本文字数：1750，阅读时长大约3分钟 2025.08. 27 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，主要线上渠道销售，并邀请明星代言以吸引消费者。记者在多个电商平台看到，五粮 液29度新品上市一天的预订量均超过1000份。 在过去很长一段时间，白酒产品主要集中于高酒精度，这与白酒生产的特点有关，也与国内白酒消费 习惯的变化有关。受经济和物资匮乏时期的影响，高度白酒酒精含量高，醉感也更强；中国酒桌文化 复杂，高度白酒背后还隐含着权力与服从等文化符号。 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 ...

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，主要线上渠道销售，并邀请明星代言以吸引消费者。记者在多个电商平台看到，五粮液29度新品上市一天的 预订量均超过1000份。 在过去很长一段时间，白酒产品主要集中于高酒精度，这与白酒生产的特点有关， ...

头部白酒企业正在掀起一场降度竞赛。 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，主要线上渠道销售，并邀请明星代言以吸引消费者。记者在多个电商平台看到，五粮液29度新品上市一天的 预订量均超过1000份。 在过去很长一段时间，白酒产品主要集中 ...

8月22日盘后,舍得酒业(600702.SH)发布2025年半年度报告。报告显示,公司上半年实现营业收入27.01亿 元,归属于上市公司股东的净利润4.43亿元。 值得关注的是,在白酒行业传统消费淡季的二季度,舍得酒业展现出强劲的经营韧性:单季实现营业收入 11.25亿元,同比基本持平;归母净利润9717万元,同比大幅增长139.5%。公司也因此成为贵州茅台之外,又 一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年,公司一季度归母净利润已超2024年全年水平,二季度同比增幅更超一倍,利润端复苏动能强 劲。这既印证了公司主动调整下盈利弹性的释放,也标志着其内在增长动力已完成阶段性修复,正步入稳 健修复通道。舍得酒业超预期的业绩复苏迅速获得市场认可,8月25日公司股价盘中强势封板涨停,年内累 计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前,白酒行业正经历深刻的结构性变革。中国酒业协会发布的《2025中国白酒市场中期研究报告》指 出,酒类产业已进入了新一轮政策调整、消费结构转型与分化、存量竞争深度调整的"三期叠加"局面。 对此,多个机构发表研报认为,舍得酒业利润修复进度超预期,经 ...

