11月25日，一场备受行业瞩目的盛典——"金奖加冕・盛启华章"金牌基酒荣获2025法兰克福国际大奖赛 中国区"大金奖"发布盛典，于贵阳领匠会馆隆重举行。这不仅是一场为世界级荣誉加冕的庆典，更是一 次中国散装白酒向世界宣告其品质自信与战略雄心的宣言。此次盛典，标志着以金牌基酒为代表的中国 散酒品牌，正式迈入了以国际权威标准为背书、以全国化战略为路径的全新发展阶段 国际最高认可，铸就散酒品质新标杆 2025年10月，在拥有近40年权威历史的德国法兰克福国际大奖赛上，金牌基酒核心产品"PK600"从全球 600余款顶尖参赛产品中脱颖而出，一举斩获赛事最高奖项——大金奖。法兰克福国际大奖赛素以评审 机制严苛、标准权威著称，其奖项被誉为国际食品饮料行业的"风向标"。此次夺魁，是中国散装白酒品 牌在该赛事中取得的最高成就，它向世界有力地证明：中国白酒的纯粮酿造技艺与卓越风味，已经完全 具备了与国际一流标准同台竞技、甚至引领标杆的实力。 这份沉甸甸的国际荣誉，并非金牌基酒品质之路的起点。回溯其发展历程，从2019年蝉联巴拿马万国博 览会与布鲁塞尔国际烈酒大赛双项金奖，到今日问鼎法兰克福，金牌基酒用一串坚实的国际脚印，不断 ...

Core Insights - The core strategy of Jinshan Jinmei Jixian Wine Castle is the "Thousand Cities, Ten Thousand Stores" initiative, which aims to blend tradition with innovation in the liquor industry [1][3] Company Strategy - Jinshan Jinmei recognizes the need to transform historical culture into tangible productivity to adapt to modern market demands, focusing on retail integration as a key to success [3] - The company has established "self-produced, self-brewed, and self-sold" as its core development direction, ensuring quality control while creating a direct sales channel from the winery to consumers [3][5] Expansion and Growth - The "Thousand Cities, Ten Thousand Stores" strategy was officially launched in 2019, marking a significant turning point in the company's development [5] - Jinshan Jinmei has strategically targeted high-potential consumer areas, combining various store formats to penetrate markets in Shanxi, Hebei, Henan, and economically developed regions like Beijing, Shanghai, and Guangdong [5] - The company has established over 800 stores nationwide, which serve not only as sales points but also as cultural showcases for Shanxi's rich heritage [5][7] Performance Metrics - Since the implementation of the "Thousand Cities, Ten Thousand Stores" strategy, Jinshan Jinmei has achieved over 300% growth for four consecutive years, positioning itself among the notable enterprises in the liquor chain sector [7] - The company's growth is attributed to the quality of its self-produced liquor and the advantages of its chain model, including unified supply chain management and standardized store services [7] Future Plans - Jinshan Jinmei aims to exceed 10,000 chain stores and aspires to become the largest customized liquor platform in China [7] - The company plans to list its supply chain management subsidiary on the Hong Kong main board and initiate an acquisition plan for agency companies, which will facilitate capital and scale development [7] Cultural Mission - Jinshan Jinmei is committed to spreading Chinese liquor culture through its extensive network, ensuring that each store acts as a cultural ambassador and each bottle represents Chinese liquor culture [9]

Core Viewpoint - The company is expanding its presence in Hainan as part of its "Thousand Cities, Ten Thousand Stores" strategy, leveraging the free trade port policy to explore Southeast Asian markets and establish a high-quality overseas raw material base [1] Group 1: Company Operations - As of November 4, the company's factory in Hainan covers an area of 60,135.35 square meters [1] - The construction of the Hainan food processing and cold chain storage center has been postponed to December 31, 2026, due to changes in the market environment [1] Group 2: Strategic Intent - The company's initial intention for its Hainan layout is to implement its strategic goals and take advantage of favorable policies to enhance its market reach [1]

