徽酒 "四朵金花" 之一的迎驾贡酒，正面临一场关乎未来的 "传承大考"。 73 岁的实控人、董事长倪永培，在儿子倪庆燊退出核心管理层 8 年后，将现年43岁儿媳张丹丹推至副 董事长之位。 这一上市以来首次设立的关键岗位，被外界解读为 "接班人尘埃落定" 的明确信号。 如今，这家市值 315 亿元的白酒巨头，正站在多重矛盾的十字路口：家族传承从 "子承父业" 转为 "儿 媳接棒"，引发市场对治理稳定性的质疑。 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,355,590,729.87 | -20.76 | 4,515,922,008.40 | -18.09 | | 利润总额 | 495,920,555.13 | -39.50 | 1,995,935,305,82 | -24.78 | （图源：迎驾贡酒 2025 年第三季度报告） 此外，2025 年前三季度营收、净利润双双下滑超 ...

300亿迎驾贡酒谁来接班？儿子离任后七旬董事长提拔儿媳 【中国白酒网】白酒圈有句俗语，"西不入川，东不入皖"。作为东部白酒大省，安徽诞生了诸多知 名酒企，其中最知名的是"四朵金花"，分别为古井贡酒（000596.SZ）、迎驾贡酒（603198.SH）、口子 窖（603589.SH）和金种子酒（600199.SH）。 其中，迎驾贡酒被称为"徽酒榜眼"，也是一家少有的民资白酒上市公司。1997年，时任佛子岭酒厂 （迎驾贡酒前身）厂长的倪永培带领酒厂改制重组，迎驾贡酒由此诞生，倪永培也成为了公司实控人、 董事长。 倪永培是民营白酒上市公司实控人中年纪最大的一位，今年已有73岁。但一直以来，倪永培并未透 露退休计划，外界对其接班人安排也颇为关注。 公开信息显示，倪永培的儿子倪庆燊今年46岁，毕业于解放军电子工程学院计算机专业，后赴新西 兰留学。毕业后，倪庆燊先后在安徽美佳、安徽鳌牌，曲酒分公司任职，上述公司均为迎驾贡酒及迎驾 集团旗下企业。2012年，倪庆燊获任迎驾贡酒董事。 不过，2017年迎驾贡酒董事会换届时，倪庆燊毫无征兆地脱离核心管理团队，并未连任董事职务。 工商信息显示，倪庆燊除持有迎驾贡酒控股股东迎驾集团 ...

Core Viewpoint - The article discusses the challenges faced by Yingjia Gongjiu, a prominent player in the Anhui liquor industry, as it struggles with declining revenues and profits amid a broader industry adjustment period. The once-promising "Dingcang" series is now questioned for its ability to sustain the brand's growth in the next decade [2][3][12]. Financial Performance - Yingjia Gongjiu reported a revenue of 4.516 billion yuan for the first three quarters, a year-on-year decline of 18.09%, and a net profit of 1.511 billion yuan, down 24.67% [5]. - In Q3 alone, the company achieved a revenue of 1.356 billion yuan, a decrease of 20.76%, with net profit dropping nearly 39% [5]. - The company has experienced four consecutive quarters of declining revenue and net profit, making it unlikely to meet its annual targets of 7.6 billion yuan in revenue and 2.62 billion yuan in net profit [6][11]. Market Dynamics - The "Dingcang" series has supported Yingjia Gongjiu's revenue base but has not been sufficient to drive brand premiumization and national expansion [3][8]. - The company’s core revenue still heavily relies on mid-to-high-end products, which generated 3.55 billion yuan, down 16.4% from the previous year [9]. - The company has faced challenges in expanding its market presence outside Anhui, with a net decrease in provincial distributors [10]. Cost and Cash Flow Management - Yingjia Gongjiu has increased its sales expenses by 10.32% to 478 million yuan, reflecting a rise in promotional spending due to competitive pressures [6]. - The net cash flow from operating activities fell by 38.13% to 789 million yuan, primarily due to reduced sales collections [6][11]. - The company has also reduced R&D expenses by 28.59%, which may improve short-term financial performance but could hinder future product innovation [7]. Inventory and Asset Management - The company's inventory increased from 5.043 billion yuan at the end of the previous year to 5.105 billion yuan, indicating slower sales and incomplete channel destocking [11]. - Yingjia Gongjiu is selling non-core assets to improve cash flow, such as the planned transfer of its hotel business for 31.7265 million yuan [11]. Industry Context - The white liquor industry is undergoing a significant adjustment after a decade of rapid growth, with a notable imbalance in supply and demand for mid-to-high-end products [14]. - The article suggests that the future success of Yingjia Gongjiu will depend on stabilizing its market share in Anhui, optimizing its product structure, and reigniting growth in provincial markets [14]. - Analysts indicate that the brand is facing a "middle-class trap," where its brand strength is insufficient to support price upgrades while being squeezed by leading national brands [13][14].

