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加速去库存,全力拼市场,舍得酒业一季度净利润超去年全年
Nan Fang Du Shi Bao· 2025-09-23 06:43
Core Viewpoint - Shede Liquor achieved significant improvement in its Q1 2025 performance, with net profit surpassing the total for the entire year of 2024, indicating a successful strategic shift towards rational growth and inventory reduction [1][2][3]. Financial Performance - Q1 2025 revenue reached 1.576 billion yuan, a 75.68% increase compared to the previous quarter [2] - Net profit for Q1 2025 was 346 million yuan, exceeding the total net profit of 345.8 million yuan for the entire year of 2024 [2] - Operating cash flow net amount increased by 106.76% year-on-year, indicating improved financial health [2] - Inventory costs decreased by 11.25% year-on-year, and management expenses fell by 25.24% year-on-year, reflecting enhanced operational efficiency [3]. Strategic Initiatives - The company has implemented a "stable price, control inventory, and strengthen sales" strategy, leading to a gradual return of inventory to reasonable levels [4] - E-commerce sales grew to 205 million yuan in Q1 2025, a 36.71% year-on-year increase, showcasing the effectiveness of dual-channel optimization [4] - The company is focusing on core products to strengthen market presence, with significant growth in sales of major products during the Spring Festival [4]. Brand Development - Shede Liquor has engaged in various high-visibility marketing initiatives, including sponsorship of cultural events and programs, enhancing brand exposure [5] - The company is actively pursuing a "C-oriented" brand strategy, integrating ecological, cultural, and old liquor elements to enhance brand influence and consumer value [4][5]. Long-term Growth Strategy - The company is developing a liquor tourism integration project, which aims to enhance long-term quality development and local economic growth [6][7] - The project includes the establishment of an ecological brewing industrial park and a cultural resort, aiming to merge international perspectives with Chinese elements [7]. - The resilience and strategic focus on old liquor are expected to yield long-term benefits, with a strong certainty of performance improvement in 2025 [7].
舍得酒业披露2024年业绩预告,主动控量挺价蓄力长期
Nan Fang Du Shi Bao· 2025-09-23 05:45
Core Viewpoint - Shede Liquor Industry (600702.SH) anticipates a significant decrease in net profit for 2024, projecting a range of 320 million to 420 million yuan, influenced by the broader challenges facing the liquor industry, including demand slowdown and high inventory levels [1] Group 1: Company Performance - The company expects net profit attributable to shareholders to be between 320 million and 420 million yuan for 2024, with a non-GAAP net profit forecast of 366 million to 466 million yuan [1] - Despite the performance pressure, the pricing structure of core products remains stable, with prices for key products like Wisdom Shede and Taste Shede showing increases compared to the beginning of 2024 [1] - The company is implementing a "control volume and support price" strategy to assist distributors and enhance sales, while also increasing investment in brand building [1] Group 2: Industry Context - The liquor industry is currently undergoing a deep adjustment period, facing challenges such as demand slowdown, high inventory, and price declines, leading to increased competition among companies [1] - The China Alcoholic Drinks Association has called for the industry to proactively lower expectations and manage profits to secure future growth [1] - Analysts believe that despite the current profitability challenges, Shede Liquor's differentiated advantage with "old liquor + famous liquor" remains intact, suggesting a potential for recovery in 2025 [3] Group 3: Future Outlook - Shede Liquor plans to focus on brand enhancement, channel development, and consumer cultivation, aiming to improve overall competitiveness and ensure stable growth [2] - The company has initiated significant projects in innovation and production expansion, which may impact short-term performance but are expected to enhance product quality and market competitiveness in the long run [2] - Analysts predict that with inventory improvements and continued product releases, Shede Liquor may experience a rebound in growth in 2025 [3]
舍得酒业:去库存接近尾声,加强小商扶持
Cai Jing Wang· 2025-09-11 14:00
Core Viewpoint - Shede Liquor has stabilized its channels after nearly a year of destocking, focusing on supporting small distributors and leveraging the T68 product to penetrate the mass liquor market [2][7]. Group 1: Financial Performance - In Q2, Shede Liquor achieved a net profit of 97.17 million yuan, a year-on-year increase of 139.5%, while revenue remained stable at 1.125 billion yuan [2]. - The company has successfully reduced inventory levels to a reasonable range after several quarters of destocking efforts, which is reflected in the improved financial results [3][4]. Group 2: Channel Strategy - The company is focusing on e-commerce and direct sales channels while lowering initial order requirements to attract new distributors [3]. - A new small and micro customer management team has been established to support small distributors, enhancing their confidence and service quality [3][4]. Group 3: Product Development - The launch of the T68 product has led to a 15.86% year-on-year increase in sales revenue from ordinary liquor [4]. - The new low-alcohol product "Shede Zizai" aligns with the trend towards lower alcohol consumption and diverse drinking scenarios, receiving positive market feedback [6]. Group 4: Market Strategy - The company is concentrating its resources on key markets in Shandong, Hebei, and Sichuan, aiming to enhance market share through refined operations [4]. - A strategic focus on regional markets is being implemented, with plans to strengthen presence in both established and emerging markets [4][5].
