格隆汇8月27日｜东方证券研报指出，白酒行业整体承压下，舍得酒业Q2盈利逆势增长。受白酒消费疲 软影响，当前白酒行业仍处于销售下滑、渠道去库阶段，行业内大部分公司都盈利承压。而公司25Q2 实现归母净利9717.02万元，同比高增139.48%，逆势取得恢复性高增。分产品档次，25Q2中高档酒、 普通酒营收7.4、2.4亿，分别同比-16%、+62%。打造核心基地市场，锁住优势盈利区域，提高逆周期 抗风险能力。分区域来看，25Q2省内、省外营收2.9、6.9亿元，同比-21%、+5%，省外市场更快开始修 复。后续公司仍将持续打造一批"多品牌、全价位、全渠道、高占有"的基地市场，提升公司在白酒逆周 期的整体抗风险能力，尤其是加强华东、华南及重庆等新区域的布局，预计公司仍将通过锁住核心基地 市场利润的方式，实现利润的增长。看好公司打造全链路营销运营体系，不断推进数智化升级，形 成"多品牌营销矩阵+产供销协同+业数财一体化"的数字化体系支撑，长期推进降本增效，进一步促进 盈利增长。参考可比公司，给予公司25年38倍PE估值，对应目标价为78.28元，维持"买入"评级。 ...

2025 年 08 月 25 日 利润显著修复，终端开瓶向好 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-08-22 | | --- | --- | | 当前股价（元） | 60.91 | | 总市值（亿元） | 203 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 333 | | 52 周价格范围（元） | 40.18-82.9 | | 日均成交额（百万元） | 637.75 | 市场表现 -20 0 20 40 60 80 100 (%) 舍得酒业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《舍得酒业（600702）：业绩表 现承压，期待弹性恢复》2025-05- 07 2、《舍得酒业（600702）：业绩短 期承压，期待企稳回升》2025-03- 24 3、《舍得酒业（600702）：调整期 业绩承压，发布回购方案彰 ...

舍得酒业股份有限公司 证券代码：600702 证券简称：舍得酒业 公告编号：2025-042 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 十二号—酒制造》的相关规定，现将公司 2025 年半年度主要经营数据（未经审计） 公告如下： 一、公司 2025 年半年度主要经营情况 （一）酒类产品按产品档次分类情况 （二）酒类产品按销售渠道分类情况 （三）酒类产品按地区分类情况 单位：万元 币种：人民币 单位：万元 币种：人民币 产品名称 2025 年 1－6 月销售收入 2024 年 1－6 月销售收入 增减变动幅度（%） 中高档酒 197,327.95 260,148.07 -24.15 普通酒 44,491.86 38,401.29 15.86 合计 241,819.81 298,549.36 -19.00 单位：万元 币种：人民币 渠道类型 2025 年 1－6 月销售收入 2024 年 1－6 月销售收入 增减变动幅度 ...

2025 年 08 月 19 日 调整进行时，静待改善中 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn | 基本数据 | 2025-08-19 | | --- | --- | | 当前股价（元） | 73.58 | | 总市值（亿元） | 1108 | | 总股本（百万股） | 1506 | | 流通股本（百万股） | 1506 | | 52 周价格范围（元） | 63.83-99.19 | | 日均成交额（百万元） | 534.56 | 市场表现 -20 -10 0 10 20 30 (%) 洋河股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《洋河股份（002304）：主动调 整高质量，蓄势春节保进度》2024- 11-02 2、《洋河股份（002304）：开启改 革调整，强化分红回报》2024-09- 01 3、《洋河股份（002304）：聚焦七 个方面，深度全国化四步走》2024- 06-10 —洋河股份（002304.SZ）公司事件点评报告 2025 年 8 月 18 日，洋河股份发布 2025 年半年度报告，公司 2025H ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 14.796 billion yuan, a year-on-year decline of 35.3%, and a net profit attributable to shareholders of 4.344 billion yuan, down 45.3% year-on-year [6] - The report predicts that the net profit for 2025-2027 will be 5.03 billion yuan, 5.05 billion yuan, and 5.39 billion yuan respectively, with year-on-year changes of -24.6%, 0.4%, and 6.8% [6] - The company’s dividend policy indicates a minimum annual dividend of 7 billion yuan for 2025-2026, implying a dividend yield of 6.5% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 28.876 billion yuan, with a year-on-year growth rate of -12.8% [5] - The gross profit margin is expected to be 72% for 2025, with a return on equity (ROE) of 10.1% [5] - The company reported a net profit margin of 18.95% in Q2 2025, a decrease of 9.63 percentage points year-on-year [6] Sales Performance - In the first half of 2025, the revenue from liquor sales was 14.494 billion yuan, down 35.4% year-on-year, with sales volume at 78,200 tons, a decrease of 32.4% [6] - The average price per ton of liquor was 185,000 yuan, down 4.5% year-on-year [6] - Revenue from mid-to-high-end liquor was 12.67 billion yuan, down 36.5%, while ordinary liquor revenue was 1.84 billion yuan, down 27.2% [6] Cash Flow and Liabilities - The net cash flow from operating activities in Q2 2025 was -1.92 billion yuan, with cash received from sales down 47.5% year-on-year [6] - The company's contract liabilities and other current liabilities at the end of Q2 2025 amounted to 6.101 billion yuan, a decrease from the previous quarter [6]

调整延续，底部将至 洋河股份(002304) ——洋河股份 2025 年中期业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 李耀(分析师) | 021-38675854 | liyao2@gtht.com | S0880520090001 | | 苗欣(分析师) | 021-23183990 | miaoxin2@gtht.com | S0880525070010 | 本报告导读： [Table_Market] 交易数据 | 52 周内股价区间(元) | 63.83-99.19 | | --- | --- | | 总市值(百万元) | 105,210 | | 总股本/流通A股(百万股) | 1,506/1,506 | | 流通 B 股/H 股(百万股) | 0/ ...

