Investment Rating - Maintain "Buy" rating [1][4] Core Views - The company's performance fell short of expectations, with significant pressure on profits [2] - 2024 net profit attributable to parent company is expected to be -291 to -201 million yuan, compared to -22 million yuan in the same period last year [2] - 2024Q4 net profit attributable to parent company is expected to be -191 to -101 million yuan, compared to 13 million yuan in the same period last year [2] - Revenue performance was weak, with increased expense allocation [3] - The company raised prices for its chassis series products in March, leading to a decline in terminal acceptance of products such as Rouhe, resulting in weak product sales [3] - The company increased expense allocation through activities such as the China Power IP, Kaijiao Festival, concerts, and online outdoor investments in key markets [3] - After CR's entry, the company has undergone positive reforms in management, channels, and product systems [4] - Short-term friction in operations is expected, but the long-term development direction is positive [4] - Adjusted EPS for 2024-2026 are -0.04, 0.03, and 0.14 yuan, respectively [4] Financial Forecasts - Revenue and profit forecasts [10] - 2024E revenue: 868 million yuan, a decrease of 41.0% year-on-year [10] - 2025E revenue: 875 million yuan, an increase of 0.8% year-on-year [10] - 2026E revenue: 1,007 million yuan, an increase of 15.1% year-on-year [10] - 2024E net profit attributable to parent company: -262 million yuan [10] - 2025E net profit attributable to parent company: 21 million yuan [10] - 2026E net profit attributable to parent company: 94 million yuan [10] - Key financial indicators [11] - 2024E gross margin: 26.8% [11] - 2025E gross margin: 37.9% [11] - 2026E gross margin: 41.3% [11] - 2024E ROE: -11.4% [11] - 2025E ROE: 0.9% [11] - 2026E ROE: 3.9% [11] Market Performance - Current stock price: 12.01 yuan [6] - Total market capitalization: 7.9 billion yuan [6] - 52-week price range: 10.09-17.9 yuan [6] - Average daily trading volume: 244.2 million yuan [8]

证券代码：600199 证券简称：金种子酒 公告编号：临 2025-006 安徽金种子酒业股份有限公司 2024年年度业绩预亏公告 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2024 年年度实现归属于母公司所有者的净 利润为-29,100 万元到-20,100 万元。 2、归属于母公司所有者扣除非经常性损益后的净利润为-30,000 万元到- 21,000 万元。 3、本次业绩预告未经注册会计师审计。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 重要内容提示： ◆ 本期业绩预告适用情形：净利润为负值。 ◆ 安徽金种子酒业股份有限公司（以下简称"公司"）预计 2024 年年度 实现归属于母公司所有者的净利润为-29,100 万元到-20,100 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-30,000 万元到-21,000 万元。 一、本期业绩预告情况 （一）业绩预告期间 上述费用的投入，对当期损益造成较大影响，但为公司品牌打造和 ...

第七届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 证券代码：600199 证券简称：金种子酒 公告编号：临 2025-001 安徽金种子酒业股份有限公司 重要内容提示： 一、会议召开情况 1、安徽金种子酒业股份有限公司（以下简称"公司"）第七届董事会第 十三次会议通知于 2025 年 1 月 3 日以短信及电子邮件方式发出，会议于 2025 年 1 月 13 日以通讯表决的方式召开。 2、本次会议应出席董事 9 人，实际出席董事 9 人。 3、本次会议由董事长谢金明先生主持。本次会议召开方式、人数和表决 程序符合《公司法》等法律、法规及《公司章程》的有关规定，合法有效。 二、会议审议情况 经与会董事认真审议，并以投票表决的方式形成如下决议： 1、审议通过《关于监事会向董事会提议召开临时股东大会的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn）上的《安徽 金种子酒业股份有限公司董事会审核通过关于监事会提议召开临时股东大会 的公告》。 表决结果：同意 9 票 反 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 安徽金种子酒业股份有限公司 第七届监事会第十次会议决议公告 3、会议由监事会主席陈新华先生主持，本次会议的召集、召开符合《公 司法》和《公司章程》的有关规定。 二、会议审议情况 证券代码：600199 证券简称：金种子酒 公告编号：临 2025-002 一、会议召开情况 1、安徽金种子酒业股份有限公司（以下简称"公司"）第七届监事会第 十次会议通知于 2025 年 1 月 3 日以短信及电子邮件方式发出，会议于 2025 年 1 月 13 日召开，采取通讯表决的方式进行表决。 2、本次会议应出席监事 5 名，实际出席监事 5 名。 1 议召开临时股东大会审议《关于更换公司监事的议案》。 表决结果：同意 5 票，反对 0 票，弃权 0 票 特此公告。 安徽金种子酒业股份有限公司 监事会 经与会监事认真审议并表决，以投票表决的方式通过了以下议案，并发 表如下意见： 1、审议通过《关于更换公司监事的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn）上 ...

