8月22日盘后晚间，舍得酒业（600702.SH）发布2025年半年度报告。数据显示，今年上半年，舍得 酒业实现营业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。其中，第二季度表现抢眼， 实现营业收入11.25亿元，同比基本持平，归母净利润9717万元，同比大幅增长139.5%。 在行业继续深度调整的压力下，舍得酒业锚定老酒战略，主动调整，去年以来连续多个季 度大力去库存收效显著，继今年一季度归母净利润超去年全年之后，二季度归母净利润同 比翻倍，上半年基本盘稳固，经营强势恢复性增长，为下半年发展奠定了积极基调。 Q2归母净利润同比翻倍 库存去化下业绩强劲修复 今年上半年，受行业下行和相关政策影响，叠加二季度传统淡季下消费需求偏弱，白酒行 业整体承压，经营挑战加剧。舍得酒业凭借2 0 2 4年提前布局去库存、稳价格措施，在2 0 2 5 年释放出强劲经营韧性和增长后劲。 财报显示，舍得酒业一季度归母净利润3 . 4 6亿元，超过去年全年净利润。今年第二季度， 舍得酒业实现归母净利润9 7 1 7万元，同比大幅增长1 3 9 . 5%；营收11 . 2 5亿元，同比基本持 平，环比第一季度降幅明显收 ...

8月22日晚间，舍得酒业（600702）股份有限公司(以下简称"舍得酒业")发布2025年半年度报告。数据 显示，今年上半年，舍得酒业实现营业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。其中， 第二季度表现抢眼，实现营业收入11.25亿元，同比基本持平，归母净利润9717万元，同比大幅增长 139.5%。 电商渠道加速发展 在稳存量的同时，今年上半年舍得酒业有力执行"渠道向下，品牌向上，全面向C"策略，在增量市场取 得突出成效。 舍得酒业一季度归母净利润3.46亿元，超过去年全年净利润。今年第二季度，舍得酒业实现归母净利润 9717万元，同比增长139.5%；营收11.25亿元，同比基本持平，环比第一季度降幅明显收窄；营业利润 同比增长67.76%；净利润率同比提升近五个百分点，展现出业绩回升的向好趋势。 截至今年二季度末，舍得酒业去库存已接近尾声，库存回归至理性水平。在去库存、稳价格策略下，舍 得酒业核心大单品品味舍得和藏品舍得10年保持价盘稳固，带动渠道信心强劲恢复，上半年舍得酒业经 销商数量达2585家。 此外，多项核心数据持续优化提升，也印证了舍得酒业上半年业绩的修复态势。 半年报显示 ...

截至今年第二季度末，舍得酒业去库存已接近尾声，库存回归至理性水平。在去库存、稳价格策略下， 舍得酒业核心大单品品味舍得和藏品舍得10年保持价盘稳固，带动渠道信心强劲恢复，上半年舍得酒业 经销商数量达2585家。 在稳存量的同时，今年上半年舍得酒业有力执行"渠道向下、品牌向上、全面向C"策略，在增量市场取 得突出成效。其中，互联网、团购直销增长超预期。上半年，舍得酒业发力电商、直播等新渠道，实现 电商渠道销售3.36亿元，同比增长31.38%；互联网销售和动销双增长，且互联网渠道专属产品占比实现 大幅增长；团购直销业务销售超去年全年。此外，在复星全球生态资源的持续赋能下，上半年舍得酒业 出海已触达40个国家和地区，国际化进程进一步深化。 今年上半年，受行业下行影响，叠加第二季度传统淡季下消费需求偏弱，白酒行业整体承压，经营挑战 加剧。舍得酒业凭借2024年提前布局去库存、稳价格措施，在2025年释放出强劲经营韧性和增长后劲。 中证报中证网讯(王珞)舍得酒业（600702）8月22日晚发布2025年半年报，上半年，舍得酒业实现营业 收入27.01亿元，实现归母净利润4.43亿元。其中，第二季度表现抢眼，实现营业收 ...

