8月27日，徽酒"四朵金花"之一的金种子酒（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%。 数据显示，上半年，公司高端酒系列——馥合香馥16、馥20实现营收3727.85亿元，占白酒销售收入比重不到10%。公司白酒收入结构仍然以 低端酒为主，上半年低端酒营收累计为2.51亿元，占营收比重超六成，低端白酒价格带在百元以下。2024年年报显示，其低端酒毛利率仅 36.45%，而省内另3家白酒上市公司2024年销售毛利率在70%以上。不难发现，低端酒规模难以支撑利润。 在控费行动上，金种子酒减少了管理费用支出，加大了销售费用投入。报告期内，公司管理费用0.33亿元，同比下降超过30%。公司称主要系 职工薪酬下降所致。据悉，金种子酒通过组织重塑，引入职业经理人，优化职能管理和生产考核评价体系，完善薪酬体系，实施向关键性岗 位、一线生产岗位以及创造价值岗位倾斜的专项激励。 值得关注的是，销售费用同比增长18.44%至1.51亿元，公司增大了广告投放力度。报告期内，广告费4687.11万元，同比增加超过270 ...

Core Viewpoint - The resignation of He Xiuxia, the general manager of Anhui Jinzhongzi Liquor Co., indicates ongoing management turmoil and reflects the broader challenges faced by the company in a competitive market [1][6]. Company Overview - Anhui Jinzhongzi Liquor Co., established in July 1998, is a subsidiary of Anhui Jinzhongzi Group and primarily produces various types of liquor, including the Jinzhongzi series and other regional brands [1]. - The company was listed on the Shanghai Stock Exchange on August 12, 1998, becoming the eighth liquor company and the second in Anhui to go public [2]. Financial Performance - Jinzhongzi Liquor experienced significant growth from 2008 to 2012, with revenue increasing from 662 million to 2.294 billion [2]. - However, after a marketing and expansion misstep in 2013, the company faced a dramatic decline, with revenue and profit dropping by 9.32% and 76.22% respectively, leading to five consecutive years of financial losses [3]. - The company reported net losses of 187 million, 22 million, and 258 million for the years 2022 to 2024, with a 29.41% decline in revenue in Q1 2025 [4]. Management Changes - He Xiuxia's resignation is part of a broader management shake-up, with 70% of middle management replaced during her tenure, indicating instability within the company [6]. - Liu Fubi, the deputy general manager appointed by China Resources, is temporarily overseeing operations, while Zhang Guibo has been appointed as the new head of marketing [1][6]. Market Challenges - The liquor industry is facing a cooling market, with 77% of companies reporting a downturn, reflecting a persistent pessimism compared to 80% the previous year [6]. - Jinzhongzi's struggles are attributed to an imbalance in product structure, with a high proportion of low-end products leading to lower profit margins compared to industry averages [4].

Core Viewpoint - Jinzhongzi Liquor clarified recent media reports regarding its business scope change, emphasizing that the adjustment from "production of liquor and other alcoholic beverages" to "production of alcoholic products" is a regulatory compliance measure and does not indicate a shift away from its core liquor business [2]. Group 1: Business Operations - Jinzhongzi Liquor primarily engages in the production and sales of liquor, including various product lines such as Jinzhongzi series, Zongzi series, and Zuì Sānqiū series [3]. - To focus on its liquor business and alleviate financial pressure, the company plans to divest its pharmaceutical segment by transferring 92% of its stake in Anhui Jintaiyang Biochemical Pharmaceutical Co., Ltd. [3]. - The company has faced significant challenges in its liquor business, with a reported revenue of 296 million yuan in Q1 2025, a year-on-year decline of 29.41%, and a net profit loss of approximately 38.93 million yuan, a decrease of 320.62% [3]. Group 2: Financial Performance - Jinzhongzi Liquor has recorded net profit losses for four consecutive years, with cumulative losses exceeding 600 million yuan from 2021 to 2024 [3]. - In 2022, the company experienced a slight revenue decline of 2.1% and a net profit drop of 12.5% [4]. - Although there was a reduction in losses in 2023, the company continued to struggle financially, with performance declining again in 2024, indicating ongoing challenges for the new majority owner, China Resources Group [4].