Group 1: Industry Insights - The controllable nuclear fusion technology is diversifying, with significant public and private capital involvement, indicating a potential investment boom in the sector, with annual investments possibly reaching thousands of billions if commercialized successfully [6][9][8] - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [7] - The domestic Z-pinch hybrid reactor is likely to accelerate its development, with private capital showing increasing interest in FRC devices [8] Group 2: Company Updates - Kefu Medical (301087.SZ) - Kefu Medical reported H1 2025 revenue of 1.496 billion yuan, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% [11][13] - The company is focusing on overseas market expansion, having acquired established channels and customer resources through recent acquisitions [13][15] - The company maintains a "buy" rating, anticipating growth in core product categories and overseas business [11][13] Group 3: Company Updates - Shede Liquor (600702.SH) - Shede Liquor's H1 2025 revenue was 2.7 billion yuan, down 17.4% year-on-year, with a net profit of 440 million yuan, down 25% [17][18] - The company is expected to continue improving in the second half of 2025, with a focus on core markets and products [17][18] - The company maintains an "overweight" rating, with a projected net profit growth of 100.3% in 2025 [17][18] Group 4: Company Updates - Pinduoduo (PDD.NASDAQ) - Pinduoduo's Q2 2025 revenue was 104 billion yuan, a 7% year-on-year increase, with a non-GAAP net profit of 32.7 billion yuan, down 5% [23][24] - The company is adjusting its domestic commission policies and expanding overseas, with a focus on long-term sustainable development [23][25] - The company maintains a "buy" rating, with a projected non-GAAP net profit of 99 billion yuan for 2025 [23][24] Group 5: Company Updates - Poly Property (06049.HK) - Poly Property reported H1 2025 revenue of 8.392 billion yuan, a 6.6% year-on-year increase, with a net profit of 891 million yuan, up 5.3% [27][28] - The company is expanding its property management scale and optimizing its value-added business structure [27][28] - The company maintains a "buy" rating, with projected net profits of 1.58 billion yuan in 2025 [27][28] Group 6: Company Updates - Longping High-Tech (000998.SZ) - Longping High-Tech reported H1 2025 revenue of 2.166 billion yuan, down 16.11% year-on-year, with a net loss of 164 million yuan [44][45] - The company is focusing on improving its rice seed business while addressing challenges in the corn seed market [44][45] - The company maintains a "buy" rating, with projected net profits of 348 million yuan in 2025 [44][45] Group 7: Company Updates - Hualu Hengsheng (600426.SH) - Hualu Hengsheng reported H1 2025 revenue of 15.764 billion yuan, down 7.14% year-on-year, with a net profit of 1.569 billion yuan, down 29.47% [48][49] - The company is investing in technological upgrades to improve efficiency and maintain a "buy" rating [48][49] - The company anticipates a net profit of 3.47 billion yuan in 2025 [48][49]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's performance showed improvement in Q2 2025, with expectations for continued enhancement in the second half of the year. The proactive inventory reduction strategy has begun to yield positive results, leading to a forecasted increase in net profit for 2025-2027 [6][7] Financial Performance Summary - For H1 2025, the company reported revenue of 2.7 billion yuan, a year-on-year decrease of 17.4%, and a net profit attributable to shareholders of 440 million yuan, down 25.0% year-on-year. In Q2 2025, revenue was 1.13 billion yuan, a decline of 3.4% year-on-year, while net profit was 97 million yuan, an increase of 139.5% year-on-year [6] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 690 million yuan, 840 million yuan, and 1.09 billion yuan, representing year-on-year growth rates of 100.3%, 21.0%, and 29.7% respectively [6] - The current stock price corresponds to a P/E ratio of 32.2, 26.6, and 20.5 for the years 2025, 2026, and 2027 respectively [6] Revenue Breakdown - In Q2 2025, the revenue from mid-to-high-end liquor was 739 million yuan, down 15.7% year-on-year, while low-end liquor revenue was 237 million yuan, up 62.3% year-on-year. The company saw significant growth in its low-end product line, particularly the T68 brand [7] - Revenue from provincial sales was 289 million yuan, down 21.2% year-on-year, while revenue from outside the province was 686 million yuan, up 4.8% year-on-year [7] Cost and Margin Analysis - The gross margin in Q2 2025 was stable, with a slight year-on-year decrease of 0.33 percentage points. The company has focused on cost control, leading to a decrease in expense ratios and an overall net profit margin increase of 5.2 percentage points year-on-year [9]

Core Viewpoint - The article emphasizes the ongoing efforts of market regulatory authorities in China to combat trademark infringement and counterfeiting, highlighting the importance of protecting intellectual property rights and creating a favorable environment for brand value preservation [1]. Group 1: Case Summaries - Case 1: Li and others were found to have sold counterfeit "Nanfu" batteries, with a total purchase value of over 2.48 million yuan and sales amounting to 1.39 million yuan from 2017 to 2024 [2][3][4]. - Case 2: A wedding car rental company was penalized for using counterfeit "Rolls-Royce" cars, resulting in fines totaling over 710,000 yuan for 15 companies involved [5][6][7]. - Case 3: A joint operation in Guangdong led to the dismantling of 27 counterfeit shoe production sites, seizing 21,000 pairs of counterfeit products with a total value of 216 million yuan [8][9][10]. - Case 4: A significant case involving the sale of counterfeit "Arc'teryx" jackets across nine provinces, with a total value exceeding 300 million yuan, resulted in the arrest of 42 individuals [11][12][13]. - Case 5: A business in Jilin was fined for using a similar name to "City Hero" while infringing on the trademark, leading to a fine of 49,000 yuan [14][15][17]. - Case 6: A company in Gansu was penalized for selling automotive products falsely labeled as "China First Automobile Group" products, resulting in a fine of 50,000 yuan [18][19][20]. - Case 7: A karaoke hall in Guizhou was reported for unauthorized use of the "Hilton" trademark, generating revenue of 11.14 million yuan [21][22][23]. - Case 8: A tourism company in Yunnan was fined 75,000 yuan for using a similar peacock logo without authorization [24][26]. - Case 9: A food counterfeiting operation in Sichuan was dismantled, with a total value of over 20.1 million yuan in counterfeit products seized [27][28][29]. - Case 10: A tea shop in Hainan was fined 76,000 yuan for continuing to use the "Yihe Tang" trademark despite a prior court ruling against them [30][31][32]. - Case 11: A packaging materials store in Ningxia was penalized for printing unauthorized packaging for "Ningxia Goji Berries," resulting in fines totaling 4,770 yuan [33][34]. - Case 12: A tea shop in Guangxi was found selling counterfeit "Sanhe" tea, leading to criminal charges [35][36]. - Case 13: A case involving counterfeit "Shede" liquor resulted in the seizure of 3,026 bottles and over 2.57 million yuan in value [38][39][40]. - Case 14: A company in Xinjiang was found producing counterfeit liquor, with a total value of 61,500 yuan [41][42]. - Case 15: A brewery in Henan was penalized for producing beer with a label similar to "Wusu Beer," resulting in a fine of 470,000 yuan [43][44]. - Case 16: A brewery in Hebei was found to have used a similar trademark to "Budweiser," leading to fines of over 250,000 yuan [46][47][49]. - Case 17: A brewery in Heilongjiang was penalized for using a similar trademark, resulting in a fine of 26,000 yuan [50][51]. - Case 18: A case involving counterfeit alcoholic beverages with a total value exceeding 20 million yuan was reported, highlighting the challenges of tracking down unlicensed vendors [52][53].

