资料图。 舍得酒业材料成本的背离 樊博 3月21日，舍得对外发布2024年财报，财报显示，2024年，舍得营收为53.57亿元，同比下降 24.41%，归母净利润为3.46亿元，同比下降80.46%。 经营指标普遍走低 2020年最后一天，复星宣布以45.3亿元的价格成功竞得舍得集团70%股权。在2020年，舍得的营 收为27.04亿元，归母净利润为5.81亿元。 而在2024年，复星接手舍得的第四年，在营收接近的情况下，净利润却仅为2020年六成，与2018 年相当。 舍得的经营指标普遍恶化。 从毛利率看，舍得2024年毛利率为65.52%，这一毛利率水平在过去十年里为倒数第三低，仅高于 2015年及2016年。 净利率同样如此，2024年舍得的净利润率为6.35%，在过去十年里仅 高于2015年及2016年。 根据财报，2024年，舍得经营活动产生的现金净流量为-7.07亿元，过去十年里，舍得首次在这项 科目中录得负值。这意味着 舍得的回款并不顺利，现金流的恶化可能对公司未来的运营和发展带 来一定压力。 从白酒的通用指标，合同负债来看，2024年末，舍得的合同负债为1.65亿元，低于复星收购前 2020年 ...

Core Viewpoint - The article discusses the increasing diversity of shareholder return strategies among listed companies, highlighting the trend of physical rewards alongside traditional cash dividends and share buybacks [1][2]. Group 1: Shareholder Return Activities - Shede Liquor announced a "2025 Shareholder Return" event, allowing registered shareholders to purchase commemorative liquor at a lower price [1][2]. - The event will run from April 23 to May 15, featuring key products like the 2024 Shareholder Meeting Commemorative Liquor priced at 598 yuan per bottle, with a "buy one get one free" offer for shareholders [2]. - Other companies, such as Delisi, BGI, and Caesar Tourism, have also initiated similar shareholder return activities, showcasing a trend in the industry [1][4]. Group 2: Financial Performance - Shede Liquor reported a revenue of 5.357 billion yuan in 2024, a year-on-year decline of 24.41%, and a net profit of 346 million yuan, down 80.46% from the previous year [3]. - The company attributes the decline to intensified competition in the liquor industry and a need for consumer confidence recovery, particularly in the mid-to-high-end product segment [3]. Group 3: Industry Trends - The trend of physical rewards for shareholders is gaining traction, with companies aiming to enhance shareholder loyalty and product recognition [4][5]. - Despite the appeal of physical rewards, analysts suggest that investors prioritize companies' sustainable operational capabilities and performance metrics over such incentives [8].

Core Viewpoint - The article discusses the increasing diversity of shareholder return strategies among listed companies, moving from cash dividends and share buybacks to physical benefits for shareholders [1][2]. Group 1: Shareholder Return Activities - Shede Liquor announced a "2025 Shareholder Return" event, allowing registered shareholders to purchase commemorative liquor at a lower price [2][4]. - Other companies like Delisi, BGI, Caesar Tourism, Hengdian Film, and Haixia Co. have also launched shareholder return activities since 2025 [2]. - The purpose of these activities is to enhance investor understanding of the company's products and business, strengthen shareholder confidence, and cultivate consumers [2][4]. Group 2: Specific Shareholder Benefits - Shede Liquor's event runs from April 23 to May 15, featuring products like the 2024 Shareholder Meeting Commemorative Liquor priced at 598 yuan per bottle, with a "buy one get two" offer for shareholders [4]. - Delisi provided shareholders with free Prague ham valued at approximately 208 yuan per portion [7]. - BGI offered a gut health testing gift box and exclusive discount coupons to shareholders [8]. - Caesar Tourism distributed coupons for a cruise experience [9]. - Hengdian Film provided movie and travel packages, along with discounted membership cards [10]. - Haixia Co. announced discounted cruise tickets for shareholders [11]. Group 3: Objectives of Physical Benefits - The main objectives of physical benefits for shareholders include enhancing shareholder confidence and loyalty, showcasing product quality, increasing brand exposure, and gathering feedback for product improvement [11].

