证券代码：600199 证券简称：金种子酒 公告编号：临 2025-030 安徽金种子酒业股份有限公司 关于变更持续督导保荐代表人的公告 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。 本次变更后，国元证券负责公司非公开发行股票项目的持续督导保荐代表 人为刘依然先生、吴杰先生。 特此公告。 安徽金种子酒业股份有限公司 董事会 2025 年 7 月 16 日 附件：吴杰先生简历 吴杰先生，国元证券投资银行总部高级项目经理，保荐代表人、注册会计 师。曾负责或参与的项目主要有：黄山谷捷 IPO 项目、交建股份 IPO 项目、劲 旅环境 IPO 项目、佳先股份精选层挂牌项目等。 近日，安徽金种子酒业股份有限公司（以下简称"公司"）收到国元证券 股份有限公司（以下简称"国元证券"）出具的《关于变更安徽金种子酒业股 份有限公司持续督导工作保荐代表人的函》。国元证券作为公司 2017 年度非 公开发行股票的保荐和持续督导机构，原指派孙彬先生、刘依然先生担任保荐 代表人负责持续督导工作，持续督导期至 2020 年 12 月 31 日止。鉴于公 ...

Core Viewpoint - Multiple liquor companies have reported significant declines in revenue and net profit for the first half of 2025, leading to a collective drop in stock prices for these companies [1][4]. Group 1: Company Performance - Companies such as Jiu Gui Jiu, Jin Zhong Zi Jiu, Shun Xin Agriculture, and Shui Jing Fang have all issued profit warnings, indicating substantial losses or declines in earnings [1][4]. - Jiu Gui Jiu expects a net profit of only 8 million to 12 million yuan, a year-on-year drop of 90.1% to 93.4%, with revenue around 560 million yuan, down 43% [5][6]. - Shun Xin Agriculture anticipates a net profit of 155 million to 195 million yuan, a decrease of 53.85% to 63.32% year-on-year [6][7]. - Shui Jing Fang projects a net profit of 105 million yuan, down 56.52%, with revenue of 1.498 billion yuan, a 12.84% decline [6][7]. - Jin Zhong Zi Jiu forecasts a net loss of 90 million to 60 million yuan, indicating a challenging financial situation [6][7]. - *ST Yan Shi expects a net loss of 50 million to 75 million yuan, showing a slight improvement compared to the previous year [6][7]. Group 2: Market Reaction - Following the announcements, liquor stocks collectively fell, with Jin Zhong Zi Jiu and Jiu Gui Jiu dropping over 4%, and other companies like Shui Jing Fang and Shun Xin Agriculture also experiencing declines [1][2]. - The overall liquor industry is undergoing a deep adjustment phase, with weak demand in consumption scenarios such as business banquets [4][8]. Group 3: Investment Outlook - Despite the current downturn, some analysts suggest that the liquor sector may have limited downside potential and could present mid-term investment opportunities [8]. - Factors supporting this view include sufficient pre-receipts for leading liquor companies, which may limit the extent of profit declines, and an increasing dividend rate that enhances the attractiveness of leading companies' stock yields [8].

Core Viewpoint - Jinzhongzi Liquor is expected to report a significant net loss for the first half of 2025, continuing a trend of financial struggles over the past four years [1][5]. Financial Performance - The company anticipates a net profit attributable to shareholders of between -90 million to -60 million yuan for the first half of 2025, with a net profit excluding non-recurring items expected to be between -95 million to -65 million yuan [1]. - In Q1 2025, Jinzhongzi Liquor reported an operating income of 296 million yuan, a year-on-year decrease of 29.41%, and a net profit attributable to shareholders of -38.93 million yuan, a decline of 320.62% [5]. - Cumulatively, from 2021 to 2024, the company has recorded net losses of -166 million, -187 million, -22 million, and -258 million yuan, totaling over 600 million yuan in losses [5]. Industry Context - The liquor industry is experiencing a deep adjustment in 2025, with a continued decline in production and significant changes in consumer behavior and preferences [5]. - Jinzhongzi Liquor faces intense competition from regional brands like Guqingong Liquor and Kouzi Jiao, making it difficult to increase market share [6]. - The company has struggled to find a suitable transformation strategy despite multiple internal adjustments and the involvement of China Resources Group as a major shareholder [6]. Management Changes - Following the acquisition of a 49% stake by China Resources Group, there have been significant management changes, including the resignation of General Manager He Xiuxia [6]. - Analysts suggest that the operational strategies employed by China Resources, such as channel flattening and data control, have not been effective in the liquor market [6].

