文 | 酒业内参 张奥 近日，舍得酒业宣布将于8月30日推出首款低酒度高风味型老酒"舍得自在"。该款新品为29度舍得老 酒，主打"舒适、高风味"。据《酒业内参》了解，目前该款酒已向市场投放小样进行试品，部分品尝过 的业内人士表示口感尚可。 这款酒能否打开市场？有些业内人士却表示担忧。他们认为舍得此举有"跟风"嫌疑。在此之前，已经有 多家酒企抢先推出低度产品，例如五粮液29度"一见倾心"小样、古井贡酒的26度古20等抢先试水，"这 些酒，品牌力都要胜于舍得"。 也有渠道商向《酒业内参》表示，希望有这么一款酒来撬动更广泛的消费客群，只有让年轻人参与进来 才能找寻到新的增量。 29度舍得的新挑战 最近，舍得酒业宣布将于8月30日推出首款低酒度高风味型老酒"舍得自在"。该款新品为29度舍得老 酒，主打"舒适、高风味"该产品依托舍得酒业四十余年的老酒储备，通过在基酒遴选、降度工艺等环节 的技术突破，实现了 29 度温和酒体与饱满风味的精妙平衡。 据《酒业内参》了解，目前该款酒已向市场投放小样进行试品。部分品尝过的业内人士表示，入口柔 顺，入喉舒适。 "舍之道的动销相比最好，高端的智慧舍得和品味舍得不太行。"该负责人说道 ...

2025 年 08 月 25 日 利润显著修复，终端开瓶向好 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-08-22 | | --- | --- | | 当前股价（元） | 60.91 | | 总市值（亿元） | 203 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 333 | | 52 周价格范围（元） | 40.18-82.9 | | 日均成交额（百万元） | 637.75 | 市场表现 -20 0 20 40 60 80 100 (%) 舍得酒业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《舍得酒业（600702）：业绩表 现承压，期待弹性恢复》2025-05- 07 2、《舍得酒业（600702）：业绩短 期承压，期待企稳回升》2025-03- 24 3、《舍得酒业（600702）：调整期 业绩承压，发布回购方案彰 ...

8月22日晚间，舍得酒业发布2025年半年度报告。 报告期内，公司实现营收27.01亿元，归母净利润4.43亿元。 其中，第二季度，舍得酒业实现营收11.25亿元，同比基本持平；归母净利润达9717万元，同比大涨139.5%。 业绩发布后的首个交易日，舍得酒业强势涨停，充分反映了市场对其未来增长潜力的积极预期。8月25日午盘，公司股价报67.00元，较前一交易日上涨 10.00%。 上半年经营性现金流增长超400%，第二季度归母净利润翻倍 2025年上半年，白酒行业整体仍处于深度调整期，叠加二季度传统销售淡季影响，行业竞争进一步加剧，白酒产品销售普遍承压。 得益于2024年提前部署去库存、稳价格等措施，舍得酒业在2025年展现出较强的经营韧性和增长动能。 财报显示，公司一季度实现营收15.76亿元，归母净利润3.46亿元，已超过去年全年净利润。 今年第二季度，舍得酒业营收为11.25亿元，同比基本持平，环比降幅明显收窄；归母净利润达9717万元，同比大幅增长139.5%。与此同时，公司实现营业 利润9499万元，同比增长67.76%，展现出业绩回升的积极信号。 值得注意的是，普通酒同比增长15.86%，占酒类 ...

