证券日报网讯 9月10日晚间，舍得酒业发布公告称，公司于近日与大连银行股份有限公司成都分行签订 了《最高额保证合同》，为公司全资子公司四川沱牌舍得营销有限公司与大连银行在2025年8月28日至 2026年7月23日期间签订的本外币借款合同、外汇转贷款合同、银行承兑汇票承兑合同、信用证开证协 议、开立担保协议、国际国内贸易融资协议、远期结售汇等协议项下发生的全部债务提供连带责任保 证。本次担保最高债权额不超过人民币24，000万元，无反担保。截至本公告披露日，公司及其子公司 对外担保总额为人民币250，000万元，占公司最近一期经审计净资产的比例为35.06%；公司及其子公 司实际发生的对外担保余额为人民币24，000万元，占公司最近一期经审计净资产的比例为3.37%。 （文章来源：证券日报） ...

舍得酒业股份有限公司 关于为全资子公司提供融资担保的进展公告 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。 重要内容提示： 担保对象及基本情况 证券代码：600702 证券简称：舍得酒业 公告编号：2025-046 | | 被担保人名称 本次担保金额 | 24,000 | 四川沱牌舍得营销有限公司 万元 | | --- | --- | --- | --- | | 担保 | | | | | 对象 | 实际为其提供的担保余额 | 24,000 | 万元（含本次） | | | 是否在前期预计额度内 | 是 | □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 250,000 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 35.06 | 注：表中截至本公告日上市公司及其 ...

Core Viewpoint - The launch of the new high-end liquor series "舍得·万木争春" and "舍得坛装酒·舍得智慧人物" marks a significant collaboration between Shede Liquor and renowned media figure Lang Yongchun, aiming to deepen the cultural and commercial integration of the "舍得智慧人物" IP [1][3][14] Group 1: Product Launch and Strategy - The event represents a strategic move for Shede Liquor to implement its "全面向C" strategy, focusing on high-end private consumer circles [3][14] - The two new products are designed to create a "品销协同" closed loop, leveraging the synergy of celebrity influence and brand strength [3][11] Group 2: Cultural and Philosophical Significance - Shede Liquor's president, Tang Huir, emphasized that the collaboration with Lang Yongchun is rooted in a shared recognition of "wisdom," transforming the product into a tangible representation of time and experience [6][9] - Lang Yongchun highlighted that the collaboration aims to make the deep-rooted "舍得智慧" culture a shareable and collectible lifestyle element, showcasing the unique charm of Eastern aesthetics [9][11] Group 3: Product Features and Value Proposition - The new products are built on the core value of "稀缺老酒," focusing on four dimensions: ecological rarity, unique craftsmanship, limited collectibility, and cultural premium [11][14] - The innovative concept of "以酒会友 淳享健康" aims to create a high-end consumer service system, offering a premium experience through product tasting, exclusive rights, and concierge services [13][14] Group 4: Future Directions - The launch signifies a key step for Shede Liquor in IP operation and high-end marketing, with plans to deepen its old liquor strategy and continue creating better products and experiences for consumers [14]

Core Viewpoint - Shede Spirits achieved a net profit of 0.97 billion yuan in Q2, representing a year-on-year increase of 139.48%, while the net profit for H1 2025 was 4.43 billion yuan, down 24.98% [1] Group 1: Financial Performance - In Q2 2025, the revenue from mid-to-high-end liquor was 7.39 billion yuan, a decrease of 15.65%, while the revenue from ordinary liquor was 2.37 billion yuan, an increase of 62.25% [1] - The demand for the sub-high-end price segment is still recovering, with T68 showing a high year-on-year growth rate [1] Group 2: Strategic Initiatives - The company is focusing on an old liquor strategy as a cornerstone, while simultaneously promoting a multi-brand strategy, youth-oriented strategy, and internationalization strategy [1] - Early inventory destocking and expense control have helped stabilize the company's fundamentals, with expectations for gradual recovery in net profit due to expense management and product structure adjustments [1] Group 3: Future Outlook - Due to pressure on government and business consumption scenarios, the revenue growth forecast for 2025-2027 has been revised down to -9%, 5%, and 10% respectively [1] - The forecast for net profit growth has also been adjusted to 100%, 11%, and 23% for the same period [1] - The current stock price corresponds to a PE ratio of 30 times for 2026, and the company maintains a "buy" rating [1]

9月9日，舍得酒业盘中下跌2.03%，截至10:08，报66.68元/股，成交2.55亿元，换手率1.14%，总市值 221.88亿元。 资金流向方面，主力资金净流出3050.82万元，特大单买入1576.23万元，占比6.17%，卖出2766.22万 元，占比10.83%；大单买入5491.78万元，占比21.50%，卖出7352.62万元，占比28.78%。 分红方面，舍得酒业A股上市后累计派现22.90亿元。近三年，累计派现13.53亿元。 机构持仓方面，截止2025年6月30日，舍得酒业十大流通股东中，招商中证白酒指数A（161725）位居 第二大流通股东，持股1645.38万股，持股数量较上期不变。酒ETF（512690）位居第五大流通股东， 持股436.87万股，相比上期增加85.44万股。香港中央结算有限公司位居第六大流通股东，持股135.23万 股，相比上期减少96.93万股。交银启道混合（010483）位居第八大流通股东，持股132.24万股，为新进 股东。鹏华酒A（160632）退出十大流通股东之列。 责任编辑：小浪快报 舍得酒业今年以来股价涨1.79%，近5个交易日跌0.71%，近20日 ...

