证券代码：600702 证券简称：舍得酒业 公告编号：2024-051 舍得酒业股份有限公司 关于 2022 年限制性股票激励计划第二个解除限售期 解除限售条件成就暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 349,338 股。 本次股票上市流通总数为 349,338 股。 本次股票上市流通日期为 2024 年 12 月 27 日。 2024 年 12 月 20 日，舍得酒业股份有限公司（以下简称"公司""舍得酒业"） 召开第十一届董事会第十次会议、第十一届监事会第九次会议，审议通过了《关 于 2022 年限制性股票激励计划第二个解除限售期解除限售条件成就暨上市的议 案》，现就相关事项公告如下： 8、2022 年 12 月 27 日，公司完成了本次限制性股票激励计划授予的登记工作， 本次激励计划实际授予的激励对象人数为 280 名，实际授予的限制性股票总数为 115.98 万股。 一、本次激励计划批准及实施情况 （一）本次激励 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2024-047 舍得酒业股份有限公司 关于变更签字注册会计师的公告 1 签字注册会计师：汤静，上会经理，大学本科学历，注册会计师。自 2007 年开始从事审计业务，2014 年成为注册会计师，2024 年 6 月在上会执业，曾作 为签字注册会计师为新三板挂牌公司金丝利提供年报审计等服务。 （二）诚信及独立性情况 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。 舍得酒业股份有限公司（以下简称"公司"）分别于 2024 年 3 月 18 日、2024 年 4 月 23 日召开第十一届董事会第五次会议、2023 年年度股东大会，审议通过 了《关于续聘上会会计师事务所（特殊普通合伙）为公司 2024 年度财务审计机 构和内部控制审计机构的议案》，同意续聘上会会计师事务所（特殊普通合伙） （以下简称"上会"）为公司 2024 年度财务审计机构和内部控制审计机构。具体 内容详见公司于 2024 年 3 月 20 日在上海证券交易所网站（www.sse.com.cn）披 露的《舍得酒业 ...

重要内容提示： | 回购方案首次披露日 | 2024/10/29 | | | --- | --- | --- | | 回购方案实施期限 | 董事会审议通过后 6 个月 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 24.86 | 万股 | | 累计已回购股数占总股本比例 | 0.07% | | | 累计已回购金额 | 1,866.02 | 万元 | | 实际回购价格区间 | 72.23 元/股 | 元/股~81.23 | 一、 回购股份的基本情况 2024 年 10 月 28 日，舍得酒业股份有限公司（以下简称"公司""舍得酒业"） 召开第十一届董事会第九次会议审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以自有资金和/或自筹资金通过集中竞价交易方式回 购公司股份，用于实施员工持股计划或股权激励。本次回购的资金总额不低于人 民币 10,000 万元（含）且不超过人民币 20,00 ...

Company and Industry Summary Company Overview - The company discussed is a player in the liquor industry, specifically focusing on the production and marketing of premium liquor products, including a notable product priced at 200 yuan, which has exceeded a revenue scale of 10 billion yuan [1][6]. Key Points and Arguments - **Marketing Strategy**: The company continues to focus on product and regional concentration, maintaining a stable pricing strategy for its premium products. The pricing has shown slight increases compared to the beginning of the year, despite a challenging economic environment [1]. - **Product Performance**: The flagship product, "头发768," has undergone a brand refresh and is experiencing double-digit growth. The introduction of the "汤米十年" product in the 1000 yuan price range is also contributing positively to brand strategy and sales [2]. - **Market Focus**: The company is concentrating on mature markets, establishing model cities in key regions to mitigate external risks and drive future growth. This includes a focus on specific cities in Shandong, Hebei, and Sichuan [3]. - **Inventory Management**: The company is actively reducing inventory levels and believes that its marketing innovations and competitive positioning will allow it to navigate the current economic downturn effectively [4]. - **Sales Channels**: The company plans to explore new sales channels and enhance marketing efforts, particularly in the fourth quarter, to capitalize on year-end demand from corporate events and gatherings [5]. - **Future Outlook**: The company aims for growth in its financial reports, although the extent of this growth will depend on market conditions and internal execution [6]. - **Product Mix**: The share of premium products in the overall portfolio has decreased from over 50% to around 45%, while the "舍之道" product line is expected to maintain a growth trajectory, contributing approximately 25% to total sales [7]. - **Legal Issues**: There is an ongoing legal dispute involving the company's subsidiary, 夜郎谷, with a recent court ruling favoring a competitor. The company remains optimistic about resolving the issue favorably [9]. - **Regional Performance**: The company has noted significant pressure in the Henan market due to pricing inconsistencies and competition, prompting organizational adjustments and price corrections [12]. - **Brand Investment**: Continuous investment in brand building is emphasized, with a focus on consumer engagement and promotional activities to enhance market presence [15]. - **Dividend Policy**: The company aims to steadily increase its dividend levels, aligning with its growth and funding needs while remaining cautious about sudden increases [14]. Additional Important Information - **Market Dynamics**: The liquor industry is currently facing pressures, but the company believes that its strategic focus on high-quality products and targeted marketing will yield positive results as the market stabilizes [10]. - **Sales Strategy**: The company is shifting towards a more consumer-centric approach, utilizing promotions and direct consumer engagement to drive sales [16]. - **Employee Engagement**: The company is committed to enhancing employee mechanisms and ensuring effective execution of its strategies [17].

