舍得酒业（600702.SH） 二季度如期好转，下半年改善趋势持续 2025 年 08 月 26 日 投资评级：增持（维持） 食品饮料/白酒Ⅱ | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 67.40 | | 一年最高最低(元) | 86.25/39.56 | | 总市值(亿元) | 224.52 | | 流通市值(亿元) | 224.19 | | 总股本(亿股) | 3.33 | | 流通股本(亿股) | 3.33 | | 近 3 个月换手率(%) | 163.37 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-08 2024-12 2025-04 2025-08 舍得酒业 沪深300 相关研究报告 《2024 年主动降速，2025 年蓄势增质 —公司信息更新报告》-2025.3.25 《压力加速释放，关注底部反转机会 —公司信息更新报告》-2024.10.30 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn ...

平安证券研报指出，舍得酒业1H25实现归母净利4.4亿元，同比-25%；2Q25实现归母净利1.0亿元，同 比+139%。精细化投放，盈利能力回升。分产品看，2Q25公司中高档酒收入7.4亿元，同比下滑16%， 普通酒收入2.4亿元，同比增长62%，我们预计系沱牌特级T68较快增长所致。分渠道看，2Q25经销渠道 收入8.4亿元，同比下滑8%，电商渠道收入1.3亿元，同比增长24%，线上渠道保持较快增长。分区域 看，2Q25省内收入2.9亿元，同比下滑21%，省外收入6.9亿元，同比增长5%，省外市场稳定增长。考虑 公司精细化费用投放，调整2025-27年归母净利预测至6.8/7.4/8.0亿元（原值：6.0/6.8/7.6亿元）。长期来 看，公司将持续聚焦品味舍得核心大单品，舍之道、沱牌T68较快发展，成长空间可期。维持"推荐"评 级。 ...

信达证券研报指出，舍得酒业2025年上半年归母净利润4.43亿元，同比减少24.98%；Q2归母净利润0.97 亿元，同比增长139.48%，较过去四个季度收入连续下滑20%以上的经营情况有了明显好转，突出表现 在普通酒收入二季度同比增长62.26%，主要为沱牌T68销售同比增幅较大。在品味舍得面临次高端竞争 加剧的困境时，公司产品矩阵优势凸显，低价位带产品（舍之道、T68）弥补业绩缺口，高端价位藏品 十年的打造也在持续收效。在行业调整期，公司聚焦核心市场深耕布局，稳定核心大单品价盘，改善渠 道库存问题，同时积极开拓新增长点，表现出经营发展韧性。该行预计公司2025-2027年摊薄每股收益 分别为1.63元、1.93元、2.38元，维持对公司的"买入"评级。 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 | [Table_StockAndRank] 舍得酒业 (600702.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮箱： zhaodanchen@cindasc.com 相关研究 [舍得酒业（ Table_Other600702.SH Report] ）：逆 势激励，注入信心 2025.03.28 舍得酒业（600702.SH）：保 持自信坚韧，坚守长期主义 2024.04.25 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 战略灵活，多效并举 [Table_ReportDate] 2025 年 08 月 25 日 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 二季度收入降幅收窄，矩阵式发展路径清晰。25Q2， ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 24 日 [Table_Title] 经营业绩改善，调整改革效果显现 [Table_Title2] 舍得酒业(600702) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 600702 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 86.25/39.56 | | 目标价格： | | 总市值(亿) | 202.90 | | 最新收盘价： | 60.91 | 自由流通市值(亿) | 202.60 | | | | 自由流通股数(百万) | 332.62 | [Table_Summary] 事件概述 8 月 22 日，公司发布中报。2025H1，公司实现营业总收入 27.01 亿元，同比-17.41%，实现归母净利润 4.43 亿 元，同比-24.98%，收入利润符合市场预期。 分析判断: ► 经营业绩显著改善，现金流预收款合理。 经计算，25Q2，公司实现营业总收入 11.25 亿元，同比-3.44%，实现归母净利润 0.97 亿元，同比+ ...

产品结构+费投增加影响25H1 净利率略有下行 25H1 毛利率同比-3.7pct 至65.7%（Q2 同比-0.3pct 至60.6%），主要系产品结构下行影响；25H1 销售费 用率同比+1.1pct 至21.2%（Q2 同比-3.3pct至23.7%），主要系营销投入增加所致；25H1 管理费用率同 比-0.2pct 至9.2%（Q2 同比-1.2pct 至10.9%）；25H1 税金及附加率同比-1.7pct 至13.2%（Q2 同比-0.6pct 至15.4%）；最终25H1/Q2 归母净利率同比-1.7/+5.2pct至16.4%/8.6%。同时，公司25H1 销售回款27.8 亿 元（同比-19.3%），经营性净现金流0.7 亿元（由负转正）。25Q2 末，公司合同负债+其他流动负债2.6 亿元，同比/环比分别-0.2/-0.3 亿元。 坚持长期，期待商务需求回暖带动业绩改善，维持"买入"评级公司注重长期主义，期待需求恢复后经营 更趋积极。考虑到公司受外部需求影响收入依然承压，但24H2 利润端受税费等因素影响大幅亏损， 25H2 利润表现预计将恢复至正常水平，不再大幅亏损。我们略下调25-27 ...

