Core Viewpoint - The resignation of Ni Qiang from Shide Liquor Industry's board highlights significant market pressures and a shift in investor intentions within the liquor industry, which is currently undergoing a deep adjustment period [3][6]. Company Summary - Ni Qiang has resigned from his position as a director of Shide Liquor Industry due to work reasons, effective July 29, 2025, with his original term set to expire on September 20, 2026 [5][6]. - The company stated that Ni Qiang's departure will not affect the board's legal quorum and normal operations, and they will proceed with the election of a new director [5][6]. - Shide Liquor Industry's stock price closed at 53.00 yuan per share, with a slight decline of 0.75%, resulting in a total market capitalization of 17.66 billion yuan [4]. Financial Performance - In 2024, Shide Liquor Industry reported revenue of 5.357 billion yuan, a year-on-year decline of 24.41%, and a net profit attributable to shareholders of 346 million yuan, down 80.46% year-on-year [8]. - The company faced scrutiny from the Shanghai Stock Exchange regarding a significant drop in gross margin and a sharp increase in interest-bearing debt, which surged by 744.07% to 1.166 billion yuan [8]. - The decline in gross margin by 7.65 percentage points was attributed to a decrease in the sales proportion of products priced above 200 yuan, along with rising procurement costs and labor expenses [8]. Leadership Changes - Ni Qiang's resignation follows the earlier departure of marketing executive Wang Weilong, indicating a broader trend of leadership changes aimed at addressing the challenges faced by the company [3][10]. - Ni Qiang's tenure as chairman was brief, lasting less than a year, during which he continued the "old liquor strategy" and proposed several pragmatic work directions to navigate uncertainties in the market [10]. - The new leadership will be taken over by Pu Jizhou, who has over 30 years of experience in Shide Liquor Industry, indicating a strategic move to balance local interests with the intentions of the controlling investor, Fosun Group [10][11].

Group 1 - The core point of the article highlights the frequent changes in the management of Shede Liquor Industry since the entry of the Fosun Group, with significant performance declines reported [2][3][5] - On July 29, 2024, the company announced the resignation of director Ni Qiang due to "work reasons," marking the second resignation of a key leader within three years [3][5] - The company has faced substantial financial challenges, with a projected 80% drop in net profit for 2024 and only achieving half of its 10 billion yuan revenue target [2][6][8] Group 2 - The company reported a revenue of 5.36 billion yuan in 2024, a decrease of 24.41% compared to the previous year, and a net profit of 346 million yuan, down 80.46% [7][8] - The performance targets set in 2022 included a minimum revenue of 10.02 billion yuan and a net profit of at least 2.05 billion yuan for 2024, which the company has significantly failed to meet [8][9] - The overall white liquor industry is experiencing a period of adjustment, with increased competition and declining consumer confidence impacting sales, particularly in the mid-to-high-end product segments [6][9]

Core Points - The resignation of Ni Qiang from Shide Liquor Industry's board of directors is attributed to work reasons, and he will no longer hold any position within the company [1] - Ni Qiang's departure does not affect the legal number of board members and will not disrupt the company's normal operations [1] - Ni Qiang has held various significant positions in other companies, including Vice President at Fuxing Group and President at Yuyuan Group [1][2] Financial Performance - In 2024, Shide Liquor Industry reported revenue of 5.357 billion yuan, a year-on-year decline of 24.41% [3] - The net profit for 2024 was 346 million yuan, representing a significant year-on-year decrease of 80.46% [3] - For the first quarter of 2025, the company recorded revenue of 1.576 billion yuan, down 25.14% year-on-year, with a net profit of 346 million yuan, a decline of 37.1% [3] Management Changes - Ni Qiang's resignation follows a previous management change where Zou Qingli resigned as Vice President and Chief Financial Officer for personal reasons [3] - The appointment of Ni Qiang as Chairman of Shide Liquor Industry in January 2023 was part of Fuxing Group's strategy after acquiring the company [3]

