近期，在"文化出海"指引下，白酒企业主动突围，积极拓展海外市场、开辟新的增量空间。舍得酒业抢抓出海窗口期，加速全球化布局，并将东南亚作为其 国际化的重点市场，打造高质量发展的新增长极。 继加拿大站、法国站后，舍得老酒节分别于7月31日、8月3日在新加坡、马来西亚陆续开展。活动以慈善拍卖、老酒品鉴等形式，深度触达本地核心圈层消 费者，助推提升品牌的影响力与市场渗透力。 期间，来自新加坡、马来西亚的各界人士及海外经销商代表受邀出席活动。复星、舍得酒业高管团队与各界嘉宾齐聚一堂，共同见证这一盛事。 老酒节IP相继落地东南亚国家，舍得酒业夯实全球版图的重要高地 舍得老酒节IP为何"双击"东南亚市场？这背后有着深刻的战略考量。 平安证券研究报告显示，2024年，白酒出口金额同比增速16.61%，其中东南亚市场贡献10.60亿元，依托区域经济增长、人口红利及消费升级趋势，东南亚 有望成为白酒全球化重要增长极。其中，新加坡、马来西亚作为区域经济文化中心，华人众多、购买力强，成为酒企布局的关键地。 马来西亚国家旅游局副局长 李泰康 活动现场，马来西亚国家旅游局副局长李泰康高度赞扬舍得酒业在中马文化交流与慈善领域的贡献。他表示 ...

编辑丨李文贤 出品丨搜狐财经 7月29日盘后，舍得酒业发布公告称，倪强因工作原因申请辞去公司董事职务，辞职后不再担任公司任 何职务。 据悉，倪强为复星系高管，在2023年1月至12月曾短暂担任舍得酒业董事长。 "白酒行业行业进入深度调整期，舍得酒业面临很大市场压力。"搜狐酒业发展研究院专家肖竹青认为， 舍得酒业经历了营销高管王维龙辞职，如今倪强又辞任，体现出投资人谋求改变的资本意志。 作者丨饶婷 这一压力在舍得酒业交出的年度成绩单中显露无遗。2024年，公司实现营收53.57亿元，同比下滑 24.41%；归母净利润3.46亿元，同比大幅下降80.46%。 针对舍得酒业2024年报，上交所重点关注了公司毛利率大幅下滑及有息负债激增等问题，并下发了问询 函。 关于酒类毛利率同比减少7.65个百分点，舍得酒业解释称，主要系200元以上产品销售占比下滑，叠加 采购价格、人工工资增加等因素影响。 截至今日收盘，舍得酒业股价为53.00元/股，微跌0.75%，当前总市值176.6亿元。 倪强因工作原因离任公司董事 舍得酒业表示，董事会于近日收到倪强的书面辞职报告，因工作原因申请辞去公司董事职务，辞职后不 再担任公司任何职 ...

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].

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].

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]

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]

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].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, attributing the decrease to a drop in sales of high-priced products and increased costs, while also facing scrutiny over its rising debt levels and inventory growth [2][3][12]. Financial Performance - In 2024, the company achieved total revenue of 5.357 billion, a year-on-year decrease of 24.41%, and a net profit of 346 million, down 80.46% [3]. - The gross margin for alcoholic products was 70.93%, reflecting a decrease of 7.65 percentage points compared to the previous year [4][7]. Sales Structure and Pricing - The sales proportion of products priced above 200 yuan fell from 60.38% to 50.68%, negatively impacting overall gross margin [5]. - Average selling prices for most product categories decreased, with discounts of 3%-5% introduced to help distributors manage inventory [5][6]. Cost and Expenses - The unit cost of alcoholic products rose to 22.43 yuan per 500ml, an increase of 38.80% year-on-year, driven by rising material costs and labor expenses [7]. - Despite declining revenue, the company maintained spending on strategic initiatives, with cash inflows from sales dropping to 5.767 billion, a decrease of 1.599 billion [10][11]. Debt and Financing - The company's interest-bearing debt surged by 744.07% to 1.166 billion, constituting 74.95% of its cash reserves, significantly higher than peers in the industry [12]. - The increase in debt is attributed to ongoing investments in the old liquor strategy and expansion projects [12][13]. Inventory Management - The company's inventory value reached 5.219 billion, accounting for 70% of current assets, which is above the industry average [15]. - The growth in inventory is linked to the old liquor strategy, with the company asserting that inventory turnover remains normal and there is no backlog [17][19].

Core Viewpoint - Shéde Jiǔyè (舍得酒业) is experiencing a decline in revenue for 2024 due to the overall adjustment in the liquor industry and intensified competition, although the company maintains stable average market prices for its main products [1] Group 1: Company Performance - In Q1, Shéde Jiǔyè achieved revenue of 1.576 billion yuan, a quarter-on-quarter increase of 75.68% [3] - The net profit attributable to the parent company was 346.1 million yuan, nearly unchanged from the previous year's total of 345.8 million yuan [3] - The net cash flow from operating activities saw a significant year-on-year increase of 106.76% [3] - The company reported a 11.25% decrease in operating costs and a 25.24% decrease in management expenses, indicating improved operational efficiency [3] Group 2: Strategic Developments - The company is advancing its old liquor strategy, which is expected to enhance market and brand value over time despite a current decrease in cash reserves [2] - Shéde Jiǔyè plans to increase production capacity with an expected annual output of 60,000 tons of raw liquor and 342,500 tons of raw liquor storage capacity [2] - The construction of new production facilities will take approximately 2 to 3 years, with the new capacity being gradually released [2] Group 3: Industry Outlook - The liquor industry is still in an adjustment phase, with consumer confidence recovering slowly, particularly in the mid-to-high-end product segment [1] - The market concentration in the liquor industry is expected to continue increasing, providing Shéde Jiǔyè with significant growth opportunities due to its advantages in brand, quality, and distribution channels [3]

Core Viewpoint - The overall performance of Shede Liquor Industry (600702) is under short-term pressure due to rising production costs and declining sales gross margin, compounded by prior investments in capacity expansion for 2024 [1][2] Group 1: Financial Performance - In 2024, Shede Liquor's total revenue is projected to be 5.357 billion yuan, a year-on-year decrease of 24.41%, while net profit is expected to be 346 million yuan, down 80.46% year-on-year [2] - The company's cash flow from operating activities has significantly improved, with a year-on-year increase of 106.76% [5] - As of the end of 2024, Shede Liquor's cash reserves are reported at 1.543 billion yuan, a decrease of 36.28% year-on-year, while interest-bearing liabilities have increased to 1.166 billion yuan [4][5] Group 2: Strategic Initiatives - Shede Liquor is implementing a strategy focused on "strong sales, inventory reduction, and price stability" to maintain healthy operations for the market and distributors [2] - The company has increased sales discounts by 3%-5% for different products to help distributors reduce social inventory [2] - The company is expected to invest approximately 1 billion yuan in capacity expansion projects by 2025, with an initial expenditure of 147 million yuan already made [5][6] Group 3: Market Conditions - The white liquor industry is currently in an adjustment phase, with intensified competition and a need for consumer confidence recovery, particularly in the mid-to-high-end product segment [2][6] - Despite the challenges, Shede Liquor's main products have maintained stable market prices, with terminal sales showing double-digit growth from 2021 to 2023 [3] - The company anticipates that the overall development of the white liquor industry will remain stable, with increasing market concentration and significant growth potential in sales volume [6]