四川省成都市锦江区东御街 18 号百扬大厦 11 楼 邮编：610011 11F, Square One, No.18 Dongyu St., Jinjiang District, Chengdu, Sichuan, P.R.China 电话/TEL：（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com 北京康达（成都）律师事务所 关于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 相关事项的 康达(成都)法意字【2025】第 0375 号 二○二五年六月 北京 Beijing · 西安 Xi'an · 深圳 Shenzhen · 海口 Haikou · 上海 Shanghai · 广州 Guangzhou · 杭州 Hangzhou 沈阳 Shenyang · 南京 Nanjing · 天津 Tianjin · 菏泽 Heze · 成都 Chengdu · 苏州 Suzhou · 呼和浩特 Hohhot 香港 Hongkong ·武汉 Wuhan ·郑州 Zhengzhou ·长沙 Changsha ...

8月22日盘后，舍得酒业（600702）（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 （600519）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。 面对这一复杂挑战，舍得酒业 ...

平安证券研报指出，舍得酒业1H25实现归母净利4.4亿元，同比-25%；2Q25实现归母净利1.0亿元，同 比+139%。精细化投放，盈利能力回升。分产品看，2Q25公司中高档酒收入7.4亿元，同比下滑16%， 普通酒收入2.4亿元，同比增长62%，我们预计系沱牌特级T68较快增长所致。分渠道看，2Q25经销渠道 收入8.4亿元，同比下滑8%，电商渠道收入1.3亿元，同比增长24%，线上渠道保持较快增长。分区域 看，2Q25省内收入2.9亿元，同比下滑21%，省外收入6.9亿元，同比增长5%，省外市场稳定增长。考虑 公司精细化费用投放，调整2025-27年归母净利预测至6.8/7.4/8.0亿元（原值：6.0/6.8/7.6亿元）。长期来 看，公司将持续聚焦品味舍得核心大单品，舍之道、沱牌T68较快发展，成长空间可期。维持"推荐"评 级。 ...

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。 面对这一复杂挑战，舍得酒业于2024年超前布局，通过主动去 ...

白酒行业深度调整期,低度酒饮赛道正逆势爆发。中研普华产业研究院《2025年中国降度酒行业市场深 度调研及投资策略预测报告》显示,2030年,中国低度酒市场规模将突破1200亿元,占酒类市场的35%-40%, 形成与高度酒分庭抗礼的格局。在此背景下,舍得酒业以"老酒战略"为根基,开创性地开发出行业首款低 酒度畅饮型老酒——舍得自在,并将于8月30日在北京中国酒业协会召开新品发布会。这款产品将以"真 实年份老酒+三大关键技术"定调低度酒的品质标准,为消费者提供"轻负担、更醇柔"的品饮体验。 这款新品未经上市却已提前引发市场多重关注。自8月15日舍得酒业官宣即将推出"舍得自在"以来,资本 市场反馈积极,至8月25日收盘,7个交易日内舍得股价上涨25.05%。 值得注意的是,期间舍得酒业还披露了2025年半年度报告,其第二季度表现抢眼,实现营业收入11.25亿元, 同比基本持平,归母净利润同比大幅增长139.5%。这份"Q2归母净利润同比翻倍,库存去化下业绩强劲修 复"的财报,展现了舍得酒业整体经营的稳健性。 有观点认为,处在存量竞争时代,创造新需求、新场景是酒企破局的关键。舍得自在精准切中新消费趋势, 从酒体选择到 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][11] Core Views - The company is experiencing a recovery in profitability due to refined expenditure strategies, with a focus on core products and market expansion [4][7] - The company reported a revenue of 2.7 billion yuan for the first half of 2025, a year-on-year decrease of 17%, while the net profit attributable to shareholders was 440 million yuan, down 25% year-on-year [4] - The second quarter of 2025 saw a revenue of 1.13 billion yuan, a decline of 3.4% year-on-year, but net profit increased by 139% to 100 million yuan [4] Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted to 680 million, 740 million, and 800 million yuan respectively, reflecting a positive outlook for the company's core products [7] - The company’s gross margin for Q2 2025 was 60.6%, with a net profit margin of 8.6%, indicating improved profitability [7] - The company’s total assets are projected to grow from 11.58 billion yuan in 2025 to 12.9 billion yuan in 2027, while total liabilities are expected to increase from 4.02 billion yuan to 4.37 billion yuan over the same period [8] Revenue and Profitability Forecast - The company’s revenue is expected to decline by 24.3% in 2024, followed by a smaller decline of 6.7% in 2025, before returning to growth in subsequent years [9] - The net profit margin is projected to recover to 13.5% by 2026, with a return on equity (ROE) expected to reach 9.4% [9] Cash Flow Analysis - The operating cash flow is expected to turn positive in 2025, with a forecast of 2.03 billion yuan, indicating improved cash generation capabilities [10] - The company is expected to maintain a healthy cash position, with cash reserves projected to grow from 2.5 billion yuan in 2025 to 4.1 billion yuan by 2027 [8][10]

