四川省成都市锦江区东御街 18 号百扬大厦 11 楼 邮编：610011 11F, Square One, No.18 Dongyu St., Jinjiang District, Chengdu, Sichuan, P.R.China 电话/TEL：（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com 北京康达（成都）律师事务所 关于舍得酒业股份有限公司 2022 年限制性股票激励计划回购注销限制性股票 相关事项的 康达(成都)法意字【2025】第 0375 号 二○二五年六月 北京 Beijing · 西安 Xi'an · 深圳 Shenzhen · 海口 Haikou · 上海 Shanghai · 广州 Guangzhou · 杭州 Hangzhou 沈阳 Shenyang · 南京 Nanjing · 天津 Tianjin · 菏泽 Heze · 成都 Chengdu · 苏州 Suzhou · 呼和浩特 Hohhot 香港 Hongkong ·武汉 Wuhan ·郑州 Zhengzhou ·长沙 Changsha ...

Core Viewpoint - Shede Liquor's strong performance in the first half of 2025 demonstrates resilience in a challenging market, with significant profit growth and strategic adjustments leading to a positive market response [1][2][4]. Financial Performance - In the first half of 2025, Shede Liquor achieved operating revenue of 2.701 billion yuan and net profit attributable to shareholders of 443 million yuan [1]. - The second quarter saw operating revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit increased by 139.5% to 97.17 million yuan [1]. - Total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and net cash flow from operating activities surged by 427.77% [2]. Strategic Initiatives - The company has proactively managed inventory and pricing to ensure channel health and brand value amidst structural changes in the liquor industry [2]. - Digital marketing and channel expansion have been prioritized, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year [3]. - The company has entered 40 countries and regions, with Southeast Asia showing a 50% increase in sales revenue [3]. Product Development - Shede Liquor has focused on optimizing its product structure, achieving a 15.86% increase in revenue from ordinary liquor, totaling 445 million yuan [4]. - The company is set to launch a low-alcohol product, "Shede Zizai," on August 30, targeting new consumer trends [5][6]. Market Response - The company's performance recovery has led to multiple institutions issuing "buy" ratings, reflecting confidence in its operational stability and growth potential [4]. - Since August 15, the company's stock price has increased by 25.05%, indicating positive market sentiment [6].

Core Viewpoint - Ping An Securities report indicates that Shede Spirits achieved a net profit attributable to shareholders of 440 million yuan in 1H25, a year-on-year decrease of 25%, while the net profit for 2Q25 was 100 million yuan, reflecting a year-on-year increase of 139% [1] Financial Performance - In 2Q25, the revenue from mid-to-high-end liquor was 740 million yuan, a year-on-year decline of 16%, while the revenue from ordinary liquor was 240 million yuan, showing a year-on-year increase of 62%, likely driven by the rapid growth of T68 [1] - Revenue from the distribution channel in 2Q25 was 840 million yuan, a year-on-year decrease of 8%, while e-commerce channel revenue was 130 million yuan, reflecting a year-on-year increase of 24%, indicating strong growth in online channels [1] - Regionally, revenue from the domestic market in 2Q25 was 290 million yuan, a year-on-year decline of 21%, while revenue from the external market was 690 million yuan, showing a year-on-year increase of 5%, suggesting stable growth in external markets [1] Profit Forecast - Considering the company's refined expense allocation, the net profit forecast for 2025-2027 has been adjusted to 680 million, 740 million, and 800 million yuan respectively, compared to the previous estimates of 600 million, 680 million, and 760 million yuan [1] - In the long term, the company will continue to focus on the core products of Shede Spirits, with rapid development expected for Shezhi Dao and T68, indicating potential for growth [1]