Summary of Shede Liquor Industry Conference Call Company Overview - Shede Liquor achieved a revenue of 4.46 billion yuan and a net profit of 669 million yuan in the first three quarters of 2024, with total assets reaching 11.63 billion yuan and shareholders' equity at 7.09 billion yuan [2][3] Core Strategies and Initiatives - The company is actively promoting a youth-oriented strategy by attracting young consumers through cultural and creative products and building a young talent team through internal training [2][4] - Shede Liquor has established a presence in 35 countries and regions, transitioning from trade to deep cultivation in its international strategy, enhancing its global brand influence [2][5] - In response to the adjustment in the liquor industry, the company has adopted a proactive volume control and price support strategy, assisting distributors in enhancing sales capabilities to ensure long-term healthy development [2][6] - For Q4 2024, the company plans to strengthen its old liquor strategy, enhancing brand strength, channel strength, product strength, and organizational strength, while increasing its high-end market share and promoting national and international expansion [2][7] Financial Performance - Liquor products accounted for 90.47% of total revenue, with mid-to-high-end liquor generating 3.50 billion yuan and ordinary liquor 537 million yuan [3] Market Positioning - The company emphasizes a multi-brand matrix strategy alongside its old liquor and youth-oriented strategies to build a sustainable high-quality development model [2] Additional Insights - The company is focusing on enhancing its core competitiveness through initiatives like FC to m ecological innovation and SES Oriental lifestyle aesthetics to address market challenges and opportunities [2][7]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is focusing on long-term value by actively reducing speed and improving quality, with a revenue target of 7 billion yuan and expected stable growth in the future [2][3] - The third quarter performance showed a slight slowdown, highlighting strategic allocation opportunities for the medium to long term [3] - The company is undergoing a volume control adjustment, which continues to pressure short-term performance, particularly in the mid-to-high-end liquor segment due to weak demand [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.46 billion yuan, a year-on-year decrease of 15.03%, and a net profit attributable to shareholders of 669 million yuan, down 48.35% year-on-year [3] - In Q3 2024, revenue was 1.19 billion yuan, a decline of 30.92% year-on-year, with a net profit of 78 million yuan, down 79.23% year-on-year [3] - The gross margin for Q3 2024 was 63.66%, a decrease of 10.97 percentage points year-on-year, primarily due to inventory control measures [3] Market Strategy - The company is enhancing marketing efforts for terminal consumer groups and actively controlling volume to stabilize prices, which is expected to gradually release channel inventory pressure [3] - The company aims to balance product offerings across various price segments, focusing on key products like "Pinnacle" and "T68" for continued growth [3] - The board approved a share repurchase plan with an expected amount of 100 to 200 million yuan, indicating confidence in future development [3] Profit Forecast - The profit forecast for 2024, 2025, and 2026 is adjusted to 870 million yuan, 960 million yuan, and 1.08 billion yuan respectively, with year-on-year changes of -51.0%, +10.7%, and +12.5% [3][4] - The current stock price corresponds to a PE ratio of 31, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]

