Core Viewpoint - The overall performance of Shede Liquor Industry (600702) is under short-term pressure due to rising production costs and declining sales gross margin, compounded by prior investments in capacity expansion for 2024 [1][2] Group 1: Financial Performance - In 2024, Shede Liquor's total revenue is projected to be 5.357 billion yuan, a year-on-year decrease of 24.41%, while net profit is expected to be 346 million yuan, down 80.46% year-on-year [2] - The company's cash flow from operating activities has significantly improved, with a year-on-year increase of 106.76% [5] - As of the end of 2024, Shede Liquor's cash reserves are reported at 1.543 billion yuan, a decrease of 36.28% year-on-year, while interest-bearing liabilities have increased to 1.166 billion yuan [4][5] Group 2: Strategic Initiatives - Shede Liquor is implementing a strategy focused on "strong sales, inventory reduction, and price stability" to maintain healthy operations for the market and distributors [2] - The company has increased sales discounts by 3%-5% for different products to help distributors reduce social inventory [2] - The company is expected to invest approximately 1 billion yuan in capacity expansion projects by 2025, with an initial expenditure of 147 million yuan already made [5][6] Group 3: Market Conditions - The white liquor industry is currently in an adjustment phase, with intensified competition and a need for consumer confidence recovery, particularly in the mid-to-high-end product segment [2][6] - Despite the challenges, Shede Liquor's main products have maintained stable market prices, with terminal sales showing double-digit growth from 2021 to 2023 [3] - The company anticipates that the overall development of the white liquor industry will remain stable, with increasing market concentration and significant growth potential in sales volume [6]

Group 1 - The core viewpoint of the article highlights the significant decline in the gross profit margin of the company's liquor products, which decreased by 7.75 percentage points to 70.93% in 2024 compared to the previous year [1] - The sales revenue proportion of products priced above 200 yuan has decreased, with the 300-500 yuan product segment seeing a decline of 7.83 percentage points [1] - The average selling price of liquor products increased by 2% year-on-year, with notable increases of 31% and 59% for products priced below 50 yuan and between 200-300 yuan, respectively, while other price segments experienced single-digit declines [1] Group 2 - The company is adopting a strategy of "strong sales, inventory reduction, and price stabilization" in response to the consumption environment in 2024, implementing sales discounts of 3%-5% for different products to promote inventory turnover [2] - Despite increased market investment and a slight decline in the proportion of mid-to-high-end liquor revenue, rising costs for materials and labor have contributed to the year-on-year decrease in gross profit margin [2] - In the first quarter of this year, the company achieved operating revenue of 1.576 billion yuan, a quarter-on-quarter increase of 75.68%, and net profit of 346.1 million yuan, surpassing the total net profit of 345.8 million yuan for the entire previous year [2]

Core Viewpoint - Shede Liquor Industry Co., Ltd. responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, emphasizing that the company's inventory is not overstocked and is within a reasonable range [1] Group 1: Business Operations - The Shanghai Stock Exchange inquired about Shede Liquor's main business, cash flow, inventory scale, and construction projects [1] - The company stated that the procurement and production cycle for its products takes approximately 2 to 3 months [1] - Based on the turnover of inventory goods, the company confirmed that there is no inventory backlog and that the inventory is within a reasonable range [1] Group 2: Inventory Management - The company noted that the decline in inventory turnover rate is reasonable when considering the average market price and terminal sales over the past three years, along with its old liquor reserve strategy [1] - Shede Liquor reiterated that its inventory levels are aligned with the procurement and production cycle, confirming that there is no accumulation of stock [1]