二季度业绩回暖舍得酒业以长期主义谋稳健发展
Xin Lang Cai Jing· 2025-09-07 21:03
Core Viewpoint - Shede Liquor's half-year report indicates a significant decline in revenue and profit, reflecting challenges in the white liquor industry due to changing consumer demand and intensified competition [1][1][1] Financial Performance - Shede Liquor achieved operating revenue of 2.701 billion yuan, a decrease of 17.41% compared to the same period last year [1] - The net profit attributable to shareholders was 443 million yuan, also showing a decline from the previous year [1] Industry Context - The current white liquor demand is below expectations, with noticeable differentiation in consumer price points and increasing competition within the industry [1][1] - The company's sales of white liquor products are under pressure, and customer confidence is still in the recovery phase [1] Strategic Response - Despite the challenging industry backdrop, Shede Liquor's "control volume and maintain price" strategy has helped the company gradually return to a normal performance trajectory [1] - In Q1 and Q2 of 2025, the company reported revenues of 1.576 billion yuan and 1.125 billion yuan, respectively, impacted by industry adjustments [1] Product Strategy - Shede Liquor has focused on a reasonable layout of multi-price products, achieving significant results with mid-to-high-end products like "Tianzi Hu" and "She Zhi Dao," generating 1.973 billion yuan in revenue and a gross margin of 76.82% [1] Marketing Initiatives - The company has implemented a strategy centered on "old liquor, multi-brand matrix, youthfulness, and internationalization," along with a "3+6+4" marketing strategy to enhance brand quality, product pricing, and sales channels [1] - Shede Liquor has deepened its digital marketing efforts, launching campaigns such as "New Year Must Be Generous" and integrating brand and market activities [1] Management Changes - Notably, there have been multiple personnel changes at Shede Liquor since the second half of 2024, including the resignation of Vice President Wang Weilong for personal reasons [1]
舍得酒业(600702):2025年秋季策略会速递-精细化经营 静待需求恢复
Xin Lang Cai Jing· 2025-08-29 09:02
Core Insights - The company emphasizes long-termism and focuses on channel health and inventory reduction, maintaining a positive fundamental trend and stable operations as it enters the second half of 2025 [1] Product Performance - In the first half of the year, the company faced external challenges leading to a contraction in business consumption demand, but it achieved its expected targets. The product structure saw minimal changes, with core products focusing on business consumption facing pressure, while mass-market products like Shezhidao and the bottle wine brand T68 showed significant growth [2] - The company continues to pursue high-end product development and has seen substantial growth in its collectible series, with a notable increase in the first half of 2025 due to a low base [2] Channel Strategy - The company enhances sales through platform push and consumer pull, focusing on base markets. In 2025, it will primarily target six key base markets (Suining, Chengdu, Mianyang, Liaocheng, Dezhou, Tianjin) with significant investments in channel construction and consumer engagement [2] - The company aims to increase its e-commerce share over the next two years through differentiated products and marketing strategies [2] Recent Operational Feedback - The company has seen a notable recovery in sales, with improved performance in key products like Shezhidao and T68. The opening rate has significantly improved from a large decline in June to positive growth in August [3] - Increased investments in banquet markets and expansion into township markets are ongoing, along with enhancements in group purchasing channels. The company is also streamlining its internal organization to improve execution and communication [3] Future Outlook - The company is focused on long-term strategies, concentrating on four core products and innovating cultural products for younger demographics. It plans to enhance brand influence and find growth in existing markets while adhering to its strategy of "downward channels, upward brands, and comprehensive focus on consumers" [3] - The company anticipates a gradual recovery in consumer spending, which will positively impact sales and profitability [3] Profit Forecast and Valuation - The company maintains revenue projections for 2025-2027 at 4.69 billion, 4.90 billion, and 5.21 billion yuan, with year-on-year changes of -12.5%, +4.5%, and +6.4% respectively. EPS estimates for the same period are 1.47, 1.57, and 1.71 yuan [4] - The company is assigned a target price of 79.42 yuan based on a 54x PE ratio for 2025, maintaining a "buy" rating [4]
舍得酒业(600702):2025年秋季策略会速递:精细化经营,静待需求恢复
HTSC· 2025-08-29 07:13
