舍得酒业业绩修复向好：电商、沱牌特级T68逆势突围 Q2归母净利润同比增长139.5%

Core Viewpoint - Shede Liquor's strong performance in the first half of 2025, with significant growth in net profit and effective inventory management strategies, highlights its resilience in a challenging industry environment [1][2][3]. Financial Performance - In the first half of 2025, Shede Liquor achieved operating revenue of 2.701 billion yuan and a net profit attributable to shareholders of 443 million yuan [1]. - The second quarter saw operating revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit surged by 139.5% to 97.17 million yuan [2]. - The net profit margin improved by nearly five percentage points, indicating a positive trend in performance recovery [2]. Inventory Management - The company has effectively reduced inventory levels, nearing completion of its inventory destocking efforts, which has returned inventory to rational levels [2][3]. - The core products, "Taste Shede" and "Collection Shede," have maintained stable pricing for ten years, boosting channel confidence [2]. Channel Development - E-commerce sales reached 336 million yuan, growing by 31.38% year-on-year, with significant contributions from internet sales and direct sales [4]. - The banquet market showed double-digit growth, driven by strong sales of key products [4]. - The "T68" product line has seen rapid growth, establishing multiple million-level sample markets [4]. Strategic Initiatives - The company is focusing on expanding its presence in the "new consumption" sector, with plans to launch a low-alcohol product, "Shede Zizai," aimed at health-conscious consumers [7]. - Marketing strategies have been enhanced through collaborations with cultural IPs and celebrities, effectively promoting brand awareness [6]. Future Outlook - Shede Liquor aims to capitalize on upcoming festive marketing opportunities while continuing to explore high-potential growth markets [7]. - The company is committed to long-term development by prioritizing strategic direction and innovation, which may contribute to its recovery and future growth [7].