2025年进程已过半，白酒行业深度调整期依然持续。此外，5月以来，受"禁酒令"政策的落地叠加白酒 消费淡季影响，白酒市场整体呈现小幅震荡态势。消费场景收缩、库存去化压力、存量竞争加剧，已成 为当前白酒企业跨越周期的核心挑战。 尽管市场短期波动不断，但从投资视角来看，白酒行业的底层价值逻辑依旧稳固。当行业泡沫退去，真 正具备中长期投资价值的酒企将在分化中脱颖而出。 舍得酒业的"全面向C"并非一句口号，而是贯穿产品、品牌、渠道建设全维度的系统性工程，为其构筑 起长远竞争力的品牌护城河。 产品端，面对消费分级趋势，舍得构建起层次分明、定位精准的立体化产品矩阵：以品味舍得稳固次高 端基本盘；以藏品舍得10年培育高端消费群；以沱牌特级T68拓展大众市场；以沱牌韵系列等产品精准 卡位宴席场景……这种布局有效覆盖C端消费者的多元需求，分散市场风险，为舍得酒业在行业波动中 保持稳健经营提供坚实支撑。 行业深度洗牌，白酒企业加速突破 当下白酒行业正经历从量到质提升的深层转变，消费者对白酒的需求更加多样化、个性化，酒企以往依 赖的传统模式难以适应新的市场环境。在消费场景变化与理性回归的双重驱动下，越来越多的酒企逐渐 将重心从渠道 ...

深耕"老酒"+"文化",筑牢"舍得"品牌势能高地 面对行业同质化竞争加剧以及消费升级对高品质、稀缺性白酒需求的增长,舍得酒业依托其领先的老酒 储量资源优势,开辟出一条差异化发展赛道。自2019年率先提出老酒战略以来,舍得酒业深耕老酒品质和 价值提升,从科创投入、产品矩阵打造、营销创新等多维度发力,全方位提升舍得品牌核心竞争力。 2024年伴随着老酒战略步入2.0时代,舍得酒业不断强化老酒标准体系,通过发布《坛贮老酒(浓香型白 酒)》团体标准,填补行业空白的同时,进一步夯实舍得在老酒赛道的差异化底牌和领先优势。 6月18日,世界品牌实验室正式发布2025年《中国500最具价值品牌》分析报告,舍得酒业旗下两大品牌"舍 得""沱牌"连续22年稳居榜单,双品牌总价值达到1906.98亿元。其中,"舍得"品牌价值达1108.72亿元,较上 年提升102.17亿元;"沱牌"品牌价值798.26亿元,较上年提升76.3亿元。 在白酒行业深度调整、竞争白热化的背景下,舍得酒业何以实现双品牌价值的稳健增长?其核心在于其清 晰的差异化品牌建设路径:"舍得"以"老酒战略"为品质根基,抢占高端价值高地;"沱牌"则围绕"名酒复 兴"这 ...

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]