市场共3351只个股上涨，92只个股涨停，1898只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 其中 涨停 | | 92 | | 涨幅 > 7% | | 215 | | 涨幅 5-7% | | 190 | | 涨幅 3-5% | | 414 | | 涨幅 0-3% | | 2532 | | 跌幅 0-3% | | 1772 | | 跌幅 3-5% | | 91 | | 跌幅 5-7% | | 21 | | 跌幅 > 7% | | 14 | | 其中 跌停 | 8 | | | 上涨家数 | | 3351 | | 下跌家数 | | 1898 | | 平盘停牌 | | 177 | | 总品种数 | | 5426 | | 总成交额 | 31769.48亿 | | | 总成交量 | 196855.0/7 | | | 涨家增减 | | 638 | | 涨家增幅 | 23.52% | | | 指数量比 | | 1.19 | CPO等AI硬件股延续强势，罗博特科、剑桥科技等多股涨停。 | 代码 | 名称 | | 涨幅% | 现价 | | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 2.701 billion yuan, a year-on-year decrease of 17.41%, and a net profit attributable to shareholders of 443 million yuan, down 24.98% [1] - The company is focusing on a strategy of "strong sales, promoting opening bottles, and destocking" to navigate through the current market challenges, with expectations for a gradual recovery in profit margins [3] - The company anticipates achieving net profits of 496 million yuan, 671 million yuan, and 909 million yuan for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 43.5%, 35.2%, and 35.4% [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.125 billion yuan, with a net profit of 97 million yuan, showing a year-on-year decrease in revenue of 3.44% but a significant increase in net profit of 139.48% [1] - The gross profit margin for the first half of 2025 was 65.71%, down 3.73 percentage points year-on-year, while the net profit margin was 16.41%, a decrease of 1.66 percentage points [3] Product and Market Strategy - The company is diversifying its product offerings with a focus on both high-end and low-end products, including the launch of a new low-alcohol product expected to contribute to growth in the second half of the year [2] - The company plans to enhance its market presence by focusing resources on key markets to improve its overall risk resilience in the white liquor sector [2] Sales Channels and Distribution - In Q2 2025, the company reported a decline in wholesale revenue by 7.80% to 8.45 billion yuan, while e-commerce sales increased by 23.83% to 1.31 billion yuan, indicating a shift in sales strategy [2] - The number of distributors decreased by 36 to a total of 2,585 by the end of Q2 2025, reflecting adjustments in the distribution network [2]

值得关注的是，沪深京三市成交额突破3万亿元，为去年10月8日以来首次突破3万亿元，也是A股历史第二次突破3万亿元，较上个交易日放量近6000亿元。 此外，科创50指数成交额突破单日历史新高。 8月25日，A股继续走强，创业板指创三年新高，截至收盘，沪指涨1.51%，深成指涨2.26%，创业板指涨3.00%。 市场分析认为，指数今日再度走强主要有三大利好影响： 1、央行呵护市场流动性，今日开展6000亿元中期借贷便利MLF操作。 2、资金方面，沪指持续刷新十年新高之际，高盛称对冲基金以7周来最快速度净买入中国股票。 3、外围方面，美联储主席鲍威尔放鸽，强调就业风险，为降息敞开大门，上周五美股大幅收涨。 盘面上，算力硬件等科技主线维持强势，寒武纪一度大涨超11%，中际旭创等多股创历史新高，机器人产业链也走强，东方精工等涨停；白酒股再度走强， 舍得酒业涨停；反内卷主线活跃，稀土等有色金属概念、钢铁、风电方向领涨，包钢股份等涨停；地产股冲高，万科A罕见涨停；此外，券商等金融股、军 工、创新药等方向盘中均有所表现。下跌方面，美容护理、纺织服饰、汽车、消费电子等板块跌幅居前。 点评：消息面上，多家酒企业将发布新品，茅台1 ...

Core Viewpoint - The report from Xinda Securities indicates that Shede Liquor's net profit attributable to shareholders for the first half of 2025 is 443 million yuan, a year-on-year decrease of 24.98% [1]. Financial Performance - In Q2, the net profit attributable to shareholders reached 97 million yuan, showing a significant year-on-year increase of 139.48% [1]. - The revenue has shown a notable improvement after a continuous decline of over 20% in the previous four quarters [1]. Product Performance - The revenue from ordinary liquor in Q2 increased by 62.26% year-on-year, primarily driven by substantial sales growth of the T68 product [1]. - The company’s product matrix advantages are highlighted as lower-priced products (Shezhidao, T68) help to offset performance gaps amid intensified competition in the premium segment [1]. Strategic Focus - During the industry adjustment period, the company is focusing on core markets and deepening its layout, stabilizing the pricing of key products, and improving channel inventory issues [1]. - The company is actively exploring new growth points, demonstrating resilience in its operational development [1]. Earnings Forecast - The company is expected to have diluted earnings per share of 1.63 yuan, 1.93 yuan, and 2.38 yuan for the years 2025, 2026, and 2027, respectively [1]. - The rating for the company is maintained as "Buy" [1].

