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]

公司总经理何秀侠称，公司目前存在的最大问题是规模没有达到盈亏平衡点，产品结构不优，导致毛利 率低；区域品牌形象低，中档以上产品馥合香系列产品正在推广。公司目标是聚焦资源做成馥合香，扭 转品牌形象，最终完成公司产品结构的提升。 连续4年亏损 回应公司当前最大问题 5月26日下午，金种子酒（600199）2024年度及2025年第一季度业绩说明会在线上召开。 会上，《每日经济新闻》记者以投资者身份提问，金种子酒长期未能扭亏，管理层认为公司目前存在的 最大的问题是什么，公司当下最紧要的目标是什么？ 今年4月末，金种子酒发布2024年年报。数据显示，报告期内，公司实现总营业收入9.25亿元，同比减 少37.04%；实现归母净利润-2.58亿元，同比减少1067.17%。毛利率降至38.40%，较上年减少10.44个百 分点。此外，公司2025年第一季度实现营业收入2.96亿元，同比下降29.41%；净利润亏损3892.77万 元，同比转亏。业绩下滑系消费紧缩、白酒收入较同期减少所致。 2022年华润战略投资有限公司入股金种子酒以来，实施了一系列变革措施，包括改革组织管理架构、理 顺渠道关系、产品结构优化等。然而行业竞 ...