金种子酒成唯一连亏5年上市酒企

Core Viewpoint - Jinzhongzi Liquor is unable to achieve its ambitious revenue target of 5 billion yuan by 2025, marking a significant decline compared to its peers in the Anhui liquor industry, known as the "Four Heroes of Anhui" [2][8]. Financial Performance - Jinzhongzi Liquor announced a projected net loss for 2025, with an estimated negative profit attributable to shareholders [2][3]. - For the first three quarters of 2025, the company reported revenue of 628 million yuan, a year-on-year decrease of 22.08%, and a net loss of 100 million yuan, a decline of 0.97% [2][3]. - In Q3 2025, the company generated 144 million yuan in revenue, with a net loss of approximately 28.3 million yuan, compared to a loss of 111 million yuan in the same period last year [4]. Revenue Breakdown - The revenue from high-end liquor reached 51.27 million yuan, a 7.33% increase from the previous year, while mid-range and low-end liquor revenues fell by 24.07% and 23.83%, respectively [5]. Historical Context - Jinzhongzi Liquor has faced continuous losses since 2021, accumulating a total loss of 633 million yuan over four years [8]. - The company had set a strategic goal in 2020 to achieve 5 billion yuan in revenue by 2025, requiring an annual increase of 1 billion yuan, but has consistently failed to meet this target [6][7]. Competitive Position - Jinzhongzi Liquor has fallen behind its competitors in the "Four Heroes of Anhui," with revenues significantly lower than those of Gujinggongjiu, Yingjia Gongjiu, and Kouzi Jiao [9]. - In the first three quarters of 2025, Gujinggongjiu, Yingjia Gongjiu, and Kouzi Jiao reported revenues of 16.42 billion yuan, 4.516 billion yuan, and 2.306 billion yuan, respectively, while Jinzhongzi's revenue was only about 27% of Kouzi Jiao's [9]. Management Changes - In 2022, Jinzhongzi Liquor brought in strategic investment from China Resources, leading to changes in management, including the appointment of He Xiuxia as general manager [9]. - He Xiuxia resigned from the position in July 2025, ahead of the scheduled end of her term [9]. Future Strategy - 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 management of existing products are part of the strategy to enhance sales and profitability [10].