每经AI快讯，舍得酒业（SH 600702，收盘价：58元）12月26日晚间发布公告称，公司第十一届第十九 次董事会会议于2025年12月26日以通讯方式召开。会议审议了《关于召开公司2026年第一次临时股东会 的议案》等文件。 2024年1至12月份，舍得酒业的营业收入构成为：酒类占比89.39%，玻瓶占比9.09%，其他业务占比 1.52%。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） 截至发稿，舍得酒业市值为193亿元。 ...

Summary of Shide Liquor Industry Conference Call Company Overview - **Company**: Shide Liquor Industry - **Industry**: Baijiu (Chinese liquor) Key Points Industry and Market Performance - The macroeconomic and consumer environment has led to weakened sales for some products, but Shide's banquet market strategy and the T68 product have performed well, with T68 showing particularly strong sales compared to other products [2][3] - The opening rate for the premium product "Pinwei Shide" is approximately 60%, with significant recovery in markets outside the province, especially in Shandong, Tianjin, and Dezhou [2][5] - Online sales have maintained growth through blind box promotions and other activities, accounting for 11% of total sales [2][8] Sales and Product Performance - In 2025, 85% of distributors are profitable due to strict price control and high-pressure regulation ensuring stable pricing [2][6] - Major products can be categorized into brand-up and channel-down strategies, with T68 outperforming other products [3][4] - The company expects a gradual recovery in the market, with a potential for a "front low, back high" trend in 2026 [4][10] Distributor and Inventory Management - The distributor structure remains stable, with over 75% being large distributors, which have strong risk resistance [2][6] - The number of distributors decreased by 100 to around 2,500, while inventory for "Pinwei Shide" has reduced to 3 months from 6-7 months last year [6][9] - The company emphasizes price control and distributor profitability, avoiding stockpiling to prepare for future industry recovery [6][7] Strategic Initiatives - Shide Liquor is focusing on long-term healthy development and strategy execution, with no immediate pressure from the group [11] - The company plans to increase prices for "Pinwei Shide" and upgrade T68's flavor profile, anticipating intensified competition in the mass market [4][12] - The company is exploring innovative internet sales models and aims for online revenue to reach over 20% in the next 2-3 years [14] Future Outlook - The overall performance of the baijiu industry is expected to improve during the 2026 Spring Festival, but full recovery may take about two years [10] - Shide anticipates maintaining growth in the mass market, leveraging its full price range product coverage and strong brand recognition in lower-tier cities [13][14] Organizational Structure - There are no plans for changes in the executive team or ownership structure, maintaining stability at the management level [15] Feedback and Payment Collection - The company has completed its payment collection for 2025, with inventory planning based on scientific targets rather than merely chasing report results [16]

Group 1 - The report indicates that the liquor industry is currently facing supply-demand imbalances, with companies reducing growth expectations and releasing channel pressures. The white liquor index has dropped by 12% since the beginning of 2025, underperforming the CSI 300 index by 33% [1][11] - The report highlights that the overall market demand for white liquor has shown slight recovery, but actual demand remains weak, with mainstream product prices in a downward trend. Companies like Wuliangye and Gujing Gongjiu are reducing growth expectations, leading to significant declines in Q3 performance [1][22] - The report suggests that the white liquor sector is entering a configuration phase, with leading companies like Kweichow Moutai improving their price-volume relationship and showcasing dividend asset attributes, with a projected dividend yield of 4% in 2026 [3][4] Group 2 - Looking ahead to 2026, the report anticipates that supply-side optimization and channel clearing will occur, with a focus on quality company configurations. The industry is expected to see gradual recovery in demand, particularly during the Spring Festival sales period [2][29] - The report notes that channel inventory has decreased since Q3 2025, and companies are focusing on maintaining dynamic profits for distributors. Leading companies are gradually relaxing channel policies, indicating a stabilization trend in product prices post-holiday [2][42] - The competitive landscape is shifting from price differentiation to brand and organizational capabilities, with companies that can establish pricing power in specific regions or demographics likely to emerge from the adjustment cycle first [2][29] Group 3 - Investment recommendations suggest that the white liquor sector is now in a configuration zone, with a focus on brands that can navigate through cycles, such as Kweichow Moutai and Shanxi Fenjiu, which are expected to see valuation improvements as market liquidity increases [3][4] - The report emphasizes the importance of companies that have established advantages in pricing and regional market share during the adjustment phase, such as Luzhou Laojiao, Gujing Gongjiu, and Jinhui Liquor [3][4] - The report also highlights companies with strong shareholder returns and cash flow safety margins, such as Wuliangye, as potential investment opportunities [3][4]

