老酒战略

Search documents
杀入新消费!舍得酒业低度酒新品未发先火,半年度业绩显韧性、近期股价暴涨
经济观察报· 2025-08-26 11:56
业绩超预期与低度酒新品共振,舍得酒业切入新消费领域获市 场关注,近期涨幅显著。 作者: 张丽 封图:图片资料室 8月22日盘后,舍得酒业(600702.SH)发布2025年半年度报告。报告显示,公司上半年实现营 业收入27.01亿元,归属于上市公司股东的净利润4.43亿元。 值得关注的是,在白酒行业传统消费淡季的二季度,舍得酒业展现出强劲的经营韧性:单季实现营 业收入 11.25亿元,同比基本持平;归母净利润9717万元,同比大幅增长139.5% 。 公司也因 此成为贵州茅台 之外 ,又一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年, 公司 一季度归母净利润已超 2 024年全年水平,二季度同比增幅更超一倍,利润端 复苏动能强劲。这既印证了公司 主动调整 下盈利弹性的释放,也标志着其内在增长动力已完成阶 段性修复,正步入稳健 修复 通道。舍得酒业超预期的业绩复苏迅速获得市场认可, 8月25日公司 股价盘中强势封板涨停,年内累计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前,白酒行业 正经历深刻的结构性变革 。中国酒业协会发布的《 2025中国白酒市场中期研究 报告》指出, ...
年份白酒市场繁荣背后: 标准缺失暗藏信任危机
Zheng Quan Shi Bao· 2025-08-25 22:06
"酒是陈的香",年份老酒以独特的"时间魅力",吸引着众多消费者。在传统印象里,年份酒经长时间陈 酿,口感更醇厚、香气更浓郁,同时还具备一定收藏价值。 然而,酒局上,面对包装精美的"XX年陈酿",内行人士也难免质疑:价值不菲的年份酒,究竟含几滴 老酒基酒? 白酒年份酒市场乱象背后,是标准缺失、造假严重带来的信任危机。相关部门已经出手。多位行业资深 人士表示,唯有行业协会、监管部门与企业共同努力,建立健全行业标准,加强市场监管,提升产品品 质,才能推动年份酒市场真正健康有序发展。 真假年份酒 白酒营销竞争激烈。 今年6月22日,洋河大曲以"真年份、真老酒"为卖点,推出零售价59元的年份酒,贴近大众市场。洋河 股份(002304)称,该酒延续经典绵柔配方,优选核心产区基酒,100%三年陈。发布会上,洋河股份 与京东达成战略合作,将在供应链优化、新品开发、数字化营销、人工智能应用等维度发力。 孰料,8月初,今世缘(603369)经销商发布两张"火药味"海报,文案"3年?5年?10年?原浆、真年 份?无论年份多少,好喝才是王道"被指暗讽"真年份"新品。 随后,今世缘紧急澄清海报"非官方发布",董事长顾祥悦公开表态"只讲 ...
舍得酒业(600702):25Q2净利润表现亮眼 经营筑底企稳
Xin Lang Cai Jing· 2025-08-25 04:35
投资建议与盈利预测:公司坚定长期发展战略,主动实施控量挺价策略,积极协助经销商提升动销,消 化渠道库存。8 月30 日将上市首款低酒度畅饮型老酒"舍得自在",顺应白酒年轻化及低度化趋势。公司 将坚持以老酒战略为基石,推动多品牌矩阵、年轻化和国际化战略,业绩有望企稳回升。预计公司25- 27 年实现营业收入56.31/60.65/66.44 亿元;实现归母净利润9.08/10.28/11.09 亿元;PE 分别为 22.34/19.74/18.29x,维持"推荐"评级。 风险提示:宏观经济下行风险;终端库存消化不及预期;居民消费恢复不及预期;行业竞争加剧等 电商销售稳步增长,全渠道布局持续深化。25H1 省内/省外分别实现营收7.83/16.35 亿元,同 比-13.91%/-21.24%。从渠道端来看,批发代理/电商分别实现收入20.82/3.36 亿元,同 比-23.72%/+31.38%。近年来,公司不断加强对市场、渠道及消费者的研究与运营,在服务上千家一级 经销商及数万家烟酒店渠道为核心终端的基础上,不断拓展电商、C2M、企业团购、现代商超、餐饮 等新渠道,全渠道销售能力不断提升。通过生态融通、数字化会 ...
