Financial Performance - The company's revenue for Q1 2025 was ¥431,664,515.93, a decrease of 17.96% compared to ¥526,133,742.09 in the same period last year[5] - Net profit attributable to shareholders was ¥67,502,916.52, down 37.69% from ¥108,339,996.92 year-on-year[5] - Basic earnings per share fell to ¥0.1419, a decline of 38.12% from ¥0.2293 in the same period last year[5] - Net profit for the period was ¥67,578,176.34, down from ¥108,503,017.72, reflecting a decline of approximately 38%[19] - The total comprehensive income attributable to the parent company was 67,580,543.00, down from 108,254,190.55, indicating a decrease of about 37.6%[20] - The total comprehensive income for the period was 67,655,802.82, down from 108,417,211.35, indicating a decrease of approximately 37.5%[20] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 28.43%, amounting to ¥99,966,877.44 compared to ¥139,681,193.33 in the previous year[5] - Cash flow from operating activities generated a net amount of 99,966,877.44, down from 139,681,193.33, a decrease of about 28.4%[23] - The cash and cash equivalents at the end of the period were 436,521,113.83, compared to 643,580,119.29 at the end of the previous period, a decrease of approximately 32.2%[24] - The cash flow from investing activities resulted in a net outflow of 23,948,441.21, compared to a net outflow of 18,525,467.60 in the previous period, indicating an increase in cash outflow[23] - The cash flow from financing activities showed a net outflow of 3,217,258.19, compared to a net outflow of 1,772,860.16 in the previous period, reflecting a worsening cash flow situation[23] - The company received 7,214,964.39 in cash related to operating activities, an increase from 4,933,569.55 in the previous period, representing a growth of about 46.2%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,352,544,320.85, reflecting a slight increase of 0.24% from ¥3,344,517,538.86 at the end of the previous year[5] - Total current assets increased to ¥1,919,242,335.79 from ¥1,894,298,697.01, showing an increase of about 1%[16] - Total liabilities decreased to ¥487,869,717.76 from ¥549,205,018.58, a decline of approximately 11%[17] - Total equity increased to ¥2,864,674,603.09 from ¥2,795,312,520.28, reflecting an increase of about 2.5%[17] Operating Income and Expenses - Total operating revenue decreased to ¥431,664,515.93 from ¥526,133,742.09, representing a decline of approximately 18%[18] - Total operating costs reduced to ¥345,896,916.95 from ¥388,403,815.79, a decrease of about 11%[19] - The company reported a significant increase in prepayments by 41.65%, totaling ¥20,725,659.86 due to increased advance payments for goods[9] - Other receivables rose by 42.07% to ¥5,519,042.32, primarily due to an increase in security deposits[9] - The company experienced an 88.94% reduction in financial expenses, amounting to -¥360,996.79, compared to -¥3,265,216.27 in the previous year[10] - The company recorded a 508.35% increase in other operating income, reaching ¥43,788.99, compared to ¥7,197.95 in the same period last year[10] - The income tax expense decreased by 30.44% to ¥21,285,694.99, attributed to a decline in total profit[10] - Research and development expenses were ¥3,382,150.81, slightly down from ¥3,580,025.28, a decrease of about 6%[19] - The company reported a financial income of ¥1,195,662.28, down from ¥2,128,072.12, a decline of approximately 44%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,380[12] - The largest shareholder, Qinghai Tianyoude Technology Investment Management Group, holds 199,483,040 shares, representing 41.39% of total shares[12] - The top ten shareholders include various entities, with the second-largest being China Bank with 20,722,944 shares, accounting for 4.30%[12] - The total number of shares held by the top ten unrestricted shareholders is 199,483,040 shares[12] - The company has not disclosed any significant changes in the shareholding structure among the top ten shareholders during the reporting period[13] - There are no preferred shareholders or significant changes in preferred shareholding reported[14] - The company has not identified any related party relationships among the top shareholders[13] - The company has not reported any participation in margin trading or securities lending by the top shareholders[13]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-008 青海互助天佑德青稞酒股份有限公司 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 | 本次解除质押数 量（股） | 占其所 持股份 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其 一致行 | | 比例 | | | | | | | 动人 | | | | | | | | 天佑德集团 | 是 | 18,000,000 | 9.02% | 3.73% | 2021 年 5 月 21 日 | 2025 年 4 月 9 日 | 青海银行股 份有限公司 | | | | | | | | ...

