来源：每日经济新闻 原标题：金种子酒：2025年半年度净利润约-7220万元 转自：每日经济新闻 据每日经济新闻消息，金种子酒8月28日发布半年度业绩报告称，2025年上半年营业收入约4.84亿元， 同比减少27.47%；归属于上市公司股东的净利润亏损约7220万元；基本每股收益亏损0.1098元。 ...

Core Viewpoint - The financial performance of Jinzhongzi Liquor (600199.SH) has significantly deteriorated, with a substantial decline in revenue and a drastic increase in losses, indicating the failure of the "啤白赋能" strategy led by China Resources Beer (00291.HK) [2][3][6]. Financial Performance - For the first half of 2025, Jinzhongzi Liquor reported revenue of 484 million yuan, a year-on-year decrease of 27.47% from 667 million yuan [3]. - The net profit attributable to shareholders was a loss of 72 million yuan, a staggering decline of 750.54% compared to a profit of 11.1 million yuan in the same period last year [2][3]. - The company’s non-recurring net profit plummeted to -77.5 million yuan, a year-on-year drop of 2226.38% [3]. Sales and Marketing Expenses - Sales expenses increased by 18.44% to 151 million yuan, with advertising costs reaching 46.87 million yuan, up by 27.68 million yuan year-on-year [4]. - Despite a reduction in management and R&D expenses, the company significantly increased its advertising expenditure [3][4]. Product and Market Position - The majority of Jinzhongzi Liquor's revenue still comes from low to mid-range products, with a gross margin of only 36.45% for low-end liquor, compared to over 70% for three other listed liquor companies in the province [5]. - The revenue structure remains heavily reliant on low-end liquor, which accounted for over 60% of total revenue, with low-end liquor revenue declining by 32.77% to 251 million yuan [7]. Strategic Challenges - The strategic involvement of China Resources Beer has not yielded positive results, with cumulative losses of 467 million yuan from 2022 to 2024 [6]. - The departure of He Xiuxia, a key figure in the reform efforts, signals a failure of the attempted transformation of Jinzhongzi Liquor [7].

（记者 张喜威） 每经AI快讯，金种子酒8月28日发布公告称，公司第七届第十六次董事会会议于2025年8月26日在公司 总部九楼会议室召开。会议审议了《公司2025年半年度报告及摘要》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

8月27日，徽酒"四朵金花"之一的金种子酒（600199.SH）公布2025年半年报。报告期内，公司实现营业收入4.84亿元，同比减少27.47%；实现 归母净利润-7200万元，同比减少750.54%。 数据显示，上半年，公司高端酒系列——馥合香馥16、馥20实现营收3727.85亿元，占白酒销售收入比重不到10%。公司白酒收入结构仍然以 低端酒为主，上半年低端酒营收累计为2.51亿元，占营收比重超六成，低端白酒价格带在百元以下。2024年年报显示，其低端酒毛利率仅 36.45%，而省内另3家白酒上市公司2024年销售毛利率在70%以上。不难发现，低端酒规模难以支撑利润。 在控费行动上，金种子酒减少了管理费用支出，加大了销售费用投入。报告期内，公司管理费用0.33亿元，同比下降超过30%。公司称主要系 职工薪酬下降所致。据悉，金种子酒通过组织重塑，引入职业经理人，优化职能管理和生产考核评价体系，完善薪酬体系，实施向关键性岗 位、一线生产岗位以及创造价值岗位倾斜的专项激励。 值得关注的是，销售费用同比增长18.44%至1.51亿元，公司增大了广告投放力度。报告期内，广告费4687.11万元，同比增加超过270 ...

