Core Viewpoint - Shede Liquor has successfully completed and connected its distributed photovoltaic power generation project, marking a significant step in its efforts towards energy conservation, carbon reduction, and sustainable development [1][2][3]. Group 1: Project Details - The distributed photovoltaic project covers an area of 25,000 square meters and has an installed capacity of 5.5 megawatts, with an expected annual power generation of 4.5 million kilowatt-hours [3][5]. - The project is anticipated to reduce carbon emissions by 240 metric tons of CO2 equivalent per year [3][5]. Group 2: Strategic Integration - Shede Liquor has integrated green development into its strategic planning and daily operations, establishing a clear path for carbon peak and carbon neutrality [3][5]. - Initiatives include the installation of solar street lights within the factory area and the promotion of electric vehicles, showcasing the company's commitment to exploring and applying green energy [3][5]. Group 3: Future Commitment - The company aims to continue embedding sustainable development principles into every aspect of its production and operations, focusing on ecological priority and high-quality green low-carbon development [3][5]. - Shede Liquor intends to contribute more "Shede wisdom" and "Shede strength" to the industry's green transformation and to create more green products for a better life [3][5].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [2][3]. Core Views - The company is expected to achieve revenues of 4.77 billion, 5.16 billion, and 5.73 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -10.9%, 8.1%, and 11.0%. The net profit attributable to shareholders is projected to be 520 million, 598 million, and 742 million yuan for the same years, with growth rates of 50.3%, 15.0%, and 24.2% [3][5]. - The company maintains a long-term strategy focused on "strong sales, promoting opening bottles, and destocking," which is expected to yield benefits as policy pressures ease and industry demand recovers [3][4]. - The Chinese liquor industry is experiencing steady growth, with sales revenue from large-scale liquor enterprises reaching 756.3 billion yuan in 2023, and a compound annual growth rate (CAGR) of 9.8% from 2016 to 2023 [3][4]. Summary by Relevant Sections Financial Data and Profit Forecast - Total revenue for 2023 is reported at 7.08 billion yuan, with a year-on-year growth rate of 16.9%. However, a significant decline of 24.3% is expected in 2024, followed by a recovery in 2025 with a projected growth of -10.9% [5][18]. - The gross profit margin is expected to decrease from 74.5% in 2023 to 63.0% in 2025, before stabilizing around 65.0% by 2027 [5][18]. - The return on equity (ROE) is projected to improve from 5.1% in 2024 to 8.6% in 2027 [5][18]. Industry and Company Analysis - The company focuses on mid-to-high-end liquor and ordinary liquor, with a product matrix that includes the "Shede" series targeting the mid-to-high-end market and the "Tuopai" series catering to the mass market [3][4]. - In the first three quarters of 2025, the company reported revenues of 3.7 billion yuan, with mid-to-high-end liquor contributing 2.66 billion yuan, accounting for 71.9% of total revenue [3][4]. - The company has implemented proactive destocking measures, which have shown effectiveness in improving channel health and preparing for future growth [3][4]. Growth Catalysts - The report identifies several catalysts for growth, including the nearing end of proactive destocking, the trend towards lower alcohol consumption appealing to younger demographics, and ongoing cost reduction and efficiency improvement initiatives [4].

Core Viewpoint - The article emphasizes the commitment of Shede Distillery to green development as a key aspect of China's modernization, highlighting its efforts in ecological brewing and sustainable practices to promote regional economic growth and environmental protection [1]. Group 1: Environmental Initiatives - Shede Distillery is accelerating the construction of the Weijia Ying Wastewater Treatment Center, with a total investment of approximately 390 million yuan, expected to be operational by January next year, capable of treating 12,000 tons of wastewater daily, and up to 18,000 tons in the long term [2]. - The Weijia Ying Wastewater Treatment Center is a core supporting project for Shede Distillery's production expansion, benefiting from comprehensive policy support from local governments [4]. - The design of the wastewater treatment center saves 6,500 square meters of land and achieves energy cascading utilization, making the project a low-carbon model [5]. Group 2: Technological Advancements - The center features an AI control system that significantly enhances the precision of chemical dosing in wastewater treatment, improving response speed by 300 times compared to traditional methods [5]. - The project includes a biogas purification system that can convert methane generated during wastewater treatment into bio-natural gas, with an annual utilization capacity of approximately 10 million cubic meters, reducing carbon dioxide emissions by 19,500 tons [6]. Group 3: Resource Utilization and Circular Economy - The project addresses sludge disposal challenges through low-temperature belt drying technology, controlling sludge moisture content below 30%, thus facilitating resource reuse [8]. - The Weijia Ying Wastewater Treatment Center will not only handle Shede Distillery's wastewater but also accept wastewater from other enterprises in the park, contributing to regional ecological protection [9]. Group 4: Industry Impact and Recognition - The project aligns with China's dual carbon goals and represents a significant step in the green transformation of the liquor industry, showcasing Shede Distillery's leadership in sustainable development [10]. - The project has been approved by the World Bank as part of China's renewable energy promotion project, indicating international recognition of Shede Distillery's ESG practices [11]. - The establishment of this "environmental fortress" supports Shede Distillery's long-term strategy and enhances local ecological protection and cultural tourism development [12].

