每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 张明双） 每经AI快讯，舍得酒业（SH 600702，收盘价：59.39元）10月29日晚间发布三季度业绩公告称，2025年 前三季度营收约37.02亿元，同比减少17%；归属于上市公司股东的净利润约4.72亿元，同比减少 29.43%；基本每股收益1.4441元，同比减少27.46%。 截至发稿，舍得酒业市值为198亿元。 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,000,479,022.41, a decrease of 15.88% compared to the same period last year[3] - The total profit for the period was ¥43,725,105.42, down 61.32% year-on-year[3] - Net profit attributable to shareholders was ¥28,734,739.00, reflecting a decline of 63.18% compared to the previous year[3] - Basic earnings per share for the period were ¥0.0880, down 58.29% year-on-year[3] - The weighted average return on equity decreased to 0.45%, down 0.41 percentage points from the previous year[3] - The net profit for the first three quarters of 2025 is CNY 469,919,705.49, a decrease of 29.5% compared to CNY 667,141,604.73 in the same period of 2024[15] - The total operating income for the first three quarters of 2025 is CNY 3,699,783,549.78, down from CNY 4,584,722,399.75 in 2024, representing a decline of 19.3%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥244,498,929.38, a decrease of 69.47%[8] - The net cash flow from operating activities for the first three quarters of 2025 is -CNY 244,498,929.38, compared to -CNY 144,275,175.51 in 2024[17] - The net cash flow from investing activities is -CNY 726,639,813.63 for 2025, a significant decrease from CNY 89,561,408.86 in 2024[18] - The net cash flow from financing activities for the first three quarters of 2025 is CNY 838,448,095.61, compared to -CNY 218,064,774.88 in 2024, indicating a positive shift[18] Assets and Liabilities - Total assets at the end of the period were ¥12,558,367,422.42, an increase of 6.41% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to CNY 12,558,367,422.42, an increase from CNY 11,802,108,893.04 at the end of 2024[14] - Total liabilities increased to CNY 5,147,942,279.22 as of September 30, 2025, compared to CNY 4,670,838,401.80 at the end of 2024[13] Shareholder Information - The company has a total of 114,375 common shareholders as of the end of the reporting period[9] Operating Costs and Expenses - Total operating revenue for the first three quarters of 2025 was CNY 3,701,680,961.01, a decrease of 16.99% compared to CNY 4,459,901,263.34 in the same period of 2024[14] - Total operating costs for the first three quarters of 2025 were CNY 3,115,306,320.00, down 13.00% from CNY 3,574,334,951.54 in the previous year[14] - The total operating expenses for the first three quarters of 2025 are CNY 4,202,594,815.40, a decrease from CNY 4,998,798,616.08 in 2024[17] Research and Development - The company continues to focus on research and development, with R&D expenses amounting to CNY 58,491,035.77 for the first three quarters of 2025, slightly down from CNY 64,966,728.01 in the same period of 2024[14] Borrowings - Short-term borrowings rose to CNY 1,103,089,632.87 as of September 30, 2025, compared to CNY 710,968,042.19 at the end of 2024, representing a significant increase of 55.00%[13] - The company reported an increase in borrowing, with cash received from loans amounting to CNY 1,645,679,709.28 in 2025, compared to CNY 973,963,624.28 in 2024[18] Accounting Standards - The company has not applied new accounting standards for the year 2025[19]

Core Viewpoint - Shede Liquor Industry reported a decline in both revenue and net profit for the third quarter, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's third-quarter revenue was 1 billion yuan, representing a year-on-year decrease of 15.88% [1] - Net profit for the third quarter was 28.735 million yuan, showing a year-on-year decline of 63.18% [1]

舍得酒业股份有限公司 证券代码：600702 证券简称：舍得酒业 公告编号：2025-050 | 渠道类型 | 2025 | 年 | 1－9 | 月销售收入 | 2024 | 年 | 1－9 | 月销售收入 | 增减变动幅度（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 批发代理 | | | | 283,571.14 | | | | 371,321.51 | -23.63 | | 电商销售 | | | | 44,971.71 | | | | 32,210.63 | 39.62 | | 合计 | | | | 328,542.85 | | | | 403,532.14 | -18.58 | 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 十二号—酒制造》的相关规定，现将公司 2025 年前三季度主要经营数据（未经审 计）公告如下： 一 ...

舍得酒业股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第十一 届董事会第十八次会议，审议通过了《关于减少注册资本、取消监事会、增加董事 会席位并修订<公司章程>的议案》《关于修订、制定公司部分治理制度的议案》，现 将具体内容公告如下： 证券代码：600702 证券简称：舍得酒业 公告编号：2025-049 舍得酒业股份有限公司 关于减少注册资本、取消监事会、 增加董事会席位并修订《公司章程》 及修订、制定公司部分治理制度的公告 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。 一、减少注册资本的情况 鉴于公司 2022 年限制性股票激励计划中何敏、景磊磊等 4 名激励对象已离职， 公司 2024 年业绩未满足 2022 年限制性股票激励计划第三个解除限售期的考核目标， 按照《上市公司股权激励管理办法》及公司《2022 年限制性股票激励计划（草案）》 的规定，公司决定回购注销上述涉及的已获授但尚未解除限售的全部限制性股票共 计 36.3562 万股。本次限制性股票已于 2025 年 8 月 29 日完成注 ...

