公司代码：600702 公司简称：舍得酒业 舍得酒业股份有限公司 2024 年度内部控制评价报告 舍得酒业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-008 舍得酒业股份有限公司 关于会计政策变更的公告 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。 重要内容提示： 本次会计政策变更系舍得酒业股份有限公司（以下简称"公司"）根据中 华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释第 17 号》（财会〔2023〕21 号）（以下简称《准则解释第 17 号》）、《企业会计准则解 释第 18 号》（财会〔2024〕24 号）（以下简称《准则解释第 18 号》）变更相应的 会计政策。本次会计政策变更不会对公司财务状况、经营成果和现金流量产生重 大影响，亦不存在损害公司及股东利益的情况。 本次会计政策变更，是公司根据国家统一的会计制度要求进行的变更，无 需提交公司董事会、监事会和股东大会审议。 一、本次会计政策变更概述 （一）会计政策变更的原因和日期 2023年10月25日，财政部发布了《准则解释第17号》，其中"关于流动负债 与非流动负债的划分"的规定，自2024年1月1日起施行。 2024年12月6日 ...

第十一届监事会第十一次会议决议公告 证券代码：600702 证券简称：舍得酒业 公告编号：2025-010 舍得酒业股份有限公司 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21日以现场结合通讯方 式召开了第十一届监事会第十一次会议，有关本次会议的通知，已于2025年3月10日通 过书面和电子邮件方式送达全体监事。会议应到监事5人，实到监事5人，符合《公司法》 和《公司章程》的规定。会议由监事会主席刘强先生主持，经与会监事认真讨论，以记 名投票方式进行表决，审议通过以下议案： 一、 审议通过《公司2024年度监事会工作报告》。 表决结果：5票同意、0票反对、0票弃权。 本议案尚需提交公司股东大会审议。 二、 审议通过《公司2024年年度报告及报告摘要》。 （一）年度报告编制和审议程序符合法律、法规、《公司章程》和公司内部管理制 度的各项规定； （二）年度报告的内容和格式符合中国证监会和上海证券交易所的各项规定，所包 含的信息能从各个方面真实地反映出公司当年度的经营管理 ...

舍得酒业股份有限公司（以下简称"公司""舍得酒业"）于 2025 年 3 月 21 日以现 场结合通讯方式召开了第十一届董事会第十二次会议，有关本次会议的通知，已于 2025 年 3 月 10 日通过书面和电子邮件方式送达全体董事。会议应到董事 9 人，实到董事 9 人，符合《公司法》和《公司章程》的规定。会议由董事长蒲吉洲先生主持，经与会董 事认真讨论，以记名投票方式进行表决，审议通过以下议案： 证券代码：600702 证券简称：舍得酒业 公告编号：2025-009 舍得酒业股份有限公司 第十一届董事会第十二次会议决议公告 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。 本议案在提交公司董事会审议前已经公司第十一届董事会审计委员会第十一次会 议审议通过。 一、 审议通过《公司2024年度董事会工作报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 《 公 司 2024 年 年 度 报 告 》 全 文 及 报 告 摘 要 详 见 上 海 证 券 交 易 所 网 站 (www.sse.co ...

