经济导报记者 刘勇 金种子酒（600199.SH）日前披露2025年度业绩预亏公告称，预计全年归母净利润为-1.9亿元至-1.5亿元，扣非净利润为-2.1亿元至-1.7亿元。 01 五年净利亏损超6亿元 经济导报记者注意到，这已是其自2021年以来连续第五年亏损，五年累计归母净利润亏损超6亿元。 金种子酒解释称，亏损主因系白酒行业处于深度调整期，市场缩量特征突出、渠道变革加剧、销售承压；虽然2025年优化业务与费用管理模式，并在消费 者培育方面取得一定突破，但受行业环境及持续投入影响，仍未实现扭亏。 公开信息显示，金种子酒成立于1998年，注册资本6.58亿元，注册地为安徽省阜阳市，法定代表人为何秀侠。1998年在上海证券交易所主板上市。 金种子酒官网显示，公司前身是始建于1949年7月的国营阜阳县酒厂，是新中国首批酿酒企业，也是全国酿酒行业骨干企业。拥有金种子、醉三秋、颍州 等核心品牌系列，其中馥合香型白酒作为战略新品，以"芝头、浓韵、酱尾"的独特品质定位次高端市场。商标方面，公司持有"金种子""醉三秋"等核心品 牌，近期新注册"馥融香""馥香探秘"等系列商标，覆盖酒类及文化服务领域，强化品牌矩阵建设。 高 ...

Core Viewpoint - After three years under the control of China Resources, Jinzhongzi Liquor has not yet escaped its loss situation, with an expected net profit loss of 60 to 90 million yuan for the first half of 2025, compared to a profit of 11.1 million yuan in the same period last year [1][11] Group 1: Financial Performance - Jinzhongzi Liquor's expected net profit loss for the first half of 2025 is between 60 million and 90 million yuan, a significant decline from the previous year's profit of 11.1 million yuan [1] - The company reported a revenue of 9.25 billion yuan in 2024, achieving only 18.5% of its 50 billion yuan target for that year [11] - From 2020 to 2023, Jinzhongzi's revenue figures were 1.038 billion yuan, 1.211 billion yuan, 1.186 billion yuan, and 1.469 billion yuan, indicating a failure to meet growth targets [11][12] Group 2: Strategic Changes - Jinzhongzi Liquor has shifted its strategy from aggressively launching new products to restructuring its distribution channels, indicating a focus on internal strengthening [7][10] - The company has issued a suspension notice for the delivery of its high-end products, reflecting a strategic adjustment to address channel issues [1][2] - The previous strategy under former General Manager He Xiuxia emphasized product innovation, but the current focus is on channel management to improve sales performance [9][10] Group 3: Product and Market Dynamics - The company has faced challenges in the market, with the high-end Fuhuo Xiang series being a key focus for adjustments, as evidenced by multiple supply suspensions due to inventory pressures [2][8] - Despite significant marketing investments, including a 25.38% increase in sales expenses, the sales performance of new products has been disappointing, with some products showing minimal sales [6][8] - The Fuhuo Xiang series had a sales target of 500 million yuan for 2024 but only achieved 31.36 million yuan, representing just 6% of the goal [8][12] Group 4: Future Outlook - Jinzhongzi Liquor aims to achieve a sales scale of 50 billion yuan by 2025, but current performance indicates a significant gap to this target [11][12] - The company is expected to leverage China Resources' channel advantages to enhance market penetration and operational efficiency [10][12] - Long-term strategies include optimizing product structure and increasing the proportion of mid-to-high-end products to improve profitability [12]