2月26日，舍得酒业2026年工作会议在射洪产研总部举行。在行业深度调整期，舍得把今年工作会议的 主题定为"强基、破局、再出发"，这不仅是一次复盘与沉淀，更释放出舍得面向未来、主动求变的三重 发展信号。 强基，是从"拥有优势"转向"系统放大"；破局，是摆脱路径依赖，抢占新场景、新阵地；再出发，是以 归零意识破旧立新、继往开来，推动公司实现高质量可持续发展。 会议还传来振奋人心的消息：舍得酒业实现了新春"开门红"。春节期间，公司系列产品增长势头良好， 终端库存去化加速，开瓶率保持双位数增长，以强劲开局凝聚全员斗志，为全年高质量发展注入了澎湃 动能。 遂宁市委常委、射洪市委书记张俊懿，射洪市委常委、市总工会主席敬兴才，射洪市副市长管行等领导 莅临本次大会。复星国际董事长郭广昌，复星国际执行董事、豫园股份董事长黄震，复星国际执行董 事、首席人力资源官潘东辉等复星和豫园高管团队，舍得酒业董事长蒲吉洲、联席董事长吴毅飞、总裁 唐珲等舍得酒业高管团队出席会议。沱牌舍得集团副董事长、舍得酒业董事钱顺江，沱牌舍得集团党委 书记、副董事长刘颖，总裁杨中淇，监事会主席陈亮等沱牌舍得集团领导与舍得酒业员工代表共同参与 了本次会议。 ...

Core Viewpoint - The transfer of 54.7% state-owned equity and a debt of 3.6836 million yuan from Zaozhuang Qilu Water Development Co., Ltd. to Zaozhuang Qilu Hongyuan Water Development Co., Ltd. is currently being listed, with a minimum transfer price of 19.2803 million yuan. The company has not generated any actual business revenue in the past two years [1][3]. Group 1: Company Overview - Zaozhuang Qilu Hongyuan Water Development Co., Ltd. was established on August 28, 2018, with a registered capital of 50 million yuan, focusing on water supply, sewage treatment, and water resource management [3]. - The ownership structure indicates that Zaozhuang Qilu Water Development Co., Ltd. holds 54.7% of the shares, while Zaozhuang Hongyuan Water Supply Co., Ltd. owns 45.3%. The company is currently listed as a dishonest executor, and its legal representative is restricted from high consumption [3]. Group 2: Financial Status - As of 2024, Zaozhuang Qilu Hongyuan Water Development Co., Ltd. reported total assets of 50.8846 million yuan, total liabilities of 11.5 million yuan, with zero operating income and a net loss of 62,600 yuan [3]. - By June 30, 2025, the company's total assets increased to 51.0896 million yuan, total liabilities rose to 11.705 million yuan, with both operating income and net profit remaining at zero. By December 31, 2025, total assets decreased to 45.972 million yuan, total liabilities were 6.4691 million yuan, with no operating income or net profit reported [3]. Group 3: Strategic Focus - Shandong Environmental Development Ecology Co., Ltd., the major shareholder of Zaozhuang Qilu Water Development Co., Ltd., emphasized the need to focus on "integration, revitalization, and clearance" in its 2025 work meeting, aiming to achieve new growth through cost reduction and efficiency improvement [4]. - The "clearance" strategy involves the firm commitment to disposing of non-compliant assets and concentrating on advantageous sectors to foster new efficient development paths [4].

