Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, raises concerns about the company's strategic direction and operational stability amid ongoing financial struggles and management changes [1][8]. Company Overview - He Xiuxia resigned before the end of her term, which was set to last until November 21, 2025 [2]. - Jinzhongzi Wine has been facing significant financial challenges, with net losses reported at CNY 166 million in 2021, and projected losses of CNY 187 million, CNY 22 million, and CNY 258 million for 2022 to 2024 respectively [3][4]. - The company has struggled with a product mix heavily weighted towards low-end products, resulting in persistently low gross margins [2]. Management Changes - Following the acquisition of a 49% stake by China Resources Group, management changes were implemented, with a significant turnover of traditional distributors and a shift towards digital control of sales channels [3][4]. - Liu Fubi, the deputy general manager, will temporarily assume the role of general manager until a new appointment is made [1][8]. Strategic Initiatives - He Xiuxia attempted to reform the company by streamlining the product line and focusing on high-end offerings, but these efforts have not yielded positive results [2][3]. - The company’s sales strategy included a focus on digital monitoring and reducing channel inventory, but it has continued to report losses [3][4]. Financial Performance - The company's revenue has declined across all product categories, with high-end, mid-range, and low-end products seeing year-on-year revenue drops of 4.87%, 14.01%, and 29.08% respectively [3]. - Sales expenses increased by 25.58% in 2024, with advertising costs rising by approximately 43.33%, indicating a mismatch between marketing investments and revenue generation [4]. Market Context - The broader industry is experiencing a downturn, with a trend towards consolidation favoring larger brands, putting regional players like Jinzhongzi Wine under pressure [3][4]. - Despite current challenges, there may be opportunities in the mid to low-end market segments, as consumer preferences shift towards more affordable options [5].

Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Liquor, marks a new phase in the company's reform process, which has undergone significant changes in product quality and corporate governance over the past three years, despite still facing losses [1][2]. Group 1: Company Background and Challenges - Jinzhongzi Liquor, a representative of Huizhou liquor, has faced continuous losses for four years prior to the strategic investment from China Resources [2]. - The company achieved its peak performance in 2012 with a revenue of 2.294 billion and a net profit of 561 million, but has since seen a decline due to industry adjustments [2]. - The entry of China Resources has increased analyst coverage and market interest, with the number of reports rising significantly after their involvement [2]. Group 2: Strategic Initiatives and Performance - Under He Xiuxia's leadership, the company implemented a strategy called "Two Plastics, Two Reforms, and Three Lean," focusing on brand rejuvenation, channel expansion, and digital transformation [4]. - The number of distributors increased from 40,000 to 220,000, and the company has improved its market penetration and digital management efficiency [4]. - Jinzhongzi Liquor has restructured its product lineup into three tiers (high-end, mid-range, low-end) to enhance market competitiveness [4]. Group 3: Future Outlook and Marketing Strategy - The company is committed to a "no channel pressure" policy, which, while maintaining product pricing integrity, has limited short-term sales boosts from inventory pressure [5]. - Marketing reforms are underway, with a new marketing center manager appointed, marking a shift towards a more independent management structure [5][6]. - Experts suggest that if Jinzhongzi Liquor can continue to optimize its product structure and leverage resources from China Resources, it may regain its position in the second tier of Huizhou liquor within the next 3 to 5 years [6].

Core Viewpoint - The recent resignation of He Xiuxia, the general manager of Jinzhongzi Liquor, highlights the ongoing turmoil within the company and the broader challenges faced by regional liquor enterprises in a competitive market [1][9]. Company Summary - He Xiuxia submitted her resignation on July 2, 2023, effective immediately, due to work adjustments, and will not hold any position within the company or its subsidiaries post-resignation [1][5]. - He Xiuxia had been in her role since July 2022, during which Jinzhongzi Liquor faced continuous losses for four consecutive years from 2019 to 2022 [4][6]. - Under her leadership, several reform measures were implemented, including the restructuring of product lines and a focus on mid-to-high-end products, but these efforts did not yield the desired improvement in financial performance [6][8]. - Jinzhongzi Liquor's revenue for 2022 and 2023 was reported at 1.186 billion yuan and 1.469 billion yuan, respectively, with net losses of 187 million yuan and 22.07 million yuan [8][9]. - In 2024, the company experienced a significant decline in revenue to 925 million yuan, a year-on-year decrease of 37.04%, with net losses expanding to 258 million yuan, over ten times the previous year's loss [8][9]. Industry Summary - The liquor industry is facing intensified competition, particularly for regional brands like Jinzhongzi, which struggle against established players such as Gujing Gongjiu and Kouzi Jiao [10]. - The market for liquor has become increasingly saturated, especially in the 200 yuan price range, making it difficult for new products to gain traction [10]. - The systemic challenges faced by Jinzhongzi are indicative of broader issues within the regional liquor sector, where high-end positioning requires long-term investment, yet the market is not providing sufficient time for recovery [10].

证券代码：600199 证券简称：金种子酒 公告编号：临 2025-028 安徽金种子酒业股份有限公司 关于公司董事、总经理辞职的公告 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。 一、提前离任的基本情况 安徽金种子酒业股份有限公司（以下简称"公司"）董事会于近日收到公 司董事、总经理何秀侠女士的辞职报告。因工作调整，何秀侠女士请求辞去公 司第七届董事会董事、董事会战略与 ESG 委员会委员、提名委员会委员及总经 理职务。辞职报告自送达公司董事会之日起生效，辞职后何秀侠女士不在公司 及子公司担任任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期到 | 离任原因 | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | | | | | 期日 | | 市公司及其控 | 履行完毕的 | | | | | | | 股子公司任职 | 公开承诺 | | 何秀侠 | 董事、战 | 2025.7.1 | 2025.11.21 | 工作调整 | 否 | 否 | | ...

