Shede Spirits (SH:600702) Cai Jing Wang·2025-09-11 14:00Core Viewpoint - Shede Liquor has stabilized its channels after nearly a year of destocking, focusing on supporting small distributors and leveraging the T68 product to penetrate the mass liquor market [2][7]. Group 1: Financial Performance - In Q2, Shede Liquor achieved a net profit of 97.17 million yuan, a year-on-year increase of 139.5%, while revenue remained stable at 1.125 billion yuan [2]. - The company has successfully reduced inventory levels to a reasonable range after several quarters of destocking efforts, which is reflected in the improved financial results [3][4]. Group 2: Channel Strategy - The company is focusing on e-commerce and direct sales channels while lowering initial order requirements to attract new distributors [3]. - A new small and micro customer management team has been established to support small distributors, enhancing their confidence and service quality [3][4]. Group 3: Product Development - The launch of the T68 product has led to a 15.86% year-on-year increase in sales revenue from ordinary liquor [4]. - The new low-alcohol product "Shede Zizai" aligns with the trend towards lower alcohol consumption and diverse drinking scenarios, receiving positive market feedback [6]. Group 4: Market Strategy - The company is concentrating its resources on key markets in Shandong, Hebei, and Sichuan, aiming to enhance market share through refined operations [4]. - A strategic focus on regional markets is being implemented, with plans to strengthen presence in both established and emerging markets [4][5].