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以透明披露助力风险出清 舍得酒业详细回复上交所年报问询
Zheng Quan Ri Bao Wang· 2025-06-11 12:45
Core Viewpoint - Shede Liquor's performance in 2024 is expected to be under short-term pressure due to rising production costs and a decrease in sales gross margin, but the company is actively implementing strategies to boost sales and reduce inventory, which are expected to stabilize its operations in the long run [1][2][3]. Group 1: Business Performance - In 2024, the overall white liquor industry is still in an adjustment phase, with intensified competition and a decline in Shede Liquor's revenue due to insufficient consumer demand [2]. - The company has adopted a strategy of "strong sales, inventory reduction, and price stability," which includes increasing promotional efforts and offering sales discounts of 3%-5% on various products to maintain market operations [2][3]. - Despite operational pressures, Shede Liquor's inventory levels are within a reasonable range, and there is no significant backlog, with the average market price of its main products remaining stable [2][4]. Group 2: Financial Health - As of the end of 2024, Shede Liquor's cash reserves are reported at 1.543 billion yuan, which is sufficient to support approximately two months of operational expenses [4]. - The company's cash flow improved in the first quarter of 2024, with cash reserves increasing to 1.58 billion yuan, indicating a strengthening financial position [5][7]. - The company's operating income for the first quarter reached 1.576 billion yuan, a 75.68% increase compared to the previous quarter, and net profit exceeded the total for the previous year, reflecting a positive trend [7][8]. Group 3: Strategic Initiatives - Shede Liquor is expanding its production capacity with an expected addition of 60,000 tons of raw liquor annually, which will enhance its ability to produce high-quality aged liquor in the long term [1][6]. - The company is in the second phase of its aged liquor strategy, which is anticipated to yield higher market and brand value over time, despite short-term debt pressures from expansion [4][6]. - The overall stability of the white liquor industry is expected to continue, with Shede Liquor positioned to benefit from increased market concentration and its competitive advantages in brand, quality, and distribution [8].
舍 得酒业: 舍 得酒业关于上海证券交易所《关于公司2024年年度报告的信息披露监管问询函》的回复公告
Zheng Quan Zhi Xing· 2025-06-11 11:24
Core Viewpoint - The company, Shede Liquor Co., reported a significant decline in revenue and production in its 2024 annual report, raising concerns about its business performance and financial health [1][5]. Group 1: Main Business Performance - The company achieved total revenue of 5.357 billion yuan in the reporting period, a year-on-year decrease of 27.08% [1][5]. - The liquor business revenue was 4.789 billion yuan, also down 27.08% year-on-year, with a production volume of 31,300 kiloliters, reflecting a 28.21% decline [1][5]. - The gross profit margin for liquor products has decreased significantly, with previous years showing margins of 81.54%, 80.89%, and 78.55%, indicating a downward trend [1][5]. Group 2: Supplier and Customer Relationships - The company provided detailed disclosures regarding its main suppliers and customers over the past three years, including transaction amounts and balances, confirming no significant related party transactions [2][3]. - Major suppliers include Chengdu Shengshi Pinwei Supply Chain Co., Ltd. and Dezhou Zhicheng Baozhen Liquor Co., Ltd., with transaction amounts of 121.4 million yuan and 121.1 million yuan respectively [2][3]. Group 3: Cost and Revenue Recognition - The company explained that despite the decline in revenue and production, the cost of liquor business remained relatively stable due to its cost accounting methods and revenue recognition policies [4][6]. - The unit cost of liquor increased by 38.80% year-on-year, attributed to rising material costs and changes in procurement practices [5][8]. - The average selling price of liquor products increased by 2%, with specific price segments showing significant changes due to adjustments in sales strategies and market conditions [7][8]. Group 4: Market and Competitive Position - The company adopted a price control model to support distributors, which has led to a temporary decrease in order quantities as part of inventory management strategies [7][9]. - The overall sales structure has shifted, with a notable decline in the sales of higher-priced products, contributing to a decrease in the overall gross margin [7][9].