舍得酒业半年营收27.01亿,二季度净利大增139.5%,主动“控量挺价”显成效
Sou Hu Cai Jing· 2025-08-23 15:28
| | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 2,701,201,938.60 | 3, 270, 581, 082. 38 | -17. 41 | | | 561, 536, 738. 95 | 794, 758, 435. 07 | -29. 34 | | 归属于上市公司股东的净利润 | 443, 290, 477. 79 | 590, 859, 536. 92 | -24. 98 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 439, 334, 484. 76 | 578,803,823.44 | -24. 10 | | 利润总额 | | | | 文丨酒食汇团队 8月22日,舍得酒业发布2025年度半年报。上半年,公司实现营收27.01亿元,同比下降17.41%;归属上市公司股东净利润5.62亿元,同比下降29.34%。从 季度表现来看,第二季度实现营收11.25亿元,同比基本持平,归属上市公司股东净利润 ...
舍得酒业半年报:Q2强势修复,归母净利同比翻倍,电商、沱牌、低度新品多点开花后劲十足
21世纪经济报道· 2025-08-23 03:47
8月22日盘后晚间,舍得酒业(600702.SH)发布2025年半年度报告。数据显示,今年上半年,舍得 酒业实现营业收入27.01亿元,归属于上市公司股东的净利润4.43亿元。其中,第二季度表现抢眼, 实现营业收入11.25亿元,同比基本持平,归母净利润9717万元,同比大幅增长139.5%。 在行业继续深度调整的压力下,舍得酒业锚定老酒战略,主动调整,去年以来连续多个季 度大力去库存收效显著,继今年一季度归母净利润超去年全年之后,二季度归母净利润同 比翻倍,上半年基本盘稳固,经营强势恢复性增长,为下半年发展奠定了积极基调。 Q2归母净利润同比翻倍 库存去化下业绩强劲修复 今年上半年,受行业下行和相关政策影响,叠加二季度传统淡季下消费需求偏弱,白酒行 业整体承压,经营挑战加剧。舍得酒业凭借2 0 2 4年提前布局去库存、稳价格措施,在2 0 2 5 年释放出强劲经营韧性和增长后劲。 财报显示,舍得酒业一季度归母净利润3 . 4 6亿元,超过去年全年净利润。今年第二季度, 舍得酒业实现归母净利润9 7 1 7万元,同比大幅增长1 3 9 . 5%;营收11 . 2 5亿元,同比基本持 平,环比第一季度降幅明显收 ...
今世缘“内涵”洋河营销翻车?董事长顾祥悦紧急表态:可以讲自己好话,不允许讲别人坏话!
Sou Hu Cai Jing· 2025-07-27 11:00
Core Viewpoint - The competition between Jiangsu's leading liquor companies, Yanghe and Jinshiyuan, intensifies amid industry adjustments, with marketing strategies and product offerings becoming focal points of rivalry [2][3]. Group 1: Company Performance - In 2022, Yanghe's revenue surpassed 30 billion yuan, with net profit exceeding 10 billion yuan in 2023, although it has shown a declining trend in recent years [3]. - In 2024, Yanghe's revenue decreased by 12.83% to 28.876 billion yuan, and net profit fell by 33.37% to 6.673 billion yuan; in contrast, Jinshiyuan's revenue grew by 14.32% to 11.544 billion yuan, and net profit increased by 8.8% to 3.412 billion yuan [3]. - Yanghe has achieved national expansion, with revenue from outside Jiangsu exceeding that from within, while Jinshiyuan remains primarily focused on its home market [3]. Group 2: Product Strategy - Jinshiyuan emphasizes "relationship" culture in its branding, positioning its flagship product, Guoyuan, as a key player in both local and national markets [4]. - Yanghe has adapted to market demands by launching the Yanghe Daqu high-line light bottle liquor, which has seen significant sales success, indicating a strong consumer response [4][5]. - Yanghe's product strategy leverages its extensive old liquor reserves and production capacity, while Jinshiyuan's old liquor strategy is still in the preparatory phase [5]. Group 3: Market Dynamics - The recent marketing campaigns from both companies reflect a competitive landscape, with Jinshiyuan's ads perceived as a subtle critique of Yanghe's offerings [2]. - Industry analysts suggest that Yanghe is restructuring for future growth, while Jinshiyuan is rapidly trying to capture market share, though it faces challenges in governance and production capacity [6].
