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 ...

行业仍处于深度调整期，是否筑底仍待观望。 今日白酒股再度集体上涨，舍得酒业（600702.SH）开盘后迅速冲至涨停。 二季报显示，舍得酒业业绩调整明显放缓。业内认为，从第二季度表现来看，舍得酒业市场或呈现调整 筑底态势，舍得酒业近期股价累计涨幅已达30%，但行业仍处于深度调整阶段，行业是否筑底仍待观 察。 公告显示，上半年舍得酒业实现营业收入27亿元，同比减少17.4%；实现净利润4.4亿元，同比减少 25%。不过第二季度舍得酒业的调整态势明显放缓，单季实现收入11.3亿元，同比跌幅收窄至3.4%（上 年同期为-22.6%）；实现归母净利润9717万元，同比增长139.5%。而在之前连续四个季度，舍得酒业收 入和净利润均呈双位数下滑。 机构研报显示，第二季度舍得酒业中高档产品仍处于调整阶段，销售收入下降15.6%，但降幅有所收 窄；普通酒销售收入则大幅增长62.3%。 知趣咨询总经理蔡学飞向第一财经记者表示，舍得酒业第二季度业绩企稳，一方面源于去年同期的低基 数效应，另一方面则得益于名酒企业较为稳固的市场基本盘。随着产品价格下探、性价比凸显，其业绩 更容易实现筑底反弹。 自8月11日以51.5元开盘以来，舍得 ...

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 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].

Investment Rating - The report maintains a "Buy" investment rating for the company [5][7]. Core Views - The company's performance is under pressure, with expectations for a recovery in elasticity as the economy stabilizes [5][7]. - The first quarter of 2025 saw total revenue and net profit attributable to shareholders at 1.576 billion and 346 million yuan, respectively, reflecting year-on-year declines of 25% and 37% [5]. - The company is positioned as a resilient player in the mid-to-high-end market, with anticipated brand strength improvement post-economic recovery [7]. Financial Performance Summary - In Q1 2025, the gross margin and net profit margin were 69% and 22%, showing declines of 4.8 and 4.2 percentage points year-on-year [5]. - The company's operating cash flow significantly increased, with a year-on-year growth of 107% to 224 million yuan [5]. - Contract liabilities reached 206 million yuan by the end of Q1 2025, reflecting a quarter-on-quarter increase of 41 million yuan [5]. Sales Channel and Product Performance - E-commerce sales showed significant growth, with a year-on-year increase of 37%, while wholesale and agency sales declined by 32% [6]. - The revenue from mid-to-high-end liquor and ordinary liquor in Q1 2025 was 1.234 billion and 208 million yuan, respectively, with mid-to-high-end liquor sales experiencing a larger decline [6]. - The company has focused on developing its domestic market, particularly in regions like Suining, resulting in a year-on-year revenue increase of 7 percentage points in provincial markets [6]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 2.10, 2.84, and 3.61 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 28, 20, and 16 times [7][10]. - The company is expected to see a recovery in business dining scenarios, which will enhance its performance in the next few years [7].