对于金徽酒第一季度业绩表现，酒水行业研究者欧阳千里对《华夏时报》记者分析称，"目前来看，酒业处于存量 市场，竞争陡然激烈，金徽酒在2023年、2024年快速增长之后，需要在未来的一段时间内进一步深耕，从而取 得'扎硬寨、打呆仗'的成功，表现在市场上便是增速的下降。" 本报（chinatimes.net.cn）记者周梦婷 北京报道 白酒行业首个一季报出炉，4月14日晚，金徽酒发布第一季度公告显示，该报告期，其营收净利润增幅皆降至6% 以下。对比2023年、2024年金徽酒营收净利润皆保持15%以上增幅来看，今年第一季度金徽酒业绩表现差强人 意；但结合整个白酒市场，金徽酒业绩表现相对稳健，根据白酒企业年报及业绩预告推算，2024年第四季度，顺 鑫农业、舍得酒业、酒鬼酒等酒企皆出现亏损情况；而第四季度、第一季度往往是春节白酒消费旺季。 对于今年第一季度表现，4月15日，金徽酒相关工作人员对《华夏时报》记者表示，"从2024年行情来看，我们业 绩应该算稳健向好增长。"近两年，整个白酒市场步入了深度调整期，即便前两年业绩表现亮眼的金徽酒态度也变 得相当谨慎，对于2025年，力争营收净利润目标的同比增幅皆降至个位数。其全 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a current stock price of 19.59 yuan [1]. Core Views - The company has shown steady performance with a product structure upgrade, achieving a revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year growth of 3.0%, and a net profit of 230 million yuan, up 5.8% year-on-year [5][9]. - The company is focusing on upgrading its product structure, with high-end products (priced above 300 yuan) accounting for 22.1% of revenue, an increase of 4.3 percentage points year-on-year [9]. - The company is expanding its market presence outside its home province, with revenue from provincial and non-provincial markets reaching 860 million yuan and 240 million yuan respectively, showing growth of 1.0% and 9.5% year-on-year [9]. - The gross margin improved to 66.8% in Q1 2025, up 1.4 percentage points year-on-year, indicating enhanced profitability due to product structure upgrades [9]. - The report forecasts steady growth in net profit for 2025-2027, estimating profits of 410 million yuan, 450 million yuan, and 480 million yuan respectively [9]. Financial Summary - The company is projected to achieve revenues of 3.021 billion yuan in 2024, 3.281 billion yuan in 2025, and 3.560 billion yuan in 2026, with year-on-year growth rates of 18.6%, 8.6%, and 8.5% respectively [8][12]. - The net profit is expected to be 388 million yuan in 2024, 409 million yuan in 2025, and 445 million yuan in 2026, with growth rates of 18.0%, 5.3%, and 8.8% respectively [8][12]. - The company's return on equity (ROE) is projected to be 11.7% in 2024, 11.4% in 2025, and 11.5% in 2026, indicating stable profitability [13].

2025 年 04 月 15 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn [Table_Title] 业绩增速稳健，产品结构继续升级 ——金徽酒（603919）2025 年一季报点评 最近一年走势 事件: 2025 年 4 月 14 日，金徽酒发布 2025 年一季报。2025Q1 公司实现营业 收入 11.08 亿元，同比+3.04%；归母净利润 2.34 亿元，同比+5.77%； 扣非归母净利润 2.31 亿元，同比+4.30%。 投资要点: 相对沪深 300 表现 2025/04/14 表现 1M 3M 12M 金徽酒 -1.3% 5.8% 2.8% 证券研究报告 | 市场数据 | 2025/04/14 | | --- | --- | | 当前价格（元） | 19.59 | | 52 周价格区间（元） | 15.47-24.18 | | 总市值（百万） | 9,937.22 | | 流通市值（百万） | 9,937.22 | | 总 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603919 证券简称：金徽酒 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ 单位：元 币种：人民币 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company has shown steady performance with a product structure upgrade, achieving a revenue of 1.11 billion yuan in Q1 2025, a year-on-year increase of 3.0%, and a net profit of 230 million yuan, up 5.8% year-on-year [5][9] - The company is focusing on upgrading its product structure, with high-end products (priced above 300 yuan) accounting for 22.1% of revenue, reflecting a 4.3 percentage point increase year-on-year [9] - The company is expanding its market presence outside its home province, with revenue from provincial and non-provincial markets reaching 860 million yuan and 240 million yuan respectively, showing increases of 1.0% and 9.5% year-on-year [9] - The gross margin improved to 66.8% in Q1 2025, up 1.4 percentage points year-on-year, indicating enhanced profitability due to product structure upgrades [9] - The report forecasts steady growth in net profit for 2025-2027, estimating 410 million yuan, 450 million yuan, and 480 million yuan respectively [9] Financial Summary - The company is projected to achieve revenues of 3.021 billion yuan in 2024, 3.281 billion yuan in 2025, and 3.852 billion yuan in 2027, with year-on-year growth rates of 18.6%, 8.6%, and 8.2% respectively [8][12] - The net profit is expected to grow from 388 million yuan in 2024 to 482 million yuan in 2027, with corresponding growth rates of 18.0%, 5.3%, and 8.5% [8][12] - The company's return on equity (ROE) is projected to remain stable, with estimates of 11.7% in 2024 and gradually increasing to 11.6% by 2027 [8][12]

