Core Viewpoint - Shede Liquor Industry experienced a decline in stock price and financial performance, indicating potential challenges in the market and investor sentiment [1][2]. Group 1: Stock Performance - On December 2, Shede Liquor's stock price fell by 2.00%, reaching 61.20 CNY per share, with a trading volume of 1.28 billion CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 20.365 billion CNY [1]. - Year-to-date, Shede Liquor's stock price has decreased by 6.57%, with a decline of 1.27% over the last five trading days, 0.31% over the last twenty days, and 11.75% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shede Liquor reported a revenue of 3.702 billion CNY, representing a year-on-year decrease of 17.00%, and a net profit attributable to shareholders of 472 million CNY, down 29.43% year-on-year [2]. - The company has distributed a total of 2.29 billion CNY in dividends since its A-share listing, with 1.353 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders in Shede Liquor decreased by 11.81% to 114,400, while the average number of circulating shares per person increased by 13.39% to 2,908 shares [2]. - Among the top ten circulating shareholders, the second-largest is the China Securities White Wine Index A, holding 16.4538 million shares, unchanged from the previous period, while the fourth-largest, the Wine ETF, increased its holdings by 2.8963 million shares to 7.2649 million shares [2].

Market Overview - The liquor sector experienced a slight decline of 0.16% on December 1, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Key stocks in the liquor sector showed mixed performance, with Kuaizi Liquor (603589) rising by 1.14% to close at 30.99, and *ST Rock (600696) falling by 2.85% to close at 4.78 [2][1] - Other notable performers included Yanghe Co. (002304) down 1.06% to 65.50 and Shanxi Fenjiu (600809) down 0.27% to 193.78 [2] Trading Volume and Value - The trading volume for Kuaizi Liquor was 33,400 hands with a transaction value of 1.03 billion yuan, while *ST Rock had a trading volume of 64,900 hands with a transaction value of 31.16 million yuan [2][1] - The overall liquor sector saw a net outflow of 969 million yuan from major funds, while retail investors contributed a net inflow of 160 million yuan [3] Fund Flow Analysis - Major funds showed significant outflows from key stocks such as Kweichow Moutai (600519) with a net outflow of 65.91 million yuan, while retail investors had a net inflow of 7039.03 million yuan into Wuliangye (000858) [3] - The fund flow dynamics indicate a shift in investor sentiment, with retail investors increasingly active in the market [3]

Summary of Shede Liquor Industry Conference Call Company Overview - **Company**: Shede Liquor Industry - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Sales Performance and Market Recovery - During the double festival period, four major products achieved year-on-year growth, indicating a gradual recovery in Baijiu consumption scenarios [2][3] - The demand for banquet scenarios is recovering the fastest, with the mass consumption segment maintaining double-digit growth, particularly for the T68 product [2][5] - Post-festival, the company continues to track weekly opening bottle numbers, which are still in a recovery phase [3] Inventory Management - The company has optimized distributor inventory to 3-4 months, ensuring a healthy and sustainable growth trajectory [2][6] - The goal is to further reduce inventory to 3 months or less by year-end, which is considered a reasonable level [7][8] Pricing and Sales Strategy - Strict price control and incentive adjustments are in place to ensure alignment between actual sales and financial reports [6][16] - The company has shifted its incentive system to target achievement based on historical sales data, resulting in over 75% of sales personnel receiving bonuses [6] Product Performance - T68 is positioned as a mid-to-high-end product and has shown steady growth in the mass consumption segment, contributing to the company's revenue [12][13] - The new 29-degree product "Zizai" is aimed at young consumers and will not enter traditional channels, focusing instead on self-operated stores and new sales strategies [14][26] E-commerce and Online Sales - E-commerce channels have seen rapid growth, with their share increasing to over 10% in 2025, and the company plans to increase online investments while maintaining stable offline development [15][18] - The main focus online is on cultural products, which do not compete with traditional distributors [18] Regional Performance - The "Pinwei Shede" brand has performed exceptionally well in Shandong, particularly in cities like Liaocheng, Tianjin, and Tangshan [10][11] - The company has seen significant growth in the Shandong market post-ban on alcohol [5][21] Future Outlook - The company expects to perform slightly better than the industry average if the overall market remains healthy [9] - Plans for 2026 include continued focus on brand elevation and channel penetration to secure a larger customer base [9][13] International Expansion - The company is actively pursuing international markets, particularly in Southeast Asia and the U.S., adapting products to local cultures and preferences [22][23] - Overseas sales have increased by over 50% in the first half of the year, although significant results will take time [23] New Product Development - The introduction of the 29-degree "Zizai" product aims to cater to new drinkers and women, while also appealing to older consumers who prefer lower alcohol content [24][26] - The company plans to launch affordable products around 100 yuan to meet diverse consumer needs [25][26] Conclusion - Shede Liquor Industry is strategically positioned for growth through effective inventory management, targeted marketing, and expansion into new consumer segments and international markets. The focus on product innovation and e-commerce development will further enhance its competitive edge in the Baijiu industry.