Core Viewpoint - Shede Liquor's performance in 2024 is expected to be under short-term pressure due to rising production costs and a decrease in sales gross margin, but the company is actively implementing strategies to boost sales and reduce inventory, which are expected to stabilize its operations in the long run [1][2][3]. Group 1: Business Performance - In 2024, the overall white liquor industry is still in an adjustment phase, with intensified competition and a decline in Shede Liquor's revenue due to insufficient consumer demand [2]. - The company has adopted a strategy of "strong sales, inventory reduction, and price stability," which includes increasing promotional efforts and offering sales discounts of 3%-5% on various products to maintain market operations [2][3]. - Despite operational pressures, Shede Liquor's inventory levels are within a reasonable range, and there is no significant backlog, with the average market price of its main products remaining stable [2][4]. Group 2: Financial Health - As of the end of 2024, Shede Liquor's cash reserves are reported at 1.543 billion yuan, which is sufficient to support approximately two months of operational expenses [4]. - The company's cash flow improved in the first quarter of 2024, with cash reserves increasing to 1.58 billion yuan, indicating a strengthening financial position [5][7]. - The company's operating income for the first quarter reached 1.576 billion yuan, a 75.68% increase compared to the previous quarter, and net profit exceeded the total for the previous year, reflecting a positive trend [7][8]. Group 3: Strategic Initiatives - Shede Liquor is expanding its production capacity with an expected addition of 60,000 tons of raw liquor annually, which will enhance its ability to produce high-quality aged liquor in the long term [1][6]. - The company is in the second phase of its aged liquor strategy, which is anticipated to yield higher market and brand value over time, despite short-term debt pressures from expansion [4][6]. - The overall stability of the white liquor industry is expected to continue, with Shede Liquor positioned to benefit from increased market concentration and its competitive advantages in brand, quality, and distribution [8].

Core Viewpoint - The company, Shede Liquor Co., reported a significant decline in revenue and production in its 2024 annual report, raising concerns about its business performance and financial health [1][5]. Group 1: Main Business Performance - The company achieved total revenue of 5.357 billion yuan in the reporting period, a year-on-year decrease of 27.08% [1][5]. - The liquor business revenue was 4.789 billion yuan, also down 27.08% year-on-year, with a production volume of 31,300 kiloliters, reflecting a 28.21% decline [1][5]. - The gross profit margin for liquor products has decreased significantly, with previous years showing margins of 81.54%, 80.89%, and 78.55%, indicating a downward trend [1][5]. Group 2: Supplier and Customer Relationships - The company provided detailed disclosures regarding its main suppliers and customers over the past three years, including transaction amounts and balances, confirming no significant related party transactions [2][3]. - Major suppliers include Chengdu Shengshi Pinwei Supply Chain Co., Ltd. and Dezhou Zhicheng Baozhen Liquor Co., Ltd., with transaction amounts of 121.4 million yuan and 121.1 million yuan respectively [2][3]. Group 3: Cost and Revenue Recognition - The company explained that despite the decline in revenue and production, the cost of liquor business remained relatively stable due to its cost accounting methods and revenue recognition policies [4][6]. - The unit cost of liquor increased by 38.80% year-on-year, attributed to rising material costs and changes in procurement practices [5][8]. - The average selling price of liquor products increased by 2%, with specific price segments showing significant changes due to adjustments in sales strategies and market conditions [7][8]. Group 4: Market and Competitive Position - The company adopted a price control model to support distributors, which has led to a temporary decrease in order quantities as part of inventory management strategies [7][9]. - The overall sales structure has shifted, with a notable decline in the sales of higher-priced products, contributing to a decrease in the overall gross margin [7][9].

关于舍得酒业股份有限公司 2024 年年度报告 的信息披露监管问询函回复 上会业函字(2025)第 813 号 上海证券交易所: 上会会计师事务所(特殊普通合伙)(以下简称"我们"或"年审会计师")于近 期收悉舍得酒业股份有限公司转来的《关于对舍得酒业股份有限公司 2024 年年度报 告的信息披露监管问询函》(上证公函【2025】0433 号)（以下简称"间询函"）, 对间询函所提及的财务事项,我们对舍得酒业股份有限公司(以下简称"公司"或"舍 得酒业")相关资料进行了审慎核查,现做专项说明如下： 一、关于主营业务。年报显示,报告期公司实现营业总收入 53.57 亿元,同比下 降 24.41%，归母净利润 3.46亿元，同比下降 80.46%。公司主营白酒及玻瓶的生产、 销售,主要通过批发代理和电商渠道销售,其中批发代理模式占公司酒类收入的 91%。 报告期公司酒类业务收入 47.89 亿元,同比下降 27.08%,酒类业务成本 13.92 亿元, 同比下降 1.04%,收入下降幅度明显超过成本;酒类产品毛利率 70.93%,同比减少 7.65个百分点,相较 2021年、2022年及 2023年对应毛利率 8 ...

