12月2日，舍得酒业盘中下跌2.00%，截至09:51，报61.20元/股，成交1.28亿元，换手率0.62%，总市值 203.65亿元。 资金流向方面，主力资金净流出797.86万元，特大单买入0.00元，占比0.00%，卖出835.16万元，占比 6.52%；大单买入1752.94万元，占比13.68%，卖出1715.63万元，占比13.38%。 舍得酒业今年以来股价跌6.57%，近5个交易日跌1.27%，近20日跌0.31%，近60日跌11.75%。 机构持仓方面，截止2025年9月30日，舍得酒业十大流通股东中，招商中证白酒指数A（161725）位居 第二大流通股东，持股1645.38万股，持股数量较上期不变。酒ETF（512690）位居第四大流通股东， 持股726.49万股，相比上期增加289.63万股。香港中央结算有限公司位居第六大流通股东，持股358.56 万股，相比上期增加223.32万股。永赢睿信混合A（019431）位居第七大流通股东，持股144.63万股， 为新进股东。交银启道混合（010483）位居第十大流通股东，持股129.05万股，相比上期减少3.19万 股。 责任编辑：小浪快报 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600696 | *ST岩石 | 4.78 | -2.85% | 6.49万 | 3115.55万 | | 002304 | 洋河股份 | 65.50 | -1.06% | 5.83万 | 3.83亿 | | 600809 | 山西汾酒 | 193.78 | -0.27% | 3.36万 | 6.52亿 | | 600702 | 舍得酒业 | 62.45 | -0.24% | 7.38万 | 4.61亿 | | 002646 | 大佑德酒 | 9.46 | -0.21% | 2.89万 | 2735.60万 | | 600519 | 票外茅台 | 1448.00 | -0.17% | 2.73万 | 39.62亿 | | 000858 | 五粮液 | 117.65 | -0.17% | 12.09万 | 14.23 乙 | | 000995 | 三四级别 | 12.67 | -0.16% | 3.17万 | 4032.83万 | | 000568 ...

舍得酒业 20251128 摘要 舍得酒业双节期间四大单品实现同比增长，节后开瓶数环比持续修复， 显示白酒消费场景逐步复苏，全年降库存策略为未来增长奠定基础。 宴席场景需求恢复最快，大众消费端保持双位数增长，T68 表现突出； 商务端恢复分区域，整体不如消费和宴席端迅速。 公司通过严格的价格管控和激励制度调整，确保动销与报表匹配，经销 商库存优化至 3-4 个月，为健康可持续增长提供保障。 品味舍得在山东市场表现突出，尤其在聊城、天津和唐山等地；公司坚 持品牌向上和渠道下沉策略，精准投放费用支持经销商活动。 T68 定位次高端，深耕渠道三年以上，在大众消费端稳健增长，未来将 巩固国民品牌口粮酒标杆地位。 29 度新品"自在"以自营为主，不进入传统渠道，通过前置仓和自营店 拓展新增量市场，探索新的销售策略。 电商渠道快速增长，占比已提升至百分之十几，公司将加大线上投入， 同时保持线下稳定发展，实现全面发展，线上文创产品是主要发力点。 Q&A 近期舍得酒业的开瓶数据和需求情况如何？是否有持续改善？ 从公司整体观察到的数据来看，目前仍处于整体修复通道中。最严峻的时刻是 从 5 月 18 日到 6 月 18 日之间。 ...

