Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

Group 1 - A-shares market showed strong performance with all major indices rising, including Shanghai Composite Index up 0.59%, Shenzhen Component Index up 0.83%, and ChiNext Index up 1.35% on the last trading day of June [1][2][7] - The total market turnover reached 15,172 billion, with over 4,000 stocks rising, indicating a broad-based rally [1][7] - In the first half of the year, small and mid-cap stocks outperformed, with over 3,700 stocks rising, and several sectors like AI models and new consumption gaining significant attention from investors [1][7] Group 2 - The military, pharmaceutical, and photovoltaic sectors led the gains on the last trading day of June, with notable stocks like Changcheng Military Industry and Huaren Health showing significant price movements [2][3] - The white wine sector experienced a notable surge, with stocks like JiuGuiJiu and SheDeJiuYe rising by 6.88% and 3.48% respectively, reflecting renewed investor interest [4][3] - The brain-computer interface sector also saw active trading, with a 5.17% increase in the sector, driven by developments from Neuralink and its ongoing clinical trials [5][6] Group 3 - The first half of 2023 saw major indices like the North Star 50 Index rising by 39.45%, indicating a strong market recovery [7] - Key sectors that attracted investment included AI models, humanoid robots, new consumption, innovative drugs, and solid-state batteries, with significant gains observed across these areas [7][8] - Structural opportunities are expected to dominate the upcoming earnings season, with a shift in active funds from pharmaceuticals and consumption towards technology and finance sectors [8]

Core Viewpoint - The A-share market showed a strong performance on the last trading day of June, with notable gains in the military, pharmaceutical, and photovoltaic sectors. The pharmaceutical commercial sector saw significant late-session gains, while the liquor sector experienced a sudden surge in stock prices. Additionally, computing hardware stocks reached historical highs, indicating a positive market sentiment overall [1][2]. Group 1: Pharmaceutical Sector - The pharmaceutical commercial sector experienced a late surge, with stocks like Huaren Health rising from a near 5% drop to a nearly 7% increase, closing up 4.61% [1]. - Recent reports indicate that major liquor companies such as Wuliangye and Luzhou Laojiao are seeing good growth in banquet market scale and opening rates, with strategies focusing on lower-end and innovative products [6]. Group 2: Liquor Sector - The liquor sector saw a significant rally at 13:11, with stocks like Jiugui Liquor, Shede Liquor, and Shui Jing Fang rising by 6.88%, 3.48%, and 2.92% respectively by the end of trading [4]. - Analysts suggest that the overall valuation of the liquor sector is low, with frequent stock buybacks and increased dividend payouts expected to attract more capital inflow [6]. Group 3: Computing Hardware Sector - Computing hardware stocks were notably active, with companies like Jingwang Electronics and Xinyi Sheng reaching historical highs. Jingwang Electronics hit a limit-up, while Xinyi Sheng closed up 3.12% at 127.02 yuan per share, with a market capitalization of 126.05 billion yuan [8][10]. - The demand for optical modules is expected to exceed supply by a factor of two in 2024, driven by strong growth in the AI sector and overseas markets [11]. Group 4: Photovoltaic Sector - The photovoltaic sector showed strength, particularly in the back-contact (BC) battery segment, with stocks like Saiwu Technology hitting the limit-up and GCL-Poly Energy rising over 6% [12][13]. - The acceleration of new technologies such as BC and solid-state batteries is anticipated, with production capacity expected to exceed 100GW by the end of 2025 [15].

Group 1 - The liquor stocks experienced an afternoon rally, with specific companies showing significant gains [1] - Jiu Gui Jiu (000799) rose over 5%, indicating strong market interest [1] - She De Jiu Ye (600702) increased by more than 2%, reflecting positive investor sentiment [1] Group 2 - Other companies such as Huang Tai Jiu Ye (000995), Shui Jing Fang (600779), and Kou Zi Jiao (603589) also saw upward movement, suggesting a broader trend in the liquor industry [1]

Core Viewpoint - The legal opinion letter from Kangda (Chengdu) Law Firm confirms that Shede Liquor Co., Ltd. is proceeding with the repurchase and cancellation of restricted stocks as per the 2022 incentive plan due to certain conditions being met by the incentive targets [2][4][6]. Group 1: Repurchase Reasons - The repurchase is triggered by the departure of incentive targets under specific conditions such as contract expiration, voluntary resignation, or performance-related dismissals [4][5]. - The company has determined that four incentive targets no longer qualify for the incentive program due to their departure, leading to the repurchase of their unvested restricted stocks [5][6]. Group 2: Repurchase Quantity and Price - The total number of restricted stocks to be repurchased is 363,562 shares, affecting 262 incentive targets [6][8]. - The repurchase price is set at 69.04 yuan per share, which is the same as the grant price established in the 2022 incentive plan [6][8]. Group 3: Approval Procedures - The company has followed the necessary approval procedures, including obtaining authorization from the shareholders' meeting and the board of directors for the repurchase [8][9]. - The supervisory board has reviewed and agreed that the repurchase aligns with relevant laws and regulations, ensuring it does not adversely affect the company's management stability or financial performance [8][9]. Group 4: Conclusion - The legal opinion concludes that the repurchase has obtained the required approvals and adheres to the relevant legal frameworks, including the Company Law and the Management Measures for Equity Incentives [9].