| 回购方案首次披露日 | 2024/10/29 | | | --- | --- | --- | | 回购方案实施期限 | 董事会审议通过后 6 个月 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 3.00 | 万股 | | 累计已回购股数占总股本比例 | 0.01% | | | 累计已回购金额 | 242.08 | 万元 | | 实际回购价格区间 | 80.33 元/股 | 元/股~81.23 | 一、 回购股份的基本情况 2024 年 10 月 28 日，舍得酒业股份有限公司（以下简称"公司""舍得酒业"） 召开第十一届董事会第九次会议审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以自有资金和/或自筹资金通过集中竞价交易方式回 购公司股份，用于实施员工持股计划或股权激励。本次回购的资金总额不低于人 民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价 ...

舍得酒业股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 证券代码：600702 证券简称：舍得酒业 公告编号：2024-044 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： 会议召开时间：2024 年 11 月 20 日（星期三）下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（https://roadshow.ssein fo.com/） 会议召开方式：上证路演中心视频播放结合网络文字互动 投资者可于 2024 年 11 月 13 日（星期三）至 11 月 19 日（星期二）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司证券事务 部邮箱（tpzqb@tuopai.biz）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 舍得酒业股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布《舍 得酒业 2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2024-043 舍得酒业股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）。 ● 回购股份资金来源：舍得酒业股份有限公司（以下简称"公司"）自有资金和/或 自筹资金。 ● 回购股份用途：用于公司的员工持股计划或股权激励。 ● 回购股份价格：不超过人民币 91.00 元/股（含）。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自公司董事会审议通过本次回购股份方案之日起不超过 6 个月。 ● 相关股东是否存在减持计划：经问询，截至董事会审议通过本次回购方案之日， 公司董监高、控股股东、实际控制人未来 3 个月、未来 6 个月均不存在减持公司股份的 计划。若在上述期间拟实施股份减持计划，公司将按相关规定及时履行信息披露义务。 ● 相关风险提示： 1、若本次回购期限内，公司股票价格持续超出回购方 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 91 CNY per share [4][12]. Core Views - The company is experiencing significant pressure on its performance, with Q3 2024 revenue and net profit down by 30.92% and 79.23% year-on-year, respectively [1]. - The company is focusing on inventory reduction and controlling product distribution, particularly in the mid-to-high-end liquor segment [1]. - The company plans to initiate a share buyback program, amounting to 1-2 billion CNY, representing 0.33%-0.66% of its shares [1]. Financial Performance Summary - Q3 2024 revenue was 1.189 billion CNY, with a net profit of 78 million CNY and a non-recurring net profit of 75 million CNY, reflecting a year-on-year decline of 30.92%, 79.23%, and 79.13%, respectively [1]. - The gross margin decreased by 10.97 percentage points to 63.66%, and the net margin fell by 15.59 percentage points to 6.34% due to a shift in product structure [2]. - The company reported a negative operating cash flow of 124 million CNY in Q3 2024, marking a year-on-year increase in losses of 108.78% [2]. Revenue and Profit Forecast - The company expects to continue adjustments in Q4 2024, preparing for a more favorable performance in 2025, with projected revenues of 5.636 billion CNY, 5.873 billion CNY, and 6.384 billion CNY for 2024, 2025, and 2026, respectively [2][3]. - The forecasted net profit for 2024 is 951 million CNY, with expected growth of 9% and 16% in 2025 and 2026, respectively [2][3]. Sales Performance - Q3 2024 sales revenue from mid-to-high-end liquor was 897 million CNY, down 35.66% year-on-year, while ordinary liquor revenue was 153 million CNY, down 14.96% [1]. - The company's sales revenue from domestic and foreign markets in Q3 2024 was 347 million CNY and 703 million CNY, respectively, with declines of 21.59% and 37.87% year-on-year [1]. Cost and Expense Management - The company has adopted a cautious approach to expense management, with the sales expense ratio increasing by 3.38 percentage points to 24.84% in Q3 2024 [2]. - The management expense ratio decreased slightly by 0.46 percentage points to 12.31% [2].