据定期财报显示，2025年上半年，舍得酒业实现营业收入27.01亿元，同比下降17.41%；实现净利润 4.43亿元，同比下降29.34%。 但值得关注的是，舍得酒业今年一季度净利润3.46亿元，超过去年全年净利润。第二季度，舍得酒业表 现抢眼，实现营业收入11.25亿元，同比基本持平；而净利润则达到9717万元，同比大幅增长139.5%； 净利润率同比提升近五个百分点，展现出业绩回升的向好趋势。 舍得酒业方面表示，至今年二季度末，公司去库存已接近尾声，库存回归至理性水平。在去库存、稳价 格策略下，舍得酒业核心大单品品味舍得和藏品舍得10年保持价盘稳固，带动渠道信心强劲恢复，上半 年舍得酒业经销商数量达2585家。 此外，多项核心数据持续优化提升，也印证了舍得酒业上半年业绩的修复态势。半年报显示，舍得酒业 总资产达到124.07亿元，较上年度同期增长5.12%；经营活动产生的现金流量净额为6736.74万元，由负 转正，同比增长达427.77%，显示财务状况明显改善。同时，管理费用同比下降19.49%，表明精益管理 水平继续提升。 当前，白酒行业处于深度调整期，受到市场需求不稳定等多方面因素影响，行业发展存在 ...

8月22日盘后晚间，舍得酒业（600702.SH）发布2025年半年度报告。数据显示，今年上半年，舍得酒 业实现营业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。其中，第二季度表现抢眼，实现营 业收入11.25亿元，同比基本持平，归母净利润9717万元，同比大幅增长139.5%。 在行业继续深度调整的压力下，舍得酒业锚定老酒战略，主动调整，去年以来连续多个季度大力去库存 收效显著，继今年一季度归母净利润超去年全年之后，二季度归母净利润同比翻倍，上半年基本盘稳 固，经营强势恢复性增长，为下半年发展奠定了积极基调。 Q2归母净利润同比翻倍，库存去化下业绩强劲修复 今年上半年，白酒行业整体承压，经营挑战加剧。舍得酒业凭借2024年提前布局去库存、稳价格措施， 在2025年释放出强劲经营韧性和增长后劲。 财报显示，舍得酒业一季度归母净利润3.46亿元，超过去年全年净利润。今年第二季度，舍得酒业实现 归母净利润9717万元，同比大幅增长139.5%；营收11.25亿元，同比基本持平，环比第一季度降幅明显 收窄；营业利润同比增长67.76%；净利润率同比提升近五个百分点，展现出业绩回升的向好趋势。 至今年二 ...

Core Insights - The event "Dialogue with Nature and Craftsmanship" took place from July 25 to 29, 2025, in Qinghai, celebrating the 10th anniversary of the brand "Shede" and emphasizing the Eastern wisdom of "giving and receiving" [3][35] - The event featured a five-day immersive journey for a hundred core consumers, highlighting the deep cultural and craftsmanship heritage of "Shede" [3][35] Group 1: Event Highlights - The event included various activities such as a cruise on Qinghai Lake, visits to Xihai Pasture and Chaka Salt Lake, and interactions with intangible cultural heritage, allowing participants to experience the blend of nature and culture [3][8] - A significant speech by the assistant general manager of the high-end Shede division emphasized the brand's commitment to quality and ecological brewing, stating "every bottle is a true vintage, every drop is a true ten years" [6][8] - The event featured a solemn sealing ceremony for the Shede wine, symbolizing the remembrance of past craftsmanship and the anticipation of future quality [10] Group 2: Cultural Exchange - The event included a thematic sharing on "The Philosophy of Giving and Receiving in Thangka Art," illustrating the dedication and spiritual essence behind the creation of Thangka paintings [10] - A closing night banquet celebrated cultural integration and deep friendships, with speeches expressing confidence in the future development of the Shede brand [23][26] - The event concluded with a vibrant bonfire party and fireworks, enhancing the festive atmosphere and allowing participants to experience the brand's life philosophy of "giving for receiving" [31][32] Group 3: Future Outlook - The company aims to continue embodying the "giving and receiving" philosophy while innovating and providing high-quality wines to consumers globally [35]