锚定界首、太和,创新营销模式,沙河地窖老酒逆势谋新
Sou Hu Cai Jing· 2025-07-21 18:01
Core Viewpoint - The strategic revival of Shahe Liquor Industry is centered around leveraging its extensive inventory of aged liquor and focusing on market opportunities, product development, and shared benefits with partners [2][6][10]. Group 1: Company Background - Shahe Liquor Industry, established in 1949, was once a leading player in the Anhui liquor market, achieving sales exceeding 1 billion yuan in the mid-1990s and earning various trademark accolades [2]. - The company has a significant inventory of over 10,000 tons of quality aged liquor, with more than 4,380 tons aged over 35 years, positioning it uniquely in the industry [4]. Group 2: Strategic Focus - The current strategy emphasizes three focal points: market focus on specific regions, product focus on the Shahe cellar aged liquor series, and shared benefits with partners [6]. - The company aims to strengthen its presence in the northern Anhui market before expanding statewide [6]. Group 3: Product and Cultural Value - The Shahe cellar aged liquor is stored in a climate-controlled environment that enhances its quality, resulting in a rich and complex flavor profile [8]. - The scale and grandeur of the Shahe cellar aged liquor library serve as a cultural symbol, transforming time into a tangible asset for consumers [8]. Group 4: Market Opportunities - The company has identified significant market opportunities, particularly in the Jiexiu market, by establishing a strategic revival committee and an operational center for cellar aged liquor [10]. - The emotional connection to the brand, particularly among the local population, is leveraged through narratives that resonate with community pride [10]. Group 5: Industry Trends - The market for aged liquor is experiencing explosive growth as consumer preferences shift towards premium and aged products, indicating a favorable environment for Shahe Liquor Industry's revival [11].
沱牌特级T68高速成长、布局全球40个国家和地区,舍得酒业长期价值被机构认可
Sou Hu Wang· 2025-07-15 09:13
Core Insights - The liquor industry is entering a deep adjustment phase by mid-2025 due to multiple pressures such as policy adjustments, changes in consumer structure, and competition among existing players [1] - Despite overall industry challenges, companies like Kweichow Moutai, Wuliangye, Fenjiu, and Shede Distillery show strong resilience and positive signals [1] - Shede Distillery's marketing system has demonstrated stability in its core market and achieved breakthroughs in key innovative projects and channels [1] Company Performance - Shede Distillery's President Tang Huan acknowledged the efforts and achievements of the marketing team in facing industry challenges, emphasizing the need for product, channel, brand, and organizational strength [2] - In the first half of 2025, Shede Distillery saw a steady decline in inventory while achieving significant growth in e-commerce sales, banquet and C-end group purchases, and exceeding targets in both core provincial and out-of-province markets [2] - The company has established a multi-dimensional product matrix to meet diverse consumer needs and is actively expanding its international market presence, having entered 40 countries and regions [2] Market Outlook - Several institutions, including Huaxin Securities and Guojin Securities, have given Shede Distillery a "buy" rating, predicting revenue and profit growth for Q2 2025 [3] - The company is focusing on brand building, core market focus, channel layout, and product structure optimization, indicating a potential upward turning point as market conditions improve [3] - With the upcoming traditional peak seasons of Mid-Autumn Festival and National Day, Shede Distillery's annual performance is expected to be strong and promising [3]
舍得酒业双品牌价值超1900亿,“老酒”+“名酒”双轮驱动共筑品牌护城河
Quan Jing Wang· 2025-06-18 12:13
