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][14]. Core Insights - The company reported a revenue of 3.7 billion yuan for Q3 2025, a year-on-year decrease of 17.0%, and a net profit attributable to shareholders of 470 million yuan, down 29.4% year-on-year [2]. - The revenue for Q3 2025 was 1.0 billion yuan, reflecting a 15.9% decline year-on-year, with a net profit of 30 million yuan, a significant drop of 63.2% year-on-year [2]. - The revenue structure shows that high-end and ordinary liquor segments faced declines, while non-liquor products saw a growth of 16.5% year-on-year [3]. - The company added 352 new distributors and had a total of 2,554 distributors by the end of Q3 2025, indicating a strategic focus on expanding its distribution network [3]. Revenue and Profitability Analysis - The gross profit margin for Q3 2025 decreased by 1.6 percentage points to 62.1%, while the net profit margin fell by 3.7 percentage points to 2.9% [4]. - The company’s revenue is projected to decline by 13.5% in 2025, followed by growth of 10.7% in 2026 and 16.1% in 2027 [5]. - The earnings per share (EPS) are expected to be 1.42 yuan in 2025, increasing to 2.74 yuan by 2027 [5]. Financial Forecasts - The company’s revenue for 2025 is estimated at 4.635 billion yuan, with a net profit of 473 million yuan [10]. - The projected return on equity (ROE) is expected to improve from 6.7% in 2025 to 11.4% in 2027 [10]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 41.8 in 2025 to 21.7 in 2027, indicating a potential increase in valuation attractiveness [10].

Core Insights - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, a decrease of 17.0% year-on-year, and a net profit attributable to shareholders of 470 million yuan, down 29.4% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.0 billion yuan, a decline of 15.9%, and a net profit of 29 million yuan, down 63.1% year-on-year [1] - The revenue performance met expectations, while profit performance was slightly below prior expectations due to external demand shocks impacting profitability and cash flow [1] Financial Performance - Q3 gross margin was 62.1%, a decrease of 1.6 percentage points, primarily due to a slight shift in product structure [1] - The overall tax rate increased, with the operating tax rate at 18.4%, reflecting the impact of demand shocks and rigid expenses [1] - The company aims for gradual stabilization in the coming year based on a low base [1] Strategic Adjustments - The company is accelerating adjustments with a clear strategy, maintaining price stability for key products while reducing inventory [1] - There is a focus on promoting cultural and creative alcoholic beverages and enhancing marketing efforts for products like T68 [1]

Core Viewpoint - Shede Spirits (600702.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved a revenue of 3.702 billion yuan for the first three quarters, representing a year-on-year decrease of 17% [1] - The net profit attributable to shareholders was 472 million yuan, down 29.43% year-on-year [1] - The net profit after deducting non-recurring items was 460 million yuan, reflecting a decline of 29.69% compared to the previous year [1] - Basic earnings per share stood at 1.4441 yuan [1]

Core Viewpoint - Shede Spirits (600702.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved a revenue of 3.702 billion yuan for the first three quarters, representing a year-on-year decrease of 17% [1] - The net profit attributable to shareholders was 472 million yuan, down 29.43% year-on-year [1] - The non-recurring net profit stood at 460 million yuan, reflecting a decline of 29.69% compared to the previous year [1] - Basic earnings per share were reported at 1.4441 yuan [1]

Group 1 - The core viewpoint of the article highlights the performance of Shede Liquor Industry in the third quarter of 2025, showcasing a steady growth in revenue and profit despite industry challenges [1][3] - For the first three quarters, the company achieved an operating income of 3.702 billion yuan and a net profit attributable to shareholders of 472 million yuan [1] - The sales revenue from ordinary liquor increased by 16.46% year-on-year, while e-commerce channel sales revenue surged by 39.62% year-on-year [1] Group 2 - The white liquor industry is navigating through pressures and recovery, with Shede Liquor adhering to its old liquor strategy and implementing a volume control and price support approach [3] - The company is continuously optimizing its profit structure and exploring new market opportunities, demonstrating resilience and stability in its operations amid industry fluctuations [3] - The improvement in performance indicates strong momentum for future growth [3]

Core Viewpoint - Shede Liquor Industry (600702.SH) reported a significant decline in both revenue and net profit for Q3 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 1 billion yuan, representing a year-on-year decrease of 15.88% [1] - The net profit attributable to shareholders of the listed company was 28.73 million yuan, down 63.18% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 20.25 million yuan, reflecting a year-on-year decline of 72.95% [1]

Core Insights - Shede Liquor Co., Ltd. reported a revenue of 3.702 billion yuan and a net profit attributable to shareholders of 472 million yuan for the first three quarters of 2025 [1] - The company's ordinary liquor sales revenue increased by 16.46% year-on-year, while e-commerce channel sales revenue surged by 39.62% year-on-year [1] Financial Performance - Total revenue for the first nine months reached 3.702 billion yuan [1] - Net profit attributable to shareholders was 472 million yuan [1] Sales Growth - Ordinary liquor sales revenue grew by 16.46% compared to the same period last year [1] - E-commerce channel sales revenue experienced a significant increase of 39.62% year-on-year [1]

舍得酒业股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日以通讯方 式召开了第十一届董事会第十八次会议，有关本次会议的通知，已于 2025 年 10 月 23 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，以记名投票表决，审议通过以下议案： 一、 审议通过《公司 2025 年第三季度报告》。 本议案在提交公司董事会审议前已经公司第十一届董事会审计委员会第十五 次会议审议通过。 表决结果：9 票同意、0 票反对、0 票弃权。 具体内容详见公司同日披露于《中国证券报》《上海证券报》《证券时报》《证 券日报》和上海证券交易所网站（www.sse.com.cn）的《舍得酒业 2025 年第三季 度报告》。 证券代码：600702 证券简称：舍得酒业 公告编号：2025-048 舍得酒业股份有限公司 第十一届董事会第十八次会议决议公告 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。 二、 审议通过《关 ...

Group 1 - The core point of the article is that Shede Liquor (SH 600702) held its 18th meeting of the 11th Board of Directors on October 29, 2025, via telecommunication, where it reviewed the proposal to amend the "Rules of Procedure for Board Meetings" [1] - For the year 2024, the revenue composition of Shede Liquor 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, the market capitalization of Shede Liquor is 19.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1]

舍得酒业股份有限公司 投资者关系管理制度 （于 2025 年 10 月 29 日经公司第十一届董事会第十八次会议审议通过） 第一章 总 则 第一条 为进一步完善舍得酒业股份有限公司（以下简称"公司"）治理架 构，规范公司投资者关系管理工作，加强公司与投资者之间的沟通，增进投资者 对公司的了解和认同，持续提升公司的运作透明度，实现公司价值最大化和股东 利益最大化。根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司投资者关系管理工作指引》《上海证券交易所股票上市规则》等法律、法规、 规范性文件及《公司章程》的规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者之间的沟通，增进投资者对公司的了解和 认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保 护投资者目的的相关活动。 第二章 投资者关系管理的目的与基本原则 第三条 投资者关系管理的目的： （一）促进公司与投资者之间的良性关系，增进投资者对公司的进一步了解 和熟悉； （二）建立稳定和优质的投资者基础，获得长期的市场支持； （三）形成服务投资 ...