Group 1 - Company Shéde Jiǔyè announced the resignation of director Ní Qiáng due to work reasons, which will not affect the board's legal number or the company's normal operations [1] - The company will proceed with the election of a new director as per regulations, although such personnel changes may prompt market concerns regarding governance stability [1] - In the liquor sector, executive changes are considered routine events with limited impact, and investors are encouraged to focus on the company's fundamentals and long-term industry trends [1] Group 2 - The Renhuai City Wine Association publicly announced the expulsion of expert Féng Xiǎoníng for violating industry self-regulation, indicating a strict stance on maintaining core interests and quality integrity [2] - Following the release of a new self-regulation charter, the association has emphasized that no individual, regardless of their status, is exempt from disciplinary actions [2] Group 3 - In the first half of 2025, the total export value of liquor reached $530 million, with a year-on-year increase of 30.9%, reflecting a significant recovery in overseas market demand [3] - The export volume was 8.31 million liters, with a growth rate of 7.4%, and the average price per liter increased to $63.7, marking a 21.9% rise [3] - The robust export data suggests that leading liquor companies are finding new growth opportunities in international markets, potentially reshaping industry valuation logic [3]

证券代码：600702 证券简称：舍得酒业 公告编号：2025-039 二、离任对公司的影响 根据《公司法》《公司章程》及有关法律法规的规定，倪强先生的辞职未导致公司董事会人数低于法定 人数，不会影响公司的正常运作，上述辞职报告自送达董事会之日起生效，公司将按照有关程序尽快完 成补选董事的工作。 倪强先生在任职期间恪尽职守、勤勉尽责，公司董事会对倪强先生在任职期间为公司发展所做出的贡献 表示衷心感谢！ 一、董事离任的基本情况 舍得酒业股份有限公司（以下简称"公司"）董事会于近日收到公司董事倪强先生的书面辞职报告，倪强 先生因工作原因申请辞去公司董事职务，辞职后不再担任公司任何职务。 ■ 特此公告。 舍得酒业股份有限公司 舍得酒业股份公司董事会 关于公司董事辞职的公告 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。 2025年7月30日 ...

值得关注的是，倪强曾在2023年1月舍得酒业原董事长张树平因个人原因辞职后，接任公司董事长职务。然而至同年12月，其职务由舍得酒 业"老兵"蒲吉洲接替。 此番人事更迭，当时被外界解读为复星系、舍得酒业原有管理层以及第二大股东射洪县政府三方之间形成了制衡格局。 白酒行业分析师肖竹青对蓝鲸新闻记者表示，当初复星资本在竞拍舍得股权的过程中，遭遇的是当地国资的争夺。舍得酒业为了实现与当地政 府的和谐共处，在整个管理架构方面需要尊重本土势力的需求，所以在整个管理层设置方面会考虑各方面都能接受的人事安排。蒲吉洲的上任 就是复星集团在舍得酒业实现资本意志的前提下，尊重当地势力进行的和谐与平衡的安排。同时，也对舍得酒业顶层设计过程中尊重了本土势 力，尊重了品质的传承与创新的老员工群体的中坚力量，同时也能够体现资本的意志。 蓝鲸新闻7月29日讯（记者 朱欣悦）7月29日晚，舍得酒业(600702.SH)公告称，董事倪强因工作原因申请辞去公司董事职务，辞职后不再担任 公司任何职务。 倪强是复星系重要高管，现年48岁。在进入舍得酒业之前，其过往履历包括，历任复地(集团)股份有限公司公共事务部总经理、总裁助理、副 总裁、高级副总裁职 ...

证券日报网讯7月29日晚间，舍得酒业（600702）发布公告称，公司董事会于近日收到董事倪强先生的 书面辞职报告，倪强先生因工作原因申请辞去公司董事职务，辞职后不再担任公司任何职务。 ...