证券代码：600702 证券简称：舍得酒业 公告编号：2025-056 舍得酒业股份有限公司 关于提名独立董事候选人、选举职工代表董事的公告 经公司第十一届董事会提名委员会第五次会议及第十一届董事会第十九次会 议审议通过，公司董事会提名谢佑平先生为公司第十一届董事会独立董事候选人 （简历附后），任期自公司股东会审议通过之日起至第十一届董事会任期届满之日 止。根据《上市公司独立董事管理办法》的有关规定，谢佑平先生的任职资格尚需 上海证券交易所审核无异议。本事项尚需提交公司股东会审议。 公司董事会提名委员会发表如下意见：谢佑平先生具备担任上市公司独立董事 所需的任职条件、专业背景和工作经验，其任职资格符合相关法律、行政法规、规 范性文件的要求。我们一致同意提名谢佑平先生为公司第十一届董事会独立董事候 选人，任期自公司股东会审议通过之日起至第十一届董事会届满之日止，并同意将 本议案提交董事会审议。 二、关于选举职工代表董事的情况 经公司第二届职工代表大会第十七次全体会议审议通过，同意选举刘强先生为 公司第十一届董事会职工代表董事（简历附后），任期自本次职工代表大会选举通 1 过之日起至第十一届董事会任期届满之日止。 ...

独立董事候选人声明与承诺 舍得酒业股份有限公司 本人谢佑平，已充分了解并同意由提名人舍得酒业股份有限公司董事会提 名为舍得酒业股份有限公司第十一届董事会独立董事候选人。本人公开声明， 本人具备独立董事任职资格，保证不存在任何影响本人担任舍得酒业股份有限 公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其 他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者 退（离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规 定（如适用）； （五）中共 ...

舍得酒业股份有限公司 独立董事提名人声明与承诺 提名人舍得酒业股份有限公司董事会，现提名谢佑平为舍得酒业股份有限公司 第十一届董事会独立董事候选人，并已充分了解被提名人职业、学历、职称、详细的 工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人已同意出任舍得酒 业股份有限公司第十一届董事会独立董事候选人（参见该独立董事候选人声明）。提 名人认为，被提名人具备独立董事任职资格，与舍得酒业股份有限公司之间不存在任 何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规章 及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履行独立 董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监管规 则以及公司章程有关独立董事任职资格和条件的相关规定； （四 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-057 舍得酒业股份有限公司 关于召开2026年第一次临时股东会的通知 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： 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 13 日 至2026 年 1 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2026年1月13日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 1 月 13 日 9 点 30 分 召开地点：公司艺术中心会议室 (五) 网络投票的系 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-055 二、会议以9票同意、0票反对、0票弃权，审议通过《关于召开公司2026年第一 次临时股东会的议案》。 根据《公司法》《公司章程》及《公司股东会议事规则》的有关规定，公司拟采 取现场投票和网络投票相结合的方式于 2026 年 1 月 13 日召开 2026 年第一次临时股 东会。 第十一届董事会第十九次会议决议公告 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。 舍得酒业股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日以通讯方式召 开了第十一届董事会第十九次会议，有关本次会议的通知，已于 2025 年 12 月 19 日 通过书面和电子邮件方式送达全体董事。会议应到董事 9 人，实到董事 9 人，符合《公 司法》和《公司章程》的规定。会议由董事长蒲吉洲先生主持，经与会董事认真讨论， 以记名投票方式进行表决，审议通过以下议案： 一、会议以9票同意、0票反对、0票弃权，审议通过《关于提名独立董事候选人 的议案》。 根据最新修订的《公司章程》， ...

Group 1 - The core point of the article is that Shede Liquor (SH 600702) announced the convening of its 11th Board of Directors meeting on December 26, 2025, to discuss the proposal for the 2026 first extraordinary shareholders' meeting [1] - For the year 2024, Shede Liquor's revenue composition is as follows: liquor accounts for 89.39%, glass bottles for 9.09%, and other businesses for 1.52% [1] - As of the report date, Shede Liquor has a market capitalization of 19.3 billion yuan [1]

Summary of Shide Liquor Industry Conference Call Company Overview - **Company**: Shide Liquor Industry - **Industry**: Baijiu (Chinese liquor) Key Points Industry and Market Performance - The macroeconomic and consumer environment has led to weakened sales for some products, but Shide's banquet market strategy and the T68 product have performed well, with T68 showing particularly strong sales compared to other products [2][3] - The opening rate for the premium product "Pinwei Shide" is approximately 60%, with significant recovery in markets outside the province, especially in Shandong, Tianjin, and Dezhou [2][5] - Online sales have maintained growth through blind box promotions and other activities, accounting for 11% of total sales [2][8] Sales and Product Performance - In 2025, 85% of distributors are profitable due to strict price control and high-pressure regulation ensuring stable pricing [2][6] - Major products can be categorized into brand-up and channel-down strategies, with T68 outperforming other products [3][4] - The company expects a gradual recovery in the market, with a potential for a "front low, back high" trend in 2026 [4][10] Distributor and Inventory Management - The distributor structure remains stable, with over 75% being large distributors, which have strong risk resistance [2][6] - The number of distributors decreased by 100 to around 2,500, while inventory for "Pinwei Shide" has reduced to 3 months from 6-7 months last year [6][9] - The company emphasizes price control and distributor profitability, avoiding stockpiling to prepare for future industry recovery [6][7] Strategic Initiatives - Shide Liquor is focusing on long-term healthy development and strategy execution, with no immediate pressure from the group [11] - The company plans to increase prices for "Pinwei Shide" and upgrade T68's flavor profile, anticipating intensified competition in the mass market [4][12] - The company is exploring innovative internet sales models and aims for online revenue to reach over 20% in the next 2-3 years [14] Future Outlook - The overall performance of the baijiu industry is expected to improve during the 2026 Spring Festival, but full recovery may take about two years [10] - Shide anticipates maintaining growth in the mass market, leveraging its full price range product coverage and strong brand recognition in lower-tier cities [13][14] Organizational Structure - There are no plans for changes in the executive team or ownership structure, maintaining stability at the management level [15] Feedback and Payment Collection - The company has completed its payment collection for 2025, with inventory planning based on scientific targets rather than merely chasing report results [16]