投资建议与盈利预测：公司坚定长期发展战略，主动实施控量挺价策略，积极协助经销商提升动销，消 化渠道库存。8 月30 日将上市首款低酒度畅饮型老酒"舍得自在"，顺应白酒年轻化及低度化趋势。公司 将坚持以老酒战略为基石，推动多品牌矩阵、年轻化和国际化战略，业绩有望企稳回升。预计公司25- 27 年实现营业收入56.31/60.65/66.44 亿元；实现归母净利润9.08/10.28/11.09 亿元；PE 分别为 22.34/19.74/18.29x，维持"推荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期；行业竞争加剧等 电商销售稳步增长，全渠道布局持续深化。25H1 省内/省外分别实现营收7.83/16.35 亿元，同 比-13.91%/-21.24%。从渠道端来看，批发代理/电商分别实现收入20.82/3.36 亿元，同 比-23.72%/+31.38%。近年来，公司不断加强对市场、渠道及消费者的研究与运营，在服务上千家一级 经销商及数万家烟酒店渠道为核心终端的基础上，不断拓展电商、C2M、企业团购、现代商超、餐饮 等新渠道，全渠道销售能力不断提升。通过生态融通、数字化会 ...

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） A股三大25日指数早盘集体上涨，截至午盘，沪指涨0.86%，深成指涨1.61%，创业板指大涨2.22%，报 2741.98点，创3年新高，北证50指数跌0.21%，沪深京三市半日成交额21019亿元，较上日放量5713亿 元。全市场超2800只个股上涨。板块题材上，稀土有色、AI硬件、白酒、房地产、风电设备板块涨幅 居前；美容护理、服装、汽车整车板块表现落后。盘面上，AI硬件股早盘再度大涨，寒武纪升破1300 元，海光信息市值突破5000亿元，新易盛、中际旭创盘中涨超10%再创新高。稀土有色板块全线爆发， 金力永磁、北方稀土、中钢天源等股封板涨停。房地产板块集体反弹，万科A封板涨停，万通发展3连 板。白酒股同步走强，舍得酒业涨停，水井坊、山西汾酒跟涨。全市场成交额早盘快速攀升，半个成交 日已突破2万亿元。 ...

行业仍处于深度调整期，是否筑底仍待观望。 今日白酒股再度集体上涨，舍得酒业（600702.SH）开盘后迅速冲至涨停。 二季报显示，舍得酒业业绩调整明显放缓。业内认为，从第二季度表现来看，舍得酒业市场或呈现调整 筑底态势，舍得酒业近期股价累计涨幅已达30%，但行业仍处于深度调整阶段，行业是否筑底仍待观 察。 公告显示，上半年舍得酒业实现营业收入27亿元，同比减少17.4%；实现净利润4.4亿元，同比减少 25%。不过第二季度舍得酒业的调整态势明显放缓，单季实现收入11.3亿元，同比跌幅收窄至3.4%（上 年同期为-22.6%）；实现归母净利润9717万元，同比增长139.5%。而在之前连续四个季度，舍得酒业收 入和净利润均呈双位数下滑。 机构研报显示，第二季度舍得酒业中高档产品仍处于调整阶段，销售收入下降15.6%，但降幅有所收 窄；普通酒销售收入则大幅增长62.3%。 知趣咨询总经理蔡学飞向第一财经记者表示，舍得酒业第二季度业绩企稳，一方面源于去年同期的低基 数效应，另一方面则得益于名酒企业较为稳固的市场基本盘。随着产品价格下探、性价比凸显，其业绩 更容易实现筑底反弹。 自8月11日以51.5元开盘以来，舍得 ...

