东吴证券研报指出，金徽酒25H1归母净利润2.98亿元，同比+1.12%；其中25Q2归母净利润0.64亿元， 同比-12.78%。年份、柔和系列增势延续，持续深耕大西北根据地。分地区来看，上半年省内、省外营 收分别同比-1.11%、+1.78%，省内各个区域趋势不错，省外陕西经过两年调整目前势能向好，华东聚 焦核心区域有所调整。短期来看，当前白酒产业虽进入深度调整，但金徽品牌、渠道协同发力，销售节 奏彰显韧性。中长期来看，金徽经营风格稳健同时不失进取，坚持"布局全国、深耕西北、重点突破"战 略路径，稳步推进甘青新市场一体化和陕宁市场一体化建设，进一步夯实大西北根据地市场，着力培育 华东市场、北方市场为增长新引擎。二季度升级韧性延续，回款节奏稳健，中长期持续推进大西北根据 地市场一体化建设。维持"买入"评级。 ...

证券研究报告·公司点评报告·白酒Ⅱ 金徽酒（603919） 2025 年中报点评：升级韧性延续，回款节奏 稳健 股价走势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,548 | 3,021 | 3,027 | 3,229 | 3,490 | | 同比（%） | 26.64 | 18.59 | 0.19 | 6.69 | 8.08 | | 归母净利润（百万元） | 328.86 | 388.15 | 377.15 | 416.92 | 465.18 | | 同比（%） | 17.35 | 18.03 | (2.83) | 10.55 | 11.57 | | EPS-最新摊薄（元/股） | 0.65 | 0.77 | 0.74 | 0.82 | 0.92 | | P/E（现价&最新摊薄） | 32.24 | 27.31 | 28.11 | 25.43 | 22.79 | [Table_Tag] [Table_ ...

Core Viewpoint - Jinzhongzi Liquor (600199.SH) reported a loss in 2024, with total operating revenue decreasing by 37.04% to 925 million yuan and a net profit attributable to shareholders of -258 million yuan, marking a significant decline of 1067.17% compared to the previous year [1][2]. Revenue and Profit Analysis - The company's total operating revenue for 2024 was 925 million yuan, down from the previous year, with a net profit of -258 million yuan, leading to cumulative losses exceeding 600 million yuan from 2021 to 2024 [1][2]. - The revenue from low-end liquor (priced ≤100 yuan/bottle) was 495 million yuan, representing a decline of 29.08%, while the gross margin for low-end liquor decreased by 6.87 percentage points to 36.45% [2][3]. - Mid-range liquor (100 < X ≤ 500 yuan/bottle) generated 198 million yuan, and high-end liquor (X > 500 yuan/bottle) brought in 51 million yuan, both experiencing larger declines in gross margin of 20.91 and 18.58 percentage points, respectively [2][3]. Strategic Initiatives and Challenges - The company has been implementing a brand strategy focusing on "Fuhuo Xiang" as the main product line, supported by the "Seed" and "Drunk Sanqiu" brands, but has faced intensified competition in the low-end liquor market [2][8]. - Despite efforts to reform management and product structure after the strategic investment from China Resources, the company continues to struggle with profitability [7][8]. - Increased marketing and promotional expenses, particularly for the Fuhuo Xiang series, have contributed to the financial strain, with sales expenses rising by 25.58% to 295 million yuan in 2024 [5][6]. Future Outlook - The company aims to strengthen its core product offerings and enhance brand recognition, although it has not yet achieved a turnaround in profitability [5][8]. - In the first quarter of 2025, the company reported a further decline in revenue to 296 million yuan, with a net profit of -39 million yuan, indicating ongoing financial challenges [8][9].