Core Insights - Shede Liquor Industry reported a revenue of 1.001 billion yuan for Q3 2025, representing a year-on-year decrease of 15.88% [1] - The net profit for Q3 2025 was 28.734 million yuan, down 63.18% compared to the same period last year [1] - For the first three quarters of 2025, the total revenue was 3.702 billion yuan, reflecting a year-on-year decline of 17.00% [1] - The net profit for the first three quarters was 472 million yuan, which is a decrease of 29.43% year-on-year [1]

Core Viewpoint - Shede Liquor Industry reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Financial Performance - The company's revenue for the third quarter was 1 billion yuan, representing a decrease of 15.88% [1] - Net profit for the third quarter was 28.73 million yuan, down 63.18% [1] - For the first three quarters, revenue totaled 3.702 billion yuan, a decline of 17.00% [1] - Net profit for the first three quarters was 472 million yuan, reflecting a decrease of 29.43% [1]

Core Viewpoint - The investment opportunities in the liquor sector are currently characterized by market divergence, with expectations of a significant decline in performance for liquor companies in Q3 2025, while both valuation and holdings are at low levels, and positive factors on both supply and demand sides are gradually increasing [1] Group 1: Market Dynamics - The industry demand is expected to recover on a month-on-month basis, particularly during the dual festivals, leading to a more optimistic market outlook regarding performance and price expectations, which will likely result in valuation recovery as demand improves [1] - The first phase of recovery is driven by dividend yield pricing, while the second phase will see a return to long-term confidence in liquor assets as supply-demand relationships improve and performance indicators are realized [1] Group 2: Historical Performance Analysis - Historical data indicates that the majority of liquor companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, despite a continued decline in performance and market conditions [2] - The stock price performance remained relatively stable after the third quarter of 2013, with most companies generating absolute returns within one month post earnings report, attributed to the market's sufficient digestion of performance decline expectations [2] Group 3: Business Strategies of Liquor Companies - Liquor companies are leveraging channels to amplify brand and product advantages, signaling changes in supply-side dynamics during the adjustment phase [3] - High-end liquor brands are focusing on maintaining brand strength, with companies like Moutai and Wuliangye adapting their strategies to enhance channel management and product offerings [3] - Regional leaders are concentrating on their base markets while expanding into lower-tier markets, with companies like Yanghe and Gujing enhancing their presence in these areas [3]

Investment Rating - The report maintains an "Outperform" rating for the liquor industry [5][6]. Core Viewpoints - The current market for the liquor sector shows divergence, with significant year-on-year performance declines expected for liquor companies in Q3 2025. However, both valuation and holdings are at low levels, and positive factors on both supply and demand sides are increasing [1][4]. - Historical analysis from 2013-2015 indicates strong similarities between the current cycle and previous ones, suggesting that buying opportunities may accelerate [1][4]. Summary by Sections Price and Performance Trends - Most companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, with performance declines starting in Q3 2013. Despite the declining performance, stock prices showed moderate reactions, following the overall market uptrend [2][7]. - The stock price performance of individual companies remains closely tied to their fundamentals, with regional leaders like Gujing and Laobaigan showing smaller declines compared to the overall market [2][13]. Company Strategies - Companies are leveraging channels to amplify brand and product advantages during the adjustment phase. High-end liquor brands focus on maintaining brand strength, with Moutai shifting its focus to customer expansion [3][32]. - Regional leaders are retreating to core markets while enhancing their presence in lower-tier markets, with companies like Yanghe and Gujing focusing on channel cultivation [3][39]. Investment Recommendations - The report suggests a two-phase recovery path for industry valuations. The first phase is driven by demand recovery, with expectations for Moutai's PE ratio to recover from 20x to 25x, corresponding to a dividend yield of about 3% [4][17]. - The second phase anticipates a return to long-term confidence in liquor assets, with industry PE potentially reaching 30x by Q4 2026. Recommended stocks include Luzhou Laojiao, Moutai, and Shanxi Fenjiu, with a watch on Wuliangye and Yanghe for potential recovery [4][5].

Investment Rating - The report maintains an "Outperform" rating for the liquor industry [5][6] Core Viewpoints - The current market for the liquor sector shows divergence, with significant year-on-year performance declines expected for Q3 2025, yet both valuation and holdings are at low levels, indicating potential positive changes in supply and demand dynamics [1][4] - Historical analysis from 2013-2015 suggests that the current cycle has strong similarities, indicating that buying opportunities may accelerate [1][4] - The report anticipates a two-phase recovery in industry valuations, with the first phase driven by demand recovery and the second phase contingent on improved supply-demand relationships and market confidence in long-term liquor assets [4][17] Summary by Sections Price and Performance Analysis - Most companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, with performance declines starting in Q3 2013, while stock prices remained relatively stable [2][7] - The report highlights that stock price performance is closely linked to fundamental performance, with regional leaders showing less decline compared to the overall market [2][13] Company Strategies - Companies are leveraging channels to enhance brand and product advantages during the adjustment phase, with a focus on maintaining brand strength for high-end products [3][30] - Regional leaders are concentrating on core markets and enhancing distribution channels, while expansion-oriented companies are increasing their presence in mid-to-low-end products [3][30] Investment Recommendations - The report suggests that the industry is entering a layout phase, recommending investments in stable-performing companies with long-term growth potential, such as Luzhou Laojiao, Guizhou Moutai, and Shanxi Fenjiu, while also monitoring Wuliangye and Yanghe for potential recovery [4][5]