今天分享的是：荣续ESG智库：2025年白酒行业ESG白皮书 报告共计：35页 《2025年白酒行业ESG白皮书》核心内容总结 《2025年白酒行业ESG白皮书》由上海现代服务业联合会、红星ESG研究院与荣续ESG智库联合发布，聚焦白酒行业发展与ESG实践，为从业者和研究者呈 现行业全景与未来方向。 白皮书先对白酒行业进行概览。白酒作为中国传统文化与经济生活的独特符号，历经千年传承，从作坊式酿造发展到工业化生产，从区域消费拓展至全国 化、全球化布局，在国民经济与社会文化中地位特殊。书中还展示了粮食生产相关数据，全年粮食播种面积119319.1千公顷、总产量70649.9万吨、单位面积 产量5921.1公斤/公顷，且分季节、分品种呈现具体数据，为理解白酒行业原材料供应基础提供参考，同时分析了行业价值链、市场格局及发展趋势。 在白酒行业ESG发展部分，白皮书指出，在双碳目标推进、ESG理念深入人心的当下，ESG理念为白酒产业发展注入新维度。书中深入探讨ESG信息披露的 实践意义，拆解核心议题解决路径，研究白酒企业如何在生态环境保护、社会责任履行、公司治理完善的要求下，平衡经济效益与社会价值，通过ESG实践 提升长 ...

Group 1 - The liquor sector experienced a broad rally, with the index closing at 2537.44, up 2.5% on August 20, 2023, driven by multiple favorable factors [2][3] - Analysts attribute the rapid rise in the liquor sector to three main factors: policy signals indicating a relaxation of consumption restrictions, the upcoming Mid-Autumn Festival boosting consumption expectations, and the perception of a market rebound after previous declines [2][3] - The recent State Council meeting emphasized the need to stimulate consumption and remove restrictive measures, which analysts believe has bolstered confidence in the liquor sector [3] Group 2 - The liquor sector has seen significant price fluctuations, with stocks like JiuGuiJiu and SheDeJiuYe experiencing substantial gains, attributed to their smaller market capitalization and higher elasticity [3][5] - Major liquor companies like Kweichow Moutai and Wuliangye have increased their dividend payouts, indicating a strong commitment to shareholder returns, with Wuliangye planning to distribute a total of 223 billion yuan in dividends for 2024 [5] - Analysts suggest that the liquor industry is currently in a bottoming phase, with leading companies adjusting their channel structures to enhance market capabilities, which may lead to growth opportunities as consumer confidence improves [6]

Core Viewpoint - The light bottle liquor market in China is experiencing intense competition, with various companies launching new products priced under 60 yuan, aiming for national expansion and targeting lower-tier markets [3][4][5]. Industry Overview - The light bottle liquor industry has grown from 35.2 billion yuan in 2013 to 98.8 billion yuan in 2021, with projections to exceed 150 billion yuan by 2024 and 200 billion yuan by 2025 [3][5]. - The market for high-end light bottles priced between 50-100 yuan is expected to grow over 40% [3]. Company Strategies - Companies like Yanghe and Yilite are launching new products and expanding their market presence. Yilite introduced two new products priced at 28 yuan and 35 yuan, with plans for national expansion by 2028 [4][5]. - Yanghe's new product, Yanghe Daqu, is positioned as a strategic offering to capture the growing light bottle market, emphasizing quality and value [4][5]. Market Dynamics - The light bottle liquor segment is becoming increasingly competitive, with numerous brands vying for market share in the 60 yuan price range, including Yanghe Daqu, Huanggai Glass Fen, and others [4][5][6]. - The industry is witnessing a shift towards rational consumption, with consumers prioritizing price and quality, leading to a demand for high cost-performance products [5][6]. Challenges and Opportunities - The entry of many brands into the light bottle market has led to increased competition and challenges in differentiation, particularly in lower-tier markets [6][7]. - Companies are investing heavily in brand building and marketing strategies to penetrate these markets, with some reporting over 100 million yuan in investments [6][7]. Consumer Engagement - Engaging directly with consumers is crucial for light bottle brands, as they need to establish strong communication channels to drive sales [9]. - Innovative marketing strategies, such as collaborations with e-commerce platforms and community group buying, are being explored to enhance market penetration [9][10].

Core Insights - The light bottle liquor market in China is experiencing intense competition, with major brands like Yanghe, Yilite, and Yangshao launching new products priced under 60 yuan, aiming for national expansion [1][2] - The market size of the light bottle liquor industry has grown from 35.2 billion yuan in 2013 to 98.8 billion yuan in 2021, with projections to exceed 150 billion yuan by 2024 and 200 billion yuan by 2025 [1][3] - The shift towards rational consumption and the demand for high cost-performance products are driving the growth of the light bottle liquor segment, as consumers prioritize quality and price [3][4] Industry Trends - The light bottle liquor segment is becoming a key focus for many liquor companies as they adapt to changing consumer preferences and market conditions [3][4] - The introduction of new national standards is expected to eliminate inferior products, further enhancing the quality of light bottle liquors [3][4] - The competition in the light bottle liquor market is intensifying, with numerous brands vying for market share, particularly in lower-tier cities [4][5] Company Strategies - Yilite has launched its light bottle liquor strategy with products priced at 28 yuan and 35 yuan, aiming for a national presence by 2028 [1][2] - Yanghe's new product, Yanghe Daqu, is positioned as a strategic offering to capture the expanding light bottle liquor market, leveraging its extensive distribution network [2][5] - Companies are increasingly focusing on direct-to-consumer (To C) strategies, requiring strong communication capabilities to reach consumers effectively [6][7] Market Dynamics - The light bottle liquor market is characterized by a high density of competition, with established brands like Shunpinlang and Green Neck Xifeng dominating in lower-tier markets [4][5] - The market is witnessing a trend of brands utilizing innovative marketing strategies, such as collaborations with e-commerce platforms and community group buying, to enhance market penetration [6][7] - The rise of instant retail and digital supply chains is seen as a critical factor for the future growth of the light bottle liquor segment [6][7]