一 、库存周期的本质 ： 供需错配的动态平衡 白酒库存周期的本质是 供给刚性与需求弹性的错配 。 供给端的长周期属性 ： 高端白酒 （ 如茅台 、五粮液 ）生产需经历制曲 、发酵 、蒸馏 、陈酿等环节 ，陈酿时间可达 3-5 年 ， 导致产能释放存在明显滞后性13 。这种 " 生产 - 库存 - 销售 " 的长链条使得企业难以快速响应市场需 求变化 ，容易积累库存压力 。例如 ，泸州老窖因 2020 年技改新增 10 万吨产能 ，半成品酒库存从 2018 年的 46.96 亿元增至 2024 年的 123 亿元 。而中低端白酒生产周期较短 （ 如五粮液系列酒基 酒仅需 81 天 ），库存周转相对灵活 ，但受价格敏感型需求波动影响更大 。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 资悟堂 来源：雪球 " 白酒行业的库存周期是生产刚性 、需求弹性 、渠道博弈 、政策调控等多因素共同作用的结果 。当 前行业处于主动去库后期 ，预计 2025 年末逐步进入补库 ，但价格带分化 、集中度提升 、消费分层 等结构性变革将重塑竞争格局 。企业需通过品牌护城河 ...

Group 1 - Guyue Longshan has halted online sales of four products to standardize market prices and encourage distributors, aiming to promote high-end products globally [1] - The decision reflects the company's emphasis on brand value and market order, potentially prompting a reevaluation of pricing strategies within the industry [1] - This move may boost distributor confidence in the short term and enhance the overall image and competitiveness of the yellow wine industry in the long run [1] Group 2 - Huiquan Brewery reported a 23.72% year-on-year increase in net profit for Q1 2025, with total beer sales reaching 50,000 kiloliters, a 1.07% increase [2] - The company achieved an operating income of 141 million yuan, up 0.35%, and a total profit of 8.81 million yuan, reflecting strong growth in key operational metrics [2] - Huiquan Brewery's solid performance sets a positive foundation for achieving its annual business goals and may enhance investor confidence [2] Group 3 - Moutai has successfully recruited over 400 master's and doctoral talents as part of its "talent-driven enterprise" strategy, enhancing its professional and market-oriented workforce [3] - The company has established a comprehensive mechanism for talent acquisition and retention, covering five major job categories and 30 sequences [3] - This strategic initiative is expected to strengthen Moutai's core competitiveness and innovation capabilities, providing long-term growth momentum [3] Group 4 - Shede Liquor has launched a shareholder return activity to establish a long-term and diverse mechanism for shareholder rewards, enhancing investor understanding of the company's intrinsic value [4] - The event, running from April 23 to May 15, includes products such as commemorative liquor for the shareholders' meeting and spring brewing ceremony [4] - This initiative aims to strengthen the connection between shareholders and the company, potentially boosting brand value and investor confidence in the market [4]

证券代码：600702 证券简称：舍得酒业 公告编号：2025-026 一、活动时间 本次活动时间：2025年4月23日09:00至2025年5月15日24:00，未在该时段完 成认证及选购的，即视为股东自动放弃参与本次活动的权利。 二、参加活动股东范围 2025年4月22日15:00交易结束后，当日在中国证券登记结算有限责任公司上 海分公司登记在册的持有公司股份的股东，即公司2024年年度股东大会股权登记 日在册的股东可参与本次活动。 三、活动内容 符合本公告"二、参加活动股东范围"的股东，可在本次活动时间内通过链 接 https://www.tuopaishede.cn/newsInfo_5227.html 前往公司官方网站或通过 扫描下方活动二维码，获取本次活动的详细信息，参与本次回馈活动。 舍得酒业股份有限公司 关于股东回馈活动的公告 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。 为建立长效、多样的股东回报机制，感谢广大股东长期以来对舍得酒业股份 有限公司（以下简称"公司"或"舍得酒业"）的关心和支持，同时让股东更好 ...

