Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing challenges in the market and operational adjustments needed to improve performance [1][2]. Revenue Analysis - The company achieved revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1% [1]. - Revenue breakdown by product shows mid-to-high-end and regular liquor generating 1.23 billion and 0.21 billion yuan respectively, with declines of 28.5% and 12.6% year-on-year [2]. - Regional revenue analysis indicates that domestic, external, and e-commerce channels generated 0.49 billion, 0.95 billion, and 0.20 billion yuan respectively, with year-on-year changes of -9.0%, -33.2%, and +36.7% [2]. - E-commerce now accounts for approximately 14% of total revenue, reflecting a breakthrough in this channel [2]. Profitability Metrics - The company's net profit attributable to shareholders was 0.35 billion yuan, down 37.1% year-on-year [1]. - The gross profit margin decreased by 4.8 percentage points to 69.4%, while the net profit margin fell by 4.2 percentage points to 22.0% [2]. - Sales expenses increased by 3.0 percentage points, and the balance of contract liabilities rose to 0.21 billion yuan, indicating a need for careful cash flow management [2]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue growth of no less than 20% or net profit growth of at least 164% [3]. - The company is focusing on core brands and implementing a flatter organizational structure to enhance operational efficiency [3]. - Profitability is expected to gradually recover, with net profit forecasts for 2025-2027 showing significant growth of 164%, 25.5%, and 23.8% respectively [4]. Valuation and Investment Rating - The company’s estimated earnings per share (EPS) for 2025-2027 are projected to be 2.74, 3.44, and 4.26 yuan, with corresponding price-to-earnings (PE) ratios of 20.8, 16.6, and 13.4 times [4]. - The investment rating is maintained at "Buy" based on the anticipated recovery in profitability and revenue growth [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit attributable to shareholders of 350 million yuan, down 37.1% year-on-year [2]. - The revenue structure shows that high-end and regular liquor generated 1.23 billion yuan and 210 million yuan respectively in Q1 2025, with year-on-year declines of 28.5% and 12.6% [3]. - The company is focusing on improving its operational efficiency through a flat organizational structure and targeted assessments [4]. Revenue and Profit Forecast - For 2025, the company is expected to achieve a revenue growth of 4.7%, with net profit increasing by 164% to 913 million yuan [5][10]. - The projected earnings per share (EPS) for 2025 is 2.74 yuan, with corresponding price-to-earnings (P/E) ratios of 20.8, 16.6, and 13.4 for the years 2025 to 2027 [5][10]. Financial Metrics - The company’s net profit margin for Q1 2025 was 22.0%, a decrease of 4.2 percentage points year-on-year, with a gross margin of 69.4% [3]. - The balance of contract liabilities at the end of Q1 2025 was 210 million yuan, reflecting a quarter-on-quarter increase of 40 million yuan [3]. Market Position and Strategy - The company has added 215 new distributors while 257 exited, resulting in a net decrease of 42 distributors, leaving a total of 2,621 at the end of Q1 2025 [3]. - The company’s strategic focus includes enhancing its e-commerce channel, which saw a revenue increase of 36.7% year-on-year, contributing approximately 14% to total revenue [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating challenges in the market while focusing on brand optimization and market expansion strategies [1][2]. Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, a year-on-year decrease of 25.14% - The net profit attributable to shareholders was 346 million yuan, down 37.1% year-on-year - The revenue from mid-to-high-end liquor and ordinary liquor was 1.234 billion yuan and 208 million yuan, respectively, with year-on-year changes of -28.46% and -12.59% [1]. Product and Market Strategy - The company is optimizing its product structure, aiming to establish the Tuo Pai brand as the leading brand in the high-end light bottle segment of strong aroma liquor - The revenue from ordinary liquor increased its proportion to 14.42%, up by 2.33 percentage points [1]. - The company is focusing on consolidating its position in the 400 yuan price range while accelerating its market expansion in rural areas [1]. Sales Channels and Market Development - In Q1 2025, wholesale and e-commerce sales generated revenues of 1.237 billion yuan and 205 million yuan, with year-on-year changes of -31.77% and +36.71%, respectively - The company is enhancing its internet marketing channels and aims to make its brand a favorite among consumers in the online space [2]. - The total number of distributors was 2,621, with 215 new and 257 exiting distributors, resulting in a net decrease of 42 distributors compared to the end of 2024 [2]. Profitability Metrics - The