Core Viewpoint - Shede Liquor's strong performance in the first half of 2025 demonstrates resilience in a challenging market, with significant profit growth and strategic adjustments leading to a positive market response [1][3][4] Financial Performance - In the first half of 2025, Shede Liquor achieved revenue of 2.701 billion yuan and a net profit of 443 million yuan [1] - The second quarter saw revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit surged by 139.5% to 97.17 million yuan [1] - The company's net cash flow from operating activities increased by 427.77% year-on-year, indicating enhanced core business profitability [4] Strategic Adjustments - The company proactively managed inventory and pricing to alleviate market pressures, ensuring channel health and brand value [3] - Shede Liquor's financial health improved, with total assets reaching 12.407 billion yuan, a 5.12% increase from the previous year [4] Market Expansion and Digitalization - The company is expanding its digital marketing efforts and enhancing its e-commerce channels, achieving sales of 336 million yuan from online channels, a 31.38% increase [4] - Shede Liquor's products are now available in 40 countries, with a notable 50% revenue growth in the Southeast Asian market [4] Product Strategy - The company is focusing on optimizing its product structure, with strong performance in both the banquet and mass market segments [5] - The strategic product "T68" saw significant growth, with sales revenue increasing by 15.86% [5] New Product Launch - Shede Liquor plans to launch its first low-alcohol drink, "Shede Zizai," on August 30, targeting the growing low-alcohol consumption trend [8][9] - This new product aims to leverage the company's existing high-quality old liquor resources while appealing to new consumer demographics [9] Market Sentiment - The company's performance recovery has been recognized by multiple institutions, which have issued "buy" ratings, reflecting confidence in its growth trajectory [5][3]

Core Viewpoint - The low-alcohol beverage segment in China's liquor market is experiencing significant growth, with projections indicating that by 2030, the market size will exceed 120 billion yuan, accounting for 35%-40% of the total liquor market [1] Group 1: Market Trends - The white liquor industry is undergoing a deep adjustment period, while the low-alcohol beverage segment is thriving against the trend [1] - The new product "Shede Zizai" from Shede Liquor is positioned to meet the rising consumer demand for low-alcohol, high-flavor options, aiming to become a phenomenon in the market [2][3] Group 2: Product Development - Shede Liquor has developed "Shede Zizai" using three core technologies to address the challenge of maintaining flavor while reducing alcohol content, ensuring a quality experience that is "low but not bland" [3] - The product incorporates "true vintage old liquor" as a key ingredient, ensuring high-end quality and unique flavor, making it the first of its kind in the industry [4] Group 3: Consumer Engagement - The product is designed to cater to changing consumer habits, particularly among younger demographics who prefer lighter, more enjoyable drinking experiences [3][5] - "Shede Zizai" is positioned to fit into two key consumption scenarios: light social gatherings and home drinking, appealing to both younger and older consumers [5][6] Group 4: Financial Performance - Shede Liquor reported a strong second quarter, with revenue of 1.125 billion yuan, and a significant year-on-year increase of 139.5% in net profit attributable to shareholders [1]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][11] Core Views - The company is experiencing a recovery in profitability due to refined expenditure strategies, with a focus on core products and market expansion [4][7] - The company reported a revenue of 2.7 billion yuan for the first half of 2025, a year-on-year decrease of 17%, while the net profit attributable to shareholders was 440 million yuan, down 25% year-on-year [4] - The second quarter of 2025 saw a revenue of 1.13 billion yuan, a decline of 3.4% year-on-year, but net profit increased by 139% to 100 million yuan [4] Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted to 680 million, 740 million, and 800 million yuan respectively, reflecting a positive outlook for the company's core products [7] - The company’s gross margin for Q2 2025 was 60.6%, with a net profit margin of 8.6%, indicating improved profitability [7] - The company’s total assets are projected to grow from 11.58 billion yuan in 2025 to 12.9 billion yuan in 2027, while total liabilities are expected to increase from 4.02 billion yuan to 4.37 billion yuan over the same period [8] Revenue and Profitability Forecast - The company’s revenue is expected to decline by 24.3% in 2024, followed by a smaller decline of 6.7% in 2025, before returning to growth in subsequent years [9] - The net profit margin is projected to recover to 13.5% by 2026, with a return on equity (ROE) expected to reach 9.4% [9] Cash Flow Analysis - The operating cash flow is expected to turn positive in 2025, with a forecast of 2.03 billion yuan, indicating improved cash generation capabilities [10] - The company is expected to maintain a healthy cash position, with cash reserves projected to grow from 2.5 billion yuan in 2025 to 4.1 billion yuan by 2027 [8][10]

