资料图。本文来源：新华网 丢失 "徽酒第二" 宝座之后 口子窖再遭联合创始人 减持 近日，口子窖（603589.SH）一则公告，再次让市场将目光聚焦这家徽酒企业。公告显示，公司股 东刘安省计划自减持公告发布之日起15个交易日后的三个月内，即2025年8月12日至2025年11月11 日，通过大宗交易方式减持不超过1000万股口子窖股票，占公司总股本的1.67%，减持价格按照市 场价格确定。 作为口子窖联合创始人，刘安省此番减持计划的披露，正值口子窖经营面临挑战之时。自2022年 营收、净利润被迎驾贡酒超越，失去"徽酒第二" 宝座后，口子窖业绩增长放缓、产品结构调整遇 阻等问题逐渐暴露。在此背景下，联合创始人减持无疑给本就压力重重的口子窖增添了更多不确定 性。 联合创始人持续减持，套现金额或超10亿 公开资料显示，刘安省为口子窖的"元老级"人物。1996年至2002年，刘安省历任口子集团总经 理、董事长；2003年1月至2011年3月，其又担任口子窖监事会主席、党委书记等职务。尽管在 2020年，刘安省正式退休，但其至今仍为口子窖第二大股东，截至公告日，刘安省共持有约 6347.35万股口子窖股票，对应持股比例 ...

Core Viewpoint - The announcement of shareholder Liu Ansheng's plan to reduce his stake in Kuozi Jiao has drawn attention to the challenges the company is facing, including slowing performance and difficulties in product restructuring [2][4][11]. Shareholder Actions - Liu Ansheng plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total share capital, between August 12 and November 11, 2025 [2]. - Liu Ansheng has a history of reducing his stake, having previously cashed out over 700 million yuan from multiple reductions since 2018 [4]. - If the current reduction plan is fully executed, Liu Ansheng could realize over 300 million yuan, bringing his total cash-out to over 1 billion yuan, with remaining shares dropping below 9% [5]. Financial Performance - Kuozi Jiao's revenue and net profit have been under pressure, particularly after losing its position as the "second in Anhui liquor" to Yingjia Gongjiu in 2022 [6][8]. - In 2022, Kuozi Jiao reported revenue of 5.135 billion yuan, a 2.12% increase, and a net profit of 1.55 billion yuan, a 10.24% decline [6][7]. - The gap in performance between Kuozi Jiao and Yingjia Gongjiu has widened, with Kuozi Jiao's revenue in 2023 at 5.962 billion yuan, a 16.1% increase, compared to Yingjia Gongjiu's 6.720 billion yuan, a 22.07% increase [7][8]. Market Challenges - Kuozi Jiao is facing significant challenges in product restructuring and market competition, particularly in the high-end segment where it has a small market share [9][10]. - The company has increased its marketing expenses significantly, with sales costs rising by 18.19% to 827 million yuan in 2023, but this has not translated into expected sales growth [10]. Future Outlook - The future for Kuozi Jiao appears challenging due to ongoing performance issues, shareholder actions, and market pressures [11]. - Analysts suggest that the company needs to make breakthroughs in the mid-to-high-end market and expand its presence outside Anhui to remain competitive [11].