200596.SZ深圳证券交易所 · B股 B-share
Anhui Gujing Distillery 古井贡B
HK$54.12−HK$0.93 · −1.69%
Open 开盘
HK$55.00
High 最高
HK$55.75
Low 最低
HK$54.06
Prev Close 昨收
HK$55.05
Volume 成交量
11.4万股
Turnover 成交额
HK$623.4万
Mkt Cap 总市值
HK$286亿
P/E 市盈率
11.9×
Recent Activity 近期动态All Filings 全部公告 →
No significant filings since 31 May 2026.
自 31 May 2026 起无重大公告。
Price History 价格走势
1 session 个交易日, Mon 28 Sep 2026 · Live one-minute prices · High 最高 HK$55.75 · Low 最低 HK$54.11 · −1.69% on the previous close of HK$55.0554.2554.5054.7555.0055.2555.5055.75
Volume 成交量
164
09:3010:0010:3011:0011:30
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 25 Sep 2026 截至2026年9月25日
Assessment 评估
Anhui Gujing Distillery 古井贡B, listed on the Shenzhen Stock Exchange, is a liquor producer with operations showing significant financial stress. Revenue and profit have declined sharply, with 2025 revenue at RMB18.83bn, down 20.1% from 2024, and attributable net profit falling 35.7% to RMB3.55bn. The share price has dropped 45.2% over one year. Despite a healthy balance sheet with liabilities to assets at 32.4% as of 30 Jun 2026, profitability and cash flow trends are deteriorating. Operating cash flow per share fell to RMB3.68 in 2025 from RMB8.94 in 2024, and the first half of 2026 shows continued declines in revenue and profit. The company remains under pressure from weakening demand or operational challenges.
古井贡B是一家在深交所上市的白酒生产企业，经营状况显示明显的财务压力。2025年营业收入为188.32亿元，同比减少20.1%；归属于母公司股东的净利润为35.49亿元，同比下降35.7%。过去一年股价下跌45.2%。截至2026年6月30日，资产负债率为32.4%，财务结构尚稳，但盈利与现金流持续恶化。2025年每股经营现金流由2024年的8.94元降至3.68元，2026年上半年收入与利润继续下滑。公司面临需求疲软或运营困难的持续压力。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue has declined by more than 20% year-on-year. 营业收入同比下滑超过20%。 | A sustained revenue drop may erode profitability and cash generation, limiting the company's ability to invest or withstand further demand shocks. The 2025 revenue fell to RMB18.83bn from RMB23.58bn in 2024. 持续的收入下滑可能削弱盈利能力与现金生成，限制公司投资或抵御进一步需求冲击的能力。2025年营业收入由2024年的235.78亿元降至188.32亿元。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has fallen by more than 40% over the past year. 过去一年股价跌幅超过40%。 | A sharp share price decline reduces the company's equity financing capacity. The price dropped from HK$100.49 to HK$55.05, a change of -45.2%. 股价大幅下跌会削弱公司股权融资能力。股价由100.49港元降至55.05港元，跌幅为-45.2%。 |
What to Watch 关注要点
- Revenue in the full year 2026, to see if the decline has stabilised.
2026全年营业收入，观察收入下滑是否企稳。 - Attributable net profit for 2026, to assess whether the profit decline has narrowed.
2026年归属于母公司股东的净利润，评估盈利下滑是否收窄。 - Operating cash flow per share in 2026, to determine if cash generation improves from RMB3.68.
2026年每股经营现金流，判断现金流生成是否较3.68元改善。 - The next disclosure of receivable days and inventory days, to assess working capital efficiency.
下一次应收账款周转天数与存货周转天数的披露，评估营运资本效率。 - Any update on shareholder distributions after 2026, as none are recorded from 1 Jan 2026.
2026年后股东分红的更新，因自2026年1月1日起无分红记录。 - The first half 2027 financial results, to compare with the weak H1 2026 performance.
2027年上半年财务业绩，与疲软的2026年上半年表现对比。
Facts 事实
- Company: Anhui Gujing Distillery 古井贡B, Shenzhen Stock Exchange 200596; industry not shown; listed 12 Jun 1996.
公司：古井贡B，深圳证券交易所 200596；行业：未披露；上市日期：1996年6月12日。 - Close on 24 Sep 2026 HK$55.05; close on 24 Sep 2025 HK$109.52, HK$100.49 in today's terms; one-year change, adjusted for distributions and share changes -45.2%.
2026年9月24日收盘价55.05港元；2025年9月24日收盘价109.52港元（前复权100.49港元）；一年涨跌幅（复权）-45.2%。 - 52-week range in today's terms, adjusted for distributions and share changes HK$47.42 to HK$101.57.
52周区间（前复权）47.42港元至101.57港元。 - Market capitalisation HK$29.10bn; P/E TTM 12.1; price to book not shown.
总市值290.99亿港元；市盈率（TTM）12.1；市净率未披露。 - Revenue 2025 RMB18.83bn; 2024 RMB23.58bn; change -20.1%.
营业收入2025年188.32亿元；2024年235.78亿元；同比-20.1%。 - Attributable net profit 2025 RMB3.55bn; 2024 RMB5.52bn; change -35.7%.
归属于母公司股东的净利润2025年35.49亿元；2024年55.17亿元；同比-35.7%。 - Net profit excluding non-recurring items, 2025 change -36.1%.
2025年扣除非经常性损益后的净利润同比-36.1%。 - Basic EPS 2025 RMB6.71; 2024 RMB10.44.
基本每股收益2025年6.71元；2024年10.44元。 - Operating cash flow per share 2025 RMB3.68; 2024 RMB8.94; operating cash flow to net profit 0.53x.
每股经营现金流2025年3.68元；2024年8.94元；经营现金流与净利润之比0.53倍。 - 2025 gross margin 79.3%; net margin 19.3%; ROE 14.3%.
2025年毛利率79.3%；净利率19.3%；净资产收益率14.3%。 - At 30 Jun 2026: liabilities to assets 32.4%; current ratio 2.29; quick ratio 1.37; receivable days 1; inventory days 973.
截至2026年6月30日：资产负债率32.4%；流动比率2.29；速动比率1.37；应收账款周转天数1；存货周转天数973。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB10.13bn, change -27.0%; attributable net profit RMB2.16bn, change -40.9%; operating cash flow per share RMB2.92.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入101.31亿元，同比-27.0%；归母净利润21.64亿元，同比-40.9%；每股经营现金流2.92元。 - Ownership: controlling shareholder 安徽古井集团有限责任公司; actual controller 亳州市人民政府国有资产监督管理委员会; largest holder at 30 Jun 2026: 安徽古井集团有限责任公司, 51.34%.
股权：控股股东：安徽古井集团有限责任公司；实际控制人：亳州市人民政府国有资产监督管理委员会；2026年6月30日第一大股东：安徽古井集团有限责任公司，持股51.34%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。