北京商报讯 （记者刘一博冯若男）8月18日，江苏洋河酒厂股份有限公司（以下简称"洋河股份"）发布 《2025年半年度报告》显示，1—6月公司实现营业收入147.96亿元；实现归属于上市公司股东的净利润 为43.44亿元；实现经营活动产生的现金流量净额为6.16亿元。 对于上半年业绩表现，洋河股份指出，面对复杂的外部环境和市场竞争形势，公司立足长远发展和理性 发展，聚焦主责主业，持续开展产品提质、品牌提升、渠道拓展、基础管理等提升工作，进一步积蓄可 持续发展动能。 上半年洋河股份各档位产品中，中高档酒仍是主要贡献者。据财报数据，1—6月中高档酒、普通酒分别 实现营业收入126.72亿元、18.41亿元。此外，从销售地区来看，洋河股份上半年省内、省外分别实现营 业收入71.21亿元、73.92亿元。 （文章来源：北京商报） ...

Core Insights - Water Well Square demonstrates strong brand resilience and strategic foresight during the industry's deep adjustment phase, indicating that only consumer-centric, quality-focused, and innovation-driven companies can achieve sustainable development amidst cyclical fluctuations [2][4]. Financial Performance - For the first half of 2025, Water Well Square expects to achieve revenue of 149.78 million yuan and a net profit attributable to shareholders of 10.541 million yuan, with a non-recurring net profit of 4.849 million yuan [4]. - The company anticipates a sales volume increase of 543 thousand liters, representing a year-on-year growth of 14.54% [4]. Market Context - The Chinese liquor industry is currently undergoing a deep adjustment, particularly in the second quarter, where traditional consumption scenarios like business banquets continue to face pressure, leading to a slow market recovery [4]. - Despite the overall industry challenges, Water Well Square's sales volume growth in the mid-to-high-end liquor segment reflects its strong market appeal and recognition, allowing it to seize market opportunities even in a contracting demand environment [4]. Strategic Adjustments - Water Well Square's sales growth is attributed to proactive channel strategy adjustments and effective price control, rather than merely relying on channel stockpiling, showcasing the rationality of its channel layout and management [4]. - The company's performance offers a strategic approach for the industry during adjustment periods, emphasizing the importance of maintaining brand value and optimizing strategic direction to achieve structural growth [4]. Industry Outlook - The adjustment in the Chinese liquor industry is expected to continue, characterized by a new round of policy adjustments, consumption structure transformation, and deep adjustments in stock competition [4]. - Water Well Square faces the challenge of converting long-term strategic investments into competitive advantages while capitalizing on the structural growth of high-end and sub-high-end product sales to expand market share [4].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][15]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2][4]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, increasing to 70% and 75% in subsequent years, with an absolute amount not less than 8.5 billion yuan [1][2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency and product offerings [2][4]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1][2]. - The gross margin for Q1 2025 was 86.51%, while the net profit margin was 49.11%, indicating slight declines compared to the previous year [2][4]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to grow to 31.82 billion yuan in 2025, with further increases to 33.70 billion yuan in 2026 and 36.41 billion yuan in 2027 [4][9]. - The net profit is expected to reach 13.74 billion yuan in 2025, with projections of 14.62 billion yuan in 2026 and 15.89 billion yuan in 2027 [4][9]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 14.04 for 2023, which is expected to decrease to 11.70 by 2027 [4][9]. - The price-to-book (P/B) ratio is projected to decline from 4.49 in 2023 to 3.11 in 2027 [4][9]. - The enterprise value to EBITDA (EV/EBITDA) ratio is forecasted to decrease from 13.52 in 2023 to 6.97 in 2027 [4][9].

Core Viewpoint - The company is experiencing short-term performance pressure but is expected to recover elasticity in the future, maintaining a "buy" rating for Shéde Jiǔyè [1][5]. Financial Performance - In Q1 2025, total revenue and net profit attributable to the parent company were 1.576 billion and 346 million yuan, respectively, showing a year-on-year decline of 25% and 37% [3]. - The gross margin and net profit margin for Q1 2025 were 69% and 22%, down by 4.8 and 4.2 percentage points year-on-year [3]. - Operating net cash flow increased significantly, reaching 224 million yuan, a year-on-year increase of 107% [3]. Product and Channel Performance - Revenue from mid-to-high-end liquor and ordinary liquor in Q1 2025 was 1.234 billion and 208 million yuan, respectively, with declines of 28% and 13% year-on-year [4]. - E-commerce sales showed significant growth, with revenue of 205 million yuan, up 37% year-on-year, and its revenue share increased by 7 percentage points to 14.21% [4]. - The company has focused on developing its domestic market, particularly in Suining, resulting in a year-on-year revenue share increase of 7 percentage points to 34.23% [4]. Profit Forecast - The company is expected to face short-term pressure due to weak liquor consumption, but long-term prospects are positive as business scenarios are anticipated to recover, enhancing brand strength in the mid-to-high-end market [5]. - EPS forecasts for 2025-2027 have been adjusted to 2.10, 2.84, and 3.61 yuan, with corresponding PE ratios of 28, 20, and 16 times [5].