金种子酒成唯一连亏5年上市酒企 50亿营收梦碎“掉队”徽酒四杰

Core Viewpoint - Jinzhongzi Liquor (600199.SH), one of the four famous liquors in Anhui, is expected to report a net loss for the fiscal year 2025, marking a continuation of its financial struggles over the past five years [1][2]. Financial Performance - The company anticipates a negative net profit for 2025, with the loss expected to narrow compared to previous years [1][2]. - For the first three quarters of 2025, Jinzhongzi Liquor reported revenue of 628 million yuan, a year-on-year decline of 22.08%, and a net loss of 100 million yuan, a decrease of 0.97% year-on-year [2][8]. - In Q3 2025, the company achieved revenue of 144 million yuan, with a net loss of approximately 28.3 million yuan, compared to a loss of 111 million yuan in the same period last year [3]. Strategic Goals and Challenges - In 2020, the company set an ambitious goal to achieve 5 billion yuan in revenue by 2025, which now appears unattainable [5][8]. - The company has faced cumulative losses of 633 million yuan over the past four years, with revenue fluctuations and consistent losses since 2021 [8]. - Jinzhongzi Liquor has become the only publicly listed liquor company to report losses for five consecutive years, falling behind its peers in the Anhui liquor sector [8][9]. Market Position and Competition - The company is increasingly lagging behind its competitors, with revenue figures for 2025 showing that Jinzhongzi's revenue is only about 27% of that of its closest competitor, indicating a significant gap [9]. - The introduction of strategic investments from China Resources in 2022 aimed to enhance the company's market position, but the effectiveness of these strategies remains to be seen [9]. Future Plans - The company plans to optimize its high-end product structure and increase the sales proportion of high-end products to improve profitability [10]. - New product launches and better cost management strategies are also part of the company's plan to enhance market performance and regain profitability [10].