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。 证券代码：600702 证券简称：舍得酒业 公告编号：2025-033 舍得酒业股份有限公司（以下简称"公司"或"舍得酒业"）于近期收到上海证券 交易所下发的《关于公司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】 0433 号）（以下简称《问询函》）。公司高度重视，会同上会会计师事务所（特殊普通 合伙）（以下简称"年审会计师"）就《问询函》涉及的问题逐项进行认真核查，现将 具体情况回复并公告如下： 一、关于主营业务。年报显示，报告期公司实现营业总收入 53.57 亿元，同比下降 24.41%，归母净利润 3.46 亿元，同比下降 80.46%。公司主营白酒及玻瓶的生产、销售， 主要通过批发代理和电商渠道销售，其中批发代理模式占公司酒类收入的 91%。报告期 公司酒类业务收入 47.89 亿元，同比下降 27.08%，酒类业务成本 13.92 亿元，同比下降 1.04%，收入下降幅度明显超过成本；酒类产品毛利率 70.93%，同比减少 7.65 个百分点， 相 ...

Core Insights - The graduation banquet market is expected to peak following the conclusion of the 2025 national college entrance examination, prompting a marketing battle among major liquor manufacturers [1] Group 1: Marketing Strategies - Shede Liquor has broken traditional marketing paradigms by implementing promotional policies such as buy-gift offers during graduation banquets, targeting the core needs of Generation Z families [3][6] - The company collaborated with Luo Zhenyu, founder of the "Get" app, to host a significant event titled "Youth Dream Pursuit, Needs Sacrifice," which included a themed speech on growth and planning for the future [3][7] - The event attracted 240 students and their parents from various cities, focusing on long-term growth paths and addressing key concerns regarding life planning after the college entrance examination [3][7] Group 2: Content and Engagement - Luo Zhenyu shared insights on life planning and the challenges posed by the AI era, emphasizing the importance of deep commitment over quick success [9] - The full video of the speech will be available on the "Get" app, aiming to reach a broader audience of students and parents, thereby deepening brand recognition and resonance with high-value demographics [11] - The "Graduation Banquet, Needs Sacrifice" series includes multiple promotional offers, such as a chance to win a study camp in Shanghai and luxury gifts for top scorers, enhancing customer engagement [12][14] Group 3: Integrated Marketing Approach - The integration of online and offline marketing strategies has effectively linked brand communication with market activities, showcasing a successful practice of integrated marketing [15] - The seventh season of "Shede Wisdom Figures" has achieved significant exposure, with over 760 million views, demonstrating the effective conversion of cultural IP into commercial momentum [17][19] - By leveraging Luo Zhenyu's influence and the popularity of the show, Shede Liquor has created a closed loop of content exposure, scene resonance, and sales conversion, driving market growth [19]

Group 1 - The core viewpoint of the news is that the China Securities White Wine Index has experienced a decline, with a 7.47% drop over the past month, a 10.45% drop over the past three months, and a year-to-date decline of 10.10% [1] - The China Securities White Wine Index is composed of listed companies involved in the production of white wine, providing investors with a diversified investment option [1] - The index's top ten weighted companies include Kweichow Moutai (17.24%), Shanxi Fenjiu (15.66%), Wuliangye (15.15%), and Luzhou Laojiao (14.84%) [1] Group 2 - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the calculation and maintenance guidelines [2]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][30] Core Viewpoints - The consumer goods sector is showing structural prosperity, with traditional consumption revitalizing [5] - The report highlights the importance of understanding consumer needs and innovating in products, channels, and marketing to stimulate consumption potential [5] - Investment opportunities are seen in the snack and beverage sectors, with recommendations for companies like Dongpeng Beverage and Three Squirrels [5] Summary by Sections Alcohol Industry - The liquor index (CITIC) has a cumulative decline of -0.84% this week, with leading stocks like Jinhui Liquor (+6.25%) and Huangtai Liquor (+5.03%) showing positive performance [5] - Moutai has announced a buyback progress, reinforcing market confidence, with a total buyback of 5.1 billion yuan, accounting for 0.2635% of total shares [5] - Future expectations include a recovery in the consumption environment supported by policies, with recommendations for high-end and next-tier liquor brands [5] Food Industry - The food index (CITIC) has a cumulative decline of -0.34% this week, with stocks like *ST Chuntian (+15.38%) and Youyou Food (+9.57%) performing well [5] - The report indicates a structural prosperity in consumer goods, driven by generational differences in spending intentions and the emergence of new consumption categories that meet emotional and health needs [5] - Companies that effectively innovate based on consumer insights are likely to unlock consumption potential [5] Key Company Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, with recommendations for leading firms such as Kweichow Moutai, Wuliangye, and Yili Group [29]