Core Viewpoint - The article discusses the significant decline in the performance of Shede Liquor due to weak consumer demand and governance issues, leading to a drastic drop in stock price and market capitalization, with a focus on the company's failed high-end strategy and internal conflicts among stakeholders [1][4]. Financial Performance - Shede Liquor's revenue fell to 5.357 billion yuan in 2024, a 24% decrease, with gross margin dropping to 65.5%, the lowest in eight years, and net profit margin at only 6.35% compared to the industry average of 14.95% [1][2]. - The company's core product, "Taste Shede," suffered due to price wars, with mid-to-low-end products now accounting for 35% of sales, an increase of 8 percentage points from 2023 [1][2]. - The company experienced a significant increase in inventory turnover days from 356 to 939 days, with inventory reaching 5.219 billion yuan, constituting 70% of current assets [6][7]. Governance Issues - The governance structure is characterized by a power struggle between the controlling shareholder, Fosun Group, and local state-owned assets, leading to fragmented decision-making and strategic short-sightedness [4][9]. - The company has seen a significant increase in employee numbers (from 6,630 to 9,816, a 48% rise) but with low revenue per employee of 561,000 yuan, indicating inefficiency [2][6]. - The management's incentive structure has failed, with stock options set at low performance targets, resulting in a lack of accountability and a significant drop in net profit margin from 30.38% in 2023 to 6.35% in 2024 [3][6]. Strategic Failures - The company's high-end strategy has been ineffective, with continued price increases leading to excess inventory rather than sustainable growth [6][8]. - The company has engaged in non-core expansions, such as tourism projects, which have long payback periods and are seen as a means for local government to achieve performance metrics at the expense of shareholder value [12][13]. Stakeholder Dynamics - The relationship between Fosun Group and local state-owned assets has created a "benefit alliance," where both parties prioritize their interests over those of minority shareholders, leading to systemic neglect of their rights [9][10]. - Frequent related-party transactions have resulted in risk transfer and asset depletion, with the company becoming a platform for various interests rather than focusing on its core business [10][14]. Conclusion - Shede Liquor has become a platform for various stakeholders to extract value, with the need for a restructuring of governance mechanisms and a return to core operations to avoid further deterioration of the company's foundation [14][15].

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

证券之星消息，11月28日白酒板块较上一交易日上涨0.13%，金徽酒领涨。当日上证指数报收于3888.6， 上涨0.34%。深证成指报收于12984.08，上涨0.85%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 616809 | 金徽酒 | 20.66 | 1.27% | 3.00万 | 6174.77万 | | 600702 | 舎得酒』 | 62.60 | 1.21% | 8.67万 | - 5.39 Z | | 000995 | 青岛温州 | 12.69 | 1.04% | 3.46万 | 4356.17万 | | 002646 | 天佑德酒 | 9.48 | 0.85% | 2.32万 | 2190.66万 | | 000568 | 海州老窖 | 135.88 | 0.64% | 5.61万 | 7.62亿 | | 600779 | 水井坊 | 40.33 | 0.47% | 1.24万 | 4957.89万 | | 000860 | 顺鑫农业 | 15 ...

舍得酒业股份有限公司 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 证券代码：600702 证券简称：舍得酒业公告编号：2025-053 2025年第二次临时股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025年11月27日 （二）股东大会召开的地点：公司艺术中心会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采用现场投票与网络投票相结合的方式表 决，由公司董事长蒲吉洲 先生主持。会议的召集、召开和表决方式符合《公司法》 及《公司章程》的有关规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事5人，出席5人； 3、公司董事会秘书张伟先生出席本次会议；公司部分高级管理人员列席了本次会议。 二、议案审议情况 （一）非累 ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

舍得酒业股份有限公司 章 程 (于 2025 年 11 月 27 日经公司 2025 年第二次临时股东大会审议通过) 舍得酒业股份有限公司章程 （2025 年修订） 舍得酒业股份有限公司章程 （2025 年 11 月修订） 目 录 第六章 高级管理人员 — 1 — 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 舍得酒业股份有限公司章程 （2025 年修订） — 2 — 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 ...

第一章 总则 第一条 为规范舍得酒业有限公司（以下简称"公司"）行为，保证股东会依 法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）及《舍得酒业股份有限公司章程》（以 下简称《公司章程》）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关规 定召开股东会，保证股东能够依法行使权利。 舍得酒业股份有限公司 股东会议事规则 （于 2025 年 11 月 27 日经公司 2025 年第二次临时股东大会审议通过） 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤 勉尽责，确保股东会正常召开和依法行使职权。 第四条 公司股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应 当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公司法》 第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内 召开。 公司在上述期限内不能召开股东 ...