Group 1 - Tianyoude Wine (SZ 002646) held its 22nd temporary board meeting on September 27, 2025, to review proposals including financial assistance [1] - For the first half of 2025, Tianyoude Wine's revenue composition was as follows: 85.43% from alcoholic beverages, 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, Tianyoude Wine's market capitalization was 4.6 billion yuan [1] Group 2 - The competition between Nongfu Spring and Yibao has intensified, with Nongfu Spring's green bottle launch leading to a nearly 5 percentage point drop in Yibao's market share [1]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-058 青海互助天佑德青稞酒股份有限公司 关于对外提供财务资助的公告 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。 重要内容提示： 1、青海互助天佑德青稞酒股份有限公司（以下简称"公司"）全资子公司青海互助青稞酒 销售有限公司（以下简称"青稞酒销售"）拟向山西一尊供应链有限责任公司（以下简称"山 西一尊"） 提供财务资助不超过 700 万元人民币，用于山西一尊或其控制的主体在兰州区域开 设牦牛火锅+天佑德青稞酒体验店，资助期限为首次提供资金之日起不超过 42 个月，资金占用 费为资助资金的年化 3%的利率，财务资助进度按照上述餐酒体验店开设进度提供。该资金仅 用于开设上述餐酒体验店使用，山西一尊不得挪作他用，山西一尊全体股东对上述财务资助全 部还款义务承担不可撤销的连带保证责任。 2、履行的审议程序：经公司第五届董事会第二十二次会议（临时）审议通过。该事项无 需股东大会审议。 3、特别风险提示：财务资助期限到期后，可能出现山西一尊不能及时归还本金及利息的 风险。敬请广大投资者注意投资风险。 一、 ...

第五届董事会第二十二次会议（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 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 9 月 27 日上午 10:00， 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 五届董事会第二十二次会议（临时）。本次会议由董事长李银会先生召集并主持，会议通知已 于 2025 年 9 月 26 日以书面方式送达全体董事。会议应出席董事 11 名，实际出席董事 11 名（其 中，以通讯方式出席会议 7 人，董事鲁水龙、范文丁、冯声宝先生，独立董事方文彬、范文来、 戎一昊、陈斌先生以通讯方式出席会议），公司监事及高级管理人员列席了会议。本次会议的 召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 证券代码：002646 证券简称：天佑德酒 公告编号：2025-057 二、董事会会议审议情况 青海互助天佑德青稞酒股份有限公司 三、备查文件 1、第五届董事会第二十二次会议（临时）决议。 特此公告。 青海互助天佑德青 ...

Core Viewpoint - The article highlights the strategic transformation and growth of Tianyoude Liquor during China's 14th Five-Year Plan, emphasizing its proactive approach to adapt to industry changes and enhance brand value through innovation and market expansion [1][15]. Group 1: Industry Context - The liquor industry in China is undergoing a profound structural adjustment and a period of stock competition during the 14th Five-Year Plan [1]. - Tianyoude Liquor, rooted in the Qinghai-Tibet Plateau, is responding to these changes with forward-looking strategic layouts [1]. Group 2: Company Transformation - In 2022, the company rebranded from "Qingqing Barley Wine" to "Tianyoude Liquor," reflecting a five-year transformation from a regional player to a national brand [1][5]. - The company has expanded its product range from low-priced bare-bottle liquor to high-end products priced in the thousands [1]. Group 3: Raw Material and Supply Chain - Since its A-share listing in 2011, the company has established a unique "order agriculture + self-built base" model, creating 250,000 acres of barley planting bases [4]. - The company has purchased 347,800 tons of barley, with procurement exceeding 1 billion yuan, benefiting thousands of farming families [4]. Group 4: Brand and Product Development - The brand name change signifies a strategic upgrade aimed at breaking regional boundaries and enhancing national market presence [5]. - The "Guozhide Zhen Nianfen" series has become a key product for entering the high-end market, certified by the China Alcohol Industry Association [6]. Group 5: Market Strategy - The company targets the mid-range market with products priced between 150-200 yuan, while maintaining a stable base with classic products [7]. - New product innovations include lemon-flavored barley liquor and barley whiskey, expanding the product line and appealing to diverse consumer preferences [7]. Group 6: Research and Development - Cumulative R&D investment has exceeded 120 million yuan during the 14th Five-Year Plan, with a significant increase from 21.07 million yuan in 2021 to 37.77 million yuan in 2024 [8]. - The establishment of research platforms, including the China Barley Wine Research Institute, supports technological innovation [9]. Group 7: International Expansion - The company has successfully entered the U.S. market with its Tashi barley liquor and Tibetu barley whiskey, marking a significant milestone for Chinese barley liquor [10]. - The company has developed a complete operational system in North America to support its international strategy [10]. Group 8: Social Responsibility - The company has developed high-value products from barley waste, contributing to a circular economy and exploring green transformation paths [13]. - Through initiatives like the "Barley Education Assistance Program," the company has donated over 10 million yuan to support students from remote areas [14]. Group 9: Future Outlook - The company has achieved a 19.07% increase in revenue and a 79.23% increase in R&D investment, indicating strong growth and innovation [15]. - The implementation of the "Four Transformations" strategy is expected to open new growth avenues and enhance competitive barriers [16].

