金种子酒总经理悬空4个月，中高端酒缩水3800万

Core Viewpoint - Jinzhongzi Liquor continues to struggle with losses, reporting a revenue decline of 22.08% year-on-year for the first three quarters, with a net loss of 1 billion yuan, marking its fourth consecutive year of losses [2][3][4]. Financial Performance - The company achieved a quarterly revenue of 1.44 billion yuan, a year-on-year increase of 3.73%, but still reported a net loss of 28.3 million yuan, although this was a significant reduction of 74.42% compared to the previous year's loss of 111 million yuan [4]. - The total revenue for the first three quarters was 628 million yuan, with a net loss of 1 billion yuan, which is an increase from a loss of 995.3 million yuan in the same period last year [2][4]. - Cumulative losses from 2021 to 2024 reached 6.33 billion yuan, and if losses continue in 2025, it will mark the fifth consecutive year of losses [4][5]. Product Segmentation - For the first three quarters of 2025, Jinzhongzi's liquor revenue was approximately 5.12 billion yuan, with high-end liquor revenue at 512.6 million yuan (10.01% of total liquor revenue), showing a year-on-year increase of 7.31% [7][8]. - Low-end liquor revenue accounted for 64.45% of total liquor revenue, amounting to 3.3 billion yuan, with a year-on-year decline of 23.79% [7][8]. Management and Strategy - The management team has undergone significant changes, with the general manager position vacant for four months and frequent turnover in key roles, which raises concerns about strategic execution stability [3][15][16]. - The company is focusing on optimizing its product line and reducing market expenses, but the reliance on low-end products remains a challenge [3][10][12]. Market Position and Challenges - Jinzhongzi's performance is lagging behind industry leaders, with the overall liquor sector experiencing a revenue decline of 5.83% in the first three quarters of 2025 [5][21]. - The company’s sales system heavily relies on traditional distribution channels, with over 90% of revenue coming from wholesale and agency channels, indicating a lack of diversification [11][12]. Future Outlook - Despite the challenges, there are potential growth opportunities due to support from the parent company, Huaren Group, and a stable market base in Anhui [23][24]. - However, the effectiveness of Huaren's fast-moving consumer goods strategy in the liquor sector remains uncertain, and a genuine transformation in strategy and execution is necessary for Jinzhongzi to overcome its ongoing losses [24][20].