Core Viewpoint - The article discusses the ongoing expansion of hospital bed capacity in China, highlighting the need for reform in public hospitals to address issues such as high inpatient rates and the siphoning effect of higher-tier hospitals on patients from lower-tier facilities [3][4]. Group 1: Hospital Bed Capacity and Utilization - China's hospital bed capacity has been increasing, with the number of beds per thousand people surpassing 7, significantly higher than in developed countries [3]. - The bed utilization rates for primary, secondary, and tertiary hospitals have shown a year-on-year decline, indicating a shift in demand and utilization patterns [4]. Group 2: Policy and Reform Initiatives - The National Health Commission has outlined a strategy for 2026 focusing on "strengthening the foundation, stabilizing secondary hospitals, and controlling tertiary hospitals," aiming to optimize the structure and function of medical institutions [3]. - The 2024 health development report indicates a slowdown in the expansion of public hospital beds, with the number expected to rise from 7.23 beds per thousand people in 2023 to 7.32 in 2024 [4]. Group 3: Regional Challenges and Adjustments - Many county-level hospitals are experiencing patient outflow and vacant beds, exacerbated by the siphoning effect from urban hospitals, leading to financial losses in county healthcare systems [4]. - Provinces like Shanghai, Jiangsu, and Henan are adjusting their plans for tertiary hospital setups, limiting the number of branches to three, in response to declining purchasing power for social medical services [4].

Group 1 - The core principle of optimizing the function and structure of medical institutions in China is "strengthening the foundation, stabilizing secondary hospitals, and controlling tertiary hospitals" [1] - The number of hospital beds per thousand people in China has exceeded 7, significantly higher than that of developed countries in Europe and the United States [1] - The National Health Commission aims to promote public hospital reform with a focus on public welfare and to enhance rehabilitation and nursing services [1] Group 2 - According to the 2024 health development statistics, the number of hospital beds per thousand people is projected to increase from 7.23 in 2023 to 7.32 in 2024, despite a slowdown in the expansion of public hospital beds [2] - There is a trend of declining bed utilization rates across primary, secondary, and tertiary hospitals compared to the previous year [2] - Many county-level hospitals are experiencing patient outflow and vacant beds, leading to a loss of medical insurance funds in these regions [2]

Core Insights - The Chinese engineering machinery industry is increasingly recognized and accepted by international users, with ongoing improvements in overseas business layouts and a forecasted high export level for the year [1] - The industry is expected to maintain stable growth in key economic indicators and foreign trade by 2025, reflecting a steady operational trend [1] Group 1 - The China International Engineering Machinery, Building Materials Machinery, and Mining Machinery Exhibition (BICES 2025) is set to showcase innovations and advancements in the industry, with a significant increase in exhibitors, particularly in high-end, intelligent, and green supply chains [2] - The total exhibition area is expected to exceed 150,000 square meters, featuring four major themed pavilions and 13 special zones [2] - The BICES 2025 will highlight new products, technologies, and achievements, focusing on high-end, green, and intelligent developments, along with a report on the progress of these innovations [2]

Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment period, with major companies reporting "growth under pressure" in their financial results for 2024 and Q1 2025, highlighting increased competition and market concentration [1][4]. Industry Overview - The white liquor industry is described as facing intensified competition, with a shift from "incremental competition" to "stock competition," leading to a consensus among leading companies that "value reconstruction" will be the main battleground moving forward [1][4]. - The production capacity of white liquor has decreased from a peak of 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024, a decline of over 60% [4]. Company Strategies - Yanghe Distillery views 2024 as a year of adjustment, with major companies like Moutai and Wuliangye emphasizing stability in their growth targets, with Moutai setting a 9% growth target for 2025, down from the previous 15% [4][5]. - Yanghe Distillery has adopted a strategy of "active deceleration and inventory reduction," focusing on long-term stability rather than short-term sales growth [5][10]. Competitive Strength - Yanghe Distillery has built a robust product matrix covering all price ranges, which serves as a strong risk mitigation barrier, allowing the company to adapt to consumer segmentation trends and maintain stable operations amid industry fluctuations [5][10]. - The company is implementing six major initiatives to strengthen its foundation, including brand renewal, product optimization, and strategic market focus [8][9]. Financial Performance and Shareholder Returns - Despite facing challenges in revenue and profit, Yanghe Distillery announced a cash dividend plan of 3.49 billion yuan, with a total cash dividend of 7 billion yuan for 2024, reflecting a commitment to shareholder returns [11][12]. - The company has maintained a consistent dividend policy since its listing in 2009, with cumulative dividends amounting to 56.34 billion yuan, representing 72% of its cumulative net profit since listing [11][12].