Core Viewpoint - The Chinese liquor industry is increasingly focusing on international markets as domestic competition intensifies, with a significant number of companies expanding overseas to seek new growth opportunities [1][8]. Group 1: Market Expansion - As of December 25, 2023, 63.9% of Chinese liquor companies are either expanding or have already established a presence in overseas markets, indicating a collective shift towards internationalization [1]. - Major brands like Moutai, Wuliangye, and Luzhou Laojiao are actively entering global markets, while Huangjiu brands such as Guyue Longshan and Kuaijishan are also leveraging traditional culture alongside their products [1][3]. Group 2: Product Strategy - Companies are adopting two distinct strategies for internationalization: "cultural integration" with tailored products for foreign markets, and "value output" by exporting established domestic products [3]. - Moutai has launched a series of products specifically designed for international markets, while other brands like Luzhou Laojiao and Wuliangye are exporting their star products that have already gained traction in China [3][4]. Group 3: Cultural Integration - The cultural aspect of product export is becoming increasingly important, with companies recognizing that successful internationalization involves not just product sales but also cultural storytelling [6]. - Initiatives such as Wuliangye's "He Mei Global Tour" and various cultural exchange activities by other brands aim to promote Chinese liquor culture globally [6][7]. Group 4: Market Challenges - Despite the enthusiasm for international expansion, challenges remain, including the need for localization and the predominance of Chinese consumers in overseas markets [8][9]. - The Southeast Asian market is currently the primary focus for many companies, supported by a significant Chinese diaspora, but broader acceptance among local consumers is still a hurdle [8][9]. Group 5: Future Directions - To penetrate mainstream overseas markets, companies must innovate and adapt their products to local tastes, particularly through the integration of liquor with Chinese cuisine [9].

Core Viewpoint - The Chinese liquor industry is increasingly focusing on international markets as domestic competition intensifies, with a significant number of companies expanding overseas to seek new growth opportunities [1][7]. Group 1: Market Expansion - As of December 25, 2023, 63.9% of Chinese liquor companies are either expanding or have already established a presence in overseas markets [1]. - Major brands like Kweichow Moutai, Wuliangye, and Luzhou Laojiao are actively entering international markets, alongside traditional yellow wine brands like Guyue Longshan and Kuaijishan [1][2]. Group 2: Product Strategy - Companies are adopting two distinct strategies for internationalization: "cultural integration" with tailored products for foreign markets and "value output" by exporting established domestic products [2]. - Kweichow Moutai has launched a series of new products specifically designed for overseas markets, marking a significant expansion after six years [2]. - Luzhou Laojiao is innovating with products like ready-to-drink cocktails and oak barrel liquor to cater to international consumer preferences [3]. Group 3: Cultural Integration - The liquor industry recognizes that cultural storytelling is essential for successful international expansion, with many companies engaging in high-profile cultural activities to promote Chinese liquor [4][5]. - Initiatives like Wuliangye's "He Mei Global Tour" and the opening of tasting houses by Guyue Longshan in Paris highlight the industry's focus on cultural exchange [5][6]. Group 4: Market Challenges - Despite the enthusiasm for international markets, challenges remain, including a reliance on Chinese consumers abroad and the need for deeper localization to appeal to diverse international tastes [7][8]. - The Southeast Asian market is identified as a primary target for expansion, supported by a significant Chinese diaspora that influences local consumption patterns [7]. Group 5: Future Directions - Industry experts suggest that to penetrate mainstream markets, liquor companies must innovate and adapt products to local tastes, potentially developing lower-alcohol or pre-mixed beverages [8]. - There is a call for greater integration of liquor with Chinese cuisine to enhance market appeal and consumer acceptance [8].