Core Viewpoint - Shede Liquor Co., Ltd. is planning to acquire residential and commercial real estate located in Tuo Pai Town, Shehong County, Suining City, with a total construction area of 47,348.32 square meters and a book value of approximately 54.19 million yuan [1][2]. Group 1: Asset Evaluation Report - The asset evaluation report is prepared according to Chinese asset evaluation standards and is intended for use by state-owned asset supervision and management agencies and relevant regulatory bodies [1]. - The evaluation report states that the total book value of the assessed assets is 54,188,353.76 yuan [2][3]. Group 2: Evaluation Object and Scope - The evaluation object includes residential and commercial real estate in Tuo Pai Town, with a total construction area of 47,348.32 square meters [2][3]. - The land use rights for the properties are all granted urban residential land [2][3]. Group 3: Main Asset Information - The assessed assets are registered under Sichuan Tuo Pai Shede Group Co., Ltd., with detailed property rights documentation provided [3]. - The evaluation includes specific details about the properties, such as their location, usage, and land nature [3][4].

Group 1 - The company has decided to repurchase and cancel a total of 363,562 restricted stocks due to the departure of four incentive targets and unmet performance goals for 2024 [1][2] - The repurchase price for the restricted stocks is set at 69.04 yuan per share, leading to a reduction in the total number of shares from 333,122,441 shares to 332,758,879 shares [1] - Following the repurchase, the company's registered capital will decrease from 333,122,441 yuan to 332,758,879 yuan [1] Group 2 - The company is notifying creditors about the reduction in registered capital as required by the Company Law of the People's Republic of China [2] - Creditors are entitled to request debt repayment or corresponding guarantees within a specified period after receiving the notification [2] - The company outlines the necessary documentation for creditors to declare their claims, including contracts and identification documents [3]

Core Viewpoint - The company plans to purchase real estate from its controlling shareholder, Sichuan Tuopai Shide Group, for a total price of RMB 56.7 million, which includes three residential complexes and commercial properties totaling 47,348.32 square meters [1][3][12]. Summary by Sections 1. Overview of Related Transactions - The company intends to sign a real estate transfer agreement with its controlling shareholder to acquire 530 unsold residential units and 8 commercial units, aimed at addressing employee accommodation and visitor dining needs [2][6]. - The total area of the properties to be purchased is 47,348.32 square meters, with a total transaction price of RMB 56.7 million [1][2]. 2. Financial Assessment - The assessed market value of the properties is RMB 66.009 million, while the book value is RMB 54.188 million, indicating a premium of 4.63% over the book value [3][9]. - The transaction price is lower than the assessed value, ensuring compliance with fair pricing principles [11][12]. 3. Related Party Information - Sichuan Tuopai Shide Group is the controlling shareholder of the company, with a registered capital of RMB 232.24 million and total assets of RMB 1.58 billion as of March 31, 2025 [4][5]. - The group has not been listed as a dishonest executor, indicating a stable credit status [6]. 4. Purpose and Impact of the Transaction - The acquisition aims to enhance employee living conditions and stabilize the workforce, while also improving service levels for visitors [16]. - The transaction is expected to reduce the company's reliance on rental properties, thus minimizing daily related party transactions [16]. 5. Approval Process - The independent directors have reviewed and approved the transaction, confirming that it aligns with the company's operational needs and does not harm the interests of shareholders [16][17]. - The board of directors approved the transaction with a unanimous vote, ensuring compliance with relevant regulations [16].

本资产评估报告依据中国资产评估准则编制 舍得酒业股份有限公司拟进行资产收购所涉及的位于遂宁市射洪 县沱牌镇四处住宅用、商业用房地产市场价值 资 产 评 估 说 明 川友评报字（2025）第0113号 （共1册，第1册） 四川大友房地产土地资产评估有限公司 二〇二五年四月三十日 | | | 舍得酒业股份有限公司拟进行资产收购所涉及的位于遂宁市射洪县沱牌镇四处房地产市场价值资产评估说明·关于 《资产评估说明》使用范围的声明 说明一 关于《资产评估说明》使用范围的声明 本评估说明供国有资产监督管理机构（含所出资企业）、相关监管机 构和部门使用。除法律法规规定外，材料的全部或者部分内容不得提供给 其他任何单位和个人，不得见诸公开媒体。 四川大友房地产土地资产评估有限公司 二〇二五年四月三十日 四川大友房地产土地资产评估有限公司 1 舍得酒业股份有限公司拟进行资产收购所涉及的位于遂宁市射洪县沱牌镇四处房地产市场价值资产评估说明·企业 关于进行资产评估有关事项的说明 说明二 企业关于进行资产评估有关事项的说明 四川大友房地产土地资产评估有限公司 2 舍得酒业股份有限公司拟进行资产收购所涉及的位于遂宁市射洪县沱牌镇四处房地 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-035 舍得酒业股份有限公司 第十一届监事会第十四次会议决议公告 本公司监事会及全体监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。 舍得酒业股份有限公司（以下简称"公司"）于 2025 年 6 月 26 日以通讯方 式召开了第十一届监事会第十四次会议，有关本次会议的通知，公司已于 2025 年 6 月 19 日通过书面和电子邮件方式送达全体监事。会议应到监事 5 人，实到 监事 5 人，符合《公司法》和《公司章程》的规定。会议由监事会主席刘强先生 主持，经与会监事认真讨论，记名投票表决，审议通过了以下议案： 一、会议以 5 票同意、0 票反对、0 票弃权，审议通过了《关于购买房产暨 关联交易的议案》。 公司监事会认真审阅了议案，并就关联交易事项发表以下意见：具有证券相 关业务评估资格的四川大友房地产土地资产评估有限公司对本次交易的房产进 行了评估，并出具了资产评估报告，编号为川友评报字〔2025〕第 0113 号。标 的资产评估公平合理，未发现评估机构与委估方存在特殊利害关系。本次 ...