金种子酒五年亏损或超7亿，2025年亏损收窄显回暖迹象

蓝鲸新闻01-12

蓝鲸新闻1月12日讯(记者朱欣悦)1月11日晚，金种子酒(600199.SH)发布预亏公告称，初步测算，预计公司2025年度归属于上市公司股东的净利润为负值，2025年度经营业绩将出现亏损，亏损幅度预计同比将会收窄。作为徽酒“四朵金花”之一，金种子酒于1998年登陆上交所，系安徽金种子集团控股子公司，旗下拥有金种子、醉三秋、颍州等浓香型白酒系列及差异化的馥合香白酒产品，在区域市场具备一定品牌积淀...

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朱欣悦)1月11日晚，金种子酒(600199.SH)发布预亏公告称，初步测算，预计公司2025年度归属于上市公司股东的净利润为负值，2025年度经营业绩将出现亏损，亏损幅度预计同比将会收窄。作为徽酒“四朵金花”之一，金种子酒于1998年登陆上交所，系安徽金种子集团控股子公司，旗下拥有金种子、醉三秋、颍州等浓香型白酒系列及差异化的馥合香白酒产品，在区域市场具备一定品牌积淀。2022年，华润战略投资有限公司受让阜阳投资发展集团有限公司49%的金种子集团股权，成为金种子集团的第二大股东。市场曾寄予厚望，认为华润系的渠道资源、管理经验有望为这家区域酒企注入新活力，助力其突破增长瓶颈。然而，华润入主后的经营成效并未达预期。财务数据显示，金种子酒自2021年起便陷入亏损泥潭，且颓势持续至今。2021-2024年，公司归母净利润分别亏损1.66亿元、1.87亿元2206.96万元和2.58亿元，四年累计亏损额高达6.33亿元。叠加2025年前三季度已产生的1亿元亏损，金种子酒五年累计亏损总额或超7亿元。值得注意的是，2025年公司经营已显现回暖迹象。三季报数据显示，第三季度单季实现营收1.44亿元，同比微增约4%；盈利端改善更为显著，单季净亏损2829.88万元，较上年同期大幅收窄74%，亏损压力明显缓解。为进一步改善经营状况，金种子酒于2025年11月启动非主业资产剥离，以1.26亿元价格将控股子公司金太阳药业92%的股权转让给珺澄药业。白酒行业分析师蔡学飞对蓝鲸新闻记者表示，此次资产处置有望帮助金种子酒回笼资金、精简业务结构，对全年业绩形成一定补偿效应。叠加单季度经营改善的积极态势，金种子酒2025年整体亏损规模有望得到有效管控，全年利润表现预计将好于市场预期。金种子酒方面也表示，华润入主公司后，从公司合规管理、组织效率提升、成本优化上，借鉴了华润管理经验，取得了非常好的效果；营销层面上，通过啤白渠道融合，做了大量的尝试和探索，在华东及其它华润啤酒渠道优势区域取得了较好成效；下一步公司将依托华润系企业，增加品牌推广力度和团购销售。此前金沙酒业官微披露，华润酒业与华润万象生活签署了白酒销售战略合作协议，“双方将聚焦万象生活在管住宅、写字楼、购物中心、产业园等业态及B、C端不同客户，开拓新的白酒销售赛道”。截至2024年底，华润万象生活在全国覆盖了1385个社区项目、248栋写字楼项目和122座购物中心，全国各地的万象城、华润的楼盘均是其服务对象。截至2025年上半年，万象星会员达到7237万人。同为华润系白酒的金种子酒有望共享这一庞大客群资源。据金种子酒披露，产品规划上，金种子酒将采取“两端发力”策略：持续优化高端产品结构，提升高毛利产品占比；推出光瓶酒新品“颍州佳酿”（曾被誉为“阜阳小茅台”），强化消费者互动与产品认知；同时梳理底盘产品，通过费用管控和价格管理增强渠道获利能力。此外，公司还启动馥合香品牌振兴计划，投入5000万元数字化营销资金，削减42款低毛利 SKU，聚焦核心产品发力。一位业内人士向蓝鲸新闻记者透露，金种子酒当前面临的发展困境，在一定程度上折射出区域性白酒企业普遍遭遇的共性挑战。从行业大环境来看，近年来白酒市场竞争持续加剧，挤压效应愈发明显，区域酒企的生存空间不断被压缩，经营压力与日俱增。具体到金种子酒自身，作为安徽本土知名酒企，它还需直面省内头部品牌的直接冲击。一边是古井贡酒、口子窖等强势竞品的市场挤压，导致其市占率始终难以实现突破。以安徽核心市场合肥为例，当地渠道资源已基本被古井贡酒牢牢占据，金种子酒在此区域的突围尝试屡屡受挫。这也是因此金种子酒的营销中心职能部门从合肥迁回阜阳，深耕并巩固大本营市场。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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