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]

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"）2023 年员工持股计划第二次持有人 会议于 2025 年 10 月 28 日以现场结合通讯方式召开。本次会议由公司 2023 年员工 持股计划管理委员会主任赵鹏先生召集和主持，出席本次会议的持有人共计 219 人， 代表公司 2023 年员工持股计划份额 8,715.03 万份，占公司 2023 年员工持股计划持 有人当前所持份额的 92.81%。本次会议的召集、召开和表决程序符合相关法律法规、 规范性文件及《公司 2023 年员工持股计划》的有关规定，会议合法有效。经审议表 决，本次会议形成如下决议： 一、审议通过《关于补选公司 2023 年员工持股计划管理委员会委员的议案》。 因公司 2023 年员工持股计划管理委员会原委员邹庆利先生已离职，本次持有人 会议选举钟龄瑶女士为公司 2023 年员工持股计划管理委员会委员，与赵鹏先生、张 伟先生共同组成公司 2023 年员工持股计划管理委员会，任期与公司 2023 年员工持 股计划的存续期 ...

Core Viewpoint - The recent trend in the Chinese liquor industry is a shift towards low-alcohol white spirits, with major brands launching products with alcohol content below 30 degrees, aiming to attract younger consumers and adapt to changing consumption preferences [1][3][5]. Group 1: Market Trends - Numerous brands showcased low-alcohol white spirits at recent trade fairs, reigniting discussions on the trend of lower alcohol content in white liquor [1][3]. - The market for low-alcohol white spirits is significant, with approximately 450 billion yuan in market size, accounting for nearly half of the total white liquor consumption [7]. - The penetration rate of low-alcohol spirits is increasing, with regions like Hebei and Shandong showing over 80% and 70% penetration rates, respectively [7]. Group 2: Consumer Preferences - Younger consumers prefer low-alcohol options for their comfort and drinking experience, moving away from traditional drinking cultures [5][11]. - The perception that higher alcohol content equates to better quality is fading, with consumers now prioritizing flavor and overall drinking experience [11][12]. - The trend towards low-alcohol spirits is seen as a response to the lifestyle changes of younger generations, who favor casual drinking and home cocktail preparation [5][11]. Group 3: Industry Response - Major liquor companies are actively developing low-alcohol products, with brands like Wuliangye and Gujinggong launching new offerings specifically targeting younger demographics [4][10]. - The industry is undergoing a transformation, with a focus on creating products that emphasize flavor and experience rather than just alcohol content [10][12]. - The introduction of new standards for low-alcohol spirits aims to address quality concerns and align with consumer demand for diverse and personalized products [9][10]. Group 4: Challenges and Future Outlook - The transition to low-alcohol products requires time and successful market examples to educate consumers [12][13]. - Companies must not only adjust alcohol content but also enhance brand positioning and marketing strategies to resonate with younger consumers [13]. - The future of the industry may see a complete redefinition of quality metrics, moving away from alcohol content as the primary indicator of product value [10][12].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10] Core Views - The report highlights significant personnel changes at Kweichow Moutai, with Chen Hua, the director of the Guizhou Provincial Energy Bureau, appointed as the new chairman [6] - The white liquor sector is experiencing a mixed demand landscape, with consumption scenarios and price bands showing divergence, particularly in banquet and self-drinking contexts [6] - The overall demand for white liquor is still in a bottoming phase, with a focus on high-dividend leaders like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more elastic stocks like Jiu Gui Jiu and Shede Liquor [6][58] Summary by Sections Industry News - Major liquor companies, including Luzhou Laojiao and Yanghe, are increasing investments in AI technology [18] - A new 50,000-ton craft beer project has been launched in Guangyuan, and the beer production in Sichuan province has increased by 4.9% from January to September [18] Company News - Kweichow Moutai has appointed a new chairman and has denied rumors of opening 650 new specialty stores [19] - Wuliangye is actively constructing a smart factory project in its industrial park [19] Key Company Feedback - The report provides insights into the performance of key companies, indicating that the white liquor sector is under pressure with high inventory levels, while consumer goods are showing signs of recovery [7][9] Industry Data Trends - The cumulative production of white liquor in 2024 is reported at 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [34] - The seasoning industry is projected to grow significantly, with market size expected to increase from 259.5 billion yuan in 2014 to 687.1 billion yuan by 2024, reflecting a CAGR of 10.23% [37] Investment Strategy - The report suggests focusing on companies with long-term value and high dividends in the white liquor sector, while also considering companies that have shown resilience and potential for recovery [58]