Core Viewpoint - The article discusses the significant decline in the performance of Shede Liquor due to weak consumer demand and governance issues, leading to a drastic drop in stock price and market capitalization, with a focus on the company's failed high-end strategy and internal conflicts among stakeholders [1][4]. Financial Performance - Shede Liquor's revenue fell to 5.357 billion yuan in 2024, a 24% decrease, with gross margin dropping to 65.5%, the lowest in eight years, and net profit margin at only 6.35% compared to the industry average of 14.95% [1][2]. - The company's core product, "Taste Shede," suffered due to price wars, with mid-to-low-end products now accounting for 35% of sales, an increase of 8 percentage points from 2023 [1][2]. - The company experienced a significant increase in inventory turnover days from 356 to 939 days, with inventory reaching 5.219 billion yuan, constituting 70% of current assets [6][7]. Governance Issues - The governance structure is characterized by a power struggle between the controlling shareholder, Fosun Group, and local state-owned assets, leading to fragmented decision-making and strategic short-sightedness [4][9]. - The company has seen a significant increase in employee numbers (from 6,630 to 9,816, a 48% rise) but with low revenue per employee of 561,000 yuan, indicating inefficiency [2][6]. - The management's incentive structure has failed, with stock options set at low performance targets, resulting in a lack of accountability and a significant drop in net profit margin from 30.38% in 2023 to 6.35% in 2024 [3][6]. Strategic Failures - The company's high-end strategy has been ineffective, with continued price increases leading to excess inventory rather than sustainable growth [6][8]. - The company has engaged in non-core expansions, such as tourism projects, which have long payback periods and are seen as a means for local government to achieve performance metrics at the expense of shareholder value [12][13]. Stakeholder Dynamics - The relationship between Fosun Group and local state-owned assets has created a "benefit alliance," where both parties prioritize their interests over those of minority shareholders, leading to systemic neglect of their rights [9][10]. - Frequent related-party transactions have resulted in risk transfer and asset depletion, with the company becoming a platform for various interests rather than focusing on its core business [10][14]. Conclusion - Shede Liquor has become a platform for various stakeholders to extract value, with the need for a restructuring of governance mechanisms and a return to core operations to avoid further deterioration of the company's foundation [14][15].

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Market Overview - The liquor sector experienced a slight increase of 0.13% on November 28, with Jinhuijiu leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Liquor Stocks Performance - Jinhuijiu (code: 616809) closed at 20.66, with a rise of 1.27% and a trading volume of 30,000 shares, amounting to 61.75 million yuan [1] - Other notable performers included Shede Liquor (code: 600702) with a 1.21% increase, and Qingdao Wenzhou (code: 000995) with a 1.04% increase [1] - Conversely, stocks like ST Yanshi (code: 600696) and Yingjia Gongjiu (code: 603198) saw declines of 1.01% and 0.71% respectively [2] Capital Flow Analysis - The liquor sector saw a net inflow of 122 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2] - However, there was a net outflow of 224 million yuan from speculative funds [2] Individual Stock Capital Flow - Kweichow Moutai (code: 600519) had a significant net inflow of 2.43 billion yuan from institutional investors, but a net outflow of 2.43 billion yuan from speculative funds [3] - Gujing Gongjiu (code: 000596) experienced a net inflow of 12.6 million yuan from institutional investors, while also facing a net outflow from speculative funds [3] - Other stocks like Shede Liquor and Tianyoude Liquor also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor types [3]

Core Points - The company held its second extraordinary general meeting of shareholders on November 27, 2025, with no resolutions being rejected [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [2][3] Group 1: Meeting Details - The meeting was chaired by the company's chairman, Mr. Pu Jizhou, and attended by all current directors and supervisors [3] - The meeting took place at the company's art center conference room [2] Group 2: Resolutions Passed - A resolution to reduce registered capital, abolish the supervisory board, increase the number of board seats, and amend the company's articles of association was approved [4] - Multiple governance-related resolutions were passed, including amendments to the rules for shareholder meetings, board meetings, independent director systems, and management of related party transactions [5][6] Group 3: Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Chengdu), confirming that the meeting's procedures and resolutions complied with legal requirements [7]

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

舍得酒业股份有限公司 章 程 (于 2025 年 11 月 27 日经公司 2025 年第二次临时股东大会审议通过) 舍得酒业股份有限公司章程 （2025 年修订） 舍得酒业股份有限公司章程 （2025 年 11 月修订） 目 录 第六章 高级管理人员 — 1 — 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 舍得酒业股份有限公司章程 （2025 年修订） — 2 — 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 ...

第一章 总则 第一条 为规范舍得酒业有限公司（以下简称"公司"）行为，保证股东会依 法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）及《舍得酒业股份有限公司章程》（以 下简称《公司章程》）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关规 定召开股东会，保证股东能够依法行使权利。 舍得酒业股份有限公司 股东会议事规则 （于 2025 年 11 月 27 日经公司 2025 年第二次临时股东大会审议通过） 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤 勉尽责，确保股东会正常召开和依法行使职权。 第四条 公司股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应 当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公司法》 第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内 召开。 公司在上述期限内不能召开股东 ...