complete brewing process from the Ming and Qing dynasties to the Republic of China [3][13]. - The site includes four brewing workshops, five stoves, five wells, over 50 fermentation pools, and approximately 700 artifacts, including wine jars and cups, which provide valuable evidence of the historical brewing practices [3][4]. Group 2: Cultural and Economic Impact - The museum serves as a cultural landmark, transforming historical relics into a narrative of Chinese liquor culture and providing a model for integrating cultural heritage with industry development [7][8]. - The establishment of the museum is expected to enhance the local economy by promoting cultural tourism and revitalizing the brewing industry in Huai Bei, with a focus on integrating liquor culture with tourism [8][9]. Group 3: Expert Insights - Experts emphasize the importance of the Suixi Brewing Site in understanding the historical context of Chinese liquor production and its potential to enhance the competitive edge of local brands like Kuozi Liquor [11][12]. - The site is recognized for its unique characteristics, including its comprehensive brewing facilities and the preservation of traditional brewing techniques, which are crucial for cultural heritage and economic development [12][15].