近日，金种子酒公告称，因工作调整，公司董事、总经理何秀侠请求辞去第七届董事会董 事、董事会战略与 ESG 委员会委员、提名委员会委员及总经理职务。值得注意的是，在离 任公告中未出现"感谢"字样。一般情况下，企业高管的离职公告中都会作出"感谢"，以表 达对其业绩的肯定，此次不提"感谢"或许与金种子酒惨淡的业绩有紧密联系。 作为华润派来的"救火英雄"，何秀侠曾被外界寄予厚望。在其掌舵期间，金种子酒业绩持 续滑坡—— 2022 — 2024 年累计亏损达 4.67 亿元， 2024 年营收暴跌 37% 至 9.25 亿元。有安徽烟酒行业人士直言，全国名酒入局下，金种子酒目前还是靠柔和、祥和支撑， 高端化进展不顺。 文｜酒业内参 张奥 与亏损业绩形成对比的，是高管暴涨的薪资。自 2022 年华润入主后，公司高管薪酬总额 从 2021 年的 344.1 万元飙升至 2024 年的 1114.13 万元，其中何秀侠任期内年薪最高 达 304.96 万元。 中高端站不住，低端站不稳，面对业绩的下滑，金种子酒该何去何从？ 连年亏损 高管团队年薪遭反对 2022 年 2 月，华润成为金种子酒第二大股东。五个月后，华润系高管何秀 ...

文 | 酒业内参 张奥 中高端站不住，低端站不稳，面对业绩的下滑，金种子酒该何去何从？ 连年亏损，高管团队年薪遭反对 2022年2月，华润成为金种子酒第二大股东。五个月后，华润系高管何秀侠空降金种子酒出任总经理并 开始大刀阔斧的改革，她进行了组织及产品线的调整，引入华润啤酒渠道资源。但一切动作反映到业绩 上却没掀起波澜。 《酒业内参》梳理财报发现，何秀侠掌舵金种子酒前，近十年间公司仅有两年出现亏损，而在华润入主 后的数年里，金种子酒则连续亏损——2022年至2024年，金种子酒归母净利润亏损分别为1.87亿元、 0.22亿元、2.58亿元。2025年一季度，金种子酒业绩仍未见改善，实现营业收入2.96亿元，同比下降 29.41%；归母净利润亏损0.39亿元，同比减少320.62%。这也给何秀侠的离职埋下了伏笔。 值得注意的是，业绩亏损期间，金种子酒高管团队的合计薪酬居高不下。2022年华润系高管入主，彼时 高管团队薪酬总额为659.28万元，对比2021年的344.1万元，涨幅近翻倍。2023年，金种子酒高管团队薪 酬总额升至1279.43万元，2024年则降为1114.13万元。其中，何秀侠任期内年薪最高达 ...

侯孝海退隐四天后，金种子酒华润系总经理辞职。 总经理何秀侠辞职 7月2日，安徽金种子酒业股份有限公司（600199.SH，下称"金种子酒"）公告称，因工作调整，公司董 事、总经理何秀侠请求辞去公司第七届董事会董事、董事会战略与ESG委员会委员、提名委员会委员及 总经理职务。 "何秀侠已到华润啤酒总部战略部任副总监，负责啤白赋能相关业务，华润啤酒派驻的金种子酒业副总 经理刘福弼暂主持工作，曾经在泸州老窖专营公司担任高管的张桂波入职华润酒业担任金种子酒业营销 中心总经理，全面负责营销相关业务并聚焦阜阳推进业务变革。"白酒行业分析师肖竹青透露。 但2013年的营销与产业扩张失误导致金种子酒的业绩出现了"大变脸"，收入与利润分别同比下滑9.32% 和76.22%，此后便是连续五年的业绩"雪崩"。2019年，金种子酒首度录得2.04亿元的净亏损，盈利能力 亮起红灯。 高管百万年薪遭质疑 2022年华润入主后，曾引发市场高度期待。 酒水行业研究者、千里智库创始人欧阳千里表示，近年来，金种子酒业绩不佳，自然会使得小股东们产 生微词，需要大股东作出回应，而主要负责人离岗往往会缓和矛盾。 公开资料显示，安徽金种子酒业股份有限公 ...

Core Viewpoint - The resignation of He Xiuxia as the general manager of Jinzhongzi Wine highlights ongoing management instability and challenges in the company's performance despite efforts from the new major shareholder, China Resources [2][3][10]. Group 1: Management Changes - He Xiuxia resigned from her positions as director and general manager of Jinzhongzi Wine, with Liu Fubi, the deputy general manager, taking over her responsibilities temporarily [2][4]. - He Xiuxia's tenure was marked by significant changes, including a complete overhaul of the sales system and organizational restructuring, but ultimately did not yield the desired financial results [6][10]. - The management team has seen continuous turnover, with reports indicating that 70% of middle management was replaced during He Xiuxia's leadership [8]. Group 2: Financial Performance - Jinzhongzi Wine has faced significant financial difficulties, accumulating losses exceeding 600 million yuan over the past five years, with a record loss of 258 million yuan in 2024 [10][13]. - The company's revenue has drastically declined, with 2024 revenue reported at 925 million yuan, significantly lower than competitors like Gujinggongjiu and Kuaijiaqingjiu [11]. - In the first quarter of 2025, the company reported a 29.41% decline in revenue, with net losses expanding to 38.93 million yuan [13]. Group 3: Strategic Initiatives - Despite the challenges, Jinzhongzi Wine has attempted to innovate its product offerings and improve its market presence, including a restructuring of its product tiers and a focus on high-end offerings [6][10]. - The company has also expanded its distribution network significantly, increasing the number of distributors from 40,000 to 220,000 [6]. - Jinzhongzi Wine's management has expressed confidence in turning around the brand's image and product structure, focusing on the "Fuhuo Xiang" series as a key growth area [15].