舍得酒业(600702):短期业绩承压 股权激励提振信心
Xin Lang Cai Jing· 2025-05-14 10:25
投资要点 25Q1 公司实现收入 15.76 亿元, 同比-25.14%; 实现归母净利润 3.46 亿元, 同比-37.10%;实现扣非 净利润 3.43 亿元, 同比-37.14%。 公司坚持老酒战略,推进多品牌齐头并进。我们认为随着宏观经济政策发力+政商务消费需求恢复,公 司盈利能力有望提升。 产品结构承压,关注政商务消费需求恢复 1 )利润端:25Q1 白酒收入 14.42 亿元,同比-26.5%,或因渠道库存消化,蓄力后续健康发展。25Q1 公司毛利率/净利率同比-4.8/ -4.2pcts 至 69.4%/21.9%。 3)现金流:销售收现16.23 亿(-15%),经营性净现金流为2.24 亿(+107%)。 品味舍得短期承压,电商渠道增速较快 1)分产品:25Q1 中高档酒/普通酒实现收入 12.34 亿元/2.08 亿元,同比-28.46%/-12.59%。品味短期销 售承压,舍之道受益 200 元价格带增长,增长保持相对稳健。 盈利预测及估值 2)分区域:25Q1 四川省内/省外收入为4.94 亿元/9.49 亿元,分别同比-8.96%/-33.25%,省内表现相对 优异。 3)分渠道:2 ...
舍得酒业(600702):更新报告:短期业绩承压,股权激励提振信心
ZHESHANG SECURITIES· 2025-05-14 09:22
Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with a focus on the recovery of government and business consumption demand [1] - The company is committed to its old liquor strategy while promoting multi-brand, youth-oriented, and international strategies [3] - The stock option incentive plan aims to boost confidence among executives and is linked to ambitious revenue and profit growth targets [3] Financial Performance Summary - In Q1 2025, the company's white liquor revenue was 1.442 billion yuan, down 26.5% year-on-year, attributed to channel inventory digestion [1] - Gross margin and net margin decreased by 4.8 and 4.2 percentage points year-on-year to 69.4% and 21.9%, respectively [1] - The company reported a cash flow from sales of 1.623 billion yuan, a decrease of 15%, while operating net cash flow increased by 107% to 224 million yuan [1] - The company’s revenue forecast for 2025-2027 is projected to grow at rates of 5.7%, 6.2%, and 8.4%, respectively, with net profit growth rates adjusted to 165%, 25%, and 10% [4] Product and Channel Performance - In Q1 2025, the revenue from mid-to-high-end liquor and ordinary liquor was 1.234 billion yuan and 208 million yuan, down 28.46% and 12.59% year-on-year, respectively [1][2] - E-commerce revenue grew by 37% year-on-year, indicating a rapid development in this channel [2] - The company’s revenue from Sichuan province was 494 million yuan, down 8.96%, while revenue from outside the province was 949 million yuan, down 33.25% [2] Strategic Initiatives - The company is enhancing its production system through intelligent upgrades and expanding its capacity while improving the quality of old liquor [3] - The stock option incentive plan involves granting up to 2.0366 million restricted shares to 168 executives at a price of 28.78 yuan per share, with performance targets set for revenue and net profit growth [3]
破局行业分化,洋河股份激活高质量发展引擎
Di Yi Cai Jing· 2025-05-04 08:26
Core Viewpoint - Yanghe Co., Ltd. reported a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan for 2024, indicating a strategic transformation aimed at high-quality development amidst structural changes in the liquor industry [1] Group 1: Product Strategy - The company has developed a comprehensive product matrix, combining the "old liquor strategy" with product renewal to achieve a dual drive of "quality + consumption segmentation" [2] - In the high-end market, the "Dream Blue Handcrafted Class" has become the first Chinese high-end vintage liquor to receive authoritative certification, initiating a quality revolution [2] - The upcoming seventh generation of "Sea Blue" aims to redefine standards with a focus on high-quality aged liquor, while also introducing a high-line light bottle liquor to enhance competitive differentiation [2] Group 2: Supply Chain and Management - Yanghe boasts the world's largest liquor cellar group, with an annual production capacity of 160,000 tons and a raw liquor storage capacity of 700,000 tons, establishing a differentiated competitive edge [3] - The company has optimized its marketing organization and focused on brand regionalization, enhancing brand collaboration and market management [3] - Yanghe has categorized markets into four types and is strategically focusing resources on its home market and the Yangtze River Delta region [3] Group 3: Brand Value and Cultural Heritage - As one of the "Old Eight Famous Liquors," Yanghe holds significant brand value, ranking third in the Chinese liquor industry with a brand value of 90.979 billion yuan [4] - The company has launched the "Soft Year Vintage Liquor Strategy," redefining the value of Chinese high-end liquor through genuine quality [4] - Yanghe's commitment to cultural depth and product quality has solidified its competitive position in the high-end market [4] Group 4: Investor Relations and Governance - Yanghe is focusing on long-termism and has made adjustments to its governance structure, including the establishment of new independent director work systems [7] - The company actively engages with investors through annual reports and shareholder meetings to enhance understanding of its value [7] - Yanghe has implemented a cash dividend plan, distributing 7.02 billion yuan in dividends for 2023, which is 70.09% of its net profit [8] Group 5: Resilience and Future Outlook - Amidst deep differentiation in the liquor industry, Yanghe is leveraging its old liquor strategy to build a quality foundation and create a strategic depth across all price ranges [8] - The company is exploring pathways for traditional industries to transition towards high-quality development, emphasizing a balance between traditional craftsmanship and new consumer trends [8]
