白酒股大反攻，指数一周狂飙6.28%！为何口子窖独自“掉队”？

每日经济新闻2025-08-24

每经记者｜刘明涛每经编辑｜肖芮冬在酒鬼酒的强势带动下，本周白酒板块出现明显反弹，Wind白酒指数周涨幅高达6.28%，创下年内最大周涨幅。而在行业出现大涨之时，口子窖的周涨幅却不足1%，股价表现在A股酿酒板块垫底。《每日经济新闻·将进酒》注意到，口子窖的“掉队”，与其正面临高端化受挫、渠道改革效果不佳以及实控人减持三重压力有关。尽管行业情绪均处于低位，但在板块...

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Why did Kouzijiao \"fall behind\" alone?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603589":1},"content_text":"每经记者｜刘明涛    每经编辑｜肖芮冬              在酒鬼酒的强势带动下，本周白酒板块出现明显反弹，Wind白酒指数周涨幅高达6.28%，创下年内最大周涨幅。而在行业出现大涨之时，口子窖的周涨幅却不足1%，股价表现在A股酿酒板块垫底。《每日经济新闻·将进酒》注意到，口子窖的“掉队”，与其正面临高端化受挫、渠道改革效果不佳以及实控人减持三重压力有关。尽管行业情绪均处于低位，但在板块估值优势明显以及中秋旺季将至等利好因素的叠加下，本周白酒行业受到资金密切关注。Wind白酒指数周涨幅高达6.28%，以62557.44点报收，创下今年二季度以来新高。个股方面，酒鬼酒周涨幅达到25.1%，股价表现在行业内一枝独秀；*ST岩石（维权）、舍得酒业、古井贡酒以及珍酒李渡的周涨幅也均超过10%，股价反弹幅度较大。此外，水井坊、*ST椰岛、今世缘、伊力特以及金种子酒的周涨幅也均在6%以上，并跑赢Wind白酒指数。华泰证券分析指出，当前白酒基本面环比企稳，预计8月以来白酒动销端表现环比降幅收窄，尤其升学宴、亲朋聚饮等大众宴席场景修复较快，300元以下大众价位白酒产品有所修复。政商务消费仍然有所承压，但预计未来随政策限制边际收窄，将稳步恢复。同时，由于前期需求快速下滑，部分渠道和终端经销商回款和出货更为谨慎。整体看，当前行业基本面表现筑底企稳，中秋旺季将近，期待需求稳步修复带动行业动销改善。从白酒个股表现来看，二三线白酒股本周整体走势出色，龙头企业反弹幅度则一般，山西汾酒、贵州茅台以及五粮液周涨幅均在3%左右。而曾经的徽酒“老二”口子窖，本周仅微涨0.79%，市场表现在A股酿酒行业垫底，显得较为另类。《每日经济新闻·将进酒》记者发现，本周口子窖发布了2025年中期业绩报告，从业绩反馈来看，公司面临经营压力不小，加之实控人减持等负面因素，资金对该公司偏好度降低。口子窖中报显示，公司2025年上半年实现营业收入25.31亿元，同比减少20.07%；实现净利润7.15亿元，同比减少24.63%。值得关注的是，口子窖高档白酒今年上半年仅实现销售收入23.85亿元，同比下降19.8%，作为利润核心，高档白酒近两成的降幅直接拖累了口子窖的盈利能力。而在渠道方面，口子窖近几年将大商制改为“1+N”小商模式，大量启用团购型、特约型经销商，以小商辅助大商。尽管公司经销商持续增加，但在行业下行周期中，此改革收效并不明显。在营收净利“双降”均超20%的同时，口子窖实际控制人刘安省却再度计划减持，预计减持不超过1000万股。按减持公告前一交易日收盘价计算，价值超过3亿元。公开资料显示，2024年9月，刘安省曾通过大宗交易向徐进转让了1.08%的股份，持股比例从11.66%下降至10.58%。而口子窖实控人的持续减持，似乎也向外界透露出悲观预期，影响着资金的投资信心。封面图片来源：口子窖官网截图\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2561347252","isCrawlerRequest":true}