AGSW(SH:600199) Xin Lang Cai Jing·2025-11-17 05:33Core Viewpoint - The recent announcement by Jinzhongzi Wine regarding the divestiture of its pharmaceutical assets has garnered significant attention, as the company aims to optimize its industrial structure and focus on its core business of liquor production and sales [3]. Financial Performance - For the fiscal year ending December 31, 2024, Jinzhongzi Wine reported total assets of 17,939.27 million and total liabilities of 1,433.38 million, resulting in net assets of 16,505.89 million [7]. - The company's operating revenue for the same period was 16,094.70 million, with a net profit of 618.69 million. However, the net profit after excluding non-operating gains and losses was only 351.88 million, indicating a significant decline compared to previous periods [7]. - In 2024, the revenue from the liquor business saw a substantial decline of 24.33%, amounting to 744 million, with a further decrease of approximately 22% in the first three quarters of the year [7][9]. Business Segmentation - The liquor business is categorized into high-end, mid-range, and low-end products, with the following revenue contributions: high-end liquor generated 5,126.61 million, mid-range liquor 13,090.77 million, and low-end liquor 33,005.16 million [9]. - The company’s main brands include "Fuhuo Xiang" and "Jinzhongzi," which are part of its product offerings [9]. Strategic Moves - Jinzhongzi Wine's decision to transfer 92% of its stake in Jintai Pharmaceutical aligns with its strategy to strengthen its core liquor business and enhance asset utilization [9].