[Anhui Jinzizao Wine Co., Ltd. 2025 Semi-Annual Performance Pre-Loss Announcement Analysis](index=1&type=section&id=Anhui%20Jinzizao%20Wine%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Pre-Loss%20Announcement) [Current Period Performance Forecast](index=1&type=section&id=One.%20Current%20Period%20Performance%20Forecast%20Situation) The company anticipates a shift from profit to loss in H1 2025, with net profit attributable to shareholders expected to be a loss of RMB 60 million to RMB 90 million, and non-recurring net profit loss expanding to RMB 65 million to RMB 95 million 2025 H1 Performance Forecast | Forecast Metric (2025 H1) | Estimated Amount (RMB million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -90 to -60 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -95 to -65 | - This performance forecast has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=Two.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In contrast to the current period's projected loss, the company achieved profitability in the prior period (H1 2024), with net profit attributable to shareholders of **RMB 11.10 million** and non-recurring net profit of **RMB 3.65 million**, indicating a significant performance decline 2024 H1 Operating Performance | Metric (2024 H1) | Amount (RMB million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 11.10 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 3.65 | | Earnings Per Share | 0.0169 RMB | [Analysis of Performance Pre-Loss Reasons](index=1&type=section&id=Three.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Pre-Loss) The pre-loss is primarily due to dual internal and external pressures, including the deep adjustment phase and declining output in the baijiu industry, coupled with increased brand and market investment for the new 'Fuhexiang' series which is still in its market cultivation stage and has not yet achieved economies of scale - External factors include the baijiu industry undergoing deep adjustment in H1 2025, with continued production decline and significant changes in consumption patterns[6](index=6&type=chunk) - Internal factors include the company's new 'Fuhexiang' series being in its market cultivation period, not yet achieving economies of scale, and increased investment in quality expression, advertising, and consumer cultivation to enhance brand performance, thereby pressuring current period profits[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=Four.%20Risk%20Warning) The company states that as of the announcement date, there are no significant uncertainties affecting the accuracy of this performance forecast, but emphasizes that the forecast data remains unaudited by a certified public accountant - The company confirms no significant uncertainties exist that would affect the accuracy of this performance forecast[6](index=6&type=chunk) - This performance forecast has not been audited by a certified public accountant[6](index=6&type=chunk) [Other Explanations](index=2&type=section&id=Five.%20Other%20Explanations) The company advises investors that the disclosed data is preliminary, and the final accurate financial figures will be based on the officially released 2025 semi-annual report, urging caution regarding investment risks - The forecast data represents preliminary calculations, with final accurate figures subject to the company's officially disclosed 2025 semi-annual report, and investors are advised to exercise caution regarding investment risks[7](index=7&type=chunk)

Core Viewpoint - The A-share liquor industry has experienced a short-term rise, with several stocks, including Huangtai Liquor, hitting the daily limit, and others like Jinzhongzi Liquor increasing nearly 4% [1] Industry Summary - Huangtai Liquor has reached the daily limit, indicating strong investor interest and confidence in the stock [1] - Jinzhongzi Liquor has seen an increase of nearly 4%, reflecting positive market sentiment towards the liquor sector [1] - Other notable stocks such as Jiu Gui Jiu, Luzhou Laojiao, Wuliangye, and Kweichow Moutai have also followed suit with upward movements [1] Price Movement Summary - The price of the 25-year-old Feitian Moutai has reported a batch price of 1870 yuan per bottle, which is an increase of 20 yuan compared to the previous day [1]

