Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing challenges in the market and operational adjustments needed to improve performance [1][2]. Revenue Analysis - The company achieved revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1% [1]. - Revenue breakdown by product shows mid-to-high-end and regular liquor generating 1.23 billion and 0.21 billion yuan respectively, with declines of 28.5% and 12.6% year-on-year [2]. - Regional revenue analysis indicates that domestic, external, and e-commerce channels generated 0.49 billion, 0.95 billion, and 0.20 billion yuan respectively, with year-on-year changes of -9.0%, -33.2%, and +36.7% [2]. - E-commerce now accounts for approximately 14% of total revenue, reflecting a breakthrough in this channel [2]. Profitability Metrics - The company's net profit attributable to shareholders was 0.35 billion yuan, down 37.1% year-on-year [1]. - The gross profit margin decreased by 4.8 percentage points to 69.4%, while the net profit margin fell by 4.2 percentage points to 22.0% [2]. - Sales expenses increased by 3.0 percentage points, and the balance of contract liabilities rose to 0.21 billion yuan, indicating a need for careful cash flow management [2]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue growth of no less than 20% or net profit growth of at least 164% [3]. - The company is focusing on core brands and implementing a flatter organizational structure to enhance operational efficiency [3]. - Profitability is expected to gradually recover, with net profit forecasts for 2025-2027 showing significant growth of 164%, 25.5%, and 23.8% respectively [4]. Valuation and Investment Rating - The company’s estimated earnings per share (EPS) for 2025-2027 are projected to be 2.74, 3.44, and 4.26 yuan, with corresponding price-to-earnings (PE) ratios of 20.8, 16.6, and 13.4 times [4]. - The investment rating is maintained at "Buy" based on the anticipated recovery in profitability and revenue growth [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit attributable to shareholders of 350 million yuan, down 37.1% year-on-year [2]. - The revenue structure shows that high-end and regular liquor generated 1.23 billion yuan and 210 million yuan respectively in Q1 2025, with year-on-year declines of 28.5% and 12.6% [3]. - The company is focusing on improving its operational efficiency through a flat organizational structure and targeted assessments [4]. Revenue and Profit Forecast - For 2025, the company is expected to achieve a revenue growth of 4.7%, with net profit increasing by 164% to 913 million yuan [5][10]. - The projected earnings per share (EPS) for 2025 is 2.74 yuan, with corresponding price-to-earnings (P/E) ratios of 20.8, 16.6, and 13.4 for the years 2025 to 2027 [5][10]. Financial Metrics - The company’s net profit margin for Q1 2025 was 22.0%, a decrease of 4.2 percentage points year-on-year, with a gross margin of 69.4% [3]. - The balance of contract liabilities at the end of Q1 2025 was 210 million yuan, reflecting a quarter-on-quarter increase of 40 million yuan [3]. Market Position and Strategy - The company has added 215 new distributors while 257 exited, resulting in a net decrease of 42 distributors, leaving a total of 2,621 at the end of Q1 2025 [3]. - The company’s strategic focus includes enhancing its e-commerce channel, which saw a revenue increase of 36.7% year-on-year, contributing approximately 14% to total revenue [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating challenges in the market while focusing on brand optimization and market expansion strategies [1][2]. Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, a year-on-year decrease of 25.14% - The net profit attributable to shareholders was 346 million yuan, down 37.1% year-on-year - The revenue from mid-to-high-end liquor and ordinary liquor was 1.234 billion yuan and 208 million yuan, respectively, with year-on-year changes of -28.46% and -12.59% [1]. Product and Market Strategy - The company is optimizing its product structure, aiming to establish the Tuo Pai brand as the leading brand in the high-end light bottle segment of strong aroma liquor - The revenue from ordinary liquor increased its proportion to 14.42%, up by 2.33 percentage points [1]. - The company is focusing on consolidating its position in the 400 yuan price range while accelerating its market expansion in rural areas [1]. Sales Channels and Market Development - In Q1 2025, wholesale and e-commerce sales generated revenues of 1.237 billion yuan and 205 million yuan, with year-on-year changes of -31.77% and +36.71%, respectively - The company is enhancing its internet marketing channels and aims to make its brand a favorite among consumers in the online space [2]. - The total number of distributors was 2,621, with 215 new and 257 exiting distributors, resulting in a net decrease of 42 distributors compared to the end of 2024 [2]. Profitability Metrics - The gross margin and net margin for Q1 2025 were 69.36% and 21.96%, reflecting year-on-year declines of 4.79 and 4.18 percentage points, respectively - The operating expense ratio was 28.63%, an increase of 3.16 percentage points year-on-year, driven by higher sales and marketing investments [3]. Strategic Initiatives - The company is committed to a long-term strategy focusing on the old liquor market, multi-brand development, youth engagement, and international expansion - It aims to strengthen its brand matrix through a dual-brand strategy of "Shede + Tuo Pai" and enhance its presence in key cities and new regions [3]. - The company has introduced an equity incentive plan to boost team cohesion and performance, signaling management's confidence in future growth [3]. Revenue Forecast - The company expects to achieve revenues of 6.430 billion yuan, 7.285 billion yuan, and 8.310 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 20.04%, 13.28%, and 14.08%, respectively - The projected net profit attributable to shareholders for the same period is 916 million yuan, 1.148 billion yuan, and 1.421 billion yuan, with growth rates of 165.04%, 25.28%, and 23.72% [4].

