舍得酒业股份有限公司 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 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、通知债权人的原由 舍得酒业股份有限公司（以下简称"公司"）于 2025 年 6 月 26 日召开第十一 届董事会第十五次会议，审议通过了《关于回购注销限制性股票的议案》，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，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， 回购价格为 69.04 元/股。本次回购注销完成后，公司股份总数将由 33,312.2441 万股变更为 33,275.8879 万股，公司注册资本将由人民币 33,312.2441 万元变更 为人民币 33,275.8879 万元。 具体内容详见公司同日披露于《中国证券报》《上海证券报》《证券时报》《证 券日报》及上海证券交易所网站（www.sse.com.cn）的《舍得 ...

Core Viewpoint - The company has decided to repurchase and cancel restricted stock due to the departure of four incentive targets and unmet performance goals for 2024 [1] Group 1 - The board meeting is scheduled for June 26, 2025, to review the proposal for the repurchase of restricted stock [1] - A total of 363,600 shares will be repurchased at a price of 69.04 yuan per share [1] - After the repurchase, the total number of shares will remain at 333 million, and the registered capital will also remain at 333 million yuan [1] Group 2 - Creditors have a 30-day period from notification or a 45-day period from the announcement date to request debt repayment or provide guarantees [1]

Core Viewpoint - The internationalization of Chinese liquor, particularly through the efforts of Shede Liquor, is accelerating as companies explore new markets abroad, leveraging product quality and cultural heritage as key components of their strategy [1][22]. Group 1: Internationalization Strategy - Shede Liquor has innovated its overseas strategy by hosting global events like the Old Liquor Festival, expanding its international network [3][24]. - The second Old Liquor Festival was held in Paris on June 23, showcasing Chinese liquor culture through various activities, including auctions and tastings, thereby promoting cultural exchange between China and the West [3][6]. Group 2: Cultural Integration - The festival in France incorporated local cultural elements, aiming to modernize and localize the perception of traditional liquor, enhancing its appeal to younger consumers [5][21]. - French consumers have a high acceptance of quality products with cultural significance, providing a favorable environment for the promotion of Chinese liquor [6][10]. Group 3: Recognition and Impact - The event received recognition from various dignitaries, emphasizing the role of Shede Liquor in fostering cultural exchange through traditional Chinese liquor [7][10]. - The successful auction of Shede's old liquor highlighted its quality and rarity, reinforcing the cultural value of Chinese liquor in international markets [17][19]. Group 4: Future Prospects - Shede Liquor plans to continue its global outreach by launching the Old Liquor Festival in other countries, such as Singapore, to further enhance its international influence [24][26]. - The company has already established a presence in 37 countries, with significant growth in Southeast Asia, indicating a robust international expansion strategy [26][27].

Core Insights - The report highlights the sustained growth of Shede Liquor's two brands, "Shede" and "Tuopai," which have maintained their positions in the "China's 500 Most Valuable Brands" list for 22 consecutive years, with a combined brand value of 190.698 billion yuan [1] - The brand value of "Shede" reached 110.872 billion yuan, an increase of 10.217 billion yuan from the previous year, while "Tuopai" saw its brand value rise to 79.826 billion yuan, up by 7.63 billion yuan [1] Brand Strategy - Shede Liquor has adopted a clear differentiation strategy, with "Shede" focusing on an "old liquor strategy" to capture the high-end market, while "Tuopai" emphasizes "famous liquor revival" to penetrate the mass market [1][2] - The company has invested in enhancing the quality and value of its old liquor, launching a new standard for aged liquor, which solidifies its competitive edge in this niche [2] Cultural Engagement - Shede is actively building its brand culture through various initiatives, including the "Shede Wisdom Characters" program and the "Shede Old Liquor Festival," which have significantly increased brand exposure [3] - The sixth season of "Shede Wisdom Characters" achieved over 7.1 billion exposures, showcasing the brand's cultural relevance and outreach [3] Marketing Innovations - The company has leveraged high-profile marketing campaigns during key festivals, such as the Spring Festival and Mid-Autumn Festival, to enhance brand visibility and consumer engagement [3][4] - Innovative marketing strategies, including live-streaming events and interactive campaigns, have effectively connected with consumers and boosted sales [3][5] Product Development - "Tuopai" is revitalizing its brand by focusing on the mass market, aiming to become the "first national classic liquor brand" with a new slogan and product offerings [5] - The introduction of new products, such as the "Tuopai Rhythm" series, targets the national banquet market with competitive pricing and festive packaging [6] International Expansion - The continuous rise in brand value for both "Shede" and "Tuopai" is facilitating the company's international market expansion, with operations now in 36 countries and regions [6] - The company is committed to enhancing its global presence through participation in international events and product launches [6]