2025 年 4 月 14 日，公司披露 25 年一季报，期内实现营收 11.1 亿元，同比+3.0%；归母净利 2.3 亿元，同比+5.8%。25Q1 业绩符 合预期、相对高基数下仍实现平稳增长；公司此前年报已披露 25 年收入目标为 32.8 亿（同比+8.6%）、净利目标为 4.1 亿（+5.1%）。 业绩简评 经营分析 金徽深扎西北地区，核心优势在于有明确且笃定的战略愿景，管 理层稳定且经验丰富。长期战略看得准、短期工作做得实，民营 的体制优势赋予公司形成了比较市场化的激励体制，能在外部环 境波动时灵活地调整路径与步伐，管理层及员工利益绑定度高、 目标向心力强；当下公司正稳健地推进区域深耕、市场边界延展、 用户工程建设等营销举措，看好品牌及经营势能持续提升。 具体营收拆分：1）分产品：25Q1 100 元以下/100-300 元/300 元 以上产品分别实现营收 2.2/6.3/2.4 亿元，同比分别 -32%/+14%/+28%，产品结构提升持续兑现，带动 25Q1 毛利率 +1.4pct 至 66.8%。2）分区域：25Q1 省内/省外分别实现营收 8.6/2.4 亿元，同比分别+1%/+9%，省 ...

Group 1: Macroeconomic Insights - In March 2025, exports increased significantly with a year-on-year growth rate of 12.4%, up from 2.3% in January-February, surpassing Bloomberg's consensus estimate of 4.6% [2] - The trade surplus for March reached $102.6 billion, contributing to a cumulative trade surplus of nearly 2 trillion RMB in the first quarter, which is an increase of approximately 600 billion RMB year-on-year [2] - The estimated contribution of external demand to actual GDP growth is projected to be 2.9 percentage points, potentially pushing the actual GDP year-on-year growth rate to 5% or higher [2] Group 2: Market Trends and Fund Flows - In the A-share market, there was a net outflow of financing funds close to 100 billion RMB last week, but the financing balance stabilized in the latter half of the week, indicating a potential market reversal [3] - The week saw significant inflows into broad-based ETFs, with net inflows reaching a record high since 2018, driven by institutional announcements of increased holdings [3] - The scale of share buybacks and capital increases reached new highs for 2025, indicating strong support for market stabilization [3] Group 3: Real Estate Sector Analysis - In 2024, the overall performance of domestic real estate companies was under pressure, with declines in both sales and land acquisition amounts, but the industry concentration increased, showing resilience among leading firms [12] - The main theme for 2025 is expected to be "steady operation and focus on core business," with a strategy of "sales-driven investment" to revitalize old inventory [12] - There is an anticipated increase in the proportion of operating profits for some real estate companies, alongside a continuous push for product quality upgrades [12] Group 4: Lithium Battery Materials Outlook - In 2024, capital expenditures for most lithium battery material companies declined year-on-year, with significant changes in supply-demand dynamics and profitability [13] - The report forecasts a tightening supply-demand situation for lithium iron phosphate and lithium hexafluorophosphate in the second half of 2025, leading to potential price increases [13] - Companies with cost or technological advantages in the supply chain are expected to see improvements in market share and profitability [13] Group 5: Company-Specific Performance - Shanghai Construction Group reported a revenue of 300.2 billion RMB for 2024, a slight decline of 1.45% year-on-year, but net profit increased by 39.2% [14] - Net profit for Guoyuan Securities reached 2.244 billion RMB in 2024, a year-on-year increase of 20%, driven by a 123% increase in investment income [15] - Net profit for NetEase Technology in 2024 was 675 million RMB, reflecting a 10.02% year-on-year increase, with expectations for accelerated growth in 2025 due to AI applications [15]