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights that the pricing floor is solid, and the value proposition remains attractive for investors. Despite short-term pressures, the market is expected to stabilize, with a clear support level at 2000 yuan for major brands like Moutai [6][13]. - The report emphasizes the importance of balancing volume and price in the second quarter, with a focus on improving cash flow for distributors and maintaining stable pricing [6]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of approximately 338.49 billion yuan [3]. - Recent performance metrics show a 4.7% decline over the past month and a 6.3% decline over the past year, indicating some volatility in the market [4]. Company-Specific Analysis - Moutai's recent price has dropped to around 2100 yuan, reflecting a 20 yuan decrease from the previous week and a 120 yuan decrease from the previous month. This decline is attributed to increased supply and seasonal demand fluctuations [6]. - The report notes that Moutai is actively implementing measures to stabilize prices, including adjusting supply and enhancing market supervision to prevent price disruptions [6]. - Other key players like Wuliangye and Luzhou Laojiao are also experiencing slight price adjustments, with Wuliangye's price at approximately 925 yuan [7]. Investment Recommendations - The report suggests a focus on leading companies such as Moutai and Wuliangye for short-term gains, while also recommending secondary brands like Fenjiu and Gujing for their growth potential [6][13]. - The anticipated dividend yield for major liquor companies is around 4%, making them attractive for long-term investors [6].

4月18日,爱奇艺迷雾剧场出品的警匪悬疑剧《借命而生》正式开播,并在CCTV-8同步播出。该剧由石一 枫同名小说改编,秦昊、韩庚、钟楚曦领衔主演。舍得酒业作为"推广合作伙伴"深度参与其中,旗下品牌 沱牌与剧中人共同开启跨越二十年的追捕与救赎之路,共同见证时代洪流下,芸芸众生的潜行与光芒。 迷雾之中,悬案成谜待解;混沌之下,真相如光待现。 悬疑剧《借命而生》改编自鲁迅文学奖获得者石一枫的同名小说,以上世纪90年代为背景,讲述了警校高 材生杜湘东(秦昊饰)被分配到看守所,他看管的两名嫌疑犯越狱,一死一失踪。从此,他踏上了漫长的追凶 之路,与逃犯徐文国(韩庚饰)展开了生死较量与灵魂拷问。 此次沱牌与《借命而生》的合作,无论是从上映平台、剧本题材、演员阵容来看,还是从时代背景、价值 观契合剖析,都有着更深层次的考量。 首先,央视8套与爱奇艺迷雾剧场双平台加持,让本剧影响力更具确定性。CCTV-8黄金档向来是国剧爆款 孵化池,更是品牌价值传播高地。"国民名酒"登陆"国剧平台",极大提升了沱牌品牌的曝光度;而迷雾剧场 又是爱奇艺的王牌剧场,近些年《隐秘的角落》《沉默的真相》等国民爆款频出,拥有强大的市场号召力, 能够给品 ...

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3月27日召开第十一届董事会第十三次会议和第十 一届监事会第十二次会议审议通过了《关于公司＜2025年限制性股票激励计划（草案）＞及其摘要的议 案》（以下简称"本激励计划"）等相关议案。根据《上市公司股权激励管理办法》（以下简称《管理办 法》）和《公司章程》等有关规定，公司对本激励计划激励对象的姓名和职务在公司内部进行了公示， 公司监事会结合公示情况对激励对象进行了核查，相关公示情况及核查情况如下： 证券代码：600702 证券简称：舍得酒业 公告编号：2025-025 一、公示情况及核查方式 （一）公司对激励计划激励对象的公示情况 截至本公告日，公司除在上海证券交易所网站（www.sse.com.cn）上公告了《舍得酒业2025年限制性股 票激励计划激励对象名单》外，还通过公司内部OA系统公示了本激励计划激励对象的名单。 1、公示内容：公司本激励计划激励对象的姓名和职务； 2、公示时间：2025年4月1日至2025年4月10日 ...

舍得酒业股份有限公司 2024 年年度股东大会 会议材料 股票简称：舍得酒业 股票代码：600702 2025 年 4 月 29 日 目 录 舍得酒业 2024 年年度股东大会会议材料 2024 年年度股东大会会议议程 一、本公司董事会拟以现场会议和网络投票相结合的方式召开舍得酒业股份 有限公司 2024 年年度股东大会。 | 一、2024 | | 年年度股东大会会议议程 | | | 1 | | --- | --- | --- | --- | --- | --- | | 二、2024 年年度股东大会会议议案 | | | | | | | 议案一：关于减少注册资本、增加经营范围暨修订《公司章程》的议案 | | | | | 3 | | 议案二：公司 年度董事会工作报告 | 2024 | | | | 5 | | 听 取：公司 年度独立董事述职报告 | 2024 | | | | 11 | | 议案三：公司 2024 年度监事会工作报告 | | | | | 26 | | 议案四：公司 2024 年年度报告及报告摘要 | | | | | 29 | | 议案五：公司 2024 年度财务决算报告 | | | | | 30 | ...