Group 1 - A-shares in the liquor sector experienced significant gains, driven by favorable factors such as clear valuation advantages and the upcoming Mid-Autumn Festival [1] - Shede Liquor reached the daily limit, while Shui Jing Fang and Ying Jia Gong Jiu rose over 6%, and other notable brands like Jin Hui Jiu and Shanxi Fen Jiu increased by over 4% [1] - Major brands such as Luzhou Laojiao and Wuliangye also saw increases, with Guizhou Moutai rising over 1% [1] Group 2 - The market capitalization and year-to-date performance of several liquor companies were highlighted, with Shede Liquor at 22.3 billion and a year-to-date increase of 2.42% [2] - Shui Jing Fang had a market cap of 23.7 billion but a year-to-date decline of 7.24%, while Ying Jia Gong Jiu's market cap was 37.3 billion with a decline of 10.31% [2] - Shanxi Fen Jiu showed strong performance with a market cap of 249.5 billion and a year-to-date increase of 14.93% [2]

21世纪经济报道记者肖夏 上周超过10家酒业上市公司披露了半年报，从数据来看二线白酒普遍下跌，业绩大幅倒退的不在少数。 与此同时，一线名酒还在继续推新品、搞升级抢占市场。 茅台1935新品开启预售：定位高端款 500ml定价998元 21记者注意到，8月25日茅台酱香酒在淘宝、京东的旗舰店纷纷推出茅台1935新品的预售，预售时间为8 月25日至8月27日。这款产品被称为茅台1935的"高端款"，定价998元，容量500ml，尚无产品具体介 绍。 21记者了解到产品将在8月28日上市，市场传言其定名可能为茅台1935（精品），包装与此前各款茅台 1935有较大差别，定价也低于此前茅台1935的产品。茅台1935是茅台酱香系列酒的主力大单品，问世以 来酒体已经进行过两次升级，推出了多款文创产品和不同容量的收藏、陈列款。 29度五粮液新品、29度舍得新品即将上市 古井贡推出26度新品 备受市场关注的29度"五粮液·一见倾心"预计将在本周上市，并将邀请代言人。今年6月底，五粮液在 2024年度股东大会上宣布将推出29度五粮液产品。为这款产品，五粮液此前调制出三种不同口味的酒 样，并在业内进行了小规模投放调研。 舍得酒 ...

8月22日晚间，舍得酒业（600702.SH）披露的2025年上半年财务报告显示，公司实现营业收入27.01亿元，归母净利 润达4.43亿元。其中，二季度归母净利润同比大幅增长139.48%，呈现边际改善趋势。报告期内，舍得酒业执行"渠道 向下，品牌向上，全面向C"（"三化"）策略，在增量市场取得突出成效。 数据显示，报告期内舍得酒业在东南亚地区的销售收入同比增长50%，产品动销增长120%。特别是在马来西亚等国， 舍得产品的铺货率超过了当地主要白酒品牌，深受当地消费者喜爱。 二季度归母净利润增至9717万元，东南亚市场营收增长50% 作为川酒"六朵金花"中的一员，舍得酒业旗下拥有"沱牌""舍得"两大知名白酒品牌。今年第二季度，舍得酒业营业收 入达到11.25亿元，归母净利润为9717.02万元。与2024年第二季度的4057.6万元相比，归母净利润同比增长了 139.48%。同时，二季度末舍得酒业的总资产攀升至124.07亿元，同比增长7.13%，呈现出稳健上升的良好态势。 制作：金融界上市公司研究；数据来源：东财Choice 自2024年以来，白酒行业处于深度调整阶段，白酒产品销售面临较大压力，客户信心也 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the A-share market for liquor stocks, with Shede Liquor leading the gains by over 7% [1] - Other notable performers include Shui Jing Fang, Shanxi Fen Jiu, Ying Jia Gong Jiu, and Luzhou Laojiao, all experiencing gains of over 1% [1] Group 2 - Shede Liquor (600702) saw a rise of 7.34%, with a total market capitalization of 21.8 billion and a year-to-date change of -0.06% [2] - Shui Jing Fang (600779) increased by 1.85%, with a market cap of 22.5 billion and a year-to-date decline of -11.63% [2] - Ying Jia Gong Jiu (603198) rose by 1.71%, with a market cap of 35.7 billion and a year-to-date decline of -14.09% [2] - Shanxi Fen Jiu (600809) increased by 1.68%, with a market cap of 243.8 billion and a year-to-date increase of 12.31% [2] - Luzhou Laojiao (000568) rose by 1.58%, with a market cap of 195.4 billion and a year-to-date increase of 11.27% [2] - Other companies such as Jinzhongzi Jiu (600199) and Gujing Gong Jiu (000596) also showed minor increases, with market caps of 7.4 billion and 87.5 billion respectively [2]