Group 1 - The 2025 Sichuan International Wine Expo, hosted by various associations, features a dual venue format and emphasizes the cultural heritage of Chinese liquor, particularly the "Six Golden Flowers" of Sichuan [1][2][4] - The event runs from June 18 to June 22, 2023, in Mianzhu, a key production area for Chinese liquor, offering a blend of tasting experiences, cultural activities, and consumer engagement [1][2] - Over 100 renowned liquor companies from more than 10 countries are participating, including major brands like Wuliangye, Luzhou Laojiao, and Moutai, highlighting the significance of Sichuan liquor on the global stage [2][4] Group 2 - The event aligns with the "Ten Cities Sharing Gourmet Drinks" initiative by the Ministry of Commerce and other departments, promoting local consumption through the distribution of food and beverage vouchers [2] - The expo features a focus on intangible cultural heritage, with master brewers from the "Six Golden Flowers" declaring a commitment to craftsmanship and innovation in liquor production [4][6] - The 2025 International Spirits Judges Annual Meeting is also taking place, aiming to establish international sensory standards for spirits and enhance the global competitiveness of Chinese liquor [8] Group 3 - The global spirits market is projected to reach approximately $525.3 billion in 2023, with an expected annual growth rate of 4.56% from 2023 to 2027, indicating significant potential for Chinese liquor in international markets [8] - The event includes the announcement of the "Top Ten Innovative Marketing Cases for Sichuan Liquor Brands" for 2024-2025, recognizing excellence among local producers [6] - The expo aims to integrate traditional brewing techniques with modern marketing strategies, enhancing the visibility and appeal of Chinese liquor on the world stage [4][8]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The sentiment in the liquor sector is under pressure, particularly due to new regulations affecting government banquets, which are expected to further reduce demand for high-end liquor [5]. - Despite the current challenges, the overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for future capital inflow as domestic demand policies are anticipated [5]. - The new consumption sector is expected to benefit from policies aimed at boosting domestic demand, evolving consumer preferences, and technological innovations, creating structural opportunities [8]. Summary by Sections Industry Performance - The food and beverage sector has seen declines of -7.7% over the past month, -10.4% over three months, and -5.9% over the past year, contrasting with the Shanghai Composite Index which has shown a slight increase [3][4]. Recent News - In early June, the liquor price index saw a slight decline, and liquor prices dropped by 2% year-on-year in May. Additionally, several government departments are promoting digital transformation in the food industry [4][18]. Company Feedback - Companies like Wuliangye are accelerating the development of products targeting younger consumers, while Gu Yue Long Shan's new sparkling yellow wine sold out immediately upon launch. Shede Liquor reported no inventory backlog [4][18]. Key Company Recommendations - The report recommends several companies within the food and beverage sector, including Ximai Food, Youyou Food, Ganyuan Food, Three Squirrels, and Dongpeng Beverage, highlighting their potential for growth in the new consumption landscape [8]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a bullish outlook with "Buy" ratings for all listed companies, including Luzhou Laojiao, Gujing Gongjiu, and Kweichow Moutai [10].