证券代码：600199 证券简称：金种子酒 公告编号：临 2025-004 安徽金种子酒业股份有限公司 董事会审核通过关于监事会提议召开临时股东大 会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 安徽金种子酒业股份有限公司（以下简称"公司"）董事会于近日收到 公司监事会发出的《关于提请召开安徽金种子酒业股份有限公司临时股东 大会的函》，具体内容如下： "安徽金种子酒业股份有限公司（以下简称"金种子酒"或"公司"） 监事会近日收到公司监事屠华先生的书面辞职报告，根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《公司 章程》等有关规定，为了保证公司监事会工作的正常开展，根据控股股东 的推荐意见，现提名雷霆先生为公司第七届监事会非职工监事候选人，任 期自公司股东大会审议通过之日起至第七届监事会届满时止。 鉴于本次监事会审议的事项尚需提交公司股东大会审议，根据相关法 律法规的规定，监事会向董事会提议召开临时股东大会审议 ...

安徽金种子酒业股份有限公司 (五) 网络投票的系统、起止日期和投票时间。 证券代码：600199 证券简称：金种子酒 公告编号：2025-005 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 13 日 14 点 30 分 召开地点：安徽省阜阳市清河东路 523 号金种子研发大楼 9 楼会议室 股东大会召开日期：2025年2月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 13 日 至 2025 年 2 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

证券代码：600199 证券简称：金种子酒 公告编号：临 2024-036 根据《中华人民共和国公司法》《公司章程》等有关规定，徐三能先生的辞 职报告自送达董事会之日起生效。上述变动不影响公司经营管理工作的正常运 营。 公司董事会对徐三能先生在任职期间为公司发展做出的贡献表示衷心的 感谢！ 安徽金种子酒业股份有限公司 关于公司高级管理人员退休离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽金种子酒业股份有限公司（以下简称"公司"）董事会于近日收到副总 经理徐三能先生提交的书面辞职报告，徐三能先生因达到法定退休年龄向公司 董事会申请辞去公司副总经理职务。辞职后，徐三能先生将不再担任公司任何 职务。 特此公告。 安徽金种子酒业股份有限公司 董事会 2024 年 11 月 29 日 ...