舍得酒业2025Q1业绩逆袭:营收环比大增75.68%,净利润超去年全年
Quan Jing Wang· 2025-04-27 06:00
Core Viewpoint - Shede Liquor's Q1 2025 report shows significant revenue and profit growth, indicating a successful strategy amidst industry adjustments [1][2] Financial Performance - Q1 2025 revenue reached 1.576 billion, a 75.68% increase quarter-on-quarter; net profit was 346 million, surpassing the total net profit of 345.8 million for the entire year of 2024 [1] - Gross margin improved to 69.36%, and net cash flow from operating activities increased by 106.76% to 224.2 million [2] - Operating costs and management expenses decreased by 11.25% and 25.24% respectively, enhancing profit margins [2] Market Strategy - The company implemented a "stable price, control inventory, strong sales" strategy, leading to a 41 million increase in contract liabilities, reflecting restored channel confidence [2] - E-commerce sales grew to 205 million, a 36.71% year-on-year increase, indicating successful channel optimization [2] Product Development - Focus on core products led to Q1 revenue of 1.234 billion from mid-to-high-end liquor and 208 million from ordinary liquor, accounting for 85.58% and 14.42% of total revenue respectively [3] - The company aims to strengthen its position in the 400 yuan price range and expand into rural markets [3] Long-term Growth and Innovation - R&D expenses surged from 8.39 million to 95.33 million from 2019 to 2024, with a compound annual growth rate of 62.59% [5] - The company holds 45 invention patents and has developed over 144 new products, enhancing its technological capabilities [5] - Brand value for "Shede" reached 100.655 billion and "Tuopai" 72.196 billion, totaling 172.851 billion, a 51.48% increase since 2020 [6] Industry Outlook - The industry is viewed as undergoing a short-term adjustment, with companies demonstrating resilience and strategic focus expected to thrive [2][4]
舍得酒业(600702):短期业绩承压 长期聚焦老酒战略的定力
Xin Lang Cai Jing· 2025-04-26 04:28
Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating challenges in the market while focusing on brand optimization and market expansion strategies [1][2]. Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, a year-on-year decrease of 25.14% - The net profit attributable to shareholders was 346 million yuan, down 37.1% year-on-year - The revenue from mid-to-high-end liquor and ordinary liquor was 1.234 billion yuan and 208 million yuan, respectively, with year-on-year changes of -28.46% and -12.59% [1]. Product and Market Strategy - The company is optimizing its product structure, aiming to establish the Tuo Pai brand as the leading brand in the high-end light bottle segment of strong aroma liquor - The revenue from ordinary liquor increased its proportion to 14.42%, up by 2.33 percentage points [1]. - The company is focusing on consolidating its position in the 400 yuan price range while accelerating its market expansion in rural areas [1]. Sales Channels and Market Development - In Q1 2025, wholesale and e-commerce sales generated revenues of 1.237 billion yuan and 205 million yuan, with year-on-year changes of -31.77% and +36.71%, respectively - The company is enhancing its internet marketing channels and aims to make its brand a favorite among consumers in the online space [2]. - The total number of distributors was 2,621, with 215 new and 257 exiting distributors, resulting in a net decrease of 42 distributors compared to the end of 2024 [2]. Profitability Metrics - The gross margin and net margin for Q1 2025 were 69.36% and 21.96%, reflecting year-on-year declines of 4.79 and 4.18 percentage points, respectively - The operating expense ratio was 28.63%, an increase of 3.16 percentage points year-on-year, driven by higher sales and marketing investments [3]. Strategic Initiatives - The company is committed to a long-term strategy focusing on the old liquor market, multi-brand development, youth engagement, and international expansion - It aims to strengthen its brand matrix through a dual-brand strategy of "Shede + Tuo Pai" and enhance its presence in key cities and new regions [3]. - The company has introduced an equity incentive plan to boost team cohesion and performance, signaling management's confidence in future growth [3]. Revenue Forecast - The company expects to achieve revenues of 6.430 billion yuan, 7.285 billion yuan, and 8.310 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 20.04%, 13.28%, and 14.08%, respectively - The projected net profit attributable to shareholders for the same period is 916 million yuan, 1.148 billion yuan, and 1.421 billion yuan, with growth rates of 165.04%, 25.28%, and 23.72% [4].
