二季度业绩又下来了，金种子酒这个局华润如何破？

新浪财经07-11

自从华润入主之后，外界对金种子酒（600199）的反转抱有很高期待，但是从这两年的表现看，远远低于市场预期。金种子酒（600199）发布2024年半年度业绩预告：预计2024年半年度实现归属于母公司所有者的净利润为1000万元到1500万元，预计实现归属于母公司所有者的扣除非经常性损益后的净利润为300万元到450万元。从数据看是比去年扭亏为盈，但是上半年预估净利润比一季度还少了几百万，说明...

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How can China Resources break the situation of Golden Seed Wine?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600199":0.9,"01109":0.9},"content_text":"自从华润入主之后，外界对 金种子酒 （600199）的反转抱有很高期待，但是从这两年的表现看，远远低于市场预期。金种子酒（600199）发布2024年半年度业绩预告：预计2024年半年度实现归属于母公司所有者的净利润为1000万元到1500万元，预计实现归属于母公司所有者的扣除非经常性损益后的净利润为300万元到450万元。从数据看是比去年扭亏为盈，但是上半年预估净利润比一季度还少了几百万，说明二季度金种子的销售状况仍然不很理想。今年一季度，金种子酒实现净利润是1800万元，扣非净利润是1500万。相较于去年同期已经扭亏为盈。一季度的业绩反转得益于公司春节旺季的拉动，公司在公告中称，实施“春节大会战”、“春耕行动”等营销举措取得了较好效果，在 白酒 收入增长、费用精益、成本管控方面都取得了较大进步。但是上半年业绩预告的净利润却只有1000万-1500万，扣非净利润是300万-450万，这意味着二季度公司净利润不但没有增长，反而是亏损的。截至一季度末，金种子酒的应收账款高达1.84亿，比去年末增加了约3700万，这个应收款规模在上市酒企中位居第二，仅次于 舍得酒业 ，说明公司议价能力较弱，往往通过“赊账”方式给经销商放货，卖出去之后才能拿到回款，如果终端动销不畅，就会形成大批应收款。同时一季度末的预付款余额也从上年末的777万元大幅攀升至3170万元，而同期上市酒企大部分都是下降的，或者略有增长，说明公司在成本费用开支较为刚性，并且都需要现金结算，难以拿到较有利的账期。大批应收账款和预付款的的累计也挤占了公司的现金流。一季度末数据显示，金种子酒每股经营现金流为-0.16元，意味着公司虽然利润表很好看，但是现金流却出现恶化。所以，我们也可以金种子酒去年以来一直在处置闲置资产，打包出售位于阜阳和合肥的房产土地，以回笼资金。目前金种子酒实际上面临内外两种困境的夹击，一是公司本身品牌力不足，市场长期被边缘化，渠道能力薄弱；二是白酒市场总量整体下滑，市场向头部酒企集中，小品牌生存空间越发逼仄。所以纵然是华润入场操盘，想把金种子夺回失去的市场，绝非一朝一夕之功。深水财经社认为，在公司资源财力有限的情况下，首先聚焦资源守住基地市场，提高本地市场品牌认知度；其次是梳理产品体系，淘汰非优势品种，重点发力传统优势产品。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2450633491"}