进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为695.57万元。 证券时报·数据宝统计显示，舍得酒业今日收盘价为68.06元，上涨2.25%，日换手率为4.80%，成交额为 10.89亿元，全天主力资金净流出39.55万元，近5日该股累计下跌1.86%，近5日资金合计净流出6438.63 万元。 两融数据显示，该股最新融资余额为15.35亿元，近5日减少4411.72万元，降幅为2.79%。（数据宝） 9月8日舍得酒业大宗交易一览 （文章来源：证券时报网） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.61 | 381.82 | 68.06 | 0.00 | 招商证券股份有限公司 | 招商证券股份有限公司西 | | | | | | 内设营业部（自营） | 安曲江新区证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 舍得酒业9月8日大宗交 ...

Group 1 - The core point of the article highlights the recent trading activity of Shede Spirits, which saw a 2.25% increase in stock price, closing at 68.06 yuan, with a significant block trade occurring [1] - The block trade involved a total volume of 56,100 shares and a transaction amount of 3.8182 million yuan, with a premium rate of 0.00% [1] - Over the past three months, Shede Spirits has recorded two block trades with a cumulative transaction amount of 6.9557 million yuan, indicating a relatively low trading frequency [1] Group 2 - In the last five trading days, the stock has experienced a cumulative decline of 1.86%, with a net outflow of 121 million yuan from major funds [1]

Group 1 - On September 8, Shede Liquor conducted a block trade of 56,100 shares, with a transaction amount of 3.8182 million yuan, accounting for 0.35% of the total transaction amount for that day [1] - The transaction price was 68.06 yuan, which was in line with the market closing price of 68.06 yuan [1]

Core Viewpoint - Shede Liquor's half-year report indicates a significant decline in revenue and profit, reflecting challenges in the white liquor industry due to changing consumer demand and intensified competition [1][1][1] Financial Performance - Shede Liquor achieved operating revenue of 2.701 billion yuan, a decrease of 17.41% compared to the same period last year [1] - The net profit attributable to shareholders was 443 million yuan, also showing a decline from the previous year [1] Industry Context - The current white liquor demand is below expectations, with noticeable differentiation in consumer price points and increasing competition within the industry [1][1] - The company's sales of white liquor products are under pressure, and customer confidence is still in the recovery phase [1] Strategic Response - Despite the challenging industry backdrop, Shede Liquor's "control volume and maintain price" strategy has helped the company gradually return to a normal performance trajectory [1] - In Q1 and Q2 of 2025, the company reported revenues of 1.576 billion yuan and 1.125 billion yuan, respectively, impacted by industry adjustments [1] Product Strategy - Shede Liquor has focused on a reasonable layout of multi-price products, achieving significant results with mid-to-high-end products like "Tianzi Hu" and "She Zhi Dao," generating 1.973 billion yuan in revenue and a gross margin of 76.82% [1] Marketing Initiatives - The company has implemented a strategy centered on "old liquor, multi-brand matrix, youthfulness, and internationalization," along with a "3+6+4" marketing strategy to enhance brand quality, product pricing, and sales channels [1] - Shede Liquor has deepened its digital marketing efforts, launching campaigns such as "New Year Must Be Generous" and integrating brand and market activities [1] Management Changes - Notably, there have been multiple personnel changes at Shede Liquor since the second half of 2024, including the resignation of Vice President Wang Weilong for personal reasons [1]

Core Insights - The Chinese liquor industry is experiencing a dual drive of consumption recovery and structural upgrades, leading to a pronounced trend of "the strong getting stronger and increased differentiation" [2][3] Group 1: Financial Performance - In the first half of the year, 19 A-share listed liquor companies reported a total revenue of 235.21 billion yuan, a year-on-year decrease of 0.5%, and a total net profit of 94.39 billion yuan, down 0.92% [2] - The top six liquor companies, including Kweichow Moutai and Wuliangye, accounted for 89.82% of the total revenue of A-share listed liquor companies, with a combined revenue of 211.25 billion yuan [2][3] - Kweichow Moutai achieved a main revenue of 89.39 billion yuan, while Wuliangye reported 52.77 billion yuan, and Shanxi Fenjiu reached 23.96 billion yuan in the first half of 2025 [3] Group 2: Market Dynamics - The market share of the top six liquor brands increased from 86.82% in 2022 to 89.82% in mid-2025, indicating a shift from the "80/20 rule" to the "90/10 rule" [4] - Kweichow Moutai's revenue share of the industry increased from 36.37% in 2022 to 38% in the first half of 2025, showcasing its strong brand moat and pricing power [4] - Shanxi Fenjiu has become a notable disruptor in the industry, achieving double-digit growth in revenue and net profit for eight consecutive years, increasing its market share from 7.68% in 2022 to 10.19% in the first half of 2025 [4] Group 3: Industry Challenges and Strategies - The liquor industry is entering a deep adjustment period characterized by policy adjustments, consumption changes, and intensified competition, where stability is deemed more important than growth [5] - Many liquor companies are enhancing promotional efforts, such as Shanxi Fenjiu's strategic branding initiatives through high-profile media appearances and cultural events [5] - The industry is shifting focus towards providing genuine value to consumers, particularly the younger generation, as blind expansion and price increases pose increasing risks [6] Group 4: Consumer Complaints - Consumer complaints in the liquor industry are primarily concentrated in three areas: product quality, marketing irregularities, and consumer experience [8] - Issues related to product quality include the prevalence of counterfeit high-end liquor and deceptive practices surrounding "vintage liquor" [8] - Marketing concerns involve false advertising in live-streaming sales and misleading pricing strategies during promotional events [8]