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dangjinxiaofeishichangdexiongyonglangchaozhong，gexinggeyebeiqianglizhongsu。putaojiulingyuyeweinengxingmian，xiaofeizhedekouweipianhao、goumaixiguanyijiduipinpaiderenzhidouzaifashengshenkedezhuanbian。bainianzhangyu，zuoweiguochanputaojiuxingyedelaopaijinglv，benyingpingjieshenhoudediyunhefengfudeziyuanzaishichanglangchaozhongwenjianqianxing，raner，xianshiquerutongyijilengjundeerguang。

业绩下滑：十年首现单季扣非亏损

congzhangyu2024niandisanjiducaibaoshujukezhi，qizhuyingshourujiaoquniantongqijianshaoleyue19.11%，hualuozhi 6.75yiyuan，guimujinglirungengshiruijian95.44%，jinyu277.68wanyuan，koufeijinglirunxianrufuzhi，wei -287.69wanyuan，xingshijijikewei。

xuzhi，zheishizhangyushinianlaishoucidanjidukoufeikuisun，cijiedianwuyichengweiqifazhanlichengzhongdeguanjianzhanlvezhuanzhedian，yaomezaikunjingzhongpojianzhongsheng，yaomezaichenlunzhongzouxiangshuaibai。

市场之困：进口冲击与客源分流

shenrupouxizhangyudeyejikunjudeyuanyin，shichanghuanjingdebianhuashoudangqichong。

juhaiguanzongshushuju，2024nian1-8yue，zhongguoputaojiuleijijinkou18.96wanqiansheng，tongbizengzhang8.0%；jinkoujinewei73.87yiyuan，tongbizengzhang28.8%，zhengtiniuzhuanciqiandexiaxingqushi，jinkouputaojiulaishixiongxiong，zhengzaiduohuishichangfene，zhangyuwangxidelingdibeizhubuqinshi。yucitongshi，guoneixiaofeishichangyeyufaduoyuanhuayusuipianhua。xinxingjiupincengchubuqiong，buduanfenliuchuantongputaojiukeyuan。zhangyuzhishenqizhong，yinanyitaotuobeichongjidemingyun，zaizheichangkeyuanzhengduozhanzhongjianganlibucongxin。

战略应对：多线布局成效待考

buguo，mianduiweijilangchao，zhangyubingweizuoyidaibi。zaigaoduanchanpinlingyu，gaoduanshiyebuquanlituijinquancengtupozhanlve。yizhangyuqixiadelongyupinpaiweili，jushangyoumeitibaodao，tongguochuangxinyingxiaoyuqudaocelve，longyuyijingshixianduozhongpoquan，ruzhuquanqiujishijiamiqilincanting，chengweijinzhuyingguohuangshiyuyongjiushangberry bros.&ruddyongjiuhuojiadezhongguojiuzhuangjiu，hairuzhudibaiqixingfanchuanjiudian、diaoyutaiguobinguandeng，shitujingzhundingweigaoxiaofeiqunti，tongguojubangaoduanpinjianhui、sirenjulebuhuodongdengxingshi，yingzaozhuanshudepinpaiwenhuafenwei，yixiyinneixieduipinzhihepinpaixingxiangjiweikanzhongdegaojingzhirenqun。raner，gaoduanshichangdexiaofeizhewangwangduipinpaidiyun、chanpinxiquexinghegexinghuafuwuyouzhejigaodeyaoqiu。yihandeshi，zhangyuzaizheixiefangmiankenengshangweixingchengzugouqiangdadejingzhengli，congqishichangbiaoxianlaikan，zheiyizhanlvezuizhongweinengchengweiladongyejizengzhangdeqiangliyinqing。

erjiebainashiyebuchixuzaiyanxishichangfali，jiangzhongduanchanpinpuxiangshequdianyugaoxiaojizhongquyu。qishi，yanxishichangbenyingshiputaojiuxiaofeidezhongyaochangjing，shequdiannenggoushenrujuminshenghuoquan，gaoxiaojizhongquyuzeyunhanzhenianqingxiaofeiquntideqianli。juhuajingchanyeyanjiuyuanshuju，zhongguohunqingchanyeshichangguimojin17000yiyuan，qizhonghunyandengyanxishichangguimodadaoleshangqianyi。danzaishijicaozuozhong，yanxishichangjingzhengjilie，xiaofeizheduiyuyanxiyongjiudepinpaizhongchengdujiaodi，qieshoudaojiage、cuxiaohuodongdengduozhongyinsuyingxiang。zaishequdianhegaoxiaoquyu，zhangyukenengweinengchongfenlijiezheixiexiaofeichangjingxiaxiaofeizhedezhenshixuqiu，chanpintuiguangheyingxiaocelvequefazhenduixing，shidecongdazhongxiaofeichangjingzhongfendeyibeigengdeyuanwangnanyishixian。

bailandishiyebuyebuganshiruo，jiadalekeyaheliquandengchanpindetuiguanglidu，yituzaixifenshichangzhongdakaixinjumian。tamenzaiguanggaotoufang、qudaotuozhandengfangmiandoutourulebushaoziyuan。danxifenshichangdekaituotongyangxuyaojingzhundeshichangdingweihechayihuadechanpinyoushi——zaibailandishichang，zhangyuzaoyuzheziguoneiwaitongxingdeweizhuidujie，qichanpinzaikougantese、pinpaiwenhuasuzaodengfangmianweinengyouxiaotuchuzishentese，congerzaixifenshichangdejingzhengzhongweinengtuoyingerchu。

自身短板：创新与营销滞后

keshi，bokaizhongzhongshichangmiwu，huifaxianzhangyuzaizishenfazhanguochengzhongyecunzaizhuduowenti。

qiyi，chanpinchuangxinfangmian，zhangyudewentizaiyuweinengjinmitieheshidaichaoliuhexiaofeizhexuqiubianhua。

juzhonggongwangxiaoxi，zaijiankangyinjiuxiaofeiqudongxia，mingjiu“diduchao”jinnianlaizhengshangyan；aimeizixundiaoyanxianshizhongguodidujiuxiaofeizhezhong40suiyixiaquntizhanbiwei76.4%。erzhangyudechanpinyanfaqueweinengjishigenshangqushi，daozhichanpinzainianqingquntizhongdeshichangfenexiahuamingxian。zaizhe，zaishichangjingzhengzhong，jinkouputaojiupingjiexinyingkouweiheshishangbaozhuangqiangzhannianqingxiaofeishichangshi，zhangyuyeweinengjishituichujingzhengchanpin，cuoshifazhanjiyu。

qier，zaiyingxiaocelveshang，jinguanduoxianbuju，danquefajingzhunduheshenduzhenghe，yizhigeshiyebudeyingxiaohuodongweinengxingchengxietongxiaoying，ziyuanfensanqieweinengyouxiaojizhongmubiaoxiaofeizhedetongdian。

keyishuo，rujindezhangyuyiranshenxian“neiyouwaihuan”nizhao。

cengjingdehuihuangzaicankudexianshimianqianzhujianandan，ruguozhangyubunengconggenbenshangzhongxinshenshizishendezhanlvebuju，jinxingshendudegaigeyuchuangxin，nei 47 yiyuandeyingshoumubiaojiangyongyuanzhishijinghuashuiyue，shenzhikenengzaishichangdelangchaozhongbeiyueshuaiyueyuan，qiweilaideshangyebantukongjiangchixuweisuo，lunweiputaojiushichangdebianyuanjiaose。