Core Viewpoint - The liquor sector experienced a rise of 1.13% on December 25, with Shui Jing Fang leading the gains, while the Shanghai Composite Index rose by 0.47% and the Shenzhen Component Index increased by 0.33% [1] Group 1: Liquor Sector Performance - Shui Jing Fang (600779) closed at 39.80, up 10.01% with a trading volume of 111,100 shares [1] - Other notable performers include Sanlong Jibei (000995) with a 4.37% increase, and Quan Wei Jiu (616809) rising by 3.08% [1] - The total net inflow of funds into the liquor sector was 874 million yuan, while retail investors saw a net outflow of 325 million yuan [1] Group 2: Fund Flow Analysis - Major net inflows were observed in Kweichow Moutai (600519) with 319 million yuan, accounting for 9.67% of the total [2] - Shui Jing Fang (600779) had a net inflow of 154 million yuan, representing 35.78% of its trading volume [2] - The retail investor net outflow for Shui Jing Fang was 93.49 million yuan, indicating a significant withdrawal from this stock [2]

Core Viewpoint - The liquor stocks experienced a significant upward trend in the afternoon of December 25, with notable gains in several companies, indicating a positive market sentiment in the sector [1]. Group 1: Stock Performance - Shuijingfang (水井坊) reached the daily limit with a gain of 10.01%, trading at 39.80 [2] - Huangtai Liquor (皇台酒业) increased by 5.00%, with a current price of 13.23 [2] - Jiugui Liquor (酒鬼酒) rose by 3.92%, priced at 57.53 [2] - Jinhui Liquor (金徽酒) saw a 3.23% increase, trading at 20.46 [2] - Shede Liquor (舍得酒业) gained 2.59%, with a price of 58.96 [2]

Group 1 - The A-share market saw a rapid increase in liquor stocks, with Shui Jing Fang hitting the daily limit, Huangtai Liquor rising over 6%, and Jiu Gui Jiu increasing nearly 5% [1] - Other notable performers included Jin Hui Jiu and She De Jiu Ye, both rising over 3% [1] Group 2 - The liquor index showed a gain of 1.36%, reaching 5989.43 points [2] - Shui Jing Fang had a significant increase of 10.01%, with a total market value of 194 billion [2] - Huangtai Liquor rose by 6.98%, with a market value of 23.91 billion [2] - Jiu Gui Jiu increased by 4.99%, with a market value of 189 million [2] - Jin Hui Jiu and She De Jiu Ye saw increases of 3.63% and 3.22%, respectively, with market values of 104 billion and 197 billion [2]

人民财讯12月25日电，白酒股异动拉升，水井坊（600779）涨停，皇台酒业（000995）、华致酒行 （300755）、会稽山（601579）、酒鬼酒（000799）、舍得酒业（600702）、金种子酒（600199）等纷 纷跟涨。 ...

12月25日，舍得酒业盘中上涨2.04%，截至13:25，报58.64元/股，成交2.27亿元，换手率1.18%，总市值 195.13亿元。 舍得酒业所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：白酒、新零售、中盘、融资 融券、MSCI中国等。 截至9月30日，舍得酒业股东户数11.44万，较上期减少11.81%；人均流通股2908股，较上期增加 13.39%。2025年1月-9月，舍得酒业实现营业收入37.02亿元，同比减少17.00%；归母净利润4.72亿元， 同比减少29.43%。 分红方面，舍得酒业A股上市后累计派现22.90亿元。近三年，累计派现13.53亿元。 机构持仓方面，截止2025年9月30日，舍得酒业十大流通股东中，招商中证白酒指数A（161725）位居 第二大流通股东，持股1645.38万股，持股数量较上期不变。酒ETF（512690）位居第四大流通股东， 持股726.49万股，相比上期增加289.63万股。香港中央结算有限公司位居第六大流通股东，持股358.56 万股，相比上期增加223.32万股。永赢睿信混合A（019431）位居第七大流通股东，持股144.63万股， ...