本报讯 （记者刘欢）8月25日晚间，兰州黄河企业股份有限公司（以下简称"*ST兰黄"）发布2025年半 年度报告。公司上半年实现营业收入9683.57万元，同比下降15.82%；归属于上市公司股东的净利 润-1191.32万元，亏损进一步扩大。 （编辑 丛可心 张明富） *ST兰黄是一家区域性品牌啤酒、饮料生产企业，拥有"黄河""青海湖"两大核心品牌，主要从事双品牌 系列啤酒、饮料和"黄河"系列麦芽等产品的生产和销售，主要在甘肃、青海等西北市场销售。啤酒、饮 料和麦芽的产销占到全部主营业务90%以上。 报告期内，*ST兰黄战略性推动饮料产品的更新换代、品类拓展和创新研发工作；计划性提升麦芽产 量，着力优化麦芽品质，强化中高端麦芽供应与市场推广。但由于公司渠道下沉深度不足，市场拓展能 力与渠道覆盖能力与竞争对手存在一定差距，公司收入有所下降。 事实上，*ST兰黄的归属于上市公司股东的净利润已连续亏损多年。2022年至2024年，*ST兰黄归属于 上市公司股东的净利润分别亏损2924.42万元、4672.07万元、9987万元。 ...

Core Viewpoint - Lanzhou Huanghe Group, established in 1993, is the only A-share listed company in Lanzhou and primarily engages in the production and sales of beer and malt, with beer accounting for over 90% of its main business. The company has faced significant challenges in recent years, including declining market share, production, and profitability, alongside issues related to securities investments and internal shareholder conflicts [2][7][8][10]. Group 1: Company Overview - Lanzhou Huanghe Group is a well-known beer brand in China, with its beer products mainly sold in the northwest regions such as Gansu and Qinghai [2]. - The company was listed on the Shenzhen Stock Exchange in 1999, with a total share capital of 18.5766 million shares [2]. - The company has expanded through mergers and acquisitions, establishing several joint ventures and subsidiaries in the beer production sector [2][3]. Group 2: Development Stages - Brand establishment began in 1999 when Huanghe Beer was recognized as a key protected brand by the State Administration for Industry and Commerce [2]. - The company significantly increased its production capacity in 1996 by investing 230 million yuan to acquire several competitors, raising annual beer production to 400,000 tons [3]. - Technological advancements were made with the introduction of high-quality beer production lines from Germany, enhancing production capabilities [4]. Group 3: Strategic Partnerships - In 2004, Lanzhou Huanghe Group partnered with Carlsberg, one of the world's top five beer brands, to form joint ventures that increased production capacity and introduced advanced management and marketing practices [5]. Group 4: Recent Challenges - The company has experienced a decline in market share, with its share in Gansu dropping from over 70% due to increased competition [7]. - Beer production and sales volumes have decreased, with 2023 production at 54,900 tons, a 13.93% year-on-year decline, and sales down 14.73% [7]. - The company reported a net loss of 47 million yuan in 2023, marking a significant drop in profitability [7]. - Securities investments have led to substantial losses, with 2023 net investment losses reaching 29.44 million yuan, marking the first time in over two decades the company has faced consecutive annual losses [8][9]. - Internal conflicts among major shareholders have further complicated management and operational focus, leading to frequent legal disputes [10].