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 ...

Financial Performance - The company's revenue for Q3 2025 was CNY 206,599,252.75, a decrease of 9.28% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY -29,646,243.91, down 33.73% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY -30,608,290.52, a decrease of 38.87%[5]. - The basic and diluted earnings per share were both CNY -0.0622, reflecting a decline of 30.67% compared to the previous year[5]. - The company experienced a 62.03% decline in net profit attributable to the parent company, influenced by a slowdown in macroeconomic growth and conservative consumer spending[9]. - The net profit for the current period is 21,911,554.00, a decrease of 61.9% compared to 57,557,966.17 in the previous period[22]. - The total comprehensive income for the current period is 22,639,673.46, down 61.1% from 58,128,278.32 in the previous period[23]. - The total operating profit is 40,883,640.48, down 50.7% from 83,036,722.16 in the previous period[22]. - The total profit for the current period is 39,439,253.91, a decrease of 51.5% compared to 81,375,323.47 in the previous period[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,290,446,396.62, a decrease of 1.62% from the end of the previous year[5]. - Total assets decreased from CNY 3,344,517,538.86 at the beginning of the period to CNY 3,290,446,396.62 at the end of the period, reflecting a reduction of approximately 1.6%[20]. - Total liabilities decreased from CNY 549,205,018.58 to CNY 446,819,544.79, a decline of about 18.6%[20]. - The company's total equity attributable to shareholders increased by 1.71% to CNY 2,862,277,834.65 compared to the end of the previous year[5]. - The company's total equity increased from CNY 2,795,312,520.28 to CNY 2,843,626,851.83, reflecting a growth of about 1.7%[20]. Cash Flow - The net cash flow from operating activities was CNY 53,206,603.04, an increase of 50.02% year-on-year[5]. - The operating cash flow net amount is 53,206,603.04, an increase of 50.0% compared to 35,466,784.33 in the previous period[24]. - The cash flow from investing activities showed a net outflow of CNY -86,521,476.13, primarily due to the purchase of short-term financial products[9]. - The cash flow from investment activities shows a net outflow of -86,521,476.13, worsening from -62,393,932.22 in the previous period[25]. - Cash and cash equivalents decreased from CNY 363,737,716.48 to CNY 297,608,890.82, a decline of approximately 18.2%[18]. - The cash and cash equivalents at the end of the period stand at 297,608,890.82, down from 413,279,979.25 in the previous period[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,800[11]. - Qinghai Tianyoude Technology Investment Management Group holds 41.64% of shares, totaling 199,483,040 shares, with 83,000,000 shares pledged[11]. - The top 10 shareholders include China Bank with 4.98% (23,858,066 shares) and China Construction Bank with 1.94% (9,278,400 shares)[11]. - The report indicates no known relationships among the top shareholders[12]. - The company has not engaged in any share lending or borrowing activities during the reporting period[12]. Corporate Actions - The company injected $600,000 into its wholly-owned subsidiary Oranos Group, Inc., increasing its total investment to $16 million[13]. - The company appointed Mr. Lu Shuilong as Vice General Manager, responsible for strategic planning and business development in domestic markets outside specific provinces[14]. - The company adjusted its organizational structure during the reporting period[15]. - The controlling shareholder transferred 12,000,000 unrestricted shares back to a regular securities account, lifting a margin trading business[15]. - The company has increased the number of independent directors to 5, expanding the board to 11 members[13]. - The company completed the repurchase and cancellation of 2.895 million restricted shares, accounting for 30.67% of the total granted under the 2023 incentive plan, reducing total share capital from 482,002,974 shares to 479,107,974 shares[16]. Expenses - Financial expenses rose by 177.00% to CNY 1,793,710.99, mainly due to reduced interest income[9]. - The company's net profit margin is impacted by a decrease in sales expenses, which increased from CNY 229,611,278.96 to CNY 234,739,408.60, reflecting a rise of approximately 2.6%[21]. - Research and development expenses remained relatively stable at CNY 13,182,285.27 compared to CNY 13,358,609.93 in the previous period, indicating a slight decrease of about 1.3%[21]. - The tax expenses for the current period are 17,527,699.91, a decrease of 26.4% from 23,817,357.30 in the previous period[22]. - The income from other operating activities is 825,308.77, significantly higher than 30,796.13 in the previous period[22]. - The company reported an investment income of CNY 105,128.96, contrasting with a loss of CNY 349,458.76 in the previous period, showing a significant improvement[21].

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Group 1 - The core point of the article is that Tianyoude Liquor announced the pledge of shares by its controlling shareholder, Tianyoude Group, involving 14,500,000 shares [2] Group 2 - Tianyoude Group is the controlling shareholder of Tianyoude Liquor [2] - The announcement was made on the evening of October 20 [2]

青海互助天佑德青稞酒股份有限公司 关于控股股东股份质押的公告 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 部分股份办理了质押业务，本次股份质押业务不会导致公司的实际控制权发生变更，不会对生 产经营、公司治理等方面产生实质性影响，控股股东质押的股份不存在平仓风险。具体情况如 下： 证券代码：002646 证券简称：天佑德酒 公告编号：2025-060 特此公告。 一、股东股份质押基本情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | | | | | | | 已质 | | | | | 股 | | | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 押股 | | 未质 ...

Core Viewpoint - Tianyoude Liquor announced the release of stock pledges by its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group, which involved 14,500,000 shares being released from pledge [2] Summary by Relevant Sections - **Stock Pledge Release** - The number of shares released from pledge is 14,500,000 [2] - This represents 7.27% of the controlling shareholder's total holdings [2] - The released shares account for 3.03% of the company's total share capital [2]