Core Viewpoint - The article highlights the rebound of the liquor sector, particularly the significant rise in Jinhuijiu's stock price, indicating a positive trend in the industry [3]. Group 1: Liquor Sector Performance - Jinhuijiu's stock reached the daily limit, while other liquor companies such as Shede Liquor, Laobai Ganjiu, and others saw increases of around 5% [3]. - The overall performance of the liquor sector suggests a recovery, with multiple companies experiencing notable gains [3]. Group 2: Market Overview - The total trading volume in the Shanghai and Shenzhen markets exceeded 500 billion [6]. - The ChiNext 50 Index experienced a decline, with a drop of 3% [7]. - The A-share market opened with mixed results, with the insurance sector showing strong performance [9]. Group 3: Company-Specific News - Cambrian Technology opened down by 6.8%, with an announcement projecting annual revenue between 5 billion to 7 billion for 2025 [8].

Investment Rating - The report rates the white liquor industry as "Positive" (First Time) [1] Core Viewpoints - The current moment is seen as a potential starting point for absolute returns in the white liquor sector, considering the cyclical learning effects [4] - The white liquor industry has returned to cyclical characteristics, with fund holdings dropping to levels seen in 2017, and the food and beverage sector's overweight ratio has decreased significantly from a peak of 11% in 2019 to 3.2% [4][13] - The valuation of the white liquor sector has declined by 72% over the past four years, indicating a slow and steady adjustment process, unlike previous cycles [4][18] - Historical analysis suggests that the bottoming out of the white liquor index occurred after the 2014 Spring Festival, which is anticipated to happen again during the current cycle [5][22] Summary by Sections 1. Decline in White Liquor Holdings and Return to Cyclical Stock Characteristics - Fund holdings in the white liquor sector have decreased to 2017 levels, indicating a shift back to cyclical stock characteristics [10][13] - The overweight ratio of the food and beverage sector has significantly decreased, reflecting a gradual exit of funds focused on long-term value [4][13] 2. Review of Previous Cycle's Bottoming Characteristics - The previous cycle's bottoming process involved several stages, including a decline in dealer profitability, reduced receivables, and a subsequent recovery in real demand [4][18] - The current cycle is expected to show a similar pattern, with the learning effect potentially leading to an earlier inflection point for absolute returns [4][18] 3. Upcoming Investment Timing - The report suggests monitoring for signs of risk clearance in financial statements and early inventory reduction among dealers as indicators for potential investment opportunities [4][6] - Specific companies to watch include Luzhou Laojiao for its high dividend yield and Yingjia Gongjiu for its low valuation and inventory clearance [4][6]

风起于青萍之末，浪成于微澜之间。 伴随着五粮液官宣29度·一见倾心的上市，低度浓香在热度居高不下的背景下再次升温。截至日前，正式加入本次低度浓香白酒之战的酒企还有泸州老窖、 古井贡、舍得、水井坊等。 低度白酒不是稀罕事儿，但本轮低度白酒潮却像是浓香军团之间的"竞合"，相互之间很"默契"，使得低度白酒的热度居高不下。 低度浓香，多年以来"同气连枝" 此情此景，浓香军团集体发力"低度白酒"，它们真的是商量好的吗？ 是，也不是。 2022年4月1日，新版《白酒质量要求第1部分：浓香型白酒》（GB/T10781.1-2021）正式实施，代替了《浓香型白酒》（GB/T10781.1-2006）。其中，明确 指出低度酒为"25%vol≤酒精度≤40%vol"。 查阅本次新版浓香型国标的起草单位，本次掀起、加入低度浓香白酒之战的酒企均在列，想必尚未加入其中的酒企也正在紧锣密鼓的筹备之中。 新版浓香型国标的引言中提及"遵循浓香型白酒产品中酸酯变化的客观规律，对自生产日期一年内和一年后的产品提出不同的理化指标要求"。 新版浓香型国标带来了什么？ | | | | | | 四川省市场监督管理局在2022年4月12日刊文《浓香型白酒 ...