Core Insights - Yingjia Gongjiu is experiencing significant performance declines due to deep adjustments in the liquor industry, with a notable drop in revenue and net profit [2][4][6] Financial Performance - For the third quarter of 2025, Yingjia Gongjiu reported revenue of 1.356 billion yuan, a year-on-year decrease of 20.76%, and a net profit of 381 million yuan, down 39.01% [2][5] - In the first three quarters of 2025, total revenue was 4.516 billion yuan, reflecting an 18.09% decline, while net profit fell to 1.511 billion yuan, a decrease of 24.67% [4][5] - The net cash flow from operating activities dropped significantly by 38.13% to 789 million yuan, indicating pressure on the company's cash collection and turnover capabilities [4][5] Market Context - The extent of the performance decline exceeded expectations from various financial institutions, which had predicted a net profit decrease of 15%-27% for the third quarter [6] - The company attributes its performance issues to a "deep adjustment period" in the liquor industry, characterized by weak consumer demand and a challenging macroeconomic environment [6] - As a significant player in the Huizhou liquor sector, Yingjia Gongjiu's performance fluctuations reflect the common challenges faced by regional liquor companies during industry adjustments [6] Strategic Considerations - The transition from incremental competition to stock competition in the liquor market poses challenges for Yingjia Gongjiu, necessitating a balance between short-term performance pressures and long-term brand development [6] - The company must focus on consolidating its local market presence while effectively expanding nationwide to navigate the current industry landscape [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20] Core Views - The company continues to face revenue and net profit pressure, with a significant decline in both metrics for Q3 2025. Total revenue for the first three quarters of 2025 was 4.516 billion yuan, down 18.09% year-on-year, while net profit attributable to shareholders was 1.511 billion yuan, down 24.67% [1][4] - The company is expected to focus on reducing channel inventory in the fourth quarter, with significant pressure to meet annual sales targets due to increased competition in the domestic market [4][12] - Despite the current challenges, there is a medium to long-term potential for recovery in demand within Anhui province, particularly for the company's cave-aged series, which is anticipated to perform better than the overall market [4][12] Summary by Sections Financial Performance - For Q3 2025, total revenue was 1.356 billion yuan, a decrease of 20.76% year-on-year, and net profit was 381 million yuan, down 39.01% [1][2] - The overall gross margin for Q3 2025 was 70.2%, a decline of 6.0 percentage points year-on-year, attributed to increased promotional efforts [3][4] - The company’s cash flow from operations was 472 million yuan, down 31.7% year-on-year, indicating a tightening cash flow situation [3][4] Product and Market Analysis - In Q3 2025, the revenue from mid-to-high-end liquor was 1.014 billion yuan, down 21.78% year-on-year, while ordinary liquor revenue was 260 million yuan, down 22.78% [2][4] - The company’s revenue from direct sales (including group purchases) was 94 million yuan, down 7.61% year-on-year, while wholesale and agency revenue was 1.180 billion yuan, down 22.94% [2][4] Future Outlook - The company has slightly adjusted its revenue and net profit forecasts for 2025-2027, now expecting revenues of 6.12 billion yuan in 2025, down 16.7% year-on-year, and net profits of 1.985 billion yuan, down 23.3% year-on-year [4][12] - The current stock price corresponds to a P/E ratio of 15.7 for 2025 and 14.5 for 2026, maintaining the "Outperform the Market" rating [4][20]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-021 安徽迎驾贡酒股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》相关规定，安徽迎驾贡酒股份有限公司现将 2025 年第 三季度主要经营数据披露如下： 一、报告期经营情况 （一）产品分档次情况 单位：万元 币种：人民币 | 产品档次 | 本期销售收入 | 主要代表品牌 | | --- | --- | --- | | 中高档白酒 | 101,371.38 | 洞藏系列、金星系列、银星系列 | | 普通白酒 | 25,955.47 | 百年迎驾贡系列、简装酒系列 | 注：按产品品质及销售价位段划分产品档次。 （二）产品销售渠道情况 单位：万元 币种：人民币 | 渠道类型 | 本期销售收入 | | --- | --- | | 直销（含团购） | 9,365.59 | | 批发代理 | 117,961.26 | （三）产 ...