gross margin and net margin for Q1 2025 were 69.36% and 21.96%, reflecting year-on-year declines of 4.79 and 4.18 percentage points, respectively - The operating expense ratio was 28.63%, an increase of 3.16 percentage points year-on-year, driven by higher sales and marketing investments [3]. Strategic Initiatives - The company is committed to a long-term strategy focusing on the old liquor market, multi-brand development, youth engagement, and international expansion - It aims to strengthen its brand matrix through a dual-brand strategy of "Shede + Tuo Pai" and enhance its presence in key cities and new regions [3]. - The company has introduced an equity incentive plan to boost team cohesion and performance, signaling management's confidence in future growth [3]. Revenue Forecast - The company expects to achieve revenues of 6.430 billion yuan, 7.285 billion yuan, and 8.310 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 20.04%, 13.28%, and 14.08%, respectively - The projected net profit attributable to shareholders for the same period is 916 million yuan, 1.148 billion yuan, and 1.421 billion yuan, with growth rates of 165.04%, 25.28%, and 23.72% [4].

Core Viewpoint - The company has announced its first quarter financial results for 2025, including details on share repurchase and changes in distributor numbers, indicating a strategic focus on enhancing shareholder value and operational adjustments in response to market conditions [10][12][14]. Financial Data Summary - The first quarter financial report is unaudited, with key financial data and indicators presented in RMB [9]. - The company has completed a share repurchase of 1,671,994 shares, representing 0.50% of the total share capital, with a total expenditure of approximately RMB 100 million [6][14]. Share Repurchase Details - The share repurchase plan was approved on October 28, 2024, with a budget between RMB 100 million and RMB 200 million, and a maximum repurchase price of RMB 91.00 per share [12][14]. - The actual repurchase occurred at a maximum price of RMB 81.23, a minimum of RMB 52.41, and an average price of RMB 59.83 [14]. Distributor Changes - During the reporting period, the company added 215 new distributors while 257 exited, resulting in a total of 2,621 distributors at the end of the quarter, a decrease of 42 from the previous year [11]. Incentive Plans - The company has initiated a restricted stock incentive plan, with details disclosed in the relevant announcements [7]. Legal and Compliance Assurance - The board of directors and senior management have guaranteed the accuracy and completeness of the financial report, assuming legal responsibility for any misrepresentation [2][10].

Core Viewpoint - Shede Liquor's Q1 2025 report shows significant improvement in key performance indicators, attributed to rational deceleration and effective inventory reduction strategies implemented last year [1][2]. Financial Performance - In Q1 2025, Shede Liquor achieved revenue of 1.576 billion yuan and net profit of 346.1 million yuan, surpassing the entire net profit of 345.8 million yuan for 2024 [2]. - The company's net cash flow from operating activities increased by 106.76% year-on-year, indicating a notable improvement in financial health [2]. - Operating costs decreased by 11.25% year-on-year, while management expenses fell by 25.24%, reflecting enhanced operational efficiency [2]. Inventory and Sales Strategy - The company successfully executed a strategy of "stabilizing prices, controlling inventory, and enhancing sales," leading to a return of inventory levels to a reasonable range [2]. - E-commerce channel sales grew to 205 million yuan, a year-on-year increase of 36.71%, demonstrating the effectiveness of dual-channel optimization [2]. Brand and Marketing Initiatives - Shede Liquor is focusing on enhancing brand influence through various marketing strategies, including participation in cultural events and sponsorship of programs to increase brand exposure [3]. - The company reported that offline activities during the 2025 Spring Festival reached 850,000 people, with over 800 million online exposures, effectively driving brand sales growth [3]. Strategic Development - The company is advancing its liquor-tourism integration projects, which were initiated in March 2025, aiming to create a culturally rich and internationally recognized liquor town [4]. - This strategic layout is expected to enhance brand strength, modernize the regional liquor industry, and promote collaborative development of industry, culture, and urban areas [4]. Long-term Outlook - The "old liquor strategy" remains robust, with high certainty of performance improvement in 2025 due to ongoing inventory reduction and strategic initiatives [5]. - The dual-driven model of "upgrading consumer experience and innovative scene marketing" is anticipated to enhance product structure towards higher-end and value-oriented offerings [5].