青海互助天佑德青稞酒股份有限公司 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 | 本次解除质押数 | 占其所 持股份 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其 | 量（股） | 比例 | 股本比例 | | | | | | 一致行 | | | | | | | | | 动人 | | | | | | | | | | | | | 2024 年 4 | 2025 年 4 | 上海海通证 | | 天佑德集团 | 是 | 27,211,000 | 13.64% | 5.65% | 月 15 日 | 月 8 日 | 券资产管理 | | | | | | | ...

Investment Rating - The report maintains a "Buy" recommendation for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [4][5]. Core Insights - The liquor industry is experiencing a transformation driven by instant retail, which is expected to reduce the survival space of traditional distributors and retail stores, leading to increased concentration [1][11]. - Consumer demand has reached a bottom, with structural upgrades being the main supporting logic for recovery, dependent on the activity level of the economy [2][3]. - The report highlights the importance of brand proximity to consumers, with increased investment in consumer-facing marketing, although short-term profit growth may be impacted [2][18]. Summary by Sections Section 1: Industry Trends - The 112th National Sugar and Wine Products Trade Fair showed a decline in traditional trading functions, with a shift towards trend forums and new product showcases [10]. - Instant retail is becoming a crucial channel for brand promotion, with significant growth in the sector, projected to exceed 2 trillion yuan by 2030 [12][15]. - The report notes that the liquor industry is seeing a reduction in supply, with a stable profit growth forecast for 2024, despite a slight decline in production [27][31]. Section 2: Company Strategies - Wuliangye is reforming its marketing system and adjusting its organizational structure to enhance direct sales and control over pricing [38][39]. - Water Well Square is focusing on a dual-brand strategy to cater to different market segments, with plans to launch high-end products priced above 800 yuan [42][43]. - Shede Liquor is implementing an employee stock incentive plan to align interests and drive performance, with ambitious growth targets set for the coming years [47][48]. Section 3: Financial Projections - The report provides financial forecasts for key companies, indicating stable revenue and profit growth for leading brands like Guizhou Moutai and Jinhuijiu, while some mid-tier brands face profitability challenges [36][37].

证券代码：002646 证券简称：天佑德酒 公告编号：2025-006 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。 | | 是否为 控股股 | | | | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 东或第 | | 占其所 | 占公司 | 限售股 | 是否 | 质押 | 质押 | | | | 东 | | 本次质押数 | | | （如 | 为补 | | | | 质押用 | | 名 | 一大股 | 量（股） | 持股份 | 总股本 | 是，注 | 充质 | 起始 | 到期 | 质权人 | 途 | | | 东及其 | | 比例 | 比例 | | | 日 | 日 | | | | 称 | 一致行 | | | | 明限售 | 押 | | | | | | | | | | | 类型） | | | | | | | | 动人 | | | | | | | | | | | 天 | | ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-005 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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2024年12月30日召开公司第 五届董事会第十六次会议（临时），会议审议通过了《关于公司及子公司使用自有资金购买理 财产品的议案》，在保障公司日常运营资金需求的前提下，同意公司及子公司在自董事会审议 通过之日起12个月内使用不超过人民币3亿元的自有资金购买短期（投资期限不超过一年）中 低风险理财产品，并授权公司管理层负责办理相关事宜，在此期限内该3亿元额度可滚动使用。 具体内容详见公司于2024年12月31日在巨潮资讯网（http://www.cninfo.com.cn）、《证券时 报》《中国证券报》《上海证券报》《证券日报》披露的《关于公司及子公司使用自有资金购 买理财产品的公告》（2024-056）。 证券"）"中信证券股份有限公司保本增益系列4809期收益凭证"理财产品,相关情况公告如 下： 一、理财产品的基本情况 收益条款 基本条款 发行主体/发行人 中信证券股份有限公司 产品名 ...