证券代码：600199 证券简称：金种子酒 公告编号：临 2024-035 安徽金种子酒业股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽金种子酒业股份有限公司（以下简称"公司"）于 2024 年 4 月 28 日召 开第七届董事会第九次会议、于 2024 年 6 月 7 日召开 2023 年年度股东大会，审 议通过了《关于续聘 2024 年度会计师事务所的议案》，同意续聘容诚会计师事务 所（特殊普通合伙）（以下简称"容诚"）为公司 2024 年度财务报告及内部控制 审计机构。具体内容详见公司于 2024 年 4 月 30 日在上海证券交易所网站 （http://www.sse.com.cn）披露的《关于续聘 2024 年度会计师事务所的公告》 （公告编号：临 2024-009）。 近日，公司收到容诚送达的《关于变更签字注册会计师的函》，现将相关变 更情况公告如下： 容诚作为公司 2024 年度审计机构，原委派齐利平、孙青、杜杰作为签字注 册会计师为公司提供 2024 年度审计服 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 15 yuan [1][2]. Core Views - The company is facing significant challenges due to industry reforms, leading to a substantial decline in revenue and profits. The report highlights a need for a breakthrough in its current operational strategy to achieve recovery [2][3]. - The company reported a revenue of 806 million yuan for the first three quarters of 2024, a decrease of 24.9% year-on-year, with a net loss attributable to shareholders of 100 million yuan [1][2]. - The report anticipates that the company's ongoing reforms and changes in marketing leadership may eventually lead to improved performance as market conditions stabilize [2][3]. Financial Summary - For Q3 2024, the company reported a revenue of 139 million yuan, down 54.4% year-on-year, with a net loss of 111 million yuan compared to a profit of 3 million yuan in the same period last year [1][2]. - The gross margin for Q3 2024 was 15.7%, a significant decline of 34.4 percentage points year-on-year, attributed to increased promotional expenses and fixed costs [2][3]. - The company’s sales expenses increased to 57.1% of revenue in Q3 2024, up 28.6 percentage points year-on-year, reflecting higher investments in new product development and sales personnel compensation [2][3]. Future Outlook - The report projects a challenging environment for the company, with expected revenues of 1.214 billion yuan in 2024, a decline of 17.4% year-on-year, and a net loss of 135 million yuan [2][3]. - The earnings per share (EPS) forecast for 2024 is adjusted to -0.20 yuan, with expectations of gradual recovery in subsequent years [2][3]. - The report emphasizes the importance of the company's reform efforts and market recovery for future performance, suggesting that successful execution could lead to a turnaround [2][3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥139,209,255.95, a decrease of 54.41% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was -¥110,624,063.74, representing a decline of 3,843.21% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was -¥114,913,634.87, with no applicable year-on-year comparison[2] - The basic earnings per share for Q3 2024 was -¥0.1682, reflecting a year-on-year decline of 3,832.89%[4] - The diluted earnings per share for Q3 2024 was also -¥0.1682, with a similar year-on-year decline[4] - Total operating revenue for the first three quarters of 2024 was CNY 805,894,813.48, a decrease of 25% compared to CNY 1,073,051,897.04 in the same period of 2023[19] - Operating profit for the first three quarters of 2024 was a loss of CNY 100,706,472.72, compared to a loss of CNY 35,198,743.69 in the same period of 2023[19] - Net profit for the first three quarters of 2024 showed a total loss of CNY 93,639,058.57, worsening from a loss of CNY 26,444,276.14 in 2023[19] - The net profit for the third quarter of 2024 was -98,747,874.34 RMB, compared to -32,994,207.03 RMB in the same period of 2023, indicating a significant decline in profitability[20] - The total comprehensive income attributable to the parent company for the third quarter of 2024 was -99,526,070.30 RMB, compared to -34,859,358.56 RMB in the same quarter of 2023[20] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period was -¥256,178,535.96, a decrease of 322.89% compared to the same period last year[2] - Total cash inflow from operating activities for the first nine months of 2024 was 829,710,423.26 RMB, down from 1,304,144,783.70 RMB in the first nine months of 2023, reflecting a decrease of approximately 36.4%[21] - The net cash flow from operating activities for the first nine months of 2024 was -256,178,535.96 RMB, contrasting with a positive cash flow of 114,937,194.04 RMB in the same period of 2023[21] - Cash and cash equivalents at the end of the third quarter of 2024 amounted to 318,826,307.49 RMB, down from 511,375,811.79 RMB at the end of the same period in 2023, representing a decrease of approximately 37.7%[22] - The company recorded a net cash flow from investing activities of -8,292,338.73 RMB for the first nine months of 2024, compared to -62,186,470.64 RMB in the same period of 2023, showing an improvement in cash flow management[22] Assets and Liabilities - The total assets at the end of Q3 2024 were ¥3,307,254,981.26, a decrease of 4.86% from the end of the previous year[4] - The equity attributable to shareholders at the end of Q3 2024 was ¥2,417,409,434.38, down 4.04% from the end of the previous year[4] - Total assets as of the end of the reporting period were CNY 3,307,254,981.26, down from CNY 3,476,257,231.71 at the end of the previous period[17] - Total liabilities decreased to CNY 876,978,893.61 from CNY 945,036,906.27, indicating a reduction of about 7%[17] - The total equity attributable to shareholders was CNY 2,417,409,434.38, down from CNY 2,519,131,868.12, reflecting a decrease of approximately 4%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period was 125,051 shares[10] - The largest shareholder, Anhui Jinzhongzi Group Co., Ltd., holds 178,257,084 shares, accounting for 27.10% of total shares[10] - The total number of shares held by the top ten shareholders includes significant stakes from various investment funds, with China Bank holding 32,550,443 shares, representing 4.95%[10] - There were no changes in the relationships or concerted actions among the top shareholders[12] Operational Changes - The company reported a significant decrease in revenue due to the cessation of pharmaceutical sales operations, which impacted overall income[7] - The company recognized government subsidies amounting to ¥2,410,234.75 during the reporting period, contributing to non-recurring gains[5] - The company has not reported any new strategies or mergers during this quarter[14] - The company is focusing on cost control and efficiency improvements to navigate the challenging market environment[19] Research and Development - Research and development expenses increased to CNY 17,116,644.63 in 2024, up from CNY 11,014,556.73 in 2023, marking a rise of approximately 55%[19] Other Financial Metrics - The company's cash and cash equivalents decreased to approximately RMB 353.45 million from RMB 507.31 million at the end of 2023[15] - Accounts receivable dropped to RMB 69.50 million from RMB 147.37 million year-over-year[15] - Inventory increased to RMB 1.51 billion from RMB 1.47 billion at the end of 2023, indicating a growth of approximately 2.5%[15] - The total current assets decreased to approximately RMB 1.99 billion from RMB 2.19 billion[15] - The company reported a significant increase in prepayments, which decreased to RMB 9.26 million from RMB 31.70 million[15] - The cash outflow for purchasing fixed assets and other long-term assets in the first nine months of 2024 was 54,818,846.64 RMB, compared to 62,213,470.64 RMB in the same period of 2023, indicating a decrease of approximately 11.2%[22] - Total cash inflow from financing activities for the first nine months of 2024 was 199,162,955.43 RMB, while cash outflow was 84,976,642.97 RMB, resulting in a net cash flow of 114,186,312.46 RMB[22] Accounting Standards - The company has not applied new accounting standards or interpretations that would affect the financial statements for the year of first implementation[23]