Shede Spirits (SH:600702) Xin Lang Cai Jing·2025-10-31 10:35Core Insights - Shede Liquor achieved a revenue of 3.702 billion yuan and a net profit of 472 million yuan in the first three quarters of 2025, amidst a deep adjustment in the liquor industry [1] - The company actively reduced inventory and implemented strategies such as old liquor strategy, multi-brand matrix strategy, youth-oriented strategy, and internationalization strategy, resulting in several operational highlights [1] Revenue and Growth - In the first three quarters, ordinary liquor generated a revenue of 625 million yuan, marking a year-on-year growth of 16.46%, with the strategic flagship product T68 continuing to experience rapid growth [2] - T68, launched in 2019, has become a new growth engine as it ranks among the top three in high-line bottled liquor categories in key markets [3] Product Innovation - The company launched a new product "马上有小酒" in September, priced at 98 yuan for a 100ml bottle, incorporating an innovative blind box concept [3] - In August, the company introduced the industry's first low-alcohol old liquor "舍得自在," priced at 329 yuan, leveraging advanced flavor selection technology [3] Market Strategy - The young drinking demographic presents significant potential, with a predicted market size of 4.9 billion for young drinkers in China [3] - Product innovation not only helps the company tap into the young drinking market but also reinforces its old liquor advantages and expands consumption scenarios [3] Channel Innovation - The company is accelerating its e-commerce channel layout starting in 2024, having established a deep strategic partnership with JD.com and collaborated with Meituan Shanguo [4] - The focus on e-commerce, ordinary liquor, and youth-oriented strategies has been the biggest highlight in operational performance for the first three quarters [4] Brand Strength - Shede Liquor's brand strength is a unique advantage, with its brands "Shede" and "Tuo Pai" being included in the "China's 500 Most Valuable Brands" for 22 consecutive years, with a total brand value of 190.698 billion yuan in 2025 [5] - The company has built a substantial old liquor inventory since 1976, which supports its old liquor strategy and enhances brand image through various marketing activities [5] Marketing and Promotion - The company participated in the 2025 Sustainable Global Leaders Conference and was recognized at the 2025 Responsibility China ESG Annual Ceremony for its commitment to ESG [5] - Collaborative marketing efforts, such as partnerships with popular programs and events, have enhanced brand visibility and sales [6][7]