Core Insights - On August 25, 2023, brokerage firms issued target prices for listed companies a total of 63 times, with notable increases in target prices for Longping High-Tech, Xinjie Energy, and Beixin Building Materials, showing increases of 38.75%, 37.40%, and 36.57% respectively, across the agriculture, coal mining, and construction materials sectors [1][2]. Group 1: Target Price Increases - Longping High-Tech (000998) received a target price of 14.00 yuan with a target increase of 38.75% from China International Capital Corporation [2]. - Xinjie Energy (601918) was assigned a target price of 9.00 yuan with a target increase of 37.40% from CITIC Securities [2]. - Beixin Building Materials (000786) had a target price of 36.90 yuan with a target increase of 36.57% from Tianfeng Securities [2]. Group 2: Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with Shede Spirits receiving 4 recommendations, Shuiyang Co. receiving 3, and Marubi Biological Technology receiving 3 [3]. - One company, Guodian Power (600795), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [4]. Group 3: Rating Adjustments - Three companies had their ratings downgraded on August 25, including Minhe Livestock (downgraded from "Buy" to "Hold"), Chifeng Gold (downgraded from "Buy" to "Hold"), and Silan Microelectronics (downgraded from "Buy" to "Hold") [4]. - Seven companies received initial coverage, including Ganhua Science and Technology (rated "Buy" by Dongwu Securities) and Wangneng Environment (rated "Buy" by Xinda Securities) [5].

南财投研通数据显示，8月25日，券商给予上市公司目标价共63次，按最新收盘价计算，目标价涨幅排名居前的公司有隆平 高科、新集能源、北新建材，目标价涨幅分别为38.75%、37.40%、36.57%，分别属于种植业、煤炭开采、装修建材行业。 | | | 08月25日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 000998 | 隆平高科 | 中国国际金融 | 跑赢行业 | 14.00 | 38.75 | | 601918 | 新集能源 | 中信证券 | 买入 | 9.00 | 37.40 | | 000786 | 北新建材 | 天风证券 | 买入 | 36.90 | 36.57 | | 688123 | 聚辰股份 | 华创证券 | 强推 | 112.61 | 34.48 | | 301308 | 江波龙 | 华泰证券 | 买入 | 129.10 | 33.46 | | 000786 | 北新建材 | 中国国际金融 | ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Market Performance - A-share market experienced significant trading volume, with total turnover reaching 31,770 billion yuan, marking a new high for the year and the second highest in history [1][3] - Major indices such as the Shanghai Composite Index approached 3,900 points, with the Shanghai index closing at 3,883.56 points, up 1.51%, and the ChiNext Index rising by 3% [2][3] Trading Activity - Over 3,300 stocks in the market saw an increase, with five stocks exceeding 20 billion yuan in trading volume, including Dongfang Caifu, Hanwujing-U, and Beifang Rare Earth [3] - Notable sectors included digital currency, consumer goods, and liquor, with several stocks hitting their daily limit [2][3] Investor Sentiment - There has been a notable increase in new A-share accounts, with 1.9636 million new accounts opened in July, a 71% increase year-on-year [4] - International funds are increasingly entering the Chinese market, with significant growth in Korean retail investors' holdings in Chinese stocks [4] Market Outlook - Analysts suggest that the current market rally is primarily driven by institutional investors rather than retail investors, indicating a more strategic approach to investment [5] - The market sentiment remains positive, with expectations of continued upward movement, although caution is advised regarding potential overheating [7]