Core Viewpoint - The liquor stocks have experienced significant upward movement, with Huangtai Liquor (000995) hitting the daily limit, and Jinzhongzi Liquor (600199) rising over 4% [1] Company Performance - Huangtai Liquor (000995) reached its daily limit, indicating strong investor interest [1] - Jinzhongzi Liquor (600199) saw an increase of more than 4%, reflecting positive market sentiment [1] - Other companies such as Laobai Gan Liquor (600559), Wuliangye (000858), and Shuijingfang (600779) also experienced upward movement, suggesting a broader trend in the sector [1] Market Activity - There is a notable influx of dark pool funds into these liquor stocks, indicating increased trading activity and potential investor confidence [1]

Core Viewpoint - The recent wave of executive changes in the liquor industry reflects a broader trend of management turnover amid deep adjustments within the sector, with over 10 major liquor companies experiencing core management changes in the past year [2][11]. Group 1: Executive Changes - He Xiuxia, the general manager of Jinzhongzi Liquor, resigned in early July, returning to China Resources Beer headquarters, following the departure of Hou Xiaohai from the chairman position at China Resources Beer [2][3]. - The resignation of He Xiuxia is indicative of a larger trend, as her tenure saw Jinzhongzi Liquor continue to struggle, with a reported revenue of 925 million yuan in 2024, a 37.04% decline year-on-year, and a loss of 258 million yuan, which is over ten times the loss from 2023 [2][11]. - The internal adjustments within China Resources have led to significant personnel changes across its liquor subsidiaries, with recent shifts at Shanxi Fenjiu and Jinsha Liquor, among others [7][10]. Group 2: Strategic Implications - The turnover of executives is not merely a personnel issue but is closely tied to strategic shifts within companies, as the liquor market faces structural changes and declining demand [11][14]. - Jinzhongzi Liquor's management attempted various reforms under He Xiuxia, including eliminating low-end products and focusing on mid-to-high-end offerings, but these efforts did not yield the desired results [11][13]. - The ongoing changes in leadership are seen as a response to performance pressures and the need for strategic realignment, with new leaders often bringing fresh perspectives and approaches to the market [14][17]. Group 3: Industry Trends - The liquor industry is experiencing a shift towards professional management, with an increasing number of experienced professionals and younger executives being appointed to leadership roles [15][17]. - The trend of internal promotions and the appointment of individuals with market experience is becoming more prevalent, as companies seek to enhance their operational effectiveness [16][17]. - The current environment necessitates a more scientific approach to management, as the industry grapples with challenges such as market contraction and changing consumer preferences [15][17].

Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, is closely linked to the company's poor performance, with significant losses reported during her tenure [2][5][15]. Financial Performance - Jinzhongzi Wine has experienced continuous losses from 2022 to 2024, with total losses amounting to 467 million yuan [2][5]. - Revenue for 2024 is projected to drop by 37% to 925 million yuan, and the first quarter of 2025 shows a 29.41% decline in revenue compared to the previous year [2][5][15]. - The company's low-end wine revenue fell by 29.08% in 2024 and by 40.89% in the first quarter of 2025 [13]. Executive Compensation - Despite the company's financial struggles, executive compensation has significantly increased, with total executive salaries rising from 3.441 million yuan in 2021 to 11.1413 million yuan in 2024 [2][5]. - He Xiuxia's highest annual salary during her tenure reached 3.0496 million yuan [5][6]. Market Position and Strategy - Jinzhongzi Wine is struggling to establish itself in the mid-to-high-end market while facing challenges in the low-end segment [3][10]. - The company has focused on products like "Fuhuo Xiang" but has faced difficulties in brand recognition and consumer acceptance [10][12]. - The brand's low recognition outside its home province has hindered its ability to compete in business settings [12]. Shareholder Sentiment - Shareholders have expressed dissatisfaction with the high executive compensation amid ongoing losses, with nearly 46% voting against the proposed executive salary resolutions at the 2024 annual meeting [4][7]. Management Changes - The management team has seen frequent changes, with He Xiuxia's departure marking a significant shift in leadership [8][15]. - The new interim management is tasked with exploring effective strategies to reverse the company's financial decline [15].

Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, is linked to the company's poor performance, with significant losses reported during her tenure [2][3]. Financial Performance - Jinzhongzi Wine reported cumulative losses of 467 million yuan from 2022 to 2024, with a 37% revenue drop in 2024 to 925 million yuan [2][3]. - The company experienced a net profit loss of 187 million yuan in 2022, 22 million yuan in 2023, and 258 million yuan in 2024 [3]. - In Q1 2025, the company reported a revenue of 296 million yuan, a year-on-year decline of 29.41%, and a net profit loss of 39 million yuan, a decrease of 320.62% [3]. Executive Compensation - Despite the financial losses, the total compensation for the executive team increased significantly, from 3.441 million yuan in 2021 to 11.1413 million yuan in 2024 [2][3]. - He Xiuxia's highest annual salary during her tenure reached 3.0496 million yuan [3]. Shareholder Sentiment - Shareholders expressed dissatisfaction with executive compensation during the 2024 annual meeting, with 45.59% and 45.57% of votes against the proposed compensation for directors and supervisors, respectively [3][5]. Market Position and Challenges - Jinzhongzi Wine struggles with brand recognition outside its home province, limiting its market presence in competitive environments [9]. - The company faces challenges in upgrading its product offerings, particularly in the mid-to-high-end segments, as consumer preferences shift towards established brands [7][9]. - Revenue from low-end products declined by 29.08% in 2024, and by 40.89% in Q1 2025 [11]. Strategic Direction - He Xiuxia aimed to improve the company's brand image and product structure but did not achieve these goals before her departure [11]. - The company is now under the interim management of Liu Fubi, with a focus on exploring effective strategies for turning around its financial performance [11].

Core Viewpoint - The recent wave of high-level executive departures in the Chinese liquor industry reflects deep-seated challenges and transformation pains faced by the sector, driven by high inventory levels and price inversions impacting growth [2][11]. Group 1: Executive Changes - Recent resignations include the chairman and board members of Yanghe Co. and the general manager of Jinzhongzi Liquor, indicating a trend of leadership instability across major liquor companies [3][4]. - Guizhou Moutai has also seen personnel changes, with new appointments aimed at addressing internal management dynamics [4]. - The performance pressures, such as Jinzhongzi Liquor's revenue drop of 37.04% to 925 million yuan and a net loss of 258 million yuan, are significant catalysts for these executive changes [4][10]. Group 2: Industry Challenges - The liquor industry is grappling with high inventory levels, with total inventory among 20 listed liquor companies reaching 168.39 billion yuan, an increase of 19.29 billion yuan year-on-year [5][8]. - The prolonged inventory cycle and frequent price inversions are eroding profits and confidence among distributors, leading to increased pressure on sales targets for management [8][9]. - The younger generation's declining interest in traditional liquor, with less than 30% of Gen Z purchasing liquor, poses a significant challenge for the industry [9]. Group 3: Market Dynamics - The liquor market is undergoing a structural adjustment, with a shift from high-growth expectations to a focus on stable dividends, as evidenced by the stock price declines of 19 out of 20 listed liquor companies in 2024 [10][12]. - The industry is witnessing a shift towards consumer-oriented strategies, moving from reliance on government and business consumption to targeting the mass market [13][16]. - New management is increasingly emphasizing innovation and digital marketing to adapt to changing consumer preferences and market conditions [16].