Core Viewpoint - The Chinese liquor industry is currently undergoing a deep adjustment period, with overall market performance being sluggish and many companies reporting significant declines in revenue and profit [1][3][4]. Industry Overview - The liquor industry is experiencing a noticeable slowdown in growth, with many companies reporting declines in both revenue and net profit, and some even turning from profit to loss [1][3]. - The adjustment in the industry is characterized by a systemic pressure affecting all companies, rather than isolated operational issues [3][4]. Company Performance - Jiu Gui Jiu's net profit for the first half of the year is expected to be between 8 million and 12 million yuan, a decline of 90.08% to 93.39% compared to 121 million yuan in the same period last year, with revenue expected to drop by approximately 43% to around 560 million yuan [1]. - Shui Jing Fang anticipates a net profit of 105 million yuan for the first half of the year, down 56.52% year-on-year, with revenue expected to decrease by 12.84% to 1.498 billion yuan, despite a 14.54% increase in sales volume [1]. - Shunxin Agriculture expects a net profit of 155 million to 195 million yuan, a decline of 53.85% to 63.32% year-on-year, due to decreased sales volume impacting overall revenue and profit levels [3]. - Jinzhongzi forecasts a net loss of 60 million to 90 million yuan for the first half of the year, attributing this to the industry's deep adjustment and ongoing decline in production [3]. Market Dynamics - The industry faces multiple challenges, including shrinking consumption scenarios, soft market demand, and a shift in consumer preferences towards fruit wines and low-alcohol beverages [4]. - High inventory levels and serious price inversion issues are exacerbating industry pressures, with over 58% of distributors reporting increased inventory and more than half facing price inversion problems [4]. - The average inventory turnover days have reached 900 days, an increase of 10% year-on-year, indicating significant supply chain inefficiencies [4]. Future Outlook - Despite the current challenges, leading companies like Kweichow Moutai and Wuliangye are still achieving relatively stable growth, with Moutai reporting a 9% year-on-year revenue increase [7]. - The low-alcohol beverage market is emerging as a new growth point, with companies exploring new product lines and sales channels [7]. - Industry experts predict a full recovery by 2027, with new development opportunities arising in 2028, suggesting that patience and understanding are needed for the industry's transformation [8][9].

Group 1 - Anhui Construction won a joint bid for the Chongqing Rongchang to Sichuan Zigong expressway project, with a total estimated investment of 3.614 billion yuan and a construction period of 3 years [1] - Hongfa Co. reported a net profit of 964 million yuan for the first half of 2025, a year-on-year increase of 14.19%, with revenue of 8.347 billion yuan, up 15.43% [1][2] - Lujiazui's net profit for the first half of 2025 was 815 million yuan, a decrease of 7.87%, despite a revenue increase of 33.91% to 6.598 billion yuan [3] - Enhua Pharmaceutical achieved a net profit of 700 million yuan, up 11.38%, with revenue of 3.010 billion yuan, an increase of 8.93% [4][5] - China CNR signed several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [6] - WanTong Intelligent signed an exclusive sales and cooperation agreement in the embodied intelligence field, gaining global sales rights for specific chip-based products [7][8] Group 2 - Liansheng Technology's subsidiary received a government subsidy of 13.5 million yuan, accounting for 12.24% of the company's latest audited net profit [9] - Guobang Pharmaceutical reported a net profit of 456 million yuan, a year-on-year increase of 12.60%, with revenue of 3.026 billion yuan, up 4.63% [10] - Baotai expects a net loss of 110 to 140 million yuan for the first half of 2025, a reduction in loss compared to the previous year [11] - Sains expects a net profit decrease of 57.53% to 60.13%, with projected revenue growth of 15.17% to 23.59% [12] - Nanya New Materials anticipates a net profit of 80 to 95 million yuan for the first half of 2025, an increase compared to the previous year [13] - Tian Pharmaceutical's subsidiary passed the consistency evaluation for a peritoneal dialysis solution [14] Group 3 - Shede Liquor announced the resignation of director Ni Qiang due to work reasons [15] - Greentown Water plans to transfer assets and liabilities of its ASEAN subsidiary to improve resource allocation [16] - Beibu Gulf Port's subsidiary signed an associated transaction contract worth 11.199 million yuan [17] - Beibu Gulf Port announced multiple resignations of directors and executives [18] - Jidian Co. reported the resignation of its deputy general manager due to work changes [19] - Wanhua Chemical's industrial park in Fujian resumed production after maintenance [20] Group 4 - Shanghai Pharmaceuticals received approval for a clinical trial of a new indication for its B019 injection [21] - Jianbang Co. reported a net profit of 69.66 million yuan, a decrease of 27.72%, with revenue of 307 million yuan, down 15.37% [23] - Jianbang Co. plans to use up to 400 million yuan of idle funds for cash management [25] - Wanfu Bio's subsidiary obtained multiple medical device registrations [28] - Hunan Tianyan announced a change in its controlling shareholder to China Chang'an Automobile Group [29][30] - Xizhuang Co. plans to establish a joint venture for sustainable aviation fuel [32]

Group 1 - The company Shéde Jiǔyè announced the resignation of its board member Ni Qiang due to work reasons, and he will no longer hold any position in the company after his resignation [2] - For the fiscal year 2024, the revenue composition of Shéde Jiǔyè is as follows: liquor accounts for 89.39%, glass bottles for 9.09%, and other businesses for 1.52% [2]