Core Viewpoint - Yingjia Gongjiu, once considered a "dark horse," experienced a significant decline in both revenue and profit in the first half of 2025, marking the first time in five years that such a downturn occurred [1][2]. Financial Performance - In the first half of 2025, Yingjia Gongjiu's revenue target is set at 7.6 billion yuan, reflecting a year-on-year growth of 3.49%, while the net profit target is 2.62 billion yuan, indicating a growth of 1% [1]. - The company's revenue from Anhui province decreased by 12% year-on-year in the first half of 2025, with a more pronounced decline of 20.29% in the second quarter [1]. Market Conditions - The overall market conditions are challenging, with consumer fatigue and weak demand impacting sales both within and outside Anhui province [2]. - The company is focusing on expanding its presence in external markets, particularly in Shanghai and Jiangsu, while introducing the "Dongcang series" as a growth driver [2]. Cost and Efficiency Challenges - Despite a significant drop in operating costs due to reduced sales volume, both selling and administrative expenses increased, with management expenses rising by 17% year-on-year [3]. - The management has not provided a clear explanation for the substantial increase in expenses but aims to enhance profitability through refined operations and efficiency improvements [3]. Stock Performance - Yingjia Gongjiu's stock price has fallen nearly 18% this year, continuing a downward trend for two consecutive years [3]. - As of September 19, the stock closed at 42.7 yuan per share, with a market capitalization of approximately 34.16 billion yuan [4].

Core Viewpoint - Yingjia Gongjiu, known as a "dark horse," experienced a significant decline in performance in the first half of 2025, marking the first time in five years that both revenue and profit decreased in the same period [2] Financial Performance - In the first half of 2025, Yingjia Gongjiu's revenue target is set at 7.6 billion yuan, reflecting a year-on-year growth of 3.49%, while the net profit target is 2.62 billion yuan, indicating a year-on-year growth of 1% [2] - The company has historically met its financial budget targets during periods of high growth, but the recent double-digit decline raises concerns about achieving the annual performance goals [2] Market Conditions - The majority of Yingjia Gongjiu's revenue comes from Anhui Province, where revenue in the first half of 2025 decreased by 12% year-on-year, with a more pronounced decline of 20.29% in the second quarter, indicating severe demand challenges [4] - The company plans to continue focusing on the Anhui market while addressing the weak demand and consumption fatigue [4] - In external markets, the company also faced significant declines, attributed to weak demand and insufficient brand influence outside of Anhui, with Shanghai and Jiangsu identified as key markets for growth [4] Cost and Efficiency Challenges - Despite a significant drop in operating costs due to reduced sales volume, both sales and management expenses increased year-on-year, with management expenses rising by 17% [6] - The management has not provided a clear explanation for the substantial increase in expenses but aims to enhance profitability through refined operations and efficiency improvements [6] Stock Performance - Yingjia Gongjiu's stock price has dropped nearly 18% this year and has seen a continuous decline for two consecutive years, with a closing price of 42.7 yuan per share and a market capitalization of approximately 34.16 billion yuan [7]

Core Insights - The company held a performance briefing for the first half of 2025 on September 19, focusing on strategic developments and market positioning [1] Group 1: Strategic Focus - The company is prioritizing the provinces outside of its home market, specifically targeting Shanghai and Jiangsu [1] - The company aims to stabilize the development of existing products while fully introducing the Dongcang series [1] - The company is advancing the "Dual Core Project" in its distribution channels [1] Group 2: Market Development - The company will continue to deepen its presence in the domestic market [1] - The company is on track with its plans for the upcoming dual festivals [1]

Core Viewpoint - Yingjia Gongjiu, once considered a "dark horse" in the liquor industry, has reported a significant decline in both revenue and profit for the first half of the year, marking the first time in five years that both metrics have decreased simultaneously [1] Financial Performance - In the first half of the year, Yingjia Gongjiu's revenue was 3.16 billion yuan, a year-on-year decrease of 16.89%, while net profit attributable to shareholders was 1.13 billion yuan, down 18.19% [1] - The company's revenue growth rates for each quarter of 2024 were 21%, 19%, 1.6%, and -5%, indicating a gradual contraction [3] - The total revenue for the previous year was 7.344 billion yuan, with a net profit of 2.589 billion yuan, but the company failed to meet its operational targets for the year [4] Market Dynamics - The decline in performance is attributed to a combination of external factors, including weak consumer demand and ongoing adjustments in the liquor industry [1][5] - The company's mid-to-high-end liquor segment saw revenue of 2.537 billion yuan in the first half, down approximately 14%, while ordinary liquor revenue fell by 32.47% to 452 million yuan [5] - The gross profit margin for the second quarter was 68.33%, a decrease of 2.8 percentage points, marking the lowest in nearly nine quarters [5] Regional Performance - Yingjia Gongjiu's revenue in its home province of Anhui has also seen a rare decline, with a 7.7% drop in the first quarter and a 12% decrease in the first half, accounting for over 60% of total revenue [8][9] - The company faces stiff competition in both provincial and external markets, with its provincial market share shrinking due to the dominance of Gujing Gongjiu [10][12] Future Outlook - The company has set a target for 2025 to achieve revenue of 7.6 billion yuan, a year-on-year increase of approximately 3.49%, and a net profit of 2.62 billion yuan, a growth of about 1% [12] - Contract liabilities, viewed as a future revenue indicator, stood at 440 million yuan, down about 5% year-on-year, suggesting potential further slowdown in growth [12]