每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） 每经AI快讯，金种子酒1月27日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-1.9亿元到-1.5亿元，与上年同期相比，亏损减少。业绩变动主要原因是，白酒行业仍处于深度调整 态势，缩量特征表现更加突出，市场渠道变革加剧，销售承压。公司2025年对业务模式、费用管理模式 进行优化，在消费者培育方面取得一定突破。但因行业环境和消费者培育等方面的持续投入，未能在 2025年实现扭亏。 ...

Core Viewpoint - The liquor industry, particularly the white liquor sector, is undergoing significant adjustments, with companies like Jinzhongzi Liquor (600199.SH) facing ongoing challenges in profitability despite some improvements in loss reduction [1] Company Summary - Jinzhongzi Liquor expects a net profit attributable to shareholders of the listed company to be between -190 million yuan and -150 million yuan for 2025, an improvement from a loss of 258 million yuan in the previous year [1] - The company is optimizing its business model and expense management in 2025, aiming for breakthroughs in consumer cultivation [1] - Despite these efforts, the company is not expected to achieve profitability in 2025 due to continued investments in industry environment and consumer cultivation [1] Industry Summary - The white liquor industry is still in a deep adjustment phase, characterized by a pronounced reduction in sales volume and intensified market channel transformations [1] - Sales pressures are evident as the industry navigates through these changes, impacting overall performance [1]

格隆汇1月27日丨金种子酒(600199.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润为-19,000万元到-15,000万元，与上年同期相比，亏损减少。预计2025年年度实现归属 于母公司所有者扣除非经常性损益后的净利润为-21,000万元到-17,000万元。 白酒行业仍处于深度调整态势，缩量特征表现更加突出，市场渠道变革加剧，销售承压。公司2025年对 业务模式、费用管理模式进行优化，在消费者培育方面取得一定突破。但因行业环境和消费者培育等方 面的持续投入，未能在2025年实现扭亏。 ...

金种子酒公告，公司预计2025年年度实现归属于母公司所有者的净利润为-19,000万元到-15,000万元， 归属于母公司所有者扣除非经常性损益后的净利润为-21,000万元到-17,000万元。 ...

Core Viewpoint - The liquor industry, particularly the white liquor sector, is undergoing significant adjustments, with companies like Jinzhongzi Liquor (600199.SH) facing ongoing challenges in profitability despite some improvements in loss reduction [1] Company Summary - Jinzhongzi Liquor expects a net profit attributable to shareholders of the listed company to be between -190 million yuan and -150 million yuan for 2025, an improvement from a loss of 258 million yuan in the same period last year [1] - The company is optimizing its business model and expense management in 2025, achieving some breakthroughs in consumer cultivation [1] - Despite these efforts, Jinzhongzi Liquor is not expected to turn a profit in 2025 due to continued investments in industry environment and consumer cultivation [1] Industry Summary - The white liquor industry is still in a deep adjustment phase, characterized by a notable reduction in sales volume and intensified market channel transformations [1] - Sales pressures are evident as the industry navigates through these changes, impacting overall profitability for companies within the sector [1]

人民财讯1月27日电，金种子酒（600199）1月27日公告，预计2025年度归属于母公司所有者的净利润亏 损1.5亿元至1.9亿元，上年同期亏损2.58亿元。白酒行业仍处于深度调整态势，缩量特征表现更加突 出，市场渠道变革加剧，销售承压。公司2025年对业务模式、费用管理模式进行优化，在消费者培育方 面取得一定突破。但因行业环境和消费者培育等方面的持续投入，未能在2025年实现扭亏。 ...

Core Viewpoint - The liquor sector experienced a decline of 0.56% on January 27, with *ST Rock leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1]. Group 1: Liquor Sector Performance - The closing prices and performance of key liquor stocks showed mixed results, with Kweichow Moutai slightly up by 0.08% at 1343.01, while several others like Wuliangye and Luzhou Laojiao saw declines of 1.29% and 0.06% respectively [1]. - The total trading volume for Kweichow Moutai was 48,400 hands, with a transaction value of 6.515 billion yuan, while Wuliangye had a trading volume of 225,300 hands and a transaction value of 2.284 billion yuan [1]. Group 2: Capital Flow Analysis - The liquor sector saw a net outflow of 386 million yuan from institutional investors and 289 million yuan from retail investors, while retail investors had a net inflow of 675 million yuan [2]. - Specific stocks like Kweichow Moutai experienced a net inflow of 39.8 million yuan from institutional investors, while *ST Rock had a net outflow of 68,400 yuan [3]. Group 3: ETF Performance - The Food and Beverage ETF (product code: 515170) tracked the sub-index of the food and beverage industry, showing a decline of 2.01% over the past five days, with a price-to-earnings ratio of 19.31 times [5]. - The Consumer ETF (product code: 510630) tracked the main consumer industry index, with a decline of 1.52% over the past five days and a price-to-earnings ratio of 20.22 times [6].