舍得酒业去库存效果显著 今年一季度净利润超去年全年
Core Viewpoint - Shede Liquor's Q1 2025 report shows significant improvement in key performance indicators, attributed to rational deceleration and effective inventory reduction strategies implemented last year [1][2]. Financial Performance - In Q1 2025, Shede Liquor achieved revenue of 1.576 billion yuan and net profit of 346.1 million yuan, surpassing the entire net profit of 345.8 million yuan for 2024 [2]. - The company's net cash flow from operating activities increased by 106.76% year-on-year, indicating a notable improvement in financial health [2]. - Operating costs decreased by 11.25% year-on-year, while management expenses fell by 25.24%, reflecting enhanced operational efficiency [2]. Inventory and Sales Strategy - The company successfully executed a strategy of "stabilizing prices, controlling inventory, and enhancing sales," leading to a return of inventory levels to a reasonable range [2]. - E-commerce channel sales grew to 205 million yuan, a year-on-year increase of 36.71%, demonstrating the effectiveness of dual-channel optimization [2]. Brand and Marketing Initiatives - Shede Liquor is focusing on enhancing brand influence through various marketing strategies, including participation in cultural events and sponsorship of programs to increase brand exposure [3]. - The company reported that offline activities during the 2025 Spring Festival reached 850,000 people, with over 800 million online exposures, effectively driving brand sales growth [3]. Strategic Development - The company is advancing its liquor-tourism integration projects, which were initiated in March 2025, aiming to create a culturally rich and internationally recognized liquor town [4]. - This strategic layout is expected to enhance brand strength, modernize the regional liquor industry, and promote collaborative development of industry, culture, and urban areas [4]. Long-term Outlook - The "old liquor strategy" remains robust, with high certainty of performance improvement in 2025 due to ongoing inventory reduction and strategic initiatives [5]. - The dual-driven model of "upgrading consumer experience and innovative scene marketing" is anticipated to enhance product structure towards higher-end and value-oriented offerings [5].
行业整体承压不改长期向好趋势,舍得酒业主动降速蓄能未来
Sou Hu Wang· 2025-03-24 09:07
Core Viewpoint - Shéde Jiǔyè demonstrates resilience and strategic adaptability in a challenging industry environment, focusing on long-term growth through its "old liquor strategy" and proactive measures to enhance quality and market presence [1][3][6]. Group 1: Financial Performance - In 2024, Shéde Jiǔyè reported revenue of 5.357 billion yuan and a net profit of 346 million yuan, reflecting the impact of the overall industry environment [1]. - Total assets reached 11.802 billion yuan, an increase of 5.348 billion yuan since 2020, while net assets grew to 6.808 billion yuan, nearly doubling in the same period [3][6]. - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares, totaling 142 million yuan, which represents 40.94% of the net profit attributable to shareholders [7]. Group 2: Strategic Initiatives - Shéde Jiǔyè is focusing on its "old liquor strategy," which emphasizes quality improvement, brand enhancement, and market expansion to navigate through industry cycles [1][6]. - The company has implemented a "control volume, support price, clear inventory" policy to stabilize channel confidence and profitability [5]. - New product launches, including the Shéde Wisdom series and various other brands, aim to enhance the product matrix and adapt to market trends [4][5]. Group 3: Market and Policy Environment - Recent government policies aimed at boosting domestic demand and supporting the private sector are expected to positively influence the white liquor market [2]. - The company is leveraging these policy changes to stimulate both consumer and business demand for white liquor [2]. Group 4: Operational Improvements - Management expenses decreased by 15.37% year-on-year, indicating improved operational efficiency [3]. - The company has made significant investments in production capacity and sustainability initiatives, including the establishment of a green industrial chain [7].