证券代码：600199 证券简称：金种子酒 公告编号：临 2025-034 安徽金种子酒业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 09 月 22 日 （星期一）下午 15:00-16:00 投资者可于 2025 年 09 月 15 日 （星期一） 至 09 月 19 日 （星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jnsy199@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽金种子酒业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日 发布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 22 日 （星期一） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说 ...

金种子酒公告，2025年上半年营业收入4.84亿元，同比下降27.47%。归属于上市公司股东的净亏损 7219.68万元，上年同期净利润1109.8万元。报告期内不进行利润分配、不转增股本。 ...

Group 1 - A-shares in the liquor sector experienced significant gains, driven by favorable factors such as clear valuation advantages and the upcoming Mid-Autumn Festival [1] - Shede Liquor reached the daily limit, while Shui Jing Fang and Ying Jia Gong Jiu rose over 6%, and other notable brands like Jin Hui Jiu and Shanxi Fen Jiu increased by over 4% [1] - Major brands such as Luzhou Laojiao and Wuliangye also saw increases, with Guizhou Moutai rising over 1% [1] Group 2 - The market capitalization and year-to-date performance of several liquor companies were highlighted, with Shede Liquor at 22.3 billion and a year-to-date increase of 2.42% [2] - Shui Jing Fang had a market cap of 23.7 billion but a year-to-date decline of 7.24%, while Ying Jia Gong Jiu's market cap was 37.3 billion with a decline of 10.31% [2] - Shanxi Fen Jiu showed strong performance with a market cap of 249.5 billion and a year-to-date increase of 14.93% [2]

Group 1 - The core viewpoint of the article highlights a significant increase in the A-share market for liquor stocks, with Shede Liquor leading the gains by over 7% [1] - Other notable performers include Shui Jing Fang, Shanxi Fen Jiu, Ying Jia Gong Jiu, and Luzhou Laojiao, all experiencing gains of over 1% [1] Group 2 - Shede Liquor (600702) saw a rise of 7.34%, with a total market capitalization of 21.8 billion and a year-to-date change of -0.06% [2] - Shui Jing Fang (600779) increased by 1.85%, with a market cap of 22.5 billion and a year-to-date decline of -11.63% [2] - Ying Jia Gong Jiu (603198) rose by 1.71%, with a market cap of 35.7 billion and a year-to-date decline of -14.09% [2] - Shanxi Fen Jiu (600809) increased by 1.68%, with a market cap of 243.8 billion and a year-to-date increase of 12.31% [2] - Luzhou Laojiao (000568) rose by 1.58%, with a market cap of 195.4 billion and a year-to-date increase of 11.27% [2] - Other companies such as Jinzhongzi Jiu (600199) and Gujing Gong Jiu (000596) also showed minor increases, with market caps of 7.4 billion and 87.5 billion respectively [2]

Core Viewpoint - The liquor sector experienced a rise of 0.87% on August 22, with *ST Rock leading the gains, while the Shanghai Composite Index rose by 1.45% and the Shenzhen Component Index increased by 2.07% [1]. Group 1: Liquor Sector Performance - The top-performing stock in the liquor sector was *ST Rock, closing at 6.72 with a gain of 5.00% and a trading volume of 51,800 shares [1]. - Other notable performers included Sharde Wine V, which closed at 60.91 with a 2.72% increase, and Gujing Gongjiu, which rose by 2.57% to close at 164.33 [1]. - The overall trading volume for the liquor sector was significant, with Guizhou Moutai achieving a trading volume of 45,000 shares and a closing price of 1463.95, reflecting a 1.08% increase [1]. Group 2: Capital Flow Analysis - The liquor sector saw a net inflow of main funds amounting to 30.83 million yuan, while retail investors contributed a net inflow of 24.6 million yuan [2]. - Conversely, there was a net outflow of 277 million yuan from speculative funds, indicating a mixed sentiment among different types of investors [2]. - The overall capital flow dynamics suggest a strong interest from retail investors despite the outflow from speculative funds [2].

Group 1: Market Performance - The food and beverage sector continues to show strong performance, with the Food ETF (515710) rising by 1.61% and achieving a four-day consecutive increase [1] - Major stocks in the liquor segment experienced significant gains, with brands like Jiu Gui Jiu hitting the daily limit, and She De Jiu Ye increasing by 8.4% [1] - The food and beverage sector attracted a net inflow of 5.355 billion yuan from main funds, ranking third among 30 sectors [3][4] Group 2: Policy and Economic Environment - Continuous consumer promotion policies have been implemented this year, enhancing industry recovery, with a focus on expanding domestic demand [6] - Recent meetings emphasized the importance of stimulating consumption potential, which is expected to positively impact the liquor sector [6] - The food and beverage sector's valuation remains low compared to other sectors, indicating potential for continued upward movement [6] Group 3: Investment Opportunities - The Food ETF (515710) is highlighted as a key investment vehicle, with approximately 60% of its portfolio allocated to leading high-end liquor stocks [8] - The current market conditions suggest that it may be a favorable time to invest in the food and beverage sector, given its relatively low valuation [6][8] - The sector is expected to see a recovery in demand, particularly in the liquor market, as consumer behavior normalizes post-policy adjustments [7]