Financial Performance - The company achieved a net profit attributable to shareholders of 345,774,519.36 yuan for the year 2024, a decrease of 80.46% compared to 2023[7]. - Total operating revenue for 2024 was 5,357,069,110.11 yuan, representing a decline of 24.41% from the previous year[23]. - The basic earnings per share for 2024 dropped to 1.0521 yuan, down 80.30% from 5.3399 yuan in 2023[24]. - The weighted average return on net assets decreased to 4.99%, down 20.77 percentage points from 25.76% in 2023[24]. - The net cash flow from operating activities for 2024 was -707,555,488.03 yuan, a significant decline from the previous year's positive cash flow[23]. - The company reported a net profit excluding non-recurring gains and losses of 400,507,500.01 yuan, down 76.64% from the previous year[23]. - The company's net assets attributable to shareholders at the end of 2024 were 6,808,281,681.38 yuan, a decrease of 5.92% from the end of 2023[23]. - Operating profit fell to CNY 567.64 million, down 75.34% year-on-year[49]. - The company reported a significant decline in sales volume for its main product, liquor, with production down 28.21% and sales down 28.70%[56]. - The gross margin for liquor decreased by 7.65 percentage points to 70.93%[54]. Dividend Distribution - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares, amounting to a total of 141,566,169.93 yuan, which is 40.94% of the net profit attributable to shareholders[7]. - The cash dividend for the year 2023 is set at 21.50 yuan per 10 shares, totaling 711,678,238.10 yuan distributed to shareholders[143]. - The company’s cash dividend policy stipulates that at least 10% of the distributable profit must be distributed as cash dividends annually, with specific conditions for higher percentages based on the company's development stage[142]. - The cash dividend amount for the most recent accounting year was 141,566,169.93 RMB, which is consistent with the company's profit distribution strategy[145]. - Over the last three accounting years, the cumulative cash dividend amounted to 1,353,038,376.53 RMB, resulting in a cash dividend ratio of 106.80% based on the average annual net profit of 1,266,868,918.08 RMB[147]. Marketing and Sales Strategy - The company implemented a "control volume and raise price" strategy to support sales and reduce channel inventory, amidst a challenging market environment[33]. - The marketing strategy includes a focus on "old liquor" and a multi-brand matrix, with a "3+6+4" marketing approach aimed at enhancing brand recognition and sales performance[33]. - The company aims to enhance its high-end market share and develop strategic products like "舍得" and "沱牌" to strengthen brand positioning[76]. - The company is committed to enhancing its marketing capabilities through digital transformation and expanding e-commerce initiatives[34]. - The company aims to strengthen its internet marketing channels and enhance operational capabilities through a strategy of increasing distribution channels and optimizing product structure[86]. Research and Development - Research and development expenses were CNY 953.32 million, down 12.07% from the previous year[52]. - The company has developed over 144 new ecological liquor products, showcasing strong R&D capabilities[45]. - The company’s R&D investment totaled ¥95,332,038.69, accounting for 1.78% of total revenue[59]. - The number of R&D personnel is 344, representing 3.60% of the total workforce[60]. - Research and development investments are set to increase by 30%, aimed at enhancing product quality and innovation[119]. Environmental and Social Responsibility - The company invested approximately 15,927.86 million CNY in environmental protection during the reporting period[159]. - The company has established environmental protection mechanisms and complies with relevant laws and regulations[158]. - The wastewater treatment biogas collection and purification project achieved a reduction of 39,281 tons of emissions in 2024, including 33,612 tons from methane emissions during wastewater treatment and 5,669 tons from reduced natural gas purchases[163]. - The company has successfully integrated risk prevention into its management strategy for subsidiaries, improving overall operational resilience[154]. - The company has invested a total of 8.5 million RMB in social responsibility projects, including support for rural doctors and local hero foundations[175]. Corporate Governance - The company adheres to strict governance practices, ensuring compliance with laws and regulations to protect shareholder rights and maintain operational integrity[108]. - The company has established specialized committees, including an audit committee, nomination committee, compensation and assessment committee, and strategic committee[131]. - The board of directors and senior management's remuneration plans are subject to approval by the shareholders' meeting[125]. - The company has a structured approach to managing investor relations, including dedicated personnel for investor communications[115]. - The company has maintained a good integrity status for both itself and its controlling shareholders during the reporting period[184]. Future Outlook - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 15%[119]. - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming fiscal year[119]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[119]. - The company aims to enhance its digital marketing efforts, allocating an additional 50 million yuan to online advertising campaigns to boost brand awareness[121]. - Overall, the company remains committed to sustainable growth and innovation, with a focus on enhancing shareholder value through strategic initiatives[121].

证券代码：600702 证券简称：舍得酒业 公告编号：2025-011 舍得酒业股份有限公司 2024 年度利润分配方案的公告 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。 重要内容提示： 每 10 股派发现金红利 4.30 元（含税）。 根据相关规定，舍得酒业股份有限公司（以下简称"公司"）回购专用证券账 户中的股份不参与本次利润分配。本次利润分配以实施权益分派股权登记日登记的总 股本扣除公司回购库存股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日之前，公司总股本扣除公司回购库存股份数量发 生变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行公告具体调 整情况。 公司不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称 《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的 情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经上会会计师事务所(特殊普通合伙)审计，公司 2024 年度实现归属于上市公司股 东的净利润 345, ...

