Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company reported a revenue of 1.47 billion in 2023, representing a year-on-year growth of 23.9%, and a net profit attributable to shareholders of -0.02 billion, indicating a reduction in losses [9] - The company experienced significant growth in its liquor business in 2023, with revenue from liquor and biopharmaceuticals changing by +43.5% and -13.6% respectively [10] - The company plans to divest its biopharmaceutical subsidiary to focus on its core liquor business, which is expected to drive further growth [11] - The company has shown strong reform momentum, with adjusted revenue forecasts for 2024-2026 indicating growth rates of 9.0%, 26.4%, and 31.7% respectively [11] Financial Performance Summary - In 2023, the company achieved a revenue of 1,469 million, with a projected revenue of 1,601 million for 2024, reflecting a growth rate of 9.0% [19] - The net profit is expected to turn positive in 2024, with estimates of 66 million, and further growth to 278 million and 598 million in 2025 and 2026 respectively [19] - The gross margin improved to 40.3% in 2023, with expectations to rise to 45.2% in 2024 and 67.0% by 2026 [19] - The company’s return on equity is projected to improve from -0.9% in 2023 to 19.5% by 2026 [19]

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证 2024 年 04 月 30 日 究 司 告 | --- | --- | --- | --- | --- | |----------------------|--------|--------|-------------------------|-------| | 预测指标 | | | 2023A 2024E 2025E 2026E | | | 主营收入（百万元） | 1,469 | 1,931 | 2,563 | 3,470 | | 增长率（%） | 23.9% | 31.4% | 32.7% | 35.4% | | 归母净利润（百万元） | -22 | 54 | 307 | 605 | | 增长率（%） | -88.2% | 344.5% | 470.0% | 96.6% | | 摊薄每股收益（元） | -0.03 | 0.08 | 0.47 | 0.92 | | ROE（%） -0.9% | | 2.1% | 10.7% | 17.5% | 证券研究报告 诚信、专业、稳健、高效 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信 ...

证 2024 年 04 月 30 日 究 公 研 告 证券研究报告 诚信、专业、稳健、高效 证券研究报告 请阅读最后一页重要免责声明 3 证券研究报告 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 股票投资评级说明： 以报告日后的 12 个月内，预测个股或行业指数相对于相关证券市场主要指数 的涨跌幅为标准。 诚信、专业、稳健、高效 ▌ 免责条款 本报告版权仅为华鑫证券所有，未经华鑫证券书面授权，任何机构和个人不得 以任何形式刊载、翻版、复制、发布、转发或引用本报告的任何部分。若华鑫 证券以外的机构向其客户发放本报告，则由该机构独自为此发送行为负责，华 鑫证券对此等行为不承担任何责任。本报告同时不构成华鑫证券向发送本报告 的机构之客户提供的投资建议。如未经华鑫证券授权，私自转载或者转发本报 告，所 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 419,417,781.39, representing a decrease of 3.02% compared to the same period last year[5] - Total operating revenue for Q1 2024 was ¥419,417,781.39, a decrease of 3.9% compared to ¥432,469,904.21 in Q1 2023[24] - The net profit attributable to shareholders was CNY 17,644,862.01, with basic earnings per share at CNY 0.0268[5] - Net profit for Q1 2024 was ¥18,379,273.94, a significant recovery from a net loss of ¥40,471,051.98 in Q1 2023[25] - Earnings per share for Q1 2024 was ¥0.0268, compared to a loss per share of ¥0.0626 in Q1 2023[26] - The company recognized non-operating income of CNY 2,803,987.93, primarily from breach of contract income[9] - The company reported a significant increase in other income to ¥1,911,131.24 in Q1 2024 from ¥1,579,616.22 in Q1 2023, indicating improved operational efficiency[25] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -104,564,009.87[5] - Cash flow from operating activities showed a net outflow of ¥104,564,009.87 in Q1 2024, worsening from a net outflow of ¥1,343,025.35 in Q1 2023[29] - The net increase in cash and cash equivalents was -101,695,214.77, down from -31,930,880.34 in the previous period[30] - The ending balance of cash and cash equivalents was 367,415,654.95, compared to 474,474,208.05 at the end of the previous period[30] - The initial cash and cash equivalents balance was 469,110,869.72, reflecting a decrease in liquidity[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,413,627,856.99, a decrease of 1.80% from the end of the previous year[6] - As of March 31, 2024, the total assets of Anhui Jinzhongzi Wine Industry Co., Ltd. amounted to RMB 3,413,627,856.99, a decrease from RMB 3,476,257,231.71 as of December 31, 2023[19] - The company's current assets totaled RMB 2,123,200,740.46, down from RMB 2,188,609,819.85 in the previous quarter, indicating a decline of approximately 2.99%[19] - The total liabilities decreased to ¥864,903,880.50 in Q1 2024 from ¥945,036,906.27 in Q1 2023, a reduction of 8.5%[21] - The total current liabilities decreased to RMB 704,854,584.97 from RMB 783,694,824.50, a reduction of about 10.05%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 103,451[13] - The largest shareholder, Anhui Jinzhongzi Group Co., Ltd., holds 27.10% of the shares[13] - The company has no significant changes in the shareholder structure or related party transactions during the reporting period[16] Research and Development - Research and development expenses increased by 181.61% during the reporting period[10] - Research and development expenses increased to ¥6,553,414.95 in Q1 2024, up from ¥2,327,116.58 in Q1 2023, indicating a focus on innovation[25] Other Financial Metrics - The weighted average return on equity increased by 2.33 percentage points to 0.70%[6] - The company reported a decrease in accounts payable from RMB 313,025,672.56 to RMB 299,293,092.50, a decline of about 4.4%[20] - The total cash inflow from financing activities amounted to 32,490,000.00, while cash outflow was 30,027,083.33, resulting in a net cash flow of 2,462,916.67[30] - The company distributed 27,083.33 in cash for dividends, profits, or interest payments[30]