每经记者 熊嘉楠 每经编辑 叶峰 丨2025年4月15日 星期二丨 NO.1 茅台集团赴比亚迪、华为拜访交流 据贵州茅台消息，4月11日至12日，茅台集团党委书记、董事长张德芹率队先后拜访比亚迪股份有限公 司、华为技术有限公司。 分区域看，省内地区收入8.57亿元，增幅1.05%，占酒类营收比例78.26%。省外地区收入2.38亿元，增 长9.48%，占酒类营收比例21.74%。 点评：金徽酒营收和净利润增速较往年同期明显放缓，仅实现个位数增长。尽管300元以上高端产品收 入大幅提升，但100元以下产品收入下滑明显，这表明公司在产品结构升级过程中面临一定压力，低端 产品销售受阻。省内市场增长乏力，省外市场虽有所增长但占比仍低，全国化布局仍需加强。 NO.3 仁怀高粱总产量将达8万吨 中国酒业协会4月14日消息，近年来，仁怀市将高粱产业作为农业支柱产业来打造，通过政策扶持、资 金投入、技术指导等方式，鼓励农民种植红缨子高粱，推动产业化、规模化发展。2025年，仁怀规划种 植高粱36万亩，其中，订单高粱达26万亩，预计总产量将达到8万吨，覆盖农户5万余户。 点评：仁怀市大力扶持高粱产业，特别是红缨子高粱的种植，作 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for Q1 2025, driven by product structure upgrades and an expanding market presence, particularly in provincial and national markets [1][2][3][4] Financial Performance - The total revenue for Q1 2025 reached 1.108 billion yuan, a year-on-year increase of 3.0% - The net profit attributable to shareholders was 234 million yuan, up 5.8% year-on-year - The net profit excluding non-recurring items was 231 million yuan, reflecting a 4.3% year-on-year growth [1] Product Structure - The company saw significant growth in products priced above 300 yuan, with revenue from this segment increasing by 28.1% to 245 million yuan - Products priced between 100-300 yuan also grew by 14.2%, while products below 100 yuan experienced a decline of 31.7% - The share of products priced above 100 yuan in total revenue rose by 10 percentage points to 79.8% [1][3] Sales Channels - Revenue from distributors, direct sales (including group purchases), and online sales reached 1.035 billion yuan, 23 million yuan, and 37 million yuan respectively, with year-on-year growth rates of 2.8%, 31.3%, and 57.7% - The rapid development of the online market is notable [1][2] Market Expansion - The company’s revenue from provincial markets was 857 million yuan, growing by 1.0%, while revenue from outside the province reached 238 million yuan, with a growth rate of 9.5% - The number of distributors in provincial and non-provincial areas increased to 291 and 673 respectively, with net changes of +8 and +64 distributors year-on-year [2] Profitability - The gross margin for Q1 2025 was 66.81%, an increase of 1.4 percentage points year-on-year, attributed to product structure optimization - The company’s net profit margin improved to 21.1%, up 0.5 percentage points year-on-year, despite a slight increase in the tax rate to 6.18% [3] Strategic Outlook - The company aims for practical and positive operational goals in 2025, focusing on deepening market control in provincial areas and expanding in provincial markets - The strategy includes optimizing commercial models in emerging markets and enhancing profitability through product structure upgrades and cost management [4] Revenue and Profit Forecast - Projected revenues for 2025 and 2026 are 3.269 billion yuan and 3.550 billion yuan, representing year-on-year growth of 8.2% and 8.6% - Expected net profits for the same period are 408 million yuan and 439 million yuan, with growth rates of 5.1% and 7.5% respectively [4]

Core Viewpoint - The company reported a decline in growth rates for both revenue and net profit in Q1 2025, marking the lowest growth rates in the past five years, despite achieving record high revenues in 2024 [1][2]. Revenue Performance - In Q1 2025, the company achieved revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit of 234 million yuan, up 5.77% [1]. - The first quarter typically contributes about 35% of the company's annual revenue, indicating its importance in overall performance [2]. Product Segmentation - Revenue from products priced above 300 yuan reached 245 million yuan in Q1 2025, a year-on-year increase of 28.14%, while products priced between 100-300 yuan generated 630 million yuan, up 14.24%. However, products below 100 yuan saw a significant decline of 31.72% [3]. - The company has been focusing on increasing the sales proportion of high-end products since 2016, with 70.75% of revenue coming from mid to high-end products in 2024 [5]. Profitability and Cost Management - Despite revenue growth, the contribution from high-end products remains low, with only 18.75% of revenue from products priced above 300 yuan in 2024 [6]. - The company has not met its net profit targets for two consecutive years, with management expenses rising significantly, impacting overall profitability [7]. Market Expansion - The company has seen growth in its provincial and out-of-province revenues, with out-of-province revenue reaching 238 million yuan in Q1 2025, a year-on-year increase of 9.48% [8]. - The number of out-of-province distributors has increased significantly, from 163 in 2019 to 673 in Q1 2025, indicating efforts to expand market reach [8]. Strategic Goals - The company aims to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, having completed 33.78% and 28.75% of these targets in Q1 2025, respectively [9].