业绩超预期与低度酒新品共振，舍得酒业切入新消费领域获市 场关注，近期涨幅显著。 作者： 张丽 封图：图片资料室 8月22日盘后，舍得酒业（600702.SH）发布2025年半年度报告。报告显示，公司上半年实现营 业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。 值得关注的是，在白酒行业传统消费淡季的二季度，舍得酒业展现出强劲的经营韧性：单季实现营 业收入 11.25亿元，同比基本持平；归母净利润9717万元，同比大幅增长139.5% 。 公司也因 此成为贵州茅台 之外 ，又一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年， 公司 一季度归母净利润已超 2 024年全年水平，二季度同比增幅更超一倍，利润端 复苏动能强劲。这既印证了公司 主动调整 下盈利弹性的释放，也标志着其内在增长动力已完成阶 段性修复，正步入稳健 修复 通道。舍得酒业超预期的业绩复苏迅速获得市场认可， 8月25日公司 股价盘中强势封板涨停，年内累计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前，白酒行业 正经历深刻的结构性变革 。中国酒业协会发布的《 2025中国白酒市场中期研究 报告》指出， ...

2025年6月，北京康达（成都）律师事务所就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出具法律意见书。 回购原因激励对象不再符合激励条件：依据《2022年激励计划》，若激励对象出现劳动合同到期不续 约、主动离职、因不胜任岗位或个人绩效考核不达标被辞退、因损害公司利益或声誉导致公司解除劳动 合同等情形，其已获授但尚未解除限售的限制性股票由公司以授予价格回购注销。公司激励对象何敏、 景磊磊等4名激励对象已离职并解除劳动合同，经公司第十一届董事会第十五次会议审议同意，对其已 获授但尚未解除限售的股票进行回购注销。公司未满足当年业绩考核目标：《2022年激励计划》规定， 2022年限制性股票激励计划第三个解除限售期公司层面业绩考核目标为2024年营业收入不低于100.2亿 元或2024年归母净利润不低于20.5亿元。若公司未满足当年业绩考核目标，所有激励对象对应考核当年 可解除限售的限制性股票均由公司以授予价格回购注销。因公司2024年业绩未达标，经公司第十一届董 事会第十五次会议审议同意，对258名激励对象第三个解除限售期不能解除限售的352,784股限制性股票 予以回购注销。 综 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-043 舍得酒业股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销的原因：鉴于舍得酒业股份有限公司（以下简称"公司""舍得 酒业"）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》（以下简称《管理办法》）及公司《2022 年限制 性股票激励计划（草案）》(以下简称《2022 年激励计划》)的相关规定，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 363,562 股。 本次回购注销股份的有关情况： 公司已依据相关法律规定就本次股份回购注销事项履行通知债权人程序，具体 内容详见公司于2025年6月27日披露在上海证券交易所网站（www.sse.com.cn）上 的《舍得酒业关于回购注销限制性股票减少公司注册资本通知债权人的公告》（公 ...