Core Viewpoint - Jinzhongzi Liquor reported a significant decline in revenue and net profit for the first half of the year, indicating ongoing challenges in its business operations [1][2]. Financial Performance - The company recorded a revenue of 484 million yuan, down 27.47% year-on-year, and a net loss of 72 million yuan, a staggering decline of 750.54% compared to the previous year [1]. - In Q2, revenue fell by 24% year-on-year, with a net loss exceeding 30 million yuan, showing an improvement from Q1, where revenue declined by 29% and net loss approached 39 million yuan [2]. Product Strategy - Jinzhongzi Liquor has restructured its product line, focusing on three key product categories: high-end (Fuhuo Xiang series), mid-range boxed (Jinzhongzi Year series), and light bottle liquor (Jinzhongzi Special Tribute), aiming to create a comprehensive product portfolio [2]. - The company launched a 68 yuan light bottle liquor "Number One Seed," targeting the restaurant and supermarket channels, and upgraded several products in the "Fuhuo" series to strengthen its brand [4]. Market Challenges - The company faces significant challenges in strategic adjustments to reverse the downward trend, particularly after the departure of the general manager from the investment partner China Resources Beer, indicating the initial phase of transformation was unsuccessful [3]. - Despite the investment from China Resources, the company has not seen substantial growth, with low-end liquor sales (under 100 yuan) dropping over 30% and mid-range liquor (100 to 500 yuan) declining nearly 20% [5]. Regional Performance - Jinzhongzi Liquor's revenue from outside the province fell by over 30%, with most new distributors being from within the province, highlighting difficulties in expanding its market presence [6]. - The company has struggled to maintain its foundational market share, with a continuous decline in its core revenue streams, which are heavily reliant on low-end and mid-range products [7]. Competitive Position - The company has not kept pace with the rapid growth of other liquor companies over the past two decades, resulting in a widening gap with local competitors [7]. - Despite the challenges, the investment from China Resources continues, and the company still has competitive advantages due to support from state-owned enterprises [8]. Market Sentiment - The capital market remains cautious about Jinzhongzi Liquor, with its stock price dropping over 15% this year, ranking second to last among A-share liquor companies [8].

Core Viewpoint - Jinzhongzi Liquor reported a significant decline in revenue and net profit for the first half of the year, indicating ongoing challenges in its business operations [1][2]. Financial Performance - The company recorded a revenue of 484 million yuan, a year-on-year decrease of 27.47% [1]. - Net profit showed a loss of 72 million yuan, a staggering year-on-year decline of 750.54% [1]. - In Q2, revenue fell by 24% compared to the previous year, with net losses exceeding 30 million yuan, which was an improvement from Q1's 29% revenue decline and nearly 39 million yuan loss [2]. Product Strategy - Jinzhongzi Liquor has restructured its product line, focusing on three key products: high-end (Fuhuo Xiang series), mid-range boxed (Jinzhongzi Year series), and light bottle liquor (Jinzhongzi Special Tribute) [2][4]. - The company launched a 68 yuan light bottle liquor "No. 1 Seed" targeting the restaurant and supermarket channels [3]. Market Challenges - The company faces significant challenges in both provincial and out-of-province markets, with over a 30% decline in revenue from low-end products (priced below 100 yuan) and nearly 20% from mid-range products [4][5]. - More than 60% of the company's revenue comes from low-end products, indicating a heavy reliance on this segment, which is experiencing a continuous decline [4]. Strategic Issues - The investment from China Resources Beer has not yielded significant results, with a notable drop in revenue from out-of-province sales [5][6]. - Jinzhongzi Liquor has struggled to expand its market presence and differentiate itself in a competitive industry, leading to a loss of market share [6][7]. - The company has not effectively utilized the resources and advantages brought by its investors, resulting in diminished management efficiency and strategic execution [7]. Future Outlook - Despite the departure of the general manager, investment from China Resources Beer continues, suggesting that the transformation efforts may not be over [8]. - The company must evaluate the previous strategic outcomes and develop a new market-accepted strategy to navigate its challenges [8]. - The capital market remains cautious, with Jinzhongzi Liquor's stock price dropping over 15% this year, ranking near the bottom among A-share liquor companies [8].