证券代码：600702 证券简称：舍得酒业 公告编号：2025-027 舍得酒业股份有限公司 2025 年第一季度经营数据公告 （三）酒类产品按地区分类情况 1 单位：万元 币种：人民币 产品名称 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 中高档酒 123,432.41 172,546.78 -28.46 普通酒 20,806.29 23,803.26 -12.59 合计 144,238.70 196,350.04 -26.54 单位：万元 币种：人民币 渠道类型 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 批发代理 123,740.57 181,356.42 -31.77 电商销售 20,498.13 14,993.62 36.71 合计 144,238.70 196,350.04 -26.54 二、公司 2025 年第一季度经销商变动情况 报告期内，公司酒类产品新增经销商 215 家，退出经销商 257 家，报告期末共 有经销商 2,621 家，较 2024 年末减少 42 家。 本公司董事会及全体董事保证本公告内容 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-028 舍得酒业股份有限公司 关于股份回购实施结果暨股份变动的公告 重要内容提示： | 回购方案首次披露日 | 2024/10/29 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 6 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购价格上限 | 91.00元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 167.20万股 | | 实际回购股数占总股本比例 | 0.50% | | 实际回购金额 | 10,003.61万元 | | 实际回购价格区间 | 52.41元/股~81.23元/股 | 一、回购审批情况和回购方案内容 2024 年 10 月 28 日，舍得酒业股份有限公司（以下简称"公司""舍得酒业"） 召开第十一届董事会第九次会议审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以自有资金和/或自筹资金通过集中竞价交易方式回 购公司股份， ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,576,125,553.23, a decrease of 25.14% compared to CNY 2,105,431,909.47 in the same period last year[4] - Net profit attributable to shareholders decreased by 37.10% to CNY 346,120,296.79 from CNY 550,283,251.89 year-on-year[4] - Basic earnings per share fell by 36.38% to CNY 1.0582, down from CNY 1.6632 in the previous year[4] - Total operating revenue for Q1 2025 was approximately ¥1.58 billion, a decrease of 25% compared to ¥2.11 billion in Q1 2024[20] - Net profit for Q1 2025 was approximately ¥345.33 million, a decline of 37% from ¥549.39 million in Q1 2024[21] - Operating profit for Q1 2025 was approximately ¥460.70 million, down 37% from ¥728.27 million in Q1 2024[21] - Basic earnings per share for Q1 2025 were ¥1.0582, compared to ¥1.6632 in Q1 2024, reflecting a decrease of 36%[22] Cash Flow and Assets - The net cash flow from operating activities increased by 106.76% to CNY 224,160,077.90, compared to CNY 108,416,360.91 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was approximately ¥224.16 million, an increase from ¥108.42 million in Q1 2024[25] - Cash and cash equivalents at the end of Q1 2025 were approximately ¥1.40 billion, down from ¥2.68 billion at the end of Q1 2024[25] - Investment activities resulted in a net cash outflow of approximately ¥362.19 million in Q1 2025, compared to a net inflow of ¥264.27 million in Q1 2024[25] - Financing activities generated a net cash inflow of approximately ¥135.12 million in Q1 2025, compared to ¥125.39 million in Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,178,745,895.72, reflecting a 3.19% increase from CNY 11,802,108,893.04 at the end of the previous year[4] - The company's current assets totaled RMB 7.68 billion, up from RMB 7.44 billion at the end of 2024, indicating a growth of approximately 3.25%[15] - Inventory as of March 31, 2025, was