证券代码：002646 证券简称：天佑德酒 公告编号：2025-064 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）近日收到公司控股股东青海天 佑德科技投资管理集团有限公司（以下简称"天佑德集团"）通知，天佑德集团将持有的公司 部分股份办理了解除质押业务。具体情况如下： | 股东名称 | 是否为 控股股 东或第 一大股 东及其 一致行 动人 | 本次解除质押数 量（股） | 占其所 持股份 比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 天佑德集团 | 是 | 14,500,000 | 7.27% | 3.03% | 2025 年 10 月 17 日 | 2025 年 11 月 3 日 | 中国银河证券 股份有限公司 | | 合计 | -- | 14,500,000 | 7.27% | 3.03% | -- | -- | -- | 青海互助天佑 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment, with regional liquor companies facing significant pressure, as evidenced by declining revenues and profits across the board in the third quarter of 2025 [2][3]. Performance Pressure - All regional liquor companies reported a decline in both revenue and net profit in the first three quarters of 2025, with over ten companies showing this trend [3]. - Specific companies like Jinshiyuan and Qiaojia Wine experienced revenue declines of 10.66% and 19.79%, respectively, with net profits dropping by 17.39% and 79.85% [4][5]. Contract Liabilities - Contract liabilities, which reflect market expectations, have generally decreased for regional liquor companies, indicating cautious outlooks from distributors [7]. - Only Tianyoude Wine saw a slight increase of 0.1% in contract liabilities, while others like Shunxin Agriculture and Jinshiyuan experienced significant declines of 74.83% and 67.35%, respectively [7]. Market Dynamics - The industry is facing a shift from traditional distribution models to online and instant retail, which poses new challenges for liquor companies [8][10]. - The "public banquet prohibition" has weakened old demand while new demand is still developing, leading to high inventory levels and reduced purchasing willingness among distributors [8]. Third Quarter Insights - In the third quarter, only two companies, Jiugui Wine and Jinzongzi Wine, reported growth in both revenue and net profit, while others faced severe declines, with net profit drops exceeding 30% for most [6][9]. - Jiugui Wine's revenue was 1.98 billion yuan, a 0.78% increase, while Jinzongzi Wine's revenue was 1.44 billion yuan, up 3.73% [9]. Future Trends - The liquor industry is expected to evolve towards quality, youthfulness, and internationalization, with a focus on digitalization and experiential marketing [10]. - Companies are likely to strengthen channel control and build partnerships with distributors to stabilize prices and reach consumers directly [10].

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" with a target price of 11.13 yuan, while the current stock price is 9.66 yuan [7]. Core Views - The company reported a revenue of 880 million yuan for the first three quarters of 2025, a year-on-year decrease of 10.79%. The net profit attributable to shareholders was 22 million yuan, down 62.03% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 207 million yuan, a decrease of 9.28% year-on-year, and a net profit of -30 million yuan, compared to -22 million yuan in the same period last year [1][2]. - The company is facing short-term revenue pressure due to weak demand in the mid-to-high-end liquor market, but it has launched new products like the 28° lemon-flavored barley wine to stimulate growth [2][4]. - Increased marketing investments have led to a rise in expense ratios, with a sales expense ratio of 36.97% in Q3 2025, up 5.68 percentage points year-on-year [3]. - The company is committed to product innovation, with R&D expenditures of 13.18 million yuan in the first three quarters of 2025, an increase of 28.63% year-on-year, focusing on upgrading traditional barley wine and developing products targeting younger consumers [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a net cash flow from operating activities of 53.21 million yuan, an increase of 50.02% year-on-year [2]. - The gross margin and net margin for Q3 2025 were 57.89% and -14.35%, respectively, reflecting a decline in profitability due to increased marketing expenses [3]. Product Development - The company is focusing on high-end market segments and cultural attributes, launching products like the zodiac commemorative wine and collaborating with other brands to create co-branded products [4]. Future Outlook - Revenue growth rates are projected to be -10.6% in 2025, followed by 6.5% in 2026 and 7.1% in 2027. Net profit growth rates are expected to be -62.6% in 2025, 131.6% in 2026, and 60.2% in 2027 [5].

Core Viewpoint - Tianyoude Liquor reported a significant decline in both revenue and net profit for the first three quarters of 2025, attributed to macroeconomic factors and a conservative consumer sentiment impacting the liquor industry [1] Financial Performance - The company achieved a revenue of 880 million yuan for the first three quarters, a year-on-year decrease of 10.79% [1] - The net profit attributable to shareholders was 21.814 million yuan, down 62.03% year-on-year [1] - In the third quarter, the revenue was 207 million yuan, reflecting a year-on-year decline of 9.28% [1] - The net profit for the third quarter was a loss of 29.6462 million yuan, a decrease of 33.73% year-on-year [1] Industry Context - The decline in net profit is primarily due to the slowdown in macroeconomic growth, leading to a conservative consumer spending attitude [1] - The overall demand for liquor is under pressure, indicating that the liquor industry is currently in a cyclical destocking phase [1] - Increased market investment has also contributed to the decline in revenue [1]

Core Viewpoint - Tianyoude Liquor reported a significant decline in both revenue and net profit for the first three quarters of 2025, attributed to macroeconomic factors and a conservative consumer sentiment impacting the liquor industry [1][2] Financial Performance - For the first three quarters, the company achieved revenue of 880 million yuan, a year-on-year decrease of 10.79%, and a net profit of 21.814 million yuan, down 62.03% [1] - In Q3 alone, revenue was 207 million yuan, a decline of 9.28%, with a net loss of 29.646 million yuan, a 33.73% decrease year-on-year [1] - The company's gross margin for the first three quarters was 58.48%, down 0.88% year-on-year, while the net margin was only 2.49%, a drop of 3.34% [2] Cost Structure - Despite a decrease in operating costs, management and R&D expenses also fell, but sales expenses remained high at 234.7 million yuan, compared to 229.6 million yuan in the previous year [1] - Sales expenses for 2024 are projected to reach 324 million yuan, a year-on-year increase of 12.5% [1] Market Performance - The company's stock has been underperforming in the secondary market, with a 65.49% decline from its relative high point over four years, closing at 9.74 yuan per share on October 24, with a nearly 10% drop this year [2] - The stock performance has significantly diverged from the broader market trends since last year [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report [2][10][17] - The third-quarter financial report has not been audited [3][9] Financial Data - The company does not require retrospective adjustments or restatements of previous annual accounting data [3] - There are no non-recurring profit and loss items applicable for the reporting period [3] - The company has completed a capital increase of $600,000 to its wholly-owned subsidiary, Oranos Group, Inc., raising the total investment to $16 million [5] - The company has repurchased and canceled 2.895 million restricted stocks, accounting for 30.67% of the total granted under the incentive plan [8] Shareholder Information - The company has increased the number of independent directors to five, with the board now comprising eleven members [6] - The controlling shareholder has transferred 12 million unrestricted circulating shares back to a regular securities account, lifting the margin trading business [7] Board and Supervisory Meetings - The company held its 23rd board meeting on October 24, 2025, where the third-quarter report was unanimously approved [11][12] - The supervisory board also convened on the same day and approved the third-quarter report, confirming the financial operations are sound and compliant with regulations [18][19]

Group 1 - The company Tianyoude Liquor reported a revenue of 880 million yuan for the first three quarters of 2025, representing a year-on-year decline of 10.79% [1] - The net profit attributable to shareholders of the listed company was 21.814 million yuan, down 62.03% year-on-year [1] - The basic earnings per share were 0.0458 yuan, reflecting a decrease of 61.28% compared to the previous year [1]

一、监事会召开情况 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日上午 9:00， 在青海省互助县威远镇西大街 6 号公司七楼会议室以现场和通讯相结合的方式召开了公司第 五届监事会第十九次会议（临时）。本次会议由监事会主席卢艳女士召集并主持，会议通知已 于 2025 年 10 月 21 日以书面方式送达全体监事。应出席会议监事 3 名，实际出席会议监事 3 名（监事会主席卢艳女士、监事高剑虹先生以通讯方式出席会议），公司董事会秘书、证券事 务代表列席了会议。本次会议的召集、召开符合《公司法》《公司章程》及相关法律、法规的 规定。 证券代码：002646 证券简称：天佑德酒 公告编号：2025-062 青海互助天佑德青稞酒股份有限公司 第五届监事会第十九次会议（临时）决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 《2025 年第三季度报告》详见指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn） 《证券时报》《中国证券报》《上海证券报》《证券日报》。 三、备查文件 1、第五届监事会第 ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-061 青海互助天佑德青稞酒股份有限公司 第五届董事会第二十三次会议（临时）决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 1、审议通过《2025 年第三季度报告》，表决结果为：赞成 11 票；无反对票；无弃权票。 经审议，董事会一致认为公司《2025 年第三季度报告》的编制程序符合法律、行政法规 以及中国证监会的有关规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。全体董事、监事和高级管理人员对公司《2025 年第 三季度报告》签署了书面确认意见。 《2025 年第三季度报告》详见指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn） 《证券时报》《中国证券报》《上海证券报》《证券日报》。 本议案已经公司董事会审计委员会审议通过后提交董事会审议。 三、备查文件 1、第五届董事会第二十三次会议（临时）决议； 2、第五届董事会审计委员会会议决议。 特此公告。 青海互助天佑德青稞酒股份有限公司董 ...