"以前一款新品上市，各家经销商都会抢着囤货，等价格上涨后再流入市场。"一位资深白酒流通行业人 士7月15日对《华夏时报》记者坦言，"现在这种'击鼓传花'游戏没人玩了，白酒重新回归到'喝'的本 质。" 在消费场景萎缩、渠道库存压力陡增、价格体系承压这三大难题的倒逼下，所有市场参与者都不得不重 新思考生存之道，从依赖渠道囤货的"躺赚"模式，转向深耕消费者需求的新路径。在行业"失速之年"， 这场转型已不再是可选项，而是关乎生死存亡的必然抉择。 业绩下滑凸显困境 2025年白酒行业的第一波"期中考试成绩单"来得比往年更为揪心。7月14日晚间，多家白酒上市公司集 中披露半年度业绩预告。 其中，顺鑫农业预计上半年归属于上市公司股东的净利润仅为1.55亿-1.95亿元，较上年同期的4.23亿元 暴跌53.85%-63.32%。其在公告中解释称，白酒行业深度调整，白酒板块承压，产品销售量同比减少， 影响了整体营收和利润水平。 酒鬼酒业绩预告显示，上半年净利润仅为800万-1200万元，较上年同期的1.21亿元下滑 90.08%-93.39%。酒鬼酒坦言，白酒行业继续延续深度调整态势，受多重因素影响，预计报告期实现营 业收入5 ...

安徽名酒金种子酒再现业绩亏损。 7月14日，金种子酒公布2025年半年度业绩预亏公告，预计2025年半年度实现归属于母公司所有者的净 利润为-9000万元到-6000万元，归属于母公司所有者的扣除非经常性损益后的净利润为-9500万元 到-6500万元。 分析人士认为，从金种子酒近三年的各种表现来看，华润的啤酒快消式打法，如渠道扁平化、数据管控 等，在白酒市场失效。从行业角度，近几年行业挤压加剧，区域酒企生存艰难。一方面，金种子酒作为 安徽名酒实则面临古井贡酒、口子窖的挤压，市占率难以提高；另一方面，近年来全国名酒也加速下 沉，对于金种子酒馥合香系列产品的培育造成压力。 采写：南都·湾财社记者 王静娟 对于上半年业绩预亏的原因，金种子酒在公告中解释两方面的原因，一是白酒行业2025年上半年整体呈 现深度调整态势，行业产量延续下滑趋势，消费主体、消费理念与消费场景均呈现出深刻的结构性变 化；二是新品馥合香系列产品目前处于市场培育期，未达规模效应，同时为提升馥合香系列产品的品牌 表现，围绕馥合香品质表达、户外广告、社区媒体投入、消费者培育等增加投入。 根据一季报，金种子酒2025年一季度营业收入为2.96亿元，同 ...

Core Viewpoint - Jinzhongzi Liquor has been struggling with continuous losses since its change of ownership three years ago, leading to shareholder dissatisfaction with the management team's governance capabilities [2] Group 1: Shareholder Meeting and Voting Results - On May 29, 2024, Jinzhongzi Liquor held a shareholder meeting where no proposals were rejected, but nearly half of minority shareholders opposed the executive compensation proposals [2][3] - The meeting had a record attendance of 908 shareholders, representing 28.76% of the total voting rights [3] - The compensation proposals for directors and supervisors faced significant opposition, with over 45% of minority shareholders voting against them [4][5] Group 2: Financial Performance and Executive Compensation - Jinzhongzi Liquor's revenue in 2022 was 1.19 billion yuan, a slight decrease of 2.1%, with a net loss of 190 million yuan, down 12.5% year-on-year [7] - In 2023, the company reported revenue of 1.47 billion yuan, a 23.9% increase, but still recorded a net loss of 22.07 million yuan [7] - However, in 2024, revenue dropped to 925.2 million yuan, and the net loss surged to 257.6 million yuan, marking a year-on-year decline of 37.04% and 1067.17%, respectively [7] - Executive compensation for 2024 decreased by 12.9% compared to 2023, with the highest-paid executive's salary dropping by 34.8% [6][7] Group 3: Governance and Performance Concerns - The management's ability to govern has been questioned, especially as high executive salaries do not align with the company's poor performance [5][9] - The current performance evaluation system was modified after the new controlling shareholder, China Resources, took over in 2022, linking executive pay to company performance [6][9] - Despite the intention of the performance-based salary system, the disconnect between executive pay and company losses has raised concerns among investors [9]

Core Viewpoint - The company is facing significant challenges, including a lack of scale to reach breakeven, suboptimal product structure leading to low gross margins, and a weak regional brand image. The primary goal is to focus resources on promoting the "Fuhuo Xiang" series to improve brand perception and enhance product structure [1][2][3]. Financial Performance - In 2024, the company reported total revenue of 925 million yuan, a decrease of 37.04% year-on-year, and a net profit loss of 258 million yuan, a staggering decline of 1067.17% [2]. - The gross margin fell to 38.40%, down 10.44 percentage points from the previous year. In Q1 2025, revenue was 296 million yuan, down 29.41% year-on-year, with a net loss of approximately 39 million yuan [2][3]. Strategic Focus - The company is committed to a development strategy of "strengthening the foundation, expanding Fuhuo Xiang, improving quality and efficiency, and innovating for glory," emphasizing long-term stability and growth [3]. - The company is also focusing on cultivating and developing the light bottle wine market, with products priced between 20-40 yuan, including "Te Gong" and "Xiang He" [3][4]. Product Structure - The Fuhuo Xiang series is positioned as a mid-to-high-end product line, with prices ranging from 100 to 600 yuan, aimed at improving the product structure and addressing consumer needs across different price segments [4][5]. - The revenue structure shows a significant reliance on low-end products, with low-end wine revenue at 495 million yuan compared to high-end wine revenue of 51 million yuan, indicating a need for product structure enhancement [4].

Group 1: Baijiu Industry Overview - In the first four months of 2025, the production of baijiu decreased by 7.8% year-on-year, totaling 1.308 million kiloliters, with April production down 13.8% year-on-year at 281,000 kiloliters [1] - Despite the decline in production, the wholesale price index for baijiu increased by 8.80% year-on-year in mid-May, indicating a price stabilization strategy among high-end brands [1][2] - The price index for famous baijiu brands rose by 10.86%, reflecting their ability to maintain premium pricing through controlled supply and improved product structure [2] Group 2: Jinzhongzi Wine Company - Jinzhongzi Wine attributed its revenue decline to market consumption environment changes and strategic adjustments, including price increases and reduced promotions [3] - The company is undergoing comprehensive reforms to enhance management and operational efficiency, focusing on strengthening its core products and expanding its brand strategy [3] - Despite efforts to upscale its product line, over 50% of Jinzhongzi's sales come from low-end products, which have a significantly lower gross margin compared to industry averages [3] Group 3: Urumqi Beer Company - Urumqi Beer launched its first low-sugar energy drink named "Dianchi," marking its entry into the energy drink market [4] - The new product features a low-sugar formula and incorporates Tianshan snow lotus extract, with packaging designed to evoke a "charging" sensation [4] - This product launch represents Urumqi's strategy to diversify its offerings and strengthen its market position in Xinjiang while preparing for potential national expansion [4]