8月26日，五粮液、舍得酒业两家白酒巨头同日官宣推出低度白酒，引发市场关注。 若将时间线拉长会发现，试水低度白酒的酒企已不在少数。而且，今年以来频频有白酒企业"跨界"啤酒 行业。这与白酒消费市场生变，酒企想培育年轻消费群体不无关系。 白酒企业纷纷"降度"，发力低度酒市场 近期，白酒降度似乎已成为一种风潮。五粮液于8月26日宣布将于9月推出29度的"一见倾心"新品，复刻 20世纪经典配方并融入现代口感优化。舍得酒业同天官宣也将推出29度舍得老酒"舍得自在"。 此外，记者注意到，泸州老窖38度产品已占国窖1573销售额近一半，而且其还在研发28度产品，甚至规 划16度、6度超低度产品。 在零售经销商魏丹看来，白酒企业扎堆"降度"，是对市场变化的积极回应。 据其观察，2024年以来，白酒行业进入深度调整期，上市公司业绩出现不同程度降速和下滑。与此同时 年轻消费群体更追求酒饮的利口性和健康特性，这让传统的高度酒一时"遇冷"。 一份中国酒业协会发布的《2025中国白酒中期研究报告》也显示，1985年至1994年出生的群体成为酒场 新主力，传统白酒供给与新一代消费者需求出现明显错配。 如此背景下，多家酒企纷纷试水"降度" ...

吃喝板块今日（8月27日）大幅回调。反映吃喝板块整体走势的食品ETF（515710）全天单边下行，截 至收盘，场内价格跌2.45%。 华龙证券表示，自二季度禁酒令以来， 白酒需求端持续承压，短期来看，政策的边际影响有望逐渐收 窄，中报基本面来看，白酒加速出清，为后续回暖奠定一定基础。白酒作为前期超跌的板块，预期先 行，估值的修复有望先于基本面。建议关注：一是超跌反弹的次高端白酒；二是具备韧性的区域龙头； 三是稳健的高端白酒。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （515710）跟踪中证细分食品饮料产业主题指数，约6成仓位布局高端、次高端白酒龙头股，近4成仓位 兼顾饮料乳品、调味、啤酒等细分板块龙头股，前十权重股包括"茅五泸汾洋"、伊利股份、海天味业 等。场外投资者亦可通过食品ETF联接基金（A类012548/C类012549）对吃喝板块核心资产进行布局。 图片、数据来源：沪深交易所等，截至2025.8.27。 成份股方面，白酒跌幅居前。截至收盘，泸州老窖、古井贡酒、山西汾酒大跌超4%，舍得酒业、顺鑫 农业、金徽酒跌超3%，贵州茅台、五粮液、洋河股份等 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-044 舍得酒业股份有限公司 2025年第一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 8 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： | 1、出席会议的股东和代理人人数 | 1,000 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 121,209,830 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 36.85% | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 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 ...

国浩律师（成都）事务所 关于舍得酒业股份有限公司 2025 年第一次临时股东会 Tel：86 28 86119970 Fax：86 28 86119827 E-mail：grandallcd@grandall.com.cn http://www. grandall.com.cn 四川省成都市高新区天府二街 269 号无国界商务 中心 26 号楼 9 层 邮编：610095 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street,Hi-Tech Zone,Chengdu, China 法律意见书 国浩蓉（2025）律见字第 20766 号 致：舍得酒业股份有限公司 根据国浩律师（成都）事务所（以下简称"本所"）与舍得酒业股份有限公司 （以下简称"舍得酒业"或"公司"）签订的《聘请法律顾问合同》，本所指派杨 波、何瑞律师出席了舍得酒业 2025 年第一次临时股东会（以下简称"本次股东会"）。 本所律师根据《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》）、《上市公司股东会规则》（以下简称《股东 ...