证券代码：600199 券简称：金种子酒 公告编号：临2024-015 2、统一社会信用代码：913412005532995919 3、公司类型：有限责任公司（自然人投资或控股的法人独资） 4、公司住所：安徽省阜阳市开发区沙河路 291 号 5、成立日期：2010-04-22 6、注册资本：1680 万人民币 7、法定代表人：王文涛 8、营业范围：中成药、中药材、中药饮片、化学药制剂、化学原料 药、抗生素、生化药品、生物制品、精神药品(限第二类)、蛋白同化制剂、 肽类激素、消杀用品、卫生用品、医疗器械(以医疗器械经营企业许可证 核准的范围为准)的销售,道路普通货物运输,预包装食品兼散装食品;乳制 品(含婴幼儿配方乳粉)批发兼零售,保健食品、保健用品(含互联网批发)、 诊断试剂、化工原料(不含危化品)、化妆品、日用百货、计生用品、环保 清洗产品、药品包装材料、医用包装材料、试验设备、化学仪器及试剂 (不含危化品)、劳动防护用品的销售,商务信息咨询服务(依法须经批准的 项目,经相关部门批准后方可开展经营活动)。 9、股权结构：公司控股子公司安徽金太阳生化药业有限公司持有金 太阳医药 100%股权。 安徽金种子酒业 ...