Industry Dynamics - Eight liquor companies made it to the list of China's top 500 manufacturing enterprises, including Sichuan Yibin Wuliangye Group, Guizhou Moutai, and Luzhou Laojiao [2] - The grape harvest season in the Helan Mountain East region started in mid-August and is expected to last until early October, with an estimated 130,000 tons of wine grapes to be harvested this year [3] - The "Moutai Cup" Chinese (Sauce Aroma) Baijiu Body Design Competition was held, with participants from 11 provinces, and a contestant from Guizhou Moutai winning first place [3] - The first China (Qionglai) Spirits Competition was launched, aiming to enhance the international brand recognition of Qionglai liquor [3] - The 2025 China International Huangjiu Industry Expo is scheduled for November 7-12 in Shaoxing, Zhejiang, featuring six exhibition areas and multiple related events [4] Company Dynamics - Wuliangye's chairman emphasized focusing on five strategies to enhance market presence and consumer engagement during a recent market research tour [5] - Moutai reported a 20% year-on-year increase in terminal sales for September, indicating a positive market trend [5] - Langjiu launched its flagship product "Longma Lang," which combines strong and sauce aroma techniques, as part of its ongoing product strategy [5] - The eighth "Four Famous Baijiu Cup" basketball invitation tournament concluded, with the Shaanxi team winning the championship [6] - Tianyoude Liquor, the only listed company in Qinghai's liquor industry, is focusing on local特色 and has developed a tourist attraction that has become popular among visitors [6]

转自：新华财经 新华财经西宁9月24日电（记者王金金 欧阳迪娜）近日，中国上市公司协会联合新华财经等媒体开展"我在'十四五'这五年 上市公司在行动"主题宣传活动， 多角度展现千行百业上市公司在"十四五"期间实现的发展成果。青海互助天佑德青稞酒股份有限公司是青海省内唯一的白酒上市企业，专注青稞酒研发、生 产与销售。记者赴天佑德酒采访了解到，当前行业深度调整背景下，该公司以青藏高原青稞为核心，依托科技赋能、文旅融合及国际化战略稳定经营。然 而，国际市场接受度波动与跨界业务贡献不足，使其在潜力与挑战中寻求突破。 图为 厂区一角。受访者供图 从田间到车间的"青稞逻辑" 在青藏高原，青稞不仅是粮食，更是一种文化符号。2011年登陆A股后，天佑德酒打造了"订单农业+自建基地"的模式，与农牧户签订合同、保价协议，在 贵南牧场、山丹军马场、门源浩门农场等地建立25万亩青稞种植基地。 青稞种植基地。受访者供图 这种产业链前端的深度绑定，既保障了原料品质，也让青稞价值实现了从"口粮"到"金粒"的跨越。据公司披露，自上市以来天佑德酒累计收购青稞34.78万 吨，采购金额超10亿元，间接惠及数万农牧民。 资本市场视角下，这一模式的可 ...

Market Overview - The liquor sector experienced a decline of 0.72% on September 24, with Luzhou Laojiao leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Luzhou Laojiao (code: 000568) closed at 131.91, down 0.53%, with a trading volume of 62,600 and a transaction value of 826 million [2] - Kweichow Moutai (code: 600519) closed at 1442.00, down 0.37%, with a trading volume of 30,700 and a transaction value of 4.443 billion [2] - Yanghe Brewery (code: 002304) closed at 69.11, down 0.30%, with a trading volume of 31,300 and a transaction value of 217 million [2] - Wuliangye (code: 000858) closed at 122.37, up 0.15%, with a trading volume of 130,600 and a transaction value of 1.598 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 394 million from institutional investors, while retail investors contributed a net inflow of 93.998 million [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like Jinhuijiu (code: 600809) showing a net inflow of 369.30 million from retail investors [3]