Core Viewpoint - The company "Huang Shang Huang" (002695.SZ), known as the "first stock of duck neck," has faced continuous revenue decline, making its ambitious targets of 4 billion yuan in revenue and 10,000 stores unattainable [1][10]. Financial Performance - In the first half of 2025, the company reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit reached 76.92 million yuan, an increase of 26.90% [3][4]. - The revenue has declined for four consecutive years, with the first half of 2025 achieving only 46.86% of the annual target of 2.1 billion yuan [1][8]. - The company experienced a significant reduction in sales expenses, which decreased by 27.38% year-on-year, contributing to the net profit growth [2][4]. Store Expansion and Strategy - The company aimed to implement a "thousand cities, ten thousand stores" strategy, planning to open over 2,000 stores annually to reach a total of 10,000 stores within three to four years [1][9]. - However, the number of specialized stores has decreased by approximately 36% over the past year and a half, with a net reduction of 1,599 stores [1][9]. - As of June 30, 2025, the company had 2,898 specialized stores, down from 3,660 at the end of 2024 [9]. Market Conditions and Challenges - The company attributed its revenue decline to changes in consumer behavior and a decrease in single-store revenue for traditional stores [3][6]. - The prices of key raw materials, such as duck wings and duck necks, remained low, allowing the company to lower its average material costs [3][6]. - The ambitious revenue target of 4 billion yuan by 2026 now appears increasingly difficult to achieve given the current performance [8][10].

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics despite ongoing challenges in the market [1][2]. Financial Performance - The company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.2% [1]. - The net profit attributable to shareholders was 76.92 million yuan, reflecting a year-on-year increase of 26.9% [1]. - The average procurement prices for key raw materials such as duck neck, chicken wing tips, and duck wings decreased by 38.7%, 32.17%, and 21.35% respectively, contributing to lower production costs [1]. - The overall gross profit margin improved by 2.23 percentage points to 38.61% [1]. - Sales expenses decreased significantly by 27.38% compared to the previous year [1]. Business Segments - The main business segments, including the processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [2]. - The company operates under three brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [2]. Market Dynamics - Changes in consumer behavior, such as the rise of online shopping and increased health awareness, have negatively impacted foot traffic and consumption frequency in stores [2]. - The number of stores decreased from 3,660 at the end of 2024 to 2,898 by June 30, 2025, marking a net reduction of 762 stores [2]. - The company had previously set a goal to open over 10,000 stores in more than 1,000 cities by 2026, but is now falling short of this target [3]. Strategic Challenges - The company has closed a significant number of franchise stores, primarily due to their weaker ability to withstand market changes [3]. - Analysts suggest that the company, similar to its peers, has overly relied on store expansion for growth, which is becoming unsustainable in a competitive market [3]. - The company is shifting focus from rapid store expansion to optimizing store operations and enhancing single-store revenue to cope with market pressures [3].

Core Insights - The company reported a revenue of 984 million yuan for the first half of 2025, a year-on-year decrease of 7.2%, while net profit attributable to shareholders increased by 26.9% to 76.92 million yuan [1][3] Financial Performance - The decline in revenue is attributed to changes in consumer behavior, with a continuous decrease in single-store revenue and a failure to meet store expansion expectations, resulting in a negative growth in the number of stores [3][4] - The average procurement prices for key raw materials such as duck necks, chicken wings, and duck wings decreased by 38.70%, 32.17%, and 21.35% respectively, contributing to a reduction in production costs [3] - The overall gross profit margin improved by 2.23 percentage points to 38.61% due to the decline in production costs and a significant reduction in sales expenses, which fell by 27.38% year-on-year [3] Business Segments - The main business segments, including processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [4] - The company operates three major brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [4] Store Expansion and Strategy - As of June 30, 2025, the number of dedicated stores decreased to 2,898 from 3,660 at the end of 2024, with a net reduction of 762 stores [4][5] - The company had previously set a target to open over 10,000 chain stores in more than 1,000 cities by 2026, but is now falling short of this goal, having closed 1,729 stores since the target was announced [5] - The closure of stores primarily affected franchise locations, which are more vulnerable to market changes [6] Market Trends - Changes in consumer behavior, including the rise of online shopping and increased health awareness, have led to a decrease in foot traffic and consumption frequency, negatively impacting overall performance [4][6] - The company is shifting focus from rapid store expansion to refined store operations to cope with market pressures [6]