Financial Performance - The company achieved operating revenue of 1,469.43 million yuan in 2023, representing a growth of 23.92% compared to 2022[12]. - The company achieved operating revenue of RMB 1,469.43 million, an increase of 23.92% compared to the same period last year[35]. - The company's operating revenue reached ¥1,469,427,360.13, an increase of 23.92% compared to the same period last year[36]. - Total operating revenue for 2023 reached ¥1,469,427,360.13, an increase of approximately 24% compared to ¥1,185,751,744.31 in 2022[98]. - The company's net profit margin decreased, with undistributed profits showing a loss of ¥319,365,237.72 compared to a loss of ¥197,555,221.82 in the previous year[96]. - The net profit attributable to the parent company was a loss of RMB 22.07 million, a reduction in loss of RMB 165.05 million compared to the previous year[35]. - The net profit for 2023 was reported at -¥19,708,944.65, an improvement from -¥186,087,528.75 in the previous year[104]. - The total profit for the year was ¥3,446,280.32, contrasting with a total loss of -¥166,374,736.41 in 2022[104]. - The total comprehensive income for 2023 was -¥19,708,944.65, compared to -¥185,337,528.75 in 2022, showing a positive trend[104]. - The total comprehensive income for the year 2023 decreased by ¥22,069,577.53, resulting in a net loss of ¥19,708,944.65[125]. Cost Management - The company implemented cost-saving measures in procurement, saving over 30 million yuan throughout the year[19]. - Operating costs were ¥876,903,867.28, showing a slight increase of 0.54% year-on-year[36]. - Total operating costs for 2023 were ¥1,473,903,190.69, up from ¥1,370,736,556.64 in 2022, reflecting a rise of about 7.5%[98]. - The total cost of white liquor was 502,476,096.77 RMB, accounting for 58.10% of total costs, an increase of 19.94% year-on-year[75]. - The gross profit margin for high-end liquor products was 76.36%, while the low-end liquor products saw an increase in gross margin by 15.00 percentage points[40]. - The gross profit margin for liquor sales was impacted, with direct material costs increasing by 19.05% year-on-year[75]. Research and Development - The company completed the production research of 7 new products, including Methylprednisolone Acetate Tablets, and registered 4 varieties, including Dihydrocodeine Injection[24]. - The company established the Jinzhongzi Fuhuo Fragrance Technology R&D Base and received the Anhui Province Science and Technology Achievement Certificate for key technologies in the industrialization of mixed solid-state fermentation[23]. - The company has established various R&D platforms, including a national-level laboratory and a provincial technology center, to enhance innovation capabilities[31]. - Research and development expenses amounted to 25,214,104.31 RMB, representing 1.72% of total operating revenue[80]. - Research and development expenses for 2023 were ¥25,214,104.31, slightly up from ¥24,874,322.14 in 2022[98]. - The company has a total of 129 R&D personnel, accounting for 5.83% of the total workforce[81]. Market Expansion and Sales - The company completed the channel layout in Anhui province and surrounding areas, with over 70% completion rate in surrounding regions and over 80% in key markets outside the province[20]. - The company plans to continue expanding its market presence and product offerings, focusing on enhancing operational efficiency through lean procurement strategies[39]. - The revenue from direct sales (including group purchases) was ¥38,162,958.21, with a significant increase of 72.99% year-on-year[41]. - Sales in the domestic market accounted for 79.58% of total revenue, with a significant increase in sales volume to 15,065.92 thousand liters[156]. - The company expanded its dealer network, increasing the number of dealers in the province by 96 and outside the province by 135[157]. - The company’s liquor sales volume reached 18,326.44 thousand liters, a decrease of 20.36% compared to the previous year[72]. Financial Position - The total assets at the end of the period amount to 3,476,257,231.71 RMB, an increase from 3,394,502,005.53 RMB in the previous period[92]. - The company's cash and cash equivalents are reported at 507,310,869.72 RMB, slightly down from 510,641,096.39 RMB in the previous period[90]. - The inventory stands at 1,467,431,309.01 RMB, up from 1,328,567,555.88 RMB in the previous period[90]. - The company's total liabilities have increased to 783,694,824.50 RMB from 673,251,827.63 RMB in the previous period[92]. - The total equity attributable to shareholders decreased to ¥2,519,131,868.12 from ¥2,545,029,038.17, a decline of about 1%[96]. - The company's total equity attributable to shareholders at the end of 2023 was ¥2,554,756,862.61, a decrease from ¥2,743,894,145.82 at the end of the previous year[134]. Operational Efficiency - The company has implemented a digital transformation, including ERP system upgrades and marketing digitalization, to enhance management efficiency[34]. - The company’s EHS management has improved safety management levels, with the subsidiary Jinri Biochemical Pharmaceutical Company recognized as an Anhui Province Environmental Integrity Enterprise[24]. - The company has reduced short-term borrowings to zero, a decrease of 100% from the previous period[84]. - The company reported a financial cost of -¥6,723,248.24, a decrease from -¥13,701,150.70 in the previous year, reflecting improved financial management[104]. Industry Trends - The total sales revenue for the national liquor industry in 2023 reached ¥756.3 billion, representing a year-on-year growth of 9.7%[144]. - The total profit for the liquor industry in 2023 was ¥232.8 billion, reflecting a year-on-year increase of 7.5%[144]. - The company experienced a decline in the total production volume of major liquor enterprises, which was 4,492,000 hectoliters, a decrease of 2.8% year-on-year[144].

