证券代码：600199 证券简称：金种子酒 公告编号：临 2025-038 安徽金种子酒业股份有限公司 关于拟以公开挂牌方式转让控股子公司金太阳药业 92%股权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ◆ 安徽金种子酒业股份有限公司（以下简称"公司"）以公开挂牌方式 转让控股子公司安徽金太阳生化药业有限公司（以下简称"金太阳药业"） 92%股权，本次公开挂牌征集的受让方为深圳珺澄药业有限公司（以下简称"珺 澄药业"），双方已于近日签署《产权交易合同》。 ◆ 本次交易已经第七届董事会第九次会议、2023 年年度股东大会审议通 过。 一、本次转让子公司股权的基本情况 公司于 2024 年 4 月 28 日召开了第七届董事会第九次会议，并于 2024 年 6 月 7 日召开了 2023 年年度股东大会，审议通过了《公司关于拟以公开挂牌 方式转让控股子公司金太阳药业 92%股权的议案》，同意公司按照国有资产处 置程序，通过产权交易机构以公开挂牌方式转让金太阳药业 92%的股权。具体 情 况 详 见 公 ...

2025年10月底，白酒上市公司三季报披露收官，在已披露财报的20家白酒上市公司中，仅贵州茅台 （600519.SH）和山西汾酒（600809.SH）两家实现微增，其余18家白酒上市公司业绩均出现不同程度 下滑，行业整体承压，深度调整仍在持续。 在整体消费环境复杂多变的背景下，白酒上市公司，尤其是区域型酒企，正经历着前所未有的压力测 试。包括今世缘、水井坊、迎驾贡酒、口子窖、老白干等区域白酒企业集体"失速"，酒鬼酒、伊力特、 天佑德、金种子、皇台酒业等三季度录得亏损。 在区域酒企集体推进全国化的背景下，一个更深层的信号正在释放：包括今世缘、口子窖、迎驾贡酒在 内的多家区域酒企，不约而同地出现了省外经销商数量的大幅削减。数据背后，区域酒企是"撤退"还 是"战略转向"，抑或"以退为进"？ 三季度区域白酒业绩承压 当下的白酒市场，正处于多重因素交织的复杂局面中。从宏观消费环境来看，理性消费、品质消费的趋 势日益深化，传统的政务消费早已让位于更为挑剔和谨慎的商务与大众消费。在"少喝酒、喝好酒"的共 识下，消费者的选择更加聚焦于品牌力、品质和性价比，这无疑对品牌张力相对较弱、产品结构尚在升 级过程中的区域酒企构成了巨大 ...

◼ 风险提示：出清不充分和消费复苏不及预期的风险，行业竞争加剧风险。 证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 白酒 2025 年三季报总结：加速纾压，底部渐明 2025 年 11 月 06 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 结构及规模均承压，净利率持续回落。毛利率方面，25Q1~3 白酒板块 毛利率为 82.3%，同比-0.1pct；25Q3 板块毛利率为 81.7%，同比-0.7pct； 结构、货折的拖累延续，规模负效应影响亦边际加剧。费率方面，25Q3 多数酒企销售费率同比增长，其中茅台、汾酒、酒鬼、老白干、金徽酒、 金种子酒销售费率同比改善，与费用管控加强有关；25Q3 伴随收入兑 现趋弱，多数酒企管理费率同比小幅增长。利润增速方面，25Q1-3 高端 （-0.5%）＞次高端（-7.6%）＞地产酒（-34.7%），毛利率持续承压同时， 龙头酒企费用收缩力度边际加大，帮助稳定经营效益。 ◼ 投资建议：我们认为，当前酒企均已步入纾压出清阶段，后续的核心期 待来自业绩修复预期的判断，自下而上优先关注更早看到拐点，且增长 弹性领先的酒企。 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

