Shede Spirits (SH:600702) Xin Lang Cai Jing·2025-11-02 11:43Core Viewpoint - Shede Liquor's Q3 2025 report indicates a revenue of 3.702 billion yuan, with a net profit of 472 million yuan, reflecting a narrowing decline compared to the first half of the year despite significant industry pressure [1] Group 1: Industry Challenges - The overall liquor industry is under significant pressure, with weak demand in key consumption scenarios such as business banquets and holiday sales, leading to high social inventory and downward pricing pressure [1][2] - The industry is undergoing a deep adjustment characterized by "supply clearing," shifting growth momentum from scale expansion to value enhancement [2] Group 2: Company Strategies - Shede Liquor is implementing a strategy of price control and inventory reduction, maintaining stable pricing for core products despite industry-wide pricing pressures [2][3] - The company is enhancing operational efficiency through organizational restructuring, flat management, and precise cost control, resulting in an 8.81% decrease in operating costs and a 13.07% reduction in management expenses [3] Group 3: Product and Market Development - The launch of the low-alcohol product "Shede Zizai" has been successful, aligning with new consumption trends and achieving significant market interest, with over 12,000 orders within 36 hours of launch [4] - E-commerce sales have grown significantly, with a 40% year-on-year increase, becoming a key driver of revenue growth [5] Group 4: Financial Performance and Market Sentiment - The company reported a 16.46% increase in revenue from ordinary liquor sales, indicating stability in the market during the industry's adjustment phase [5] - Institutional investors have shown confidence in Shede Liquor, with several increasing their holdings, reflecting recognition of the company's long-term development logic [6][7]