8月27日，金种子酒（600199.SH）公布2025年半年报。报告期内，公司实现营业收入4.84亿元，同比减少27.47%；实现归母净利润-7200万元，同比减少 750.54%。 这个表现说明由华润啤酒（00291.HK）主导的"啤白赋能"战略未能奏效，三年过去，金种子酒不断加大投入，但新品培育与市场开拓均不见成效，导致其 仍深陷亏损泥潭难以自拔。随着华润系总经理的离任，金种子酒已被逼到战略十字路口。 广告费同比增超2700万元 作为徽酒代表之一，金种子酒加速掉队已是不争的事实。 虽然此前已经预亏，但金种子酒业绩下滑幅度仍触目惊心，公司营收从去年同期的6.67亿元锐减至4.84亿元。净利润表现更为惨淡，从去年同期盈利1109.8 万元转为亏损7219.68万元，同比下降超过750%，扣非净利润低至-7752.45万元，同比暴跌2226.38%。 分季度来看，一季度金种子酒营收同比下滑29%，净利润亏损接近3900万元。二季度的跌幅有所收窄，当季营收同比下滑24%，净利润亏损超过3000万元， 好于一季度。 另外，公司主要收入仍来自低中低端酒。2024年年报显示，其低端酒毛利率仅36.45%，而省内另3家白 ...

Core Viewpoint - The financial performance of Jinzhongzi Liquor (600199.SH) has significantly deteriorated, with a substantial decline in revenue and a drastic increase in losses, indicating the failure of the "啤白赋能" strategy led by China Resources Beer (00291.HK) [2][3][6]. Financial Performance - For the first half of 2025, Jinzhongzi Liquor reported revenue of 484 million yuan, a year-on-year decrease of 27.47% from 667 million yuan [3]. - The net profit attributable to shareholders was a loss of 72 million yuan, a staggering decline of 750.54% compared to a profit of 11.1 million yuan in the same period last year [2][3]. - The company’s non-recurring net profit plummeted to -77.5 million yuan, a year-on-year drop of 2226.38% [3]. Sales and Marketing Expenses - Sales expenses increased by 18.44% to 151 million yuan, with advertising costs reaching 46.87 million yuan, up by 27.68 million yuan year-on-year [4]. - Despite a reduction in management and R&D expenses, the company significantly increased its advertising expenditure [3][4]. Product and Market Position - The majority of Jinzhongzi Liquor's revenue still comes from low to mid-range products, with a gross margin of only 36.45% for low-end liquor, compared to over 70% for three other listed liquor companies in the province [5]. - The revenue structure remains heavily reliant on low-end liquor, which accounted for over 60% of total revenue, with low-end liquor revenue declining by 32.77% to 251 million yuan [7]. Strategic Challenges - The strategic involvement of China Resources Beer has not yielded positive results, with cumulative losses of 467 million yuan from 2022 to 2024 [6]. - The departure of He Xiuxia, a key figure in the reform efforts, signals a failure of the attempted transformation of Jinzhongzi Liquor [7].