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 79.42 [6][7]. Core Insights - The company emphasizes long-termism, focusing on channel health and inventory reduction, with a stable operational trend expected to continue [1]. - Despite external challenges affecting business consumption, the company has met its operational targets for the first half of the year, with significant growth in its mass-market products [2]. - The company is actively expanding its market presence, particularly in core base markets, and aims to increase its e-commerce share over the next two years [2][3]. - Recent sales data indicates a recovery in demand for key products, with a notable improvement in sales performance in July and August [3]. - The company plans to innovate products targeting younger demographics and enhance brand influence through strategic channel management [3]. Summary by Sections Product Performance - The company faced a contraction in business consumption but achieved its operational goals for the first half of the year. Key products like "She Zhi Dao" and "T68" saw significant growth, while the high-end product line continues to be developed [2]. Channel Strategy - The company is focusing on base markets and has initiated campaigns in six major cities to enhance channel construction and consumer engagement. It aims to create several core model cities with revenues between RMB 500 million to 1 billion [2]. Recent Operational Feedback - Sales performance has shown recovery, with key products performing steadily. The company has increased investments in banquet markets and is expanding into group purchasing channels [3]. Future Outlook - The company is expected to benefit from a recovery in consumer demand, with a focus on four core products and innovative offerings for younger consumers. The strategy emphasizes channel expansion and brand enhancement [3][4]. Financial Projections - The company forecasts revenues of RMB 46.9 billion, RMB 49.0 billion, and RMB 52.1 billion for 2025 to 2027, with corresponding EPS of RMB 1.47, RMB 1.57, and RMB 1.71 [4][10].
洞察白酒消费三大变化,强势复苏的舍得酒业主动应变,引领低酒度白酒创新
Sou Hu Wang· 2025-08-27 09:28
Core Viewpoint - Shede Liquor's 2025 semi-annual performance report shows strong recovery in profitability, with significant growth in net profit and revenue, indicating effective strategic adjustments and a return to a growth trajectory [1][2][3] Financial Performance - In the first half of 2025, Shede Liquor achieved revenue of 2.701 billion yuan and a net profit of 443 million yuan, with Q2 revenue at 1.125 billion yuan, remaining stable year-on-year, while net profit surged by 139.5% [1] - The company's net profit for Q1 already exceeded the total for the previous year, demonstrating robust recovery momentum [1] - By June 30, 2025, total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and net cash flow from operating activities grew by 427.77% [2] Market Strategy - Shede Liquor is actively managing inventory and stabilizing prices to alleviate operational pressures, maintaining channel health and brand value [2] - The company is expanding its digital and international presence, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year, and significant growth in Southeast Asia [2] Product Development - The company is optimizing its product structure, focusing on the mass and banquet markets, with sales of its strategic product "T68" showing rapid growth [3] - The introduction of the low-alcohol product "Shede Zizai" reflects the company's response to changing consumer trends, emphasizing a lighter drinking experience [4][5] Consumer Insights - The shift in consumer demographics and preferences is leading to a focus on quality-price ratio and a more relaxed drinking experience, which "Shede Zizai" aims to address [5][6] - The product's development is rooted in the company's commitment to long-term innovation and maintaining core advantages while adapting to market changes [6]
业绩超预期与低度酒新品共振,舍得酒业切入新消费领域获市场关注,近期涨幅显著
Sou Hu Wang· 2025-08-27 02:18
Core Viewpoint - Shede Liquor's strong performance in the first half of 2025 demonstrates resilience in a challenging market, with significant profit recovery and strategic adjustments leading to positive market recognition [1][2][4]. Financial Performance - In the first half of 2025, Shede Liquor achieved operating revenue of 2.701 billion yuan and a net profit attributable to shareholders of 443 million yuan [1]. - The second quarter saw operating revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit surged by 139.5% to 97.17 million yuan [1]. - The company's total assets reached 12.407 billion yuan by the end of June 2025, a 5.12% increase from the previous year, and net cash flow from operating activities increased by 427.77% [2]. Strategic Initiatives - Shede Liquor has proactively managed inventory and pricing to enhance brand value and channel health, leading to a gradual recovery in operational quality [2]. - The company is focusing on digital marketing and expanding its international presence, with sales in e-commerce channels reaching 336 million yuan, a 31.38% increase year-on-year [3]. - The company has entered 40 countries and regions, with a notable 50% increase in sales in Southeast Asia during the first half of 2025 [3]. Product Development - The company is optimizing its product structure, focusing on core products and enhancing performance in both the banquet and mass market segments [4]. - The strategic product "T68" has shown significant growth, with sales revenue from ordinary liquor reaching 445 million yuan, a 15.86% increase year-on-year [4]. - Shede Liquor plans to launch its first low-alcohol drink, "Shede Zizai," on August 30, 2025, targeting the growing low-alcohol consumption trend [6][7]. Market Response - The company's performance recovery has led to multiple institutions issuing "buy" ratings, reflecting confidence in its operational stability and growth potential [4]. - Since August 15, 2025, Shede Liquor's stock price has increased by 25.05% over seven trading days, indicating positive market sentiment [7].