证券研究报告 公司研究 [Table_ReportType] 点评报告 | [Table_StockAndRank] 舍得酒业 (600702.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮箱： zhaodanchen@cindasc.com 相关研究 [舍得酒业（ Table_Other600702.SH Report] ）：逆 势激励，注入信心 2025.03.28 舍得酒业（600702.SH）：保 持自信坚韧，坚守长期主义 2024.04.25 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 战略灵活，多效并举 [Table_ReportDate] 2025 年 08 月 25 日 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 二季度收入降幅收窄，矩阵式发展路径清晰。25Q2， ...

Q&A 2025 年上半年舍得酒业的整体业绩表现如何？ 2025 年上半年，舍得酒业在经历了行业压力和禁酒令影响的情况下，展现出 强劲的反弹势头。特别是在二季度，尽管白酒行业整体承压，但公司依靠去库 存、稳价格等措施，实现了显著增长。二季度利润同比增长 139.5%，营收基 本持平，环比第一季度降幅明显收窄，显示出业绩回升的趋势。 舍得酒业 20250823 摘要 舍得酒业 2025 年二季度利润同比增长 139.5%，营收与去年同期基本 持平，环比一季度降幅收窄，显示业绩回升，受益于主动市场调整和稳 健的价格管理体系。 公司通过全面降本增效，控制采购、职能部门及中后台费用，改善利润， 该策略将持续至 2026 年，以应对行业深度调整期。 面对行业压力，公司对中秋国庆期间市场持积极展望，动销状况良好， 坚持高端化方向，优化品牌战略和加强市场推广。 公司实施"三好"价格管理体系（平衡供需、管理费用、治理渠道）， 稳住基本盘，舍之道和沱牌特曲 T68 增速稳健，T68 连续三年高速增长。 公司通过电商、团购直销团队及全国化拓展寻找增量市场，聚焦核心七 个基地市场，并计划发布 29 度新品吸引消费者。 为应对经销商 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's operating performance has significantly improved, with cash flow and advance payments being reasonable [3] - The revenue and profit for the first half of 2025 met market expectations, despite a year-on-year decline [2] - The growth in ordinary liquor sales has compensated for some declines in high-end liquor, indicating a stabilizing distribution system [4] - The company has effectively controlled costs, showing potential for recovery in profitability [6][7] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 2.701 billion yuan, down 17.41% year-on-year, and a net profit attributable to shareholders of 443 million yuan, down 24.98% year-on-year [2] - In Q2 2025, total revenue was 1.125 billion yuan, a decline of 3.44% year-on-year, while net profit increased by 139.48% year-on-year to 97 million yuan [3] Product and Sales Analysis - In Q2 2025, liquor revenue decreased by 4.52% year-on-year, with high-end liquor revenue down 15.65% and ordinary liquor revenue up 62.25%, driven by strong sales of the main product T68 [4] - The company had 2,585 distributors at the end of Q2 2025, indicating a gradual stabilization in the distribution system [4] Regional Performance - In Q2 2025, revenue from within the province decreased by 21.20% year-on-year, while revenue from outside the province increased by 4.84% [5] Cost Control and Profitability - The gross margin for Q2 2025 was 60.60%, a slight decrease of 0.33 percentage points year-on-year, with the overall gross margin for H1 2025 down 3.73 percentage points [6] - The net profit margin for Q2 2025 improved to 8.56%, an increase of 4.92 percentage points year-on-year, although it remains low compared to peers in the liquor industry [7] Investment Recommendations - The company's revenue forecasts for 2025-2027 have been revised downwards, with expected revenues of 4.898 billion yuan, 5.315 billion yuan, and 5.670 billion yuan respectively [8] - The earnings per share (EPS) estimates for the same period have been adjusted to 1.87 yuan, 2.12 yuan, and 2.30 yuan [8]