证券代码：600199 证券简称：金种子酒 公告编号：临 2024-016 2024年第一季度主要经营数据公告 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个别及连带 责任。 根据《上海证券交易所上市公司自律监管规则适用指引第 3 号——行业 信息披露》之《第十二号——酒制造》第十六条相关规定，现将安徽金种子 酒业股份有限公司 2024 年 1-3 月份主要经营数据（未经审计）公告如下： 一 、 报告期经营情况 1、产品分档次情况 单位：万元 币种：人民币 | 分产品 | 本期营业收入 | 主要代表品牌 | | --- | --- | --- | | 高端酒 | 2,472.25 | 馥合香 16、馥合香 20 系列 | | 中端酒 | 8,278.55 | 馥合香 7、馥合香 9、柔和大师系列 | | 低端酒 | 26,151.67 | 祥和系列、颍州佳酿系列 | | 小计 | 36,902.47 | | 注：注：白酒产品按照厂家名义零售价为基础，细分为下列三档次，高 端（X>500 元/瓶）、中端（100＜X≤500 元/瓶）、低 ...

➢ 事件： 公司于 2024 年 4 月 16 日发布 2023 年业绩快报，2023 全年：公 司实现营收 14.69 亿元，同增 23.92%（其中：白酒销售收入 9.82 亿元，同增 43.43%，药业销售收入 4.17 亿元，同减 13.59%）；实现归母净利润-2,206.96 万元，同增 88.21%。单季度看：公司 23Q4 实现营收 3.96 亿元，同增 6.84%； 实现归母净利润 1278.98 万元，去年同期亏损 5145.80 万元。公司同日发布 2024 年第一季度业绩预盈公告，预计 24Q1 实现归母净利润 1,300-1,900 万元，同比 增加 5,416.15-6,016.15 万元，23Q1 为亏损 4116.15 万元，单季度实现扭亏为 盈。 ➢ 产品端：馥合香、头号种子新品稳健培育，底盘产品维持增长。公司重塑产 品结构，主力培育馥合香差异化战略新品，升级"馥合香系列"，加大中高端培 育力度，2023 年 4 月金种子馥合香推出馥 7、馥 9、馥 20 三款产品，今年 3 月， 馥合香馥 16 上市发布，次高端价位产品矩阵持续完善。公司推出光瓶酒头号种 子产品，同时稳固柔 ...

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for Q1 2024 to be between 13 million and 19 million CNY, an increase of 54.16 million to 60.16 million CNY compared to the same period last year, achieving a turnaround from loss to profit [1][2]. - The expected net profit after deducting non-recurring gains and losses for Q1 2024 is projected to be between 10 million and 16 million CNY, representing an increase of 52.70 million to 58.69 million CNY year-on-year, also indicating a turnaround from loss to profit [11][12]. - The company reported a net profit attributable to shareholders of the parent company of -41.16 million CNY in the previous year [13]. Operational Improvements - The company has implemented refined management practices such as lean production and optimized procurement, resulting in significant cost reduction and efficiency improvement [14]. - Marketing initiatives, including the "Spring Festival Campaign," have yielded positive results, contributing to revenue growth in the liquor segment and improved cost control [14]. Profit Forecast - The company emphasizes that the above profit forecast is based on preliminary calculations and is subject to change pending the official Q1 2024 report [10].