Core Viewpoint - The company has faced significant increases in material costs, labor costs, and manufacturing expenses, impacting its financial performance amid declining sales and production volumes in the liquor business [1][2][3]. Cost Analysis - Material costs increased by 39.18% year-on-year due to changes in procurement practices and rising grain prices [1]. - Labor costs rose by 31.34% year-on-year, attributed to efforts to stabilize employment and reduce wage disparities with industry peers [1]. - Manufacturing expenses and energy costs surged by 47.62%, primarily due to the completion of expansion projects and decreased production volume [2]. Sales and Revenue - Transportation costs increased by 50.63% despite a 28.7% drop in sales volume, as distributors opted for multiple smaller orders to ease cash flow pressures [2]. - The company's liquor sales revenue decreased by 27.08%, amounting to a decline of 17.78 billion yuan [13]. Inventory and Accounts Receivable - The company’s inventory of self-produced semi-finished products increased by 7.55 billion yuan, reflecting a 25% year-on-year growth [13]. - Accounts receivable turnover is lower than industry peers due to extended payment terms offered to distributors and the acceptance of bank acceptance bills for settlements [14][15]. Pricing Strategy - Average selling prices for liquor products rose by 2%, with significant increases in lower-priced segments due to changes in procurement practices [11]. - The company implemented additional sales discounts of 3%-5% to help distributors manage inventory amid increased competition [10][11]. Distributor Support - The company employs a discount policy for distributors, including volume-based and promotional discounts, to support market expansion [9]. - The balance of distributor discounts has increased, reflecting a strategic response to market conditions and inventory management [10].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, attributing the decrease to a drop in sales of high-priced products and increased costs, while also facing scrutiny over its rising debt levels and inventory growth [2][3][12]. Financial Performance - In 2024, the company achieved total revenue of 5.357 billion, a year-on-year decrease of 24.41%, and a net profit of 346 million, down 80.46% [3]. - The gross margin for alcoholic products was 70.93%, reflecting a decrease of 7.65 percentage points compared to the previous year [4][7]. Sales Structure and Pricing - The sales proportion of products priced above 200 yuan fell from 60.38% to 50.68%, negatively impacting overall gross margin [5]. - Average selling prices for most product categories decreased, with discounts of 3%-5% introduced to help distributors manage inventory [5][6]. Cost and Expenses - The unit cost of alcoholic products rose to 22.43 yuan per 500ml, an increase of 38.80% year-on-year, driven by rising material costs and labor expenses [7]. - Despite declining revenue, the company maintained spending on strategic initiatives, with cash inflows from sales dropping to 5.767 billion, a decrease of 1.599 billion [10][11]. Debt and Financing - The company's interest-bearing debt surged by 744.07% to 1.166 billion, constituting 74.95% of its cash reserves, significantly higher than peers in the industry [12]. - The increase in debt is attributed to ongoing investments in the old liquor strategy and expansion projects [12][13]. Inventory Management - The company's inventory value reached 5.219 billion, accounting for 70% of current assets, which is above the industry average [15]. - The growth in inventory is linked to the old liquor strategy, with the company asserting that inventory turnover remains normal and there is no backlog [17][19].

Group 1: Industry Overview - The second quarter marks the traditional off-season for the liquor industry, compounded by increasing environmental uncertainties, leading to a decline in stock prices within the sector [2][5] - The market is experiencing a consensus on deceleration, with individual stock alpha diminishing, as major liquor companies exhibit a rational growth attitude during shareholder meetings [2][3] Group 2: Pricing and Demand Dynamics - The price of high-end liquor, such as Feitian Moutai, has shown a downward trend due to weak demand, with prices dropping to around 2000 yuan [7][13] - The impact of government policies, such as the "Party and Government Agencies Strictly Save and Oppose Waste Regulations," has affected business consumption scenarios, leading to a subdued demand environment [2][3] Group 3: Company-Specific Insights - Guizhou Moutai is expected to achieve a revenue growth target of approximately 9% for 2025, with a focus on expanding sales channels and enhancing consumer engagement [21] - Wuliangye has faced pressure on its pricing, with the price of its flagship product, Pu Wuliangye, declining to 910 yuan, while the company emphasizes maintaining price stability and supporting distributor profits [22] Group 4: E-commerce and Market Trends - The entry of instant retail platforms has significantly boosted online liquor sales, with major brands experiencing substantial growth during the "618" shopping festival [14][18] - The competition in pricing during the "618" event has intensified, impacting traditional distribution channels as e-commerce platforms offer aggressive discounts [18][19]

Core Viewpoint - Shéde Jiǔyè (舍得酒业) is experiencing a decline in revenue for 2024 due to the overall adjustment in the liquor industry and intensified competition, although the company maintains stable average market prices for its main products [1] Group 1: Company Performance - In Q1, Shéde Jiǔyè achieved revenue of 1.576 billion yuan, a quarter-on-quarter increase of 75.68% [3] - The net profit attributable to the parent company was 346.1 million yuan, nearly unchanged from the previous year's total of 345.8 million yuan [3] - The net cash flow from operating activities saw a significant year-on-year increase of 106.76% [3] - The company reported a 11.25% decrease in operating costs and a 25.24% decrease in management expenses, indicating improved operational efficiency [3] Group 2: Strategic Developments - The company is advancing its old liquor strategy, which is expected to enhance market and brand value over time despite a current decrease in cash reserves [2] - Shéde Jiǔyè plans to increase production capacity with an expected annual output of 60,000 tons of raw liquor and 342,500 tons of raw liquor storage capacity [2] - The construction of new production facilities will take approximately 2 to 3 years, with the new capacity being gradually released [2] Group 3: Industry Outlook - The liquor industry is still in an adjustment phase, with consumer confidence recovering slowly, particularly in the mid-to-high-end product segment [1] - The market concentration in the liquor industry is expected to continue increasing, providing Shéde Jiǔyè with significant growth opportunities due to its advantages in brand, quality, and distribution channels [3]