Company Overview - Tianyoude Liquor, established on January 27, 2005, and listed on December 22, 2011, is located in Xidajie, Weiyuan Town, Huzhu County, Qinghai Province [2] - The company specializes in the research, production, and sales of barley liquor, with major brands including Huzhu, Tianyoude, Badazuo, Yongqing, and others [2] - The revenue composition includes 84.62% from barley liquor, with 44.44% from barley liquor priced at 100 yuan and above, and 40.19% from those priced below 100 yuan [2] Financial Performance - As of June 30, 2025, Tianyoude Liquor reported a revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit attributable to shareholders of 51.46 million yuan, down 35.37% year-on-year [2] - The company has distributed a total of 842 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the past three years [3] Stock Performance - As of September 22, 2023, Tianyoude Liquor's stock price decreased by 2.03% to 9.63 yuan per share, with a market capitalization of 4.614 billion yuan [1] - Year-to-date, the stock has declined by 10.33%, with a 4.08% drop over the last five trading days and an 8.02% decline over the last 20 days [2] - The stock experienced a 3.89% increase over the last 60 days [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 1.61% to 51,500, with an average of 9,234 circulating shares per shareholder, an increase of 1.64% [2] - Major shareholders include the China Securities Index White Wine Index A and the Wine ETF, with significant increases in holdings [3]

Investment Rating - The report suggests a recommendation for strong brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as Shanxi Fenjiu, which has a clear growth path in a counter-cyclical environment [5]. Core Insights - The industry is currently in a phase of accelerated bottoming, transitioning from "passive clearing" to "active adjustment" due to ongoing pressures from excess supply and demand scenarios [3][5]. - The first half of 2025 saw a negative growth in revenue and net profit for major liquor companies, marking the first negative growth in this cycle [15]. - The report highlights a structural opportunity during the volume adjustment period, with market pricing increasingly favoring dividend yield and market share [3][5]. Summary by Sections Industry Overview - The white liquor industry faced challenges in the first half of 2025, including slow macroeconomic recovery and strict alcohol prohibition policies, leading to a decline in consumption scenarios and continued pressure on demand [5]. - The overall revenue and net profit for 17 major liquor companies were 2368.3 billion and 944.6 billion respectively, with a year-on-year decline of 0.4% and 0.9% [15]. Performance Analysis - In Q2 2025, the revenue and net profit for the industry were 867.2 billion and 313.4 billion respectively, reflecting a year-on-year decline of 4.7% and 7.3%, marking the first negative growth in revenue during this cycle [15]. - High-end liquor maintained positive growth, while the mid-range and regional brands experienced declines [20][22]. Market Dynamics - The report indicates that the market is shifting focus from short-term recovery scenarios to verifying the bottom of demand trends through year-on-year comparisons [3]. - The report anticipates a recovery in the third quarter, driven by seasonal consumption events such as Mid-Autumn Festival and National Day, which may accelerate the bottoming process of the fundamentals [5]. Investment Recommendations - The report recommends focusing on brands with strong market positions and growth potential, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and regional leaders like Guyi Gongjiu and Jinhui Jiu [5].

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing, with a significant decline in production and profits in the first half of 2025 [1][2] - A majority of listed liquor companies are experiencing revenue declines, indicating a shift in the industry's growth logic from "volume reduction, price increase" to simultaneous declines in both volume and price [2][3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19%. Profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory levels, with over half facing price inversion issues. The average inventory turnover days for the liquor industry reached 900 days, an increase of 10% compared to the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [2] - The market share is increasingly concentrated among leading companies, with the top six liquor firms accounting for 47% of revenue in 2024, up 13 percentage points from five years ago [2] - The median revenue growth rate for the top six liquor companies was 2.36%, while the median for companies below 10 billion yuan was -16.89% [2] Pricing Trends - The wholesale price index for liquor has been declining, with notable price drops for major brands such as Moutai and Wuliangye, indicating a broader trend of price reduction across the industry [2][3] Expense Management - Despite declining revenues, many liquor companies have increased their marketing expenditures. The median sales expense growth rate for 19 companies was -11.85%, while overall sales expenses remained stable compared to the previous year [4] - The highest sales expense ratio was recorded at 36.35% for Shui Jing Fang, with 58% of companies increasing their sales expense ratios [4][5] - Management expense ratios have also increased, with the highest being 23.59% for Huangtai Liquor, indicating pressure on profitability for smaller companies [5][6]