文丨酒食汇团队 日前，20家白酒上市公司三季报全部出炉，除贵州茅台和山西汾酒实现营收净利增长外，其余18家酒企均在前三季度出现业绩下滑或亏损，以稳健著称的 徽酒军团此次也未能幸免，陷入集体承压。 根据各家2025年三季度财报：古井贡酒营收164.25亿元；迎驾贡酒营收45.16亿元；口子窖酒营收31.74亿元；金种子酒营收6.28亿元。2025年前三季度，4 家总营收247.4亿元，而去年同期该数据为297.5亿元。 单看第三季度，古井贡酒营收下滑51.65%，净利润降幅达74.56%；口子窖营收下滑46.23%，净利润降幅达92.55%；迎驾贡酒营收下降20.76%，净利润下 滑39.01%；金种子酒"意外"成为徽酒阵营中唯一实现单季营收正增长的企业，增长率为3.73%。 徽酒军团第三季度表现不及预期的原因是什么？ 三重因素，徽酒军团集体"受挫" 当前徽酒军团的短期波动，本质是行业从"规模扩张"向"价值提升"转型的必经阶段，且徽酒军团的基本盘仍稳固。 今年以来，白酒行业呈现"量缩价跌、库存高压、消费分化"特征，尤其是5月份新"禁酒令"的出台，给本就"寒意"逼人的白酒行业一记重拳，导致核心消 费场景需求断崖式 ...

目前金种子酒管理层仍以 华润 系为主，但其 "啤酒打法"被 诟病已久。虽然管理层对金种子酒进行系列调整，包括向 "馥合香"等核心品系倾斜资 源、聚焦安徽大本营市场，但低端酒营收占比过半的格局仍未改变， 金种子酒能否在 白酒行业的 深度调整中找到拐点，成了区域酒企的 典型 命题。 从季度表现来看，公司单季营收 1.44 亿元，同比增长 3.73% ，归母净利润亏损 2829.88 万元，较上年同期的亏损 1.11 亿元明显收窄，减亏 幅度达到 74.42% 。虽然亏损仍在，但第三季度已显现出边际改善的迹象。 公司解释称，亏损收窄的主要原因是行业下行中公司主动收缩市场费用支出、优化结构、压缩开支，从而带来利润改善。经营活动现金流净额为 -1.18 亿元，同比改善约 54% ，主要由于支付商品采购及税费减少。 然而，这一改善仍难掩全局压力。截至三季度末，公司短期借款 2.70 亿元，较年初增加 36.09% ； 合同负债 1.72 亿元，较年初下降 7.89% ，反映出经销商预付款减少；存货规模维持在 15.31 亿元，占流动资产比例达 76.74% 。现金流趋紧、库存高企的局面仍在延续。 导语：与古井贡、迎驾贡、 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment, with regional liquor companies facing significant pressure, as evidenced by declining revenues and profits across the board in the third quarter of 2025 [2][3]. Performance Pressure - All regional liquor companies reported a decline in both revenue and net profit in the first three quarters of 2025, with over ten companies showing this trend [3]. - Specific companies like Jinshiyuan and Qiaojia Wine experienced revenue declines of 10.66% and 19.79%, respectively, with net profits dropping by 17.39% and 79.85% [4][5]. Contract Liabilities - Contract liabilities, which reflect market expectations, have generally decreased for regional liquor companies, indicating cautious outlooks from distributors [7]. - Only Tianyoude Wine saw a slight increase of 0.1% in contract liabilities, while others like Shunxin Agriculture and Jinshiyuan experienced significant declines of 74.83% and 67.35%, respectively [7]. Market Dynamics - The industry is facing a shift from traditional distribution models to online and instant retail, which poses new challenges for liquor companies [8][10]. - The "public banquet prohibition" has weakened old demand while new demand is still developing, leading to high inventory levels and reduced purchasing willingness among distributors [8]. Third Quarter Insights - In the third quarter, only two companies, Jiugui Wine and Jinzongzi Wine, reported growth in both revenue and net profit, while others faced severe declines, with net profit drops exceeding 30% for most [6][9]. - Jiugui Wine's revenue was 1.98 billion yuan, a 0.78% increase, while Jinzongzi Wine's revenue was 1.44 billion yuan, up 3.73% [9]. Future Trends - The liquor industry is expected to evolve towards quality, youthfulness, and internationalization, with a focus on digitalization and experiential marketing [10]. - Companies are likely to strengthen channel control and build partnerships with distributors to stabilize prices and reach consumers directly [10].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 11 yuan [1]. Core Insights - The company reported a revenue of 630 million yuan for the first three quarters of 2025, a decrease of 22.1% year-on-year, while the net profit attributable to shareholders was -100 million yuan, remaining stable compared to the same period last year. In Q3 alone, revenue was 140 million yuan, an increase of 3.7% year-on-year, and the net profit attributable to shareholders was -30 million yuan, an improvement from -110 million yuan in the same period last year [1][5]. - The report highlights that the company is undergoing a phase of adjustment and reform, with signs of operational bottoming out. The revenue growth in Q3 indicates a potential recovery, particularly in the domestic market, despite ongoing competitive pressures [5][6]. Financial Performance Summary - **Revenue and Profitability**: The total revenue for 2024 is projected at 925 million yuan, with a year-on-year decline of 37.0%. The net profit is expected to be -258 million yuan, reflecting a significant drop of 1,067.2% year-on-year. By 2027, the company is projected to achieve a net profit of 235 million yuan, with a growth rate of 909.9% [1][12]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be -0.39 yuan in 2024, improving to 0.36 yuan by 2027 [1][12]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be -26 in 2024, -50 in 2025, and 29 in 2027, indicating a significant turnaround anticipated in the company's profitability [1][12]. Market and Product Performance - **Product Segmentation**: In Q3, the high-end, mid-range, and low-end products generated revenues of 10 million, 20 million, and 80 million yuan respectively, with year-on-year growth rates of 30.4%, -43.7%, and 32.4% [5][6]. - **Sales Channels**: Direct sales revenue increased by 28.6%, while wholesale revenue grew by 7.3%, indicating a stabilization in channel performance [5][6]. - **Regional Performance**: Domestic revenue grew by 22.0% in Q3, while revenue from outside the province decreased by 32.0%, highlighting the challenges faced in external markets [5][6].