【8月22日连板股分析：连板股晋级率不足三成 算力产业链继续领涨】今日共77股涨停，连板股总数12 只，其中三连板及以上个股3只，上一交易日共11只连板股，连板股晋级率27.27%（不含ST股、退市 股）。个股方面，全市场超3300只个股上涨，逾百股涨停或涨超10%，连板股表现不佳，仅3只连板股 晋级，其中自然涨停（非一字涨停）的只有成飞集成1只。板块方面，赚钱效应仍旧集中在算力产业 链、稀土永磁等少数方向，并未向全市场扩散，算力产业链的权重股继续领涨，寒武纪、海光信息、中 际旭创涨超10%，新易盛、胜宏科技涨超8%；白酒板块集体走强，二季度业绩大幅增长的舍得酒业涨 停，水井坊、迎驾贡酒涨超7%，权重股泸州老窖涨超6%，山西汾酒涨近5%。 转自：智通财经 ...

Market Performance - The A-share market experienced a significant upward trend on August 25, with all three major indices reaching new highs, particularly the Shanghai Composite Index aiming for the 3900-point mark [1][6] - The Shanghai Composite Index rose by 1.51%, closing at 3883.56 points, while the Shenzhen Index increased by 2.26% and the ChiNext Index surged by 3% [2][6] - The total market turnover exceeded 3 trillion yuan, reaching 3.18 trillion yuan, marking the second-highest trading volume in A-share history [1][4] Individual Stock Performance - A total of 3349 stocks rose, 177 remained unchanged, and 1896 declined, indicating a predominance of gainers in the market [5] - Notable sectors included rare earth permanent magnet stocks, which saw significant gains, with companies like Jinli Permanent Magnet and Northern Rare Earth hitting the daily limit [5] - The communication equipment sector also performed strongly, with multiple stocks, including Changxin Bochuang and Zhongji Xuchuang, rising over 10% [5] Historical Context - The current trading volume of 3.18 trillion yuan is a substantial increase of 600 billion yuan compared to the previous trading day, although it remains below the historical peak of 3.45 trillion yuan set on October 8, 2024 [4]

Market Overview - A-shares experienced a significant rally on August 26, with the Shanghai Composite Index rising by 1.51% to 3883 points, marking a ten-year high. The Shenzhen Component Index increased by 2.26%, and the ChiNext Index rose by 3% [1][2] - The total market turnover reached 3.18 trillion yuan, an increase of 598.1 billion yuan from the previous trading day, setting a new high since 2022 [1] Sector Performance Rare Earth Sector - The rare earth stocks surged collectively following the introduction of a new regulatory framework for rare earth mining and separation, with companies like Jinkeli Permanent Magnet hitting the daily limit of 20% [4][5] - Key performers included Jinkeli Permanent Magnet (+20%), Huicheng Environmental Protection (+13.01%), and Fangbang Co. (+12.31%) [5] Alcohol Sector - The liquor stocks also saw a significant rise, with Shede Liquor reaching the daily limit of 10%. Other notable gainers included ShuiJingFang (+7.95%) and Luzhou Laojiao (+6.35%) [6][7] - Analysts suggest that the current market liquidity is boosting the valuation of the liquor sector, which had previously been undervalued [6] Precious Metals Sector - Precious metals stocks gained traction, with Hunan Silver and Hunan Gold both hitting the daily limit of 10%. Other companies like Zhongjin Gold and Shandong Gold also saw increases [8][9] - The market anticipates a 90% chance of a rate cut by the Federal Reserve in September, which is driving interest in gold as a safe-haven asset [9][10] CPO Sector - The CPO sector performed well, with companies like Robotech and Qiangrui Technology reaching the daily limit of 20%. Other firms such as Changxin Bochuang and Zhongji Xuchuang also saw significant gains [10][11] Satellite Navigation Sector - The satellite navigation sector experienced a boost, with companies like Kaipu Cloud and Aerospace Hongtu hitting the daily limit of 20%. The sector is expected to benefit from the upcoming issuance of satellite internet licenses [12][13] Individual Stock Highlights - Cambrian Technology saw a remarkable increase of over 11%, reaching a new historical high with a market capitalization of 579.39 billion yuan. Goldman Sachs raised its target price for Cambrian by 50% to 1835 yuan [16][20]