Shede Spirits (SH:600702) 经济观察报·2025-08-26 11:56Core Viewpoint - Shede Liquor's strong performance in the first half of 2025, with significant growth in revenue and profit, has attracted market attention, particularly due to its entry into the new consumption field with low-alcohol products [2][6]. Financial Performance - In the first half of 2025, Shede Liquor achieved revenue of 2.701 billion yuan and a net profit of 443 million yuan, with a notable 139.5% year-on-year increase in net profit for Q2 [2]. - The company reported a strong recovery in profitability, with Q1 net profit exceeding the total for the entire year of 2024, indicating robust recovery momentum [2][3]. - As of June 30, 2025, total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and cash flow from operating activities surged by 427.77% [3]. Market Strategy and Channel Development - Shede Liquor is actively expanding its digital marketing and international presence, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year [4]. - The company has entered 40 countries and regions, with a 50% increase in sales in Southeast Asia, reflecting a significant boost in international market influence [4]. Product Strategy - The company is focusing on optimizing its product structure, with strong growth in both the mass market and banquet segments, achieving a 15.86% increase in revenue from ordinary liquor [5]. - Shede Liquor plans to launch its first low-alcohol product, "Shede Zizai," on August 30, 2025, targeting the growing low-alcohol consumption trend [6][8]. Industry Context - The Chinese liquor industry is undergoing significant structural changes, with a shift towards new consumption patterns and a focus on brand value amidst intense competition [3][7]. - Shede Liquor's strategy of leveraging its high-quality aged liquor resources positions it well to meet the evolving consumer demand for premium products [7][8].