Core Viewpoint - The liquor sector experienced a decline of 1.83% on January 21, with *ST Rock leading the drop, while the overall market indices showed slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08% [1] - The Shenzhen Component Index closed at 14255.12, up 0.7% [1] - The liquor sector saw a net outflow of 2.642 billion yuan from main funds, while retail investors contributed a net inflow of 858 million yuan [1] Group 2: Individual Stock Performance - *ST Rock closed at 2.24 yuan, down 5.08% with a trading volume of 5409 lots [1] - Other notable declines included Quan Wei Jiu down 4.04%, Zhi Si Li down 3.97%, and Shui Jing Fang down 3.52% [1] - The highest closing price was for Shanxi Fen Jiu at 166.99 yuan, down 2.34% [1] Group 3: Fund Flow Analysis - Main funds showed a significant outflow from several stocks, including Lao Bai Gan Jiu with a net outflow of 18.7589 million yuan [2] - Retail investors had a net inflow in stocks like Jin Shi Zi Jiu, which saw a net inflow of 12.814 million yuan [2] - The overall trend indicates a mixed sentiment among different types of investors within the liquor sector [2]

Core Viewpoint - Jinzhongzi Liquor is unable to achieve its ambitious revenue target of 5 billion yuan by 2025, marking a significant decline compared to its peers in the Anhui liquor industry, known as the "Four Heroes of Anhui" [2][8]. Financial Performance - Jinzhongzi Liquor announced a projected net loss for 2025, with an estimated negative profit attributable to shareholders [2][3]. - For the first three quarters of 2025, the company reported revenue of 628 million yuan, a year-on-year decrease of 22.08%, and a net loss of 100 million yuan, a decline of 0.97% [2][3]. - In Q3 2025, the company generated 144 million yuan in revenue, with a net loss of approximately 28.3 million yuan, compared to a loss of 111 million yuan in the same period last year [4]. Revenue Breakdown - The revenue from high-end liquor reached 51.27 million yuan, a 7.33% increase from the previous year, while mid-range and low-end liquor revenues fell by 24.07% and 23.83%, respectively [5]. Historical Context - Jinzhongzi Liquor has faced continuous losses since 2021, accumulating a total loss of 633 million yuan over four years [8]. - The company had set a strategic goal in 2020 to achieve 5 billion yuan in revenue by 2025, requiring an annual increase of 1 billion yuan, but has consistently failed to meet this target [6][7]. Competitive Position - Jinzhongzi Liquor has fallen behind its competitors in the "Four Heroes of Anhui," with revenues significantly lower than those of Gujinggongjiu, Yingjia Gongjiu, and Kouzi Jiao [9]. - In the first three quarters of 2025, Gujinggongjiu, Yingjia Gongjiu, and Kouzi Jiao reported revenues of 16.42 billion yuan, 4.516 billion yuan, and 2.306 billion yuan, respectively, while Jinzhongzi's revenue was only about 27% of Kouzi Jiao's [9]. Management Changes - In 2022, Jinzhongzi Liquor brought in strategic investment from China Resources, leading to changes in management, including the appointment of He Xiuxia as general manager [9]. - He Xiuxia resigned from the position in July 2025, ahead of the scheduled end of her term [9]. Future Strategy - The company plans to optimize its high-end product structure and increase the sales proportion of high-end products to improve profitability [10]. - New product launches and better management of existing products are part of the strategy to enhance sales and profitability [10].

Core Viewpoint - Jinzhongzi Liquor (600199.SH), one of the four famous liquors in Anhui, is expected to report a net loss for the fiscal year 2025, marking a continuation of its financial struggles over the past five years [1][2]. Financial Performance - The company anticipates a negative net profit for 2025, with the loss expected to narrow compared to previous years [1][2]. - For the first three quarters of 2025, Jinzhongzi Liquor reported revenue of 628 million yuan, a year-on-year decline of 22.08%, and a net loss of 100 million yuan, a decrease of 0.97% year-on-year [2][8]. - In Q3 2025, the company achieved revenue of 144 million yuan, with a net loss of approximately 28.3 million yuan, compared to a loss of 111 million yuan in the same period last year [3]. Strategic Goals and Challenges - In 2020, the company set an ambitious goal to achieve 5 billion yuan in revenue by 2025, which now appears unattainable [5][8]. - The company has faced cumulative losses of 633 million yuan over the past four years, with revenue fluctuations and consistent losses since 2021 [8]. - Jinzhongzi Liquor has become the only publicly listed liquor company to report losses for five consecutive years, falling behind its peers in the Anhui liquor sector [8][9]. Market Position and Competition - The company is increasingly lagging behind its competitors, with revenue figures for 2025 showing that Jinzhongzi's revenue is only about 27% of that of its closest competitor, indicating a significant gap [9]. - The introduction of strategic investments from China Resources in 2022 aimed to enhance the company's market position, but the effectiveness of these strategies remains to be seen [9]. Future Plans - The company plans to optimize its high-end product structure and increase the sales proportion of high-end products to improve profitability [10]. - New product launches and better cost management strategies are also part of the company's plan to enhance market performance and regain profitability [10].