昔日市值逼近8000亿元的粮油巨头金龙鱼，如今正深陷业绩下滑、信任危机与战略转型的多重困境。截 至2025年12月，其股价较最高点暴跌78.08%，市值蒸发超6000亿元，2024年归母净利润同比下滑 12.14%至25.02亿元，扣非净利润更暴跌26.42%至9.72亿元。这家曾被视为"消费刚需"标杆的企业，正 面临前所未有的挑战。 业绩断崖：利润依赖金融衍生品，主业失速 金龙鱼的困境在财务数据中暴露无遗。2024年，公司营业收入2388.66亿元，同比下降5.03%，连续两年 下滑；净利润的"顶梁柱"竟是金融衍生品收益——2024年衍生工具操作收益达17.87亿元，占归母净利 润的71.42%，而扣非后净利润仅9.72亿元，较2021年的49.96亿元暴跌80.54%。 从全年数据来看，下滑趋势更为明显。金龙鱼全年净利润从2020年的60亿元一路下滑至2024年的25.02 亿元。这表明公司虽然短期内业绩有所改善，但距离恢复巅峰时期的盈利能力尚有很长的路要走。 季度间的波动也引发了市场担忧。2025年第二季度，金龙鱼实现营业收入566.03亿元，环比减少 4.19%；实现净利润7.74亿元，环比下降21. ...

Core Viewpoint - The company is facing challenges due to recent public sentiment affecting its brand and sales, but there are signs of recovery in sales performance, and the management remains optimistic about long-term growth and brand restoration efforts [3][4]. Group 1: Company Performance and Challenges - The company held its 2024 annual shareholder meeting on June 27, attended by key executives and investors [1]. - A public sentiment issue regarding the "zero" trademark and "zero additive" soy sauce led to a decline in sales from March 18 to March 28, with a recovery period expected to last 10 to 12 months for top brands in the fast-moving consumer goods sector [3]. - The chairman expressed uncertainty about the timeline for recovery but emphasized the importance of brand repair, product development, and sales network construction as immediate priorities [3]. Group 2: Sales Recovery and Market Trends - Sales began to show signs of recovery in May, with online sales increasing by approximately 35% compared to April, driven by promotional activities on e-commerce platforms [4]. - Offline sales in supermarkets also experienced significant growth during the same period, indicating a rebound in consumer demand [4]. Group 3: Regulatory Environment and Industry Standards - New regulations from the National Health Commission and the State Administration for Market Regulation will prohibit misleading terms like "zero additive" on pre-packaged food labels, with a two-year transition period before full implementation [5]. - The chairman highlighted the importance of meeting national food safety standards and adapting to consumer demands for healthier, simpler ingredients, which is expected to drive market growth for health-oriented condiments [5]. Group 4: Innovation and Product Strategy - The company focuses on innovation through product quality and meeting evolving consumer needs, with a strong emphasis on enhancing brand and channel capabilities [6]. - The product range includes four main categories: soy sauce, vinegar, cooking wine, and oyster sauce, indicating a strategic focus on core condiment products [6].