Core Viewpoint - The article discusses the challenges faced by Shede Liquor Industry, highlighting its declining performance and the difficulties in establishing a strong brand presence in a competitive market. The company is seen as a "cyclical amplifier," with its growth closely tied to industry trends, making it vulnerable during downturns [1][6][12]. Group 1: Company Performance - Shede Liquor announced an investment of 1.2 billion yuan in a tourism integration project, set to begin construction in June 2026 and operate by the end of 2028 [3][4]. - For the first three quarters of 2024, Shede's revenue declined by 15%, and net profit attributable to shareholders fell by 48% [7][8]. - The company's performance has been notably poor compared to peers, ranking second to last in revenue decline among mainstream liquor companies [9][10]. Group 2: Market Position and Brand Challenges - Shede's revenue is heavily reliant on external markets, with over 70% coming from outside its home province, indicating a weak local market presence [15][16]. - The brand's recognition is at a third-tier level, significantly lower than leading brands that emerged from the "Old Eight Famous Liquors" [19][21]. - The article emphasizes that brand identity is difficult to change and that Shede's efforts to enhance its brand through management and marketing have not yielded the desired results [23][24]. Group 3: Industry Dynamics - The cyclical nature of the liquor industry amplifies the volatility of companies like Shede, which have shown significant fluctuations in growth during different market conditions [13][14]. - The company has faced criticism for its aggressive expansion strategy during favorable market conditions, which may have led to unsustainable practices such as inventory pressure [25][26]. - In 2024, Shede is expected to experience further revenue declines, with a reported 2% drop in domestic revenue and an 11% drop in external revenue in the first half of the year [29][30]. Group 4: Strategic Recommendations - The article suggests that Shede should focus on maintaining healthy channel relationships and realistic growth targets, moving away from aggressive and unhealthy expansion strategies [31][32]. - Strengthening brand awareness through consumer engagement and marketing initiatives is crucial for companies lacking a strong brand foundation [32].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies, which are expected to lower the cost of childbirth and increase birth rates, thus driving demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% over the same period [2]. Investment Views - In the liquor sector, companies such as Shui Jing Fang, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu are recommended based on their valuation advantages. Long-term recommendations include Wuliangye, Luzhou Laojiao, and others [4]. - The dairy sector has seen a significant rise, with companies like Ximai Food, Youyou Food, and others being highlighted for their growth potential [5]. Key Company Feedback - Luzhou Laojiao's stock price is at 143.61, with an EPS forecast of 9.00 for 2023 and a PE ratio of 15.96, rated as "Buy" [10]. - Gujing Gongjiu is also rated as "Buy," with a stock price of 193.54 and an EPS forecast of 8.68 for 2023 [10]. Industry Data Trends - The liquor industry reported a total revenue of 756.3 billion in 2023, reflecting a year-on-year growth of 9.7% [54]. - The cumulative production of liquor in 2024 reached 4.145 million tons, showing a decrease of 7.72% year-on-year [53]. - The seasoning industry has seen its market size grow from 259.5 billion in 2014 to 592.3 billion in 2023, with a CAGR of 9.6% [56].

【业绩】 亚钾国际：第一大股东将变更为汇能集团。 人民财讯3月14日电，【热点】 【增减持】 【回购】 兆丰股份：目前兆丰智能装备公司尚未开展经营业务。 深水海纳：与水环境相关的海洋工程智能装备等业务在公司主营业务收入中占比极低。 宁德时代：2024年净利润同比增长15.01%，拟10派45.53元。 东方财富：2024年净利润96.1亿元，同比增长17.29%。 平安银行：2024年净利润445.08亿元同比下降4.2%。 陕西煤业：2024年净利润221.96亿元，同比下降3.97%。 方正证券业绩快报：2024年净利润22.07亿元，同比增长2.55%。 天茂集团：国华人寿保险前2月保费收入约为80.35亿元。 中国国航：2月旅客周转量同比下降3%。 中国中冶：1—2月新签合同额同比下降27.5%。 常铝股份业绩快报：2024年净利润7077.08万元，同比增368.46%。 招商港口：2月集装箱总计1429万TEU，同比增长6.6%。 中国神华：2月煤炭销售量同比下降11.4%。 尚太科技：2024年净利润同比增长15.97%，拟10派8元。 德赛西威：2024年净利润同比增长29.62%，拟10派1 ...

Investment Rating - The report assigns an "Overweight" rating for the liquor industry, consistent with the previous rating [4][8]. Core Viewpoints - The essence of the 2025 liquor strategy is to focus on market share logic, indicating a shift from price concentration to volume concentration, with individual stock excess returns stemming from the ability to gain market share [2][10]. - Short-term stock price movements have largely reflected market pessimism, and with a recovery in policy expectations, the valuation of the liquor sector is expected to continue to recover [6][8]. Summary by Sections Investment Recommendations - The report suggests an "Overweight" position, highlighting companies that have demonstrated strong market share logic, such as Shanxi Fenjiu, Jiuziyuan, and Yingjia Gongjiu. It also identifies leading companies with potential for market share growth, including Wuliangye, Kweichow Moutai, Luzhou Laojiao, and Gujing Gongjiu, among others [6][8]. Individual Stock Performance - The excess returns of liquor stocks are fundamentally driven by market share logic, with companies achieving sustained share increases in their respective regions and price segments [10][12]. - Specific observations include: - Su liquor brands like Jiuziyuan have shown significant market share increases in regions such as Jiangsu and Anhui [11]. - Anhui liquor brands like Yingjia and Gujing are entering a phase of market share competition, with notable performance in key markets [12]. - Shanxi Fenjiu has demonstrated significant national market share growth, particularly in the Shandong and Henan markets [12]. Market Share Logic - Companies that exhibit strong market share logic typically share common traits, such as having products in the early stages of their lifecycle and benefiting from scale effects [13]. - The differences in market share logic among individual stocks are influenced by channel dynamics and brand strength, with some brands still in the process of channel development [13][14]. Industry Dynamics - The liquor industry is currently transitioning through three phases: total expansion, structural growth, and now a focus on volume concentration following a period of inventory adjustment [14]. - The report emphasizes that leading companies can achieve higher performance certainty through increased concentration, as evidenced by Moutai's successful strategy of trading price for volume [14].