Core Viewpoint - Shede Liquor's 2025 semi-annual performance report shows strong recovery in profitability, with significant growth in net profit and revenue, indicating effective strategic adjustments and a return to a growth trajectory [1][2][3] 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, with Q2 revenue at 1.125 billion yuan, remaining stable year-on-year, while net profit surged by 139.5% [1] - The company's net profit for Q1 already exceeded the total for the previous year, demonstrating robust recovery momentum [1] - By June 30, 2025, total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and net cash flow from operating activities grew by 427.77% [2] Market Strategy - Shede Liquor is actively managing inventory and stabilizing prices to alleviate operational pressures, maintaining channel health and brand value [2] - The company is expanding its digital and international presence, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year, and significant growth in Southeast Asia [2] Product Development - The company is optimizing its product structure, focusing on the mass and banquet markets, with sales of its strategic product "T68" showing rapid growth [3] - The introduction of the low-alcohol product "Shede Zizai" reflects the company's response to changing consumer trends, emphasizing a lighter drinking experience [4][5] Consumer Insights - The shift in consumer demographics and preferences is leading to a focus on quality-price ratio and a more relaxed drinking experience, which "Shede Zizai" aims to address [5][6] - The product's development is rooted in the company's commitment to long-term innovation and maintaining core advantages while adapting to market changes [6]

Core Viewpoint - The report from Dongfang Securities highlights that despite the overall pressure on the liquor industry, Shede Liquor achieved a significant profit growth in Q2 2025, indicating a recovery trend amidst a challenging market environment [1] Industry Summary - The liquor industry is currently experiencing sales decline and inventory destocking due to weak consumption [1] - Most companies in the industry are facing profit pressure as a result of these market conditions [1] Company Summary - Shede Liquor reported a net profit attributable to shareholders of 97.17 million yuan in Q2 2025, representing a year-on-year increase of 139.48%, showcasing a strong recovery [1] - Revenue from mid-to-high-end liquor and ordinary liquor in Q2 2025 was 740 million yuan and 240 million yuan, respectively, with year-on-year changes of -16% and +62% [1] - The company is focusing on building core base markets to secure advantageous profit regions and enhance its ability to withstand risks during economic downturns [1] - Revenue from domestic and foreign markets in Q2 2025 was 290 million yuan and 690 million yuan, with year-on-year changes of -21% and +5%, indicating a faster recovery in the foreign market [1] - The company plans to continue developing a multi-brand, full-price, and full-channel base market strategy, particularly strengthening its presence in East China, South China, and Chongqing [1] - Shede Liquor aims to establish a comprehensive marketing operation system and advance digital upgrades to support a multi-brand marketing matrix, supply chain collaboration, and integrated financial management, which will promote cost reduction and efficiency improvement [1] - The company is given a target price of 78.28 yuan based on a 38 times PE valuation for 2025, maintaining a "buy" rating [1]

2025.08.27 特别是前者，低度白酒在技术上存在浑浊、口感寡淡和水解"三道坎"，对生产工艺要求更高、成本其实 也更高。 本文字数：1750，阅读时长大约3分钟 作者 |第一财经 栾立 一场"降度竞赛"正在白酒行业悄然上演。 8月26日，白酒巨头五粮液集团刚刚官宣推出29°"五粮液·一见倾心"，并邀请歌手邓紫棋作为其全球代 言人，舍得酒业也宣布，29度舍得老酒"舍得自在"将于8月30日上市。 在业内看来，白酒行业一向以高酒精度著称，如今"自降度数"背后，反映的是行业面对消费者迭代所产 生的焦虑与调整。 记者注意到，近期白酒降度已成为一种风潮。近一个月来，已有4家企业宣布推出低度白酒新品，且酒 精度一个比一个低。除了五粮液和舍得酒业外，今年7月，泸州老窖宣布28度国窖1573已研发成功，将 适时推出；8月19日，古井贡酒也推出了26度的"年份原浆·古20"，并请来演员陈建斌造势。洋河则在今 年春季糖酒会期间推出了多款33.8度的微分子白酒新品。根据其此前公布的计划，今年9月还将有多款 低度新品上市。 这一系列低度白酒新品都有一个共性，除了降低酒精度之外，上述新品区别于传统的白酒，均采用更时 尚的外包装，主要 ...