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of 2025, indicating challenges in its financial performance and necessitating strategic adjustments to its product lines and operational management [1]. Financial Performance - The company's revenue decreased by 27.47% to 484 million yuan, with a net loss of 72.2 million yuan in the first half of 2025 [1]. Product Line Adjustment - The company has restructured its product lines to focus on three main categories: high-end (Fuhuo Xiang series), mid-range boxed (Jinzong Nianfen series), and light bottle liquor (Jinzong Tegong), aiming to streamline its offerings and enhance performance [2]. - The total revenue from different product segments includes: - High-end liquor: 37.3 million yuan - Mid-range liquor: 113.4 million yuan - Low-end liquor: 251.3 million yuan [2]. Financial Control and Cost Management - The company upgraded its financial control system to improve expense management, transitioning from a rigid model to a more flexible and strategic approach, resulting in savings of nearly 27 million yuan in display expenses and significant reductions in promotional costs [3]. - The company is focusing on resource allocation by region and product, controlling fixed investment amounts based on market development stages, and enhancing the approval process for expense items [3]. Marketing and Organizational Restructuring - The company has restructured its sales regions and optimized market leadership roles, aiming to build a talent pool and improve organizational efficiency [3]. - The marketing center has been relocated to Fuyang to strengthen local market development and enhance collaboration with government entities for better support [3]. - Plans are in place to optimize management levels and improve operational efficiency, with a target of maintaining a maximum of three management levels and increasing the overall management span by 10% [3].

证券代码：600199 证券简称：金种子酒 公告编号：临 2025-032 安徽金种子酒业股份有限公司 第七届监事会第十二次会议决议公告 本公司监事会及全体监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： 一、会议召开情况 1、安徽金种子酒业股份有限公司（以下简称"公司"）第七届监事会第 十二次会议通知于2025年8月18日以短信及电子邮件方式发出，会议于2025 年 8 月 26 日上午在公司总部九楼会议室召开，采取现场与线上相结合的方式 进行表决。 2、本次会议应出席监事 5 名，实际出席监事 5 名。 3、会议由监事会主席陈新华先生主持，本次会议的召集、召开符合《公 司法》和《公司章程》的有关规定。 二、会议审议情况 经与会监事认真审议，并以投票表决的方式通过了以下议案： 1、审议通过《公司 2025 年半年度报告及摘要》 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）披露的 《安徽金种子酒业股份有限公司 2025 年半年度报告》与《安徽金种子酒业股 份有限公司 2025 年半年度报告摘要》。 ...

证券代码：600199 证券简称：金种子酒 公告编号：临 2025-031 安徽金种子酒业股份有限公司 第七届董事会第十六次会议决议公告 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： ◆ 无董事对本次董事会议案投反对或弃权票。 ◆ 本次董事会议案全部获得通过。 一、会议召开情况 1、安徽金种子酒业股份有限公司（以下简称"公司"）第七届董事会第 十六次会议通知于2025年8月18日以短信及电子邮件方式发出，会议于2025 年 8 月 26 日上午 10:00 在公司总部九楼会议室召开，采取现场结合通讯表决 方式进行表决。 2、本次会议应出席董事 8 人，实际出席董事 8 人。 3、本次会议由董事长谢金明先生主持。公司监事及高级管理人员列席会 议。本次会议的召集、召开、表决程序符合《中华人民共和国公司法》和《公 司章程》的有关规定。 经与会董事认真审议，并以投票表决的方式通过了以下议案： 1、审议通过《公司 2025 年半年度报告及摘要》 本议案已经公司董事会审计委员会事前审议通过，并同意提交公司董事 会审议。 ...

南财智讯8月27日电，金种子酒发布2025年半年度报告，报告期实现营业收入4.84亿元，同比下降 27.47%；归属上市公司股东的净利润-0.72亿元，同比下降750.54%；扣除非经常性损益后的归属于上市 公司股东的净利润-0.78亿元，同比下降2226.38%；基本每股收益-0.1098元。 ...