Core Viewpoint - The company has announced its first quarter financial results for 2025, including details on share repurchase and changes in distributor numbers, indicating a strategic focus on enhancing shareholder value and operational adjustments in response to market conditions [10][12][14]. Financial Data Summary - The first quarter financial report is unaudited, with key financial data and indicators presented in RMB [9]. - The company has completed a share repurchase of 1,671,994 shares, representing 0.50% of the total share capital, with a total expenditure of approximately RMB 100 million [6][14]. Share Repurchase Details - The share repurchase plan was approved on October 28, 2024, with a budget between RMB 100 million and RMB 200 million, and a maximum repurchase price of RMB 91.00 per share [12][14]. - The actual repurchase occurred at a maximum price of RMB 81.23, a minimum of RMB 52.41, and an average price of RMB 59.83 [14]. Distributor Changes - During the reporting period, the company added 215 new distributors while 257 exited, resulting in a total of 2,621 distributors at the end of the quarter, a decrease of 42 from the previous year [11]. Incentive Plans - The company has initiated a restricted stock incentive plan, with details disclosed in the relevant announcements [7]. Legal and Compliance Assurance - The board of directors and senior management have guaranteed the accuracy and completeness of the financial report, assuming legal responsibility for any misrepresentation [2][10].

Core Viewpoint - Shede Liquor's Q1 2025 report shows significant improvement in key performance indicators, attributed to rational deceleration and effective inventory reduction strategies implemented last year [1][2]. Financial Performance - In Q1 2025, Shede Liquor achieved revenue of 1.576 billion yuan and net profit of 346.1 million yuan, surpassing the entire net profit of 345.8 million yuan for 2024 [2]. - The company's net cash flow from operating activities increased by 106.76% year-on-year, indicating a notable improvement in financial health [2]. - Operating costs decreased by 11.25% year-on-year, while management expenses fell by 25.24%, reflecting enhanced operational efficiency [2]. Inventory and Sales Strategy - The company successfully executed a strategy of "stabilizing prices, controlling inventory, and enhancing sales," leading to a return of inventory levels to a reasonable range [2]. - E-commerce channel sales grew to 205 million yuan, a year-on-year increase of 36.71%, demonstrating the effectiveness of dual-channel optimization [2]. Brand and Marketing Initiatives - Shede Liquor is focusing on enhancing brand influence through various marketing strategies, including participation in cultural events and sponsorship of programs to increase brand exposure [3]. - The company reported that offline activities during the 2025 Spring Festival reached 850,000 people, with over 800 million online exposures, effectively driving brand sales growth [3]. Strategic Development - The company is advancing its liquor-tourism integration projects, which were initiated in March 2025, aiming to create a culturally rich and internationally recognized liquor town [4]. - This strategic layout is expected to enhance brand strength, modernize the regional liquor industry, and promote collaborative development of industry, culture, and urban areas [4]. Long-term Outlook - The "old liquor strategy" remains robust, with high certainty of performance improvement in 2025 due to ongoing inventory reduction and strategic initiatives [5]. - The dual-driven model of "upgrading consumer experience and innovative scene marketing" is anticipated to enhance product structure towards higher-end and value-oriented offerings [5].