| 60113/ | 博威台金 | 中信业夯 | 头人 | 34.00 | 26.25 | | --- | --- | --- | --- | --- | --- | | 300014 | 亿纬锂能 | 华泰金融控股(香港) | 买入 | 62.40 | 25.13 | | 688123 | 聚辰股份 | 华泰证券 | 买入 | 104.70 | 25.03 | | 688111 | 金山办公 | 国泰海通证券 | 增持 | 402.92 | 24.50 | | 600116 | 三峡水利 | 中信证券 | 买入 | 8.40 | 23.17 | | 603298 | 杭叉集团 | 华创证券 | 强推 | 27.70 | 22.57 | | | | 日期:08月25日,南财投研通×南财快讯制图 | | | | 从券商推荐家数来看，8月25日有163家上市公司得到券商推荐，其中舍得酒业获得4家推荐，水羊股份获得3家推荐，丸美 生物获得3家推荐。 评级调高方面，8月25日，券商调高上市公司评级达到1家次，最新数据包括了华源证券对国电电力的评级从"增持"调高 至"买入"。 南财投研通数据显示，8月25日，券商给予上 ...

南财投研通数据显示，8月25日，券商给予上市公司目标价共63次，按最新收盘价计算，目标价涨幅排名居前的公司有隆平 高科、新集能源、北新建材，目标价涨幅分别为38.75%、37.40%、36.57%，分别属于种植业、煤炭开采、装修建材行业。 | | | 08月25日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 000998 | 隆平高科 | 中国国际金融 | 跑赢行业 | 14.00 | 38.75 | | 601918 | 新集能源 | 中信证券 | 买入 | 9.00 | 37.40 | | 000786 | 北新建材 | 天风证券 | 买入 | 36.90 | 36.57 | | 688123 | 聚辰股份 | 华创证券 | 强推 | 112.61 | 34.48 | | 301308 | 江波龙 | 华泰证券 | 买入 | 129.10 | 33.46 | | 000786 | 北新建材 | 中国国际金融 | ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Market Performance - A-share market experienced significant trading volume, with total turnover reaching 31,770 billion yuan, marking a new high for the year and the second highest in history [1][3] - Major indices such as the Shanghai Composite Index approached 3,900 points, with the Shanghai index closing at 3,883.56 points, up 1.51%, and the ChiNext Index rising by 3% [2][3] Trading Activity - Over 3,300 stocks in the market saw an increase, with five stocks exceeding 20 billion yuan in trading volume, including Dongfang Caifu, Hanwujing-U, and Beifang Rare Earth [3] - Notable sectors included digital currency, consumer goods, and liquor, with several stocks hitting their daily limit [2][3] Investor Sentiment - There has been a notable increase in new A-share accounts, with 1.9636 million new accounts opened in July, a 71% increase year-on-year [4] - International funds are increasingly entering the Chinese market, with significant growth in Korean retail investors' holdings in Chinese stocks [4] Market Outlook - Analysts suggest that the current market rally is primarily driven by institutional investors rather than retail investors, indicating a more strategic approach to investment [5] - The market sentiment remains positive, with expectations of continued upward movement, although caution is advised regarding potential overheating [7]