关于使用自有资金购买理财产品的进展公告 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。 青海互助天佑德青稞酒股份有限公司 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2024年12月30日召开公司第 五届董事会第十六次会议（临时），会议审议通过了《关于公司及子公司使用自有资金购买理 财产品的议案》，在保障公司日常运营资金需求的前提下，同意公司及子公司在自董事会审议 通过之日起12个月内使用不超过人民币3亿元的自有资金购买短期（投资期限不超过一年）中 低风险理财产品，并授权公司管理层负责办理相关事宜，在此期限内该3亿元额度可滚动使用。 具体内容详见公司于2024年12月31日在巨潮资讯网（http://www.cninfo.com.cn）、《证券时 报》《中国证券报》《上海证券报》《证券日报》披露的《关于公司及子公司使用自有资金购 买理财产品的公告》（2024-056）。 2025年4月2日，公司以自有资金6,000万元购买中信证券股份有限公司（以下简称"中信 证券"）"中信证券股份有限公司保本增益系列4809期收益凭证"理财产品,相关情况公告如 下： ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-003 青海互助天佑德青稞酒股份有限公司 关于部分董事、高级管理人员提前终止减持计划 暨未实施减持公司股份的公告 公司董事、高级管理人员赵洁女士、郭春光先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 部分董事、高级管理人员持股的基本情况： 2025年1月23日，公司收到赵洁女士、郭春光先生《关于提前终止减持计划的告知函》， 基于对公司未来发展前景的信心和公司价值的合理判断，赵洁女士、郭春光先生决定提前终 止本次减持计划。现将相关事项公告如下： 一、股份减持计划实施情况 截至本公告披露日，在减持预披露计划公告后，尚未进入可减持期间，赵洁女士、郭春光 先生亦未实施减持公司股份计划。 二、赵洁女士、郭春光先生减持预披露公告前后持股情况 | 股东 | 股份性质 | 减持预披露公告前持有股份 | | | 减持预披露公告后持有股份 | | --- | --- | --- | --- | --- | --- | | | | 股数（股） | ...

Financial Performance - The company expects a net profit attributable to shareholders of 35.83 million to 44.79 million RMB, a decrease of 50% to 60% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses is projected to be 31.96 million RMB, down by 51.82% to 62.37% year-on-year [2]. Revenue and Growth - The company achieved an operating revenue of approximately 1.271 billion RMB, with a year-on-year growth of up to 5% [4]. Marketing and Expenses - The increase in market expenses by over 30 million RMB is aimed at enhancing consumer engagement and promoting strategic products [4]. - The implementation of the 2023 restricted stock incentive plan is expected to negatively impact the net profit by approximately 25.14 million RMB [4].

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 证券代码：002646 证券简称：天佑德酒 公告编号：2025-002 青海互助天佑德青稞酒股份有限公司 关于董事、高级管理人员减持股份的预披露公告 公司董事、高级管理人员万国栋先生、鲁水龙先生、范文丁先生、冯声宝先生、郭春光先 生、赵洁女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 1、持有本公司股份650,000股（占本公司总股本比例0.13%）的公司董事、总经理万国栋先 生计划在本公告披露之日起15个交易日后的3个月内以集中竞价方式减持本公司股份合计不超 过162,500股（占本公司总股本比例0.03%）。 2、持有本公司股份400,000股（占本公司总股本比例0.08%）的公司董事鲁水龙先生计划在 本公告披露之日起15个交易日后的3个月内以集中竞价方式减持本公司股份合计不超过 100,000股（占本公司总股本比例0.02%）。 3、持有本公司股份450,000股（占本公司总股本比例0.09%）的公司董事、副总经理范文丁 先生计划在本公告披露之日起15个交易日后的3个月内以集中竞价方式 ...