证券代码：600702 证券简称：舍得酒业 公告编号：2025-027 舍得酒业股份有限公司 2025 年第一季度经营数据公告 （三）酒类产品按地区分类情况 1 单位：万元 币种：人民币 产品名称 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 中高档酒 123,432.41 172,546.78 -28.46 普通酒 20,806.29 23,803.26 -12.59 合计 144,238.70 196,350.04 -26.54 单位：万元 币种：人民币 渠道类型 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 批发代理 123,740.57 181,356.42 -31.77 电商销售 20,498.13 14,993.62 36.71 合计 144,238.70 196,350.04 -26.54 二、公司 2025 年第一季度经销商变动情况 报告期内，公司酒类产品新增经销商 215 家，退出经销商 257 家，报告期末共 有经销商 2,621 家，较 2024 年末减少 42 家。 本公司董事会及全体董事保证本公告内容 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-028 舍得酒业股份有限公司 关于股份回购实施结果暨股份变动的公告 重要内容提示： | 回购方案首次披露日 | 2024/10/29 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 6 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购价格上限 | 91.00元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 167.20万股 | | 实际回购股数占总股本比例 | 0.50% | | 实际回购金额 | 10,003.61万元 | | 实际回购价格区间 | 52.41元/股~81.23元/股 | 一、回购审批情况和回购方案内容 2024 年 10 月 28 日，舍得酒业股份有限公司（以下简称"公司""舍得酒业"） 召开第十一届董事会第九次会议审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以自有资金和/或自筹资金通过集中竞价交易方式回 购公司股份， ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,576,125,553.23, a decrease of 25.14% compared to CNY 2,105,431,909.47 in the same period last year[4] - Net profit attributable to shareholders decreased by 37.10% to CNY 346,120,296.79 from CNY 550,283,251.89 year-on-year[4] - Basic earnings per share fell by 36.38% to CNY 1.0582, down from CNY 1.6632 in the previous year[4] - Total operating revenue for Q1 2025 was approximately ¥1.58 billion, a decrease of 25% compared to ¥2.11 billion in Q1 2024[20] - Net profit for Q1 2025 was approximately ¥345.33 million, a decline of 37% from ¥549.39 million in Q1 2024[21] - Operating profit for Q1 2025 was approximately ¥460.70 million, down 37% from ¥728.27 million in Q1 2024[21] - Basic earnings per share for Q1 2025 were ¥1.0582, compared to ¥1.6632 in Q1 2024, reflecting a decrease of 36%[22] Cash Flow and Assets - The net cash flow from operating activities increased by 106.76% to CNY 224,160,077.90, compared to CNY 108,416,360.91 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was approximately ¥224.16 million, an increase from ¥108.42 million in Q1 2024[25] - Cash and cash equivalents at the end of Q1 2025 were approximately ¥1.40 billion, down from ¥2.68 billion at the end of Q1 2024[25] - Investment activities resulted in a net cash outflow of approximately ¥362.19 million in Q1 2025, compared to a net inflow of ¥264.27 million in Q1 2024[25] - Financing activities generated a net cash inflow of approximately ¥135.12 million in Q1 2025, compared to ¥125.39 million in Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,178,745,895.72, reflecting a 3.19% increase from CNY 11,802,108,893.04 at the end of the previous year[4] - The company's current assets totaled RMB 7.68 billion, up from RMB 7.44 billion at the end of 2024, indicating a growth of approximately 3.25%[15] - Inventory as of March 31, 2025, was RMB 5.35 billion, compared to RMB 5.22 billion at the end of 2024, reflecting an increase of about 2.5%[15] - The company's total liabilities were RMB 4.76 billion, slightly up from RMB 4.67 billion at the end of 2024[17] - The company's equity attributable to shareholders reached RMB 7.10 billion, an increase from RMB 6.81 billion at the end of 2024, representing a growth of approximately 4.25%[17] Shareholder Information - The company had a total of 130,627 common shareholders at the end of the reporting period[8] - The largest shareholder, Sichuan Tuopai Shede Group Co., Ltd., held 100,695,768 shares, accounting for 30.23% of the total shares[9] Share Buyback and Incentives - The company completed a share buyback of 1,671,994 shares, accounting for 0.50% of the total share capital, with a total expenditure of approximately RMB 100 million[11] - The highest buyback price was RMB 81.23 per share, while the lowest was RMB 52.41 per share, with an average buyback price of RMB 59.83 per share[11] - The company plans to implement an employee stock ownership plan through the share buyback, with a total budget between RMB 100 million and RMB 200 million[10] - The company has initiated a restricted stock incentive plan, which was approved by the board on March 27, 2025[12] Non-Recurring Items - The company reported non-recurring gains and losses totaling CNY 2,801,092.99 for the period[6] - The decline in net profit was primarily attributed to the decrease in operating revenue[6] Return on Equity - The weighted average return on equity decreased by 2.21 percentage points to 4.80% from 7.01% year-on-year[4] Accounts Receivable - The company reported an increase in accounts receivable to RMB 241.65 million from RMB 236.29 million, indicating a growth of approximately 2%[15] Tax Expenses - The company reported a decrease in tax expenses for Q1 2025, amounting to approximately ¥116.96 million, down from ¥182.05 million in Q1 2024[21]

Group 1 - Public funds have adjusted their holdings in the first quarter, with the top three heavyweights being CATL, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [1] - The overall market for alcoholic beverages in China is facing challenges such as intensified competition, excess capacity, and changing consumer preferences, leading to a noticeable decline in market growth and profitability [1][6] - Some funds have reduced their holdings in liquor stocks, particularly in well-known brands like Wuliangye and Yanghe, while others, such as E Fund and Huatai-PineBridge, have increased their positions in Shanxi Fenjiu and Luzhou Laojiao [1][2] Group 2 - The latest data shows that the total market value of the liquor-related funds has changed little despite some reductions in holdings, with the total market value of the top ten holdings in the China Securities Liquor Index Fund decreasing by approximately 2.6 billion [2] - Shanxi Fenjiu has emerged as a significant highlight, with 28 funds making it their top holding, reflecting a shift in investment focus [7] - Fund managers emphasize the importance of cash flow and are looking for companies with strong business models and competitive advantages, indicating a strategic shift in investment logic [11]

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