Shede Spirits (600702) 新浪财经·2025-04-26 04:28Core 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].