演唱会成为白酒争夺的"香饽饽"。 近期茅台文旅赞助的"黄小西"音乐节爆火；郎酒在宁夏银川即将举行的演唱会；河北丛台、古井贡酒旗 下的黄鹤楼等，这些企业举办的演唱会正在进行中……南都湾财社-酒水新消费指数课题组记者注意 到，不论是一线酒企还是地方酒企，主办、冠名和赞助演唱会已经成为企业营销的新路径。 据了解，酒企赞助演唱会除了品牌输出，其背后运作的"买酒赠票"更是重要的营销动作，歌星似乎要成 为白酒渠道去库存的救星。不过业内人士认为，虽然短期内企业通过演唱会带动可以促成一波动销，但 由于终端吸货和消费能力有限，且产品最终流向未能掌握，因此"买酒赠票"更多是提升品牌价值，去库 存作用有限。 一二线品牌"争夺"演唱会 上到洋河、习酒，下到地方品牌都在"买酒送票" 根据中国演出行业协会票务信息采集平台数据监测和测算，2024年全国演出市场总收入796.29亿元，同 比增长7.61%，大型演唱会方面共覆盖30个省份、180座城市，"演出经济"呈现持续增长的态势，这让白 酒行业注意到这个圈层明确、消费力强却较为有待开发的市场。 据南都湾财社记者了解，虽然白酒企业主办、赞助和冠名演唱会由来已久，但是最近两年多时间内，行 业 ...

曾经作为安徽白酒"四朵金花" 之一的金种子酒，在徽酒市场乃至全国白酒版图中占据重要一席。在激烈的市场竞 争和行业变革浪潮冲击下，如今的金种子酒却陷入了经营的困境。近年来，其业绩数据持续走低，净利润连续亏 损且亏损幅度不断扩大。 金种子酒主营业务为白酒生产与销售，产品涵盖浓香型的金种子系列、种子系列、醉三秋系列、颍州系列，以及 金种子馥合香白酒等，形成以金种子馥合香为核心，醉三秋高端文化白酒、头号种子酒和柔和种子酒等中低端产 品为支撑的产品架构。采用"以销定产"模式，依据"订单+合理库存"制定生产计划。销售端以经销模式为主，产品 通过买断方式售予经销商，辅以直销。 回顾金种子酒的发展历程，2012 年无疑是其辉煌的顶点。该年金种子酒营收达到 22.94 亿元，归母净利润为 5.61 亿元，与古井贡酒、迎驾贡酒、口子窖一同组成 "徽酒第一阵营"，为"东不入皖"的地域壁垒贡献了重要力量。但 自 2013 年起，金种子酒便开始走下坡路，营收波动下降。在华润入主之后，金种子酒仍在亏损的泥潭之中。 多元化遇冷，华润助力后仍未涅槃突围 为扭转在白酒市场中的不利局势，金种子酒曾试图通过多元化发展寻求新的增长引擎，将业务版图拓 ...

Core Viewpoint - Anhui Jinzhongzi Liquor Co., Ltd. reported a significant decline in revenue and net profit for 2024, attributing the downturn to industry cycle adjustments and changes in consumer behavior, particularly in group purchasing and consumption downgrade [1][2] Revenue and Profit Summary - The company's total revenue for 2024 was 925 million yuan, a decrease of 544 million yuan or 37.04% year-on-year [1] - The net profit attributable to shareholders was -258 million yuan, down by 236 million yuan compared to the same period last year [1] Product Structure Optimization - Despite revenue pressures, the company saw growth in high-end and mid-range liquor production and sales, with high-end liquor production increasing by 13.51% to 243.02 thousand liters and sales rising by 47.85% to 206.97 thousand liters [2] - Mid-range liquor production grew by 0.24% to 2387.75 thousand liters, while sales increased by 6.33% to 2340.82 thousand liters [2] - Conversely, low-end liquor production fell by 19.68% to 13652.66 thousand liters, with sales declining by 13.62% to 13807.49 thousand liters [2] Strategic Business Focus - The company has decided to divest its pharmaceutical business to concentrate on its core liquor operations, which is expected to reduce annual revenue by approximately 250 million yuan but will allow for resource allocation towards core business development [3][4] - The divestment of 92% of the shares in Anhui Jintaiyang Biochemical Pharmaceutical Co., Ltd. has been approved by the local state-owned assets supervision authority [3] Market Management Strategy - The company has implemented refined inventory management, maintaining channel inventory at healthy levels and ensuring core product prices remain stable through controlled volume strategies [3] - This approach aims to protect the profit margins of channel partners while supporting brand value [3] Long-term Development and Partnerships - The partnership with China Resources Beer Holdings Co., Ltd. is expected to enhance the company's channel network and brand management capabilities, providing a pathway for differentiated growth [5] - The company is focusing on long-term investments in production capacity, with plans for expansion and collaboration with universities for technological advancements in production processes [6] Future Outlook - Analysts suggest that the company should continue to optimize its product structure, increase the proportion of mid-to-high-end products, and leverage the resources of China Resources Beer to strengthen its market position [6]

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].

证券研究报 告 食品饮料行业 2025 年一季报前瞻 推荐（维持） 白酒出清筑底，大众渐次改善 行业研究 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严晓思 邮箱：yanwenyang@hcyjs.com 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值(亿元) | 49,069.84 | 5.10 | | 流通市值(亿元) | 47,819.76 | 6.27 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | ...