Group 1 - Tianyoude Liquor (SZ 002646) announced that as of the date of the announcement, Tianyoude Group has pledged a total of 97.5 million shares, accounting for 48.88% of its holdings [1] - For the first half of 2025, the revenue composition of Tianyoude Liquor is as follows: 85.43% from the liquor and alcoholic beverage sector, 12.69% from e-commerce platform business, 1.53% from other businesses, and 0.35% from other wholesale and retail [1] - As of the report date, the market capitalization of Tianyoude Liquor is 4.8 billion yuan [1]

1、本次股份质押基本情况 2、股东股份累计质押基本情况 截至公告披露日，控股股东天佑德集团所持质押股份情况如下： | | | | | | | | 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 | | | 东 | 持股数量 | 持股比 | 质押股份数 | 质押股份数 | 持股份 | 总股本 | 份限 | 占已 | 押股 | 占未 | | 名 | （股） | 例 | | | | | 售和 | 质押 | 份限 | 质押 | | 称 | | | 量（股） | 量（股） | 比例 | 比例 | 冻 | 股份 | 售和 | 股份 | | | | | | | | | 结、 | 比例 | 冻结 | 比例 | | | | | | | | | 标记 | | 数量 | | | | | | | | ...

Core Viewpoint - On November 13, three listed companies will have their restricted shares unlocked, with a total market value of approximately 210 million yuan [1] Group 1: Company Specifics - Sifang Co., Ltd. (Stock Code: 601126) will unlock 5.7162 million shares under equity incentive restrictions [1] - Tianyoude Liquor (Stock Code: 002646) will unlock 2.832 million shares under equity incentive restrictions [1] - China Post Technology (Stock Code: 688648) will unlock 3.4 million shares without specified restrictions [1]

Group 1 - Tianyoude Liquor has pledged a total of 83 million shares, accounting for 41.61% of its holdings as of the announcement date [1] - The revenue composition for Tianyoude Liquor for the first half of 2025 is as follows: 85.43% from the liquor and alcoholic beverage sector, 12.69% from e-commerce platform business, 1.53% from other businesses, and 0.35% from other wholesale and retail [1] - The current market capitalization of Tianyoude Liquor is 4.8 billion yuan [2]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-065 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 截至公告披露日，控股股东天佑德集团所持质押股份情况如下： | | | | | | | | 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 | | | 东 | 持股数量 | 持股比 | 质押股份数 | 质押股份数 | 持股份 | 总股本 | 份限 | 占已 | 押股 | 占未 | | 名 | （股） | 例 | | | | | 售和 | 质押 | 份限 | 质押 | | 称 | | | 量（股） | 量（股） | 比例 | 比例 | 冻 | 股份 | 售和 | 股份 | | | | | | | | | 结、 | 比例 | 冻结 | 比例 | | | ...

Market Overview - The liquor sector experienced a decline of 0.18% on November 11, with Shui Jing Fang leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Shede Liquor (600702) rose by 2.56% to a closing price of 67.31, with a trading volume of 319,700 shares and a transaction value of 2.144 billion [1] - Gujing Gongjiu (000596) increased by 0.92% to 164.00, with a trading volume of 37,400 shares and a transaction value of 606 million [1] - Shui Jing Fang (600779) fell by 1.13% to 42.87, with a trading volume of 48,200 shares and a transaction value of 206 million [2] - Moutai (600519) decreased by 0.23% to 1458.99, with a trading volume of 26,700 shares and a transaction value of 3.883 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 497 million from institutional investors, while retail investors contributed a net inflow of 244 million [2] - The main capital inflow and outflow for selected stocks showed varied trends, with Shanxi Fenjiu (600809) experiencing a net inflow of 1.06 billion from main capital [3] - Shede Liquor (600702) had a net inflow of 46.2 million from main capital, while it faced a net outflow of 90.1 million from speculative capital [3]

Market Overview - The liquor sector experienced a slight decline of 0.14% on November 7, with Kuaizi Jiao leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - Wuliangye (000858) closed at 116.75, up 0.50% with a trading volume of 145,400 shares [1] - Shunxin Agriculture (000860) closed at 15.69, up 0.26% with a trading volume of 64,400 shares [1] - Kweichow Moutai (600519) closed at 1433.33, down 0.13% with a trading volume of 18,900 shares, generating a transaction value of 2.705 billion [1] - Luzhou Laojiao (000568) closed at 131.65, down 0.19% with a transaction value of 712 million [1] Capital Flow Analysis - The liquor sector saw a net outflow of 376 million from institutional investors, while retail investors contributed a net inflow of 197 million [2] - The main capital flow data indicates that Wuliangye had a net inflow of 32.596 million from institutional investors, but a net outflow from retail investors [3] Summary of Capital Flows by Company - Wuliangye (000858) had a net inflow of 32.596 million from main capital, but a net outflow of 30.204 million from retail investors [3] - Kweichow Moutai (600519) experienced a net outflow of 6.5481 million from main capital, while retail investors contributed a net inflow of 9.5224 million [3] - Other companies like Gujing Gongjiu (000596) and Tianyoude Jiu (002646) also showed significant net outflows from main capital [3]

Investment Rating - The report maintains an "Accumulate" rating for the liquor industry [1] Core Viewpoints - The liquor industry is currently in a phase of pressure relief and clearing, with expectations for performance recovery in the future. The focus should be on companies that show early signs of a turning point and have leading growth elasticity [3] - The overall revenue of the liquor sector has declined, with a 5.5% year-on-year drop in total revenue for the first three quarters of 2025, and an 18.3% decline in Q3 alone. Net profit also saw a significant decrease of 21.9% in Q3 [12][24] - The high-end liquor segment is under pressure, with a need for macroeconomic recovery to achieve a balance in volume and price. Companies with strong brand positioning and national expansion potential are recommended for investment [3][12] Summary by Sections 1. Q3 Performance and Market Conditions - The Q3 performance of the liquor sector shows a slow recovery in consumption scenarios, with overall sales continuing to face pressure. The high-end and next-high-end liquor demand remains under pressure, particularly in business and personal dining scenarios [12][13] - The overall revenue for the liquor sector in Q3 dropped by 18.3% year-on-year, with net profit down by 21.9%, indicating a significant acceleration in the decline compared to previous quarters [12][24] 2. Revenue Trends - The liquor sector's revenue has been on a downward trend, with a 5.5% year-on-year decline in the first three quarters of 2025. The Q3 revenue decline is particularly sharp at 18.3% [12][24] - High-end liquor companies are experiencing a shift in their financial reports, with revenue declines driven by pressure on major brands like Moutai and Wuliangye [30][41] 3. Profitability Analysis - The gross profit margin for the liquor sector has decreased, with Q3 margins at 81.7%, down 0.7 percentage points year-on-year. The decline in profitability is attributed to structural issues and increased costs [2][3] - The report highlights that the majority of liquor companies have seen an increase in sales expenses, while management expenses have also risen slightly due to weaker revenue realization [2][3] 4. Investment Recommendations - The report suggests prioritizing investments in companies that are likely to recover first, such as Luzhou Laojiao and Shanxi Fenjiu, which have strong governance and dividend yields. Other companies to watch include Zhenjiu Lidu and Shede Liquor [3][12] - The focus should be on companies that can maintain channel stability and show early signs of marginal recovery, as the market is expected to support valuations for these firms [12][13]

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].