证券代码：600702 证券简称：舍得酒业 公告编号：2025-027 舍得酒业股份有限公司 2025 年第一季度经营数据公告 （三）酒类产品按地区分类情况 1 单位：万元 币种：人民币 产品名称 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 中高档酒 123,432.41 172,546.78 -28.46 普通酒 20,806.29 23,803.26 -12.59 合计 144,238.70 196,350.04 -26.54 单位：万元 币种：人民币 渠道类型 2025 年 1－3 月销售收入 2024 年 1－3 月销售收入 增减变动幅度（%） 批发代理 123,740.57 181,356.42 -31.77 电商销售 20,498.13 14,993.62 36.71 合计 144,238.70 196,350.04 -26.54 二、公司 2025 年第一季度经销商变动情况 报告期内，公司酒类产品新增经销商 215 家，退出经销商 257 家，报告期末共 有经销商 2,621 家，较 2024 年末减少 42 家。 本公司董事会及全体董事保证本公告内容 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated net revenue of $186 million, or $193 million on a constant currency basis, reflecting a 2% increase compared to the previous year [20][64] - Gross profit increased by 5% to $52 million, with gross margin rising by 200 basis points to 28% compared to the prior year [23][68] - The company reported a net loss of $793.5 million, primarily due to a $700 million non-cash impairment related to macroeconomic conditions [69][70] Business Line Data and Key Metrics Changes - The beverage segment generated $55.9 million in net revenue, with a gross margin increase to 36% compared to 34% in the prior year [50][68] - Cannabis net revenue was $54.3 million, with a gross margin of 41%, the highest in almost two years, driven by strategic decisions to focus on higher-margin products [30][80] - Wellness segment revenue grew by 8% on a constant currency basis to $14.1 million, with gross margin increasing to 32% [47][81] Market Data and Key Metrics Changes - The company operates the largest legal cannabis business in Canada by revenue and leads the medical cannabis business in Europe [25] - In Germany, medical cannabis sales grew significantly, with flower sales increasing by 79% post-legalization [35] - The company holds nearly 60% market share in the U.S. hemp high-protein food sector and 80% in Canada [25] Company Strategy and Development Direction - The company is focused on building a sustainable global business platform, emphasizing profitable sales growth and improving profit margins [19][28] - Strategic initiatives include SKU rationalization, geographic consolidation, and enhancing operational efficiencies [51][75] - The company aims to capture opportunities in international markets, particularly in Europe, leveraging its established infrastructure [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the beverage and cannabis markets despite current challenges [25][74] - The company is optimistic about the potential for growth in the hemp-derived THC beverage segment, targeting multimillion-dollar revenue [98] - Management highlighted the importance of focusing on profitability over sheer sales growth, indicating a strategic shift in operations [20][22] Other Important Information - The company has made seven acquisitions since 2020 in the beverage sector and is focused on integrating these brands [17][18] - The company plans to accept cryptocurrency as a payment method in its online operations [27] - Cash and marketable securities totaled $248.4 million, up from $225.9 million in the prior year [82] Q&A Session Summary Question: Allocation of cannabis product and share loss in Canada - Management acknowledged the importance of profitability and indicated that while share loss in Canada may occur, the focus remains on overall business growth and margin improvement [89][92] Question: Hemp-derived beverages and marketing initiatives - Management confirmed that hemp-derived beverages are currently sold in 1,000 stores across ten states, with multiple marketing programs in place to drive consumer education and sales [94][98] Question: Cannabis gross margins and building blocks for margin expansion - Management indicated that the majority of the margin expansion was due to a favorable product mix and strategic decisions to focus on higher-margin products [106][110] Question: Beverage sales and craft beer brand performance - Management acknowledged that while some craft beer brands are experiencing declines, the focus is on SKU rationalization and regional marketing strategies to improve performance [112][116] Question: International market changes and telemedicine impact - Management noted that changes in telemedicine regulations in Poland have affected prescription volumes, but they remain optimistic about the market's recovery [128]