Group 1: Industry Overview - The Chinese liquor industry is currently undergoing a deep adjustment period, characterized by a slight fluctuation in the market due to the implementation of the "alcohol ban" policy and the seasonal decline in consumption [1] - The core challenges for liquor companies include shrinking consumption scenarios, inventory reduction pressure, and intensified competition among existing players [1] - Despite short-term market volatility, the underlying value logic of the liquor industry remains solid, with companies that possess long-term investment value expected to emerge during the differentiation process [1] Group 2: Market Transformation - The liquor industry is experiencing a profound transformation from quantity to quality, with consumer demand becoming more diverse and personalized, prompting companies to shift focus from traditional channels to consumer needs [2] - Major liquor companies, such as Wuliangye and Luzhou Laojiao, are actively entering the low-alcohol segment to attract younger consumers and expand their market [2] - Companies are increasingly turning to online markets to enhance sales channels, with Moutai Group and Yanghe Co. forming strategic partnerships with e-commerce platforms like Alibaba and JD.com [2] Group 3: Company Strategy - Shede Liquor - Shede Liquor has demonstrated exceptional strategic vision by proactively seeking change with its "control volume, maintain price, reduce inventory" policy, showing positive signs of recovery in Q1 2024 [3] - The company has proposed a core strategy of "downward channel, upward brand, and comprehensive focus on consumers," which is crucial for unlocking long-term development dividends and market re-evaluation [3] Group 4: Brand and Marketing Initiatives - Shede Liquor's "comprehensive focus on consumers" is a systematic approach that spans product, brand, and channel development, creating a long-term competitive brand moat [4] - The company has developed a multi-tiered product matrix to cater to diverse consumer needs, effectively covering the C-end market and mitigating market risks [4] - Shede Liquor is enhancing consumer engagement through immersive tasting events and diverse marketing campaigns, resulting in significant increases in product opening rates during key periods [6] Group 5: E-commerce and Sales Performance - Shede Liquor has capitalized on the trend of online consumption, with e-commerce sales in Q1 2025 increasing by 36.71% year-on-year, and its Dragon Year zodiac liquor topping sales charts on platforms like Tmall [10] - The company's clear strategy of "downward channel, upward brand, and comprehensive focus on consumers" positions it as a representative example of how liquor companies can navigate industry cycles and transformation [10] - With upcoming traditional peak seasons, Shede Liquor's systematic approach to the C-end market is expected to further validate its sales performance [10]

Core Insights - The graduation banquet market is expected to peak following the conclusion of the 2025 national college entrance examination, prompting a marketing battle among major liquor manufacturers [1] Group 1: Marketing Strategies - Shede Liquor has broken traditional marketing paradigms by implementing promotional policies such as buy-gift offers during graduation banquets, targeting the core needs of Generation Z families [3][6] - The company collaborated with Luo Zhenyu, founder of the "Get" app, to host a significant event titled "Youth Dream Pursuit, Needs Sacrifice," which included a themed speech on growth and planning for the future [3][7] - The event attracted 240 students and their parents from various cities, focusing on long-term growth paths and addressing key concerns regarding life planning after the college entrance examination [3][7] Group 2: Content and Engagement - Luo Zhenyu shared insights on life planning and the challenges posed by the AI era, emphasizing the importance of deep commitment over quick success [9] - The full video of the speech will be available on the "Get" app, aiming to reach a broader audience of students and parents, thereby deepening brand recognition and resonance with high-value demographics [11] - The "Graduation Banquet, Needs Sacrifice" series includes multiple promotional offers, such as a chance to win a study camp in Shanghai and luxury gifts for top scorers, enhancing customer engagement [12][14] Group 3: Integrated Marketing Approach - The integration of online and offline marketing strategies has effectively linked brand communication with market activities, showcasing a successful practice of integrated marketing [15] - The seventh season of "Shede Wisdom Figures" has achieved significant exposure, with over 760 million views, demonstrating the effective conversion of cultural IP into commercial momentum [17][19] - By leveraging Luo Zhenyu's influence and the popularity of the show, Shede Liquor has created a closed loop of content exposure, scene resonance, and sales conversion, driving market growth [19]

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]