Core Viewpoint - Gujinggongjiu's Q3 report shows significant declines in revenue and net profit, reflecting broader challenges in the liquor industry, with a shift towards high-quality growth amid ongoing adjustments [1][2]. Financial Performance - For the first three quarters of 2025, Gujinggongjiu reported revenue of 16.425 billion yuan, a year-on-year decrease of 13.87%, and a net profit of 3.96 billion yuan, down 16.57% [1][2]. - In Q3 alone, the company achieved revenue of 2.545 billion yuan, a substantial decline of 51.65%, and a net profit of 299 million yuan, down 74.56% [2]. - The basic earnings per share for the first three quarters were 7.49 yuan, a decrease of 16.59% year-on-year [1]. Cost and Expenses - For the first three quarters, Gujinggongjiu's operating costs were 3.307 billion yuan, down 14.54%, while sales expenses were 4.508 billion yuan, down 6.53% [2]. - R&D expenses increased by 20.58% to 622 million yuan, indicating a commitment to innovation despite overall financial pressures [2]. Industry Context - The liquor industry is undergoing a deep adjustment, transitioning from rapid growth to a focus on high-quality growth, with performance declines becoming a consensus among industry players [2]. - Despite the challenging environment, Gujinggongjiu and Yingjia Gongjiu have shown resilience due to their scale and comprehensive product offerings [2]. Competitor Performance - Yingjia Gongjiu reported a revenue decline of 18.09% to 4.516 billion yuan and a net profit drop of 24.67% to 1.511 billion yuan for the first three quarters [3]. - Kuozi Jiao experienced over a 20% decline in both revenue and net profit, facing challenges with fixed sales and management costs [4]. - Jinzhongzi Jiu was the only company unable to achieve profitability, reporting a revenue of 628 million yuan, down 22.08%, and a net loss of 1 billion yuan, which widened by 0.97% year-on-year [5]. However, it showed positive growth in Q3 with a revenue increase of 3.73% and a net profit increase of 74.42% [5].

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]