Core Insights - The report highlights the sustained growth of Shede Liquor's two brands, "Shede" and "Tuopai," which have maintained their positions in the "China's 500 Most Valuable Brands" list for 22 consecutive years, with a combined brand value of 190.698 billion yuan [1] - The brand value of "Shede" reached 110.872 billion yuan, an increase of 10.217 billion yuan from the previous year, while "Tuopai" saw its brand value rise to 79.826 billion yuan, up by 7.63 billion yuan [1] Brand Strategy - Shede Liquor has adopted a clear differentiation strategy, with "Shede" focusing on an "old liquor strategy" to capture the high-end market, while "Tuopai" emphasizes "famous liquor revival" to penetrate the mass market [1][2] - The company has invested in enhancing the quality and value of its old liquor, launching a new standard for aged liquor, which solidifies its competitive edge in this niche [2] Cultural Engagement - Shede is actively building its brand culture through various initiatives, including the "Shede Wisdom Characters" program and the "Shede Old Liquor Festival," which have significantly increased brand exposure [3] - The sixth season of "Shede Wisdom Characters" achieved over 7.1 billion exposures, showcasing the brand's cultural relevance and outreach [3] Marketing Innovations - The company has leveraged high-profile marketing campaigns during key festivals, such as the Spring Festival and Mid-Autumn Festival, to enhance brand visibility and consumer engagement [3][4] - Innovative marketing strategies, including live-streaming events and interactive campaigns, have effectively connected with consumers and boosted sales [3][5] Product Development - "Tuopai" is revitalizing its brand by focusing on the mass market, aiming to become the "first national classic liquor brand" with a new slogan and product offerings [5] - The introduction of new products, such as the "Tuopai Rhythm" series, targets the national banquet market with competitive pricing and festive packaging [6] International Expansion - The continuous rise in brand value for both "Shede" and "Tuopai" is facilitating the company's international market expansion, with operations now in 36 countries and regions [6] - The company is committed to enhancing its global presence through participation in international events and product launches [6]
舍得酒业:为帮助经销商消化库存,针对不同产品增加3%-5%的销售折让
Cai Jing Wang· 2025-06-13 03:01
Core Viewpoint - The company has faced significant increases in material costs, labor costs, and manufacturing expenses, impacting its financial performance amid declining sales and production volumes in the liquor business [1][2][3]. Cost Analysis - Material costs increased by 39.18% year-on-year due to changes in procurement practices and rising grain prices [1]. - Labor costs rose by 31.34% year-on-year, attributed to efforts to stabilize employment and reduce wage disparities with industry peers [1]. - Manufacturing expenses and energy costs surged by 47.62%, primarily due to the completion of expansion projects and decreased production volume [2]. Sales and Revenue - Transportation costs increased by 50.63% despite a 28.7% drop in sales volume, as distributors opted for multiple smaller orders to ease cash flow pressures [2]. - The company's liquor sales revenue decreased by 27.08%, amounting to a decline of 17.78 billion yuan [13]. Inventory and Accounts Receivable - The company’s inventory of self-produced semi-finished products increased by 7.55 billion yuan, reflecting a 25% year-on-year growth [13]. - Accounts receivable turnover is lower than industry peers due to extended payment terms offered to distributors and the acceptance of bank acceptance bills for settlements [14][15]. Pricing Strategy - Average selling prices for liquor products rose by 2%, with significant increases in lower-priced segments due to changes in procurement practices [11]. - The company implemented additional sales discounts of 3%-5% to help distributors manage inventory amid increased competition [10][11]. Distributor Support - The company employs a discount policy for distributors, including volume-based and promotional discounts, to support market expansion [9]. - The balance of distributor discounts has increased, reflecting a strategic response to market conditions and inventory management [10].