Market Overview - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.05%, the Shenzhen Component down 0.66%, and the ChiNext Index down 1.71% [1] - The North China 50 Index also fell by 0.39% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 15,350 billion yuan, a decrease of 1,430 billion yuan from the previous trading day, indicating reduced market activity [1] - Over 3,400 stocks in the market declined, reflecting poor market profitability [1] Sector Performance - The liquor sector emerged as a significant highlight, with the liquor ETF (512690) leading gains at 2.53% [1] - Notable stocks in the liquor sector included: - JiuGuiJiu (酒鬼酒) surged by 10.00% to 63.47 yuan [2] - SheDeJiuYe (舍得酒业) increased by 8.16% to 62.56 yuan [2] - YiLiTe (伊力特) rose by 6.24% to 16.68 yuan [2] - GuJingGongJiu (古井贡酒) climbed by 5.81% to 162.93 yuan [2] - JinZhongZiJiu (金种子酒) gained 4.88% to 11.40 yuan [2] - The surge in the liquor sector may be attributed to multiple factors, including the upcoming Mid-Autumn Festival, which is expected to boost liquor consumption, and favorable policies aimed at stimulating consumer spending [2]

Group 1 - The food and beverage sector is experiencing a strong upward trend, with the Food ETF (515710) showing a price increase of 1.45% as of the latest report [1][2] - Notable stocks in the sector include strong performances from liquor companies, with brands like Jiu Gui Jiu hitting the daily limit, and She De Jiu Ye rising over 9% [1][3] - The overall market sentiment is positive, driven by government policies aimed at boosting domestic consumption, particularly benefiting the food and beverage sector [3][4] Group 2 - The Food ETF (515710) tracks the sub-index of the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks [5][6] - Recent government initiatives, such as the "old for new" consumption policy, are expected to further stimulate demand in the consumer sector, particularly for liquor products [3][4] - The valuation of the food and beverage sector remains relatively low compared to other sectors, indicating potential for continued upward movement [3][4]

Core Viewpoint - Guizhou Moutai's 2025 interim report shows a revenue growth rate of only 9.1%, the lowest in nearly a decade, indicating a negative growth in Moutai series liquor revenue, reflecting the industry's adjustment period [3] Industry Overview - The liquor industry is currently experiencing a dual impact from macroeconomic cycles and industry adjustments, with companies preparing for the second half of the year by adopting strategies such as promoting low-alcohol liquor and improving manufacturer relationships [3][4] - The market for low-alcohol liquor (defined as below 30% alcohol content) is expected to reach a scale of 74 billion yuan by 2025, with a growth rate exceeding 20% in recent years, driven by a young consumer demographic [5][6] Company Strategies - Major liquor companies are launching new low-alcohol products to cater to changing consumer preferences, with brands like Wuliangye and Luzhou Laojiao announcing new low-alcohol offerings [3][4][5] - Water Well Square has also developed products below 38 degrees alcohol content, indicating a trend towards lower alcohol offerings [4] - Guizhou Moutai is focusing on three transformations: customer base, consumption scenarios, and service, to adapt to the current market challenges [9] Market Sentiment - The liquor industry is facing a divided sentiment, with some companies expressing pessimism about the market while others maintain a cautiously optimistic outlook [7][10] - The overall market is characterized by weak recovery and strong differentiation, with high-end brands like Moutai and Wuliangye expected to stabilize first, while mid-range and regional brands continue to face pressure [10][11] Economic Context - The Chinese government's investment in infrastructure and consumption stimulus measures are expected to gradually benefit the liquor industry, with a notable increase in stock prices for liquor companies following positive economic indicators [9][10]

Market Overview - The A-share market showed weakness in the morning of August 20, with the ChiNext index dropping over 2% before recovering slightly, while the Shanghai Composite Index rose by 0.04% and the Shenzhen Component Index fell by 0.53% [1][2] Sector Performance - The liquor sector experienced strong gains, with stocks like JiuGuiJiu hitting the daily limit, followed by SheDeJiuYe, JinZhongZiJiu, and GuJingGongJiu [5][6] - Basic metals and energy equipment sectors also showed strength, while software, internet, and biotechnology sectors faced adjustments [2][3] Liquor Industry Insights - Citic Securities noted that the liquor industry is rapidly bottoming out, with leading companies likely to seize opportunities to adjust channel structures and enhance market development capabilities [7] - If consumer demand gradually warms up, leading liquor companies that have made proactive adjustments are expected to benefit [7] Metals Sector Insights - The non-ferrous and minor metals sectors saw significant gains, with companies like LuoPingZinc and YunNanZhiYe hitting the daily limit [9][10] - Huatai Securities highlighted the strategic significance of rare earths in the context of "de-globalization," with increasing market optimism regarding rare earth prices and company performance [11]