RMB 5.35 billion, compared to RMB 5.22 billion at the end of 2024, reflecting an increase of about 2.5%[15] - The company's total liabilities were RMB 4.76 billion, slightly up from RMB 4.67 billion at the end of 2024[17] - The company's equity attributable to shareholders reached RMB 7.10 billion, an increase from RMB 6.81 billion at the end of 2024, representing a growth of approximately 4.25%[17] Shareholder Information - The company had a total of 130,627 common shareholders at the end of the reporting period[8] - The largest shareholder, Sichuan Tuopai Shede Group Co., Ltd., held 100,695,768 shares, accounting for 30.23% of the total shares[9] Share Buyback and Incentives - The company completed a share buyback of 1,671,994 shares, accounting for 0.50% of the total share capital, with a total expenditure of approximately RMB 100 million[11] - The highest buyback price was RMB 81.23 per share, while the lowest was RMB 52.41 per share, with an average buyback price of RMB 59.83 per share[11] - The company plans to implement an employee stock ownership plan through the share buyback, with a total budget between RMB 100 million and RMB 200 million[10] - The company has initiated a restricted stock incentive plan, which was approved by the board on March 27, 2025[12] Non-Recurring Items - The company reported non-recurring gains and losses totaling CNY 2,801,092.99 for the period[6] - The decline in net profit was primarily attributed to the decrease in operating revenue[6] Return on Equity - The weighted average return on equity decreased by 2.21 percentage points to 4.80% from 7.01% year-on-year[4] Accounts Receivable - The company reported an increase in accounts receivable to RMB 241.65 million from RMB 236.29 million, indicating a growth of approximately 2%[15] Tax Expenses - The company reported a decrease in tax expenses for Q1 2025, amounting to approximately ¥116.96 million, down from ¥182.05 million in Q1 2024[21]

证券代码：600702 证券简称：舍得酒业 公告编号：2025-026 一、活动时间 本次活动时间：2025年4月23日09:00至2025年5月15日24:00，未在该时段完 成认证及选购的，即视为股东自动放弃参与本次活动的权利。 二、参加活动股东范围 2025年4月22日15:00交易结束后，当日在中国证券登记结算有限责任公司上 海分公司登记在册的持有公司股份的股东，即公司2024年年度股东大会股权登记 日在册的股东可参与本次活动。 三、活动内容 符合本公告"二、参加活动股东范围"的股东，可在本次活动时间内通过链 接 https://www.tuopaishede.cn/newsInfo_5227.html 前往公司官方网站或通过 扫描下方活动二维码，获取本次活动的详细信息，参与本次回馈活动。 舍得酒业股份有限公司 关于股东回馈活动的公告 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。 为建立长效、多样的股东回报机制，感谢广大股东长期以来对舍得酒业股份 有限公司（以下简称"公司"或"舍得酒业"）的关心和支持，同时让股东更好 ...

4月18日,爱奇艺迷雾剧场出品的警匪悬疑剧《借命而生》正式开播,并在CCTV-8同步播出。该剧由石一 枫同名小说改编,秦昊、韩庚、钟楚曦领衔主演。舍得酒业作为"推广合作伙伴"深度参与其中,旗下品牌 沱牌与剧中人共同开启跨越二十年的追捕与救赎之路,共同见证时代洪流下,芸芸众生的潜行与光芒。 迷雾之中,悬案成谜待解;混沌之下,真相如光待现。 悬疑剧《借命而生》改编自鲁迅文学奖获得者石一枫的同名小说,以上世纪90年代为背景,讲述了警校高 材生杜湘东(秦昊饰)被分配到看守所,他看管的两名嫌疑犯越狱,一死一失踪。从此,他踏上了漫长的追凶 之路,与逃犯徐文国(韩庚饰)展开了生死较量与灵魂拷问。 此次沱牌与《借命而生》的合作,无论是从上映平台、剧本题材、演员阵容来看,还是从时代背景、价值 观契合剖析,都有着更深层次的考量。 首先,央视8套与爱奇艺迷雾剧场双平台加持,让本剧影响力更具确定性。CCTV-8黄金档向来是国剧爆款 孵化池,更是品牌价值传播高地。"国民名酒"登陆"国剧平台",极大提升了沱牌品牌的曝光度;而迷雾剧场 又是爱奇艺的王牌剧场,近些年《隐秘的角落》《沉默的真相》等国民爆款频出,拥有强大的市场号召力, 能够给品 ...