杀入新消费!舍得酒业低度酒新品未发先火,半年度业绩显韧性、近期股价暴涨
经济观察报· 2025-08-26 11:56
Core Viewpoint - Shede Liquor's strong performance in the first half of 2025, with significant growth in revenue and profit, has attracted market attention, particularly due to its entry into the new consumption field with low-alcohol products [2][6]. Financial Performance - In the first half of 2025, Shede Liquor achieved revenue of 2.701 billion yuan and a net profit of 443 million yuan, with a notable 139.5% year-on-year increase in net profit for Q2 [2]. - The company reported a strong recovery in profitability, with Q1 net profit exceeding the total for the entire year of 2024, indicating robust recovery momentum [2][3]. - As of June 30, 2025, total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and cash flow from operating activities surged by 427.77% [3]. Market Strategy and Channel Development - Shede Liquor is actively expanding its digital marketing and international presence, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year [4]. - The company has entered 40 countries and regions, with a 50% increase in sales in Southeast Asia, reflecting a significant boost in international market influence [4]. Product Strategy - The company is focusing on optimizing its product structure, with strong growth in both the mass market and banquet segments, achieving a 15.86% increase in revenue from ordinary liquor [5]. - Shede Liquor plans to launch its first low-alcohol product, "Shede Zizai," on August 30, 2025, targeting the growing low-alcohol consumption trend [6][8]. Industry Context - The Chinese liquor industry is undergoing significant structural changes, with a shift towards new consumption patterns and a focus on brand value amidst intense competition [3][7]. - Shede Liquor's strategy of leveraging its high-quality aged liquor resources positions it well to meet the evolving consumer demand for premium products [7][8].
杀入新消费!舍得酒业低度酒新品未发先火,半年度业绩显韧性、近期股价暴涨
Jing Ji Guan Cha Wang· 2025-08-26 09:12
Core Viewpoint - Shede Liquor's strong performance in the first half of 2025 demonstrates resilience in a challenging market, with significant profit growth and strategic adjustments leading to a positive market response [1][2][4]. Financial Performance - In the first half of 2025, Shede Liquor achieved operating revenue of 2.701 billion yuan and net profit attributable to shareholders of 443 million yuan [1]. - The second quarter saw operating revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit increased by 139.5% to 97.17 million yuan [1]. - Total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and net cash flow from operating activities surged by 427.77% [2]. Strategic Initiatives - The company has proactively managed inventory and pricing to ensure channel health and brand value amidst structural changes in the liquor industry [2]. - Digital marketing and channel expansion have been prioritized, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year [3]. - The company has entered 40 countries and regions, with Southeast Asia showing a 50% increase in sales revenue [3]. Product Development - Shede Liquor has focused on optimizing its product structure, achieving a 15.86% increase in revenue from ordinary liquor, totaling 445 million yuan [4]. - The company is set to launch a low-alcohol product, "Shede Zizai," on August 30, targeting new consumer trends [5][6]. Market Response - The company's performance recovery has led to multiple institutions issuing "buy" ratings, reflecting confidence in its operational stability and growth potential [4]. - Since August 15, the company's stock price has increased by 25.05%, indicating positive market sentiment [6].