Shede Spirits (SH:600702) Sou Hu Wang·2025-07-15 09:13Core Insights - The liquor industry is entering a deep adjustment phase by mid-2025 due to multiple pressures such as policy adjustments, changes in consumer structure, and competition among existing players [1] - Despite overall industry challenges, companies like Kweichow Moutai, Wuliangye, Fenjiu, and Shede Distillery show strong resilience and positive signals [1] - Shede Distillery's marketing system has demonstrated stability in its core market and achieved breakthroughs in key innovative projects and channels [1] Company Performance - Shede Distillery's President Tang Huan acknowledged the efforts and achievements of the marketing team in facing industry challenges, emphasizing the need for product, channel, brand, and organizational strength [2] - In the first half of 2025, Shede Distillery saw a steady decline in inventory while achieving significant growth in e-commerce sales, banquet and C-end group purchases, and exceeding targets in both core provincial and out-of-province markets [2] - The company has established a multi-dimensional product matrix to meet diverse consumer needs and is actively expanding its international market presence, having entered 40 countries and regions [2] Market Outlook - Several institutions, including Huaxin Securities and Guojin Securities, have given Shede Distillery a "buy" rating, predicting revenue and profit growth for Q2 2025 [3] - The company is focusing on brand building, core market focus, channel layout, and product structure optimization, indicating a potential upward turning point as market conditions improve [3] - With the upcoming traditional peak seasons of Mid-Autumn Festival and National Day, Shede Distillery's annual performance is expected to be strong and promising [3]