金种子酒（600199）公告，公司董事会收到董事、总经理何秀侠的辞职报告。因工作调整，何秀侠请求 辞去所有职务，辞职报告自送达董事会之日起生效。辞职后，何秀侠不在公司及子公司担任任何职务。 公司将由副总经理刘辅弼代行总经理职责，并积极推进总经理遴选及聘任工作。 ...

Group 1 - The core viewpoint of the articles indicates that the overall performance of the Chinese liquor industry, particularly the Anhui liquor brands, is declining due to low market penetration outside their home province and various cyclical challenges such as high inventory and insufficient consumer demand [1][4][5] - The Anhui liquor brands, including Jinzhidou, Yingjia Gongjiu, and Gujing Gongjiu, experienced significant stock price declines, with Jinzhidou dropping 4.18% and both Yingjia Gongjiu and Gujing Gongjiu seeing declines exceeding 2.5% [1][2] - The white liquor index showed a slight decline of 0.83% this week, closing at 55092.39 points, with some brands like Mogaogongsi and Yili Te experiencing stock price increases, while others faced notable declines [2][3] Group 2 - The Anhui liquor brands are struggling with low revenue from outside their home province, with Kuozi Jiao reporting only 11.13% of its revenue from outside Anhui, and both Yingjia Gongjiu and Jinzhidou not exceeding 17% [4][5] - Yingjia Gongjiu faced a dual decline in both provincial and external revenues, compounded by increased competition from Gujing Gongjiu and challenges in expanding its market presence [5] - Jinzhidou has been experiencing continuous losses since being acquired by China Resources, with its brand image and pricing power weakened due to a long-term focus on the low-end market [5]

证券代码：600199 证券简称：金种子酒 公告编号：2025-027 安徽金种子酒业股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 26 日 (二)股东大会召开的地点：安徽省阜阳市清河东路 523 号金种子研发大楼 9 楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,094 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 187,139,759 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 28.4494 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长谢金明先生主持，采用现场会议 记名式投票表决方式结合网络投票方式举行。会议 ...

法律意见书 安徽天禾律师事务所 关于安徽金种子酒业股份有限公司 2025 年第二次临时股东大会 之法律意见书 天律意 2025 第 01606 号 致:安徽金种子酒业股份有限公司 根据《中华人民共和国公司法》(下称《公司法》)、《中华人民共和国证券法》 (下称《证券法》)、中国证券监督管理委员会(下称"中国证监会")《上市公 司股东大会规则》(下称《股东大会规则》)以及《安徽金种子酒业股份有限公司 公司章程》(下称《公司章程》)等有关规定,安徽天禾律师事务所接受安徽金种 子酒业股份有限公司(以下简称"公司")委托,指派毛文斌律师、陶闰岳律师 (下称"天禾律师")出席公司 2025年第二次临时股东大会(下称"本次股东 大会"),对本次股东大会相关事项进行见证,并出具法律意见。 一、本次股东大会的召集与召开程序 (一)2025年6月10日,公司召开第七届董事会第十五次会议,审议通过 了《关于召开 2025年第二次临时股东大会的议案》,本次股东大会由公司董事会 负责召集。 法律意见书 (二)2025年6月11日,公司发布了公告《关于召开 2025年第二次临时 股东大会的通知》。 (三)本次股东大会的会议通知己于本次 ...

Group 1 - A-shares in the liquor sector have resumed a downward trend, with companies like Jinzhongzi Liquor and Huangtai Liquor falling over 2% [1] - Shanxi Fenjiu and Kweichow Moutai have also seen declines of over 1%, while Luzhou Laojiao, Gujing Gongjiu, and Yingjia Gongjiu followed suit [1] - The price of bulk Feitian Moutai has dropped below 1800 yuan, indicating a significant price reduction in the market [1]

Group 1 - The company will hold a shareholder meeting on June 26, 2025, at 14:30, at the designated location [1] - The meeting will involve both on-site and online voting, ensuring participation from shareholders [3] - The chairman will introduce the attendees and oversee the voting process [1][2] Group 2 - The company proposes to change its business scope and amend its Articles of Association due to changes in industrial classification [4] - The previous business scope included "production of liquor and other alcoholic beverages," while the new scope will be "production of alcoholic products" and other related activities [4][5] - The proposed amendments to the Articles of Association will align with the new business scope and improve corporate governance [4][5] Group 3 - The company intends to appoint Lixin Certified Public Accountants as the auditor for the fiscal year 2025 [6] - Lixin has a long history and is a member of the international accounting network BDO, with significant experience in securities services [6][10] - The audit fees for 2025 are set at RMB 700,000 for financial audit and RMB 250,000 for internal control audit, totaling RMB 950,000, with no change from the previous year [9] Group 4 - The previous auditor, Rongcheng Certified Public Accountants, has provided services for 26 years, and the company seeks to ensure independence by changing auditors [10][12] - The audit committee has reviewed Lixin's qualifications and confirmed its capability to meet the company's auditing needs [10][11] - The decision to change auditors will be submitted for shareholder approval at the upcoming meeting [12]