2月26日，舍得酒业2026年工作会议在射洪产研总部举行。在行业深度调整期，舍得把今年工作会议的 主题定为"强基、破局、再出发"，这不仅是一次复盘与沉淀，更释放出舍得面向未来、主动求变的三重 发展信号。 强基，是从"拥有优势"转向"系统放大"；破局，是摆脱路径依赖，抢占新场景、新阵地；再出发，是以 归零意识破旧立新、继往开来，推动公司实现高质量可持续发展。 会议还传来振奋人心的消息：舍得酒业实现了新春"开门红"。春节期间，公司系列产品增长势头良好， 终端库存去化加速，开瓶率保持双位数增长，以强劲开局凝聚全员斗志，为全年高质量发展注入了澎湃 动能。 遂宁市委常委、射洪市委书记张俊懿，射洪市委常委、市总工会主席敬兴才，射洪市副市长管行等领导 莅临本次大会。复星国际董事长郭广昌，复星国际执行董事、豫园股份董事长黄震，复星国际执行董 事、首席人力资源官潘东辉等复星和豫园高管团队，舍得酒业董事长蒲吉洲、联席董事长吴毅飞、总裁 唐珲等舍得酒业高管团队出席会议。沱牌舍得集团副董事长、舍得酒业董事钱顺江，沱牌舍得集团党委 书记、副董事长刘颖，总裁杨中淇，监事会主席陈亮等沱牌舍得集团领导与舍得酒业员工代表共同参与 了本次会议。 ...

Core Viewpoint - Shede Liquor is expanding its international presence by launching the "Shede Zizai" product at the 2026 International Old Liquor Festival in Sydney, Australia, marking a significant step in its global strategy [1][3][22] Group 1: Event Overview - The Shede Old Liquor Festival and the global launch of Shede Zizai took place on January 22 in Sydney, attended by various dignitaries and business representatives [1] - This event is the fifth stop in Shede's global tour, following previous events in Canada, France, Singapore, and Malaysia [3] Group 2: Strategic Importance of Australia - Australia was chosen as the launch site due to its status as a commercial hub in the Asia-Pacific region, with a mature consumer market and strong high-end purchasing power [4] - The presence of a significant Chinese-speaking population in Australia facilitates cultural resonance and acceptance of Shede's liquor [4] Group 3: Product Launch and Market Trends - Shede Zizai, with an alcohol content of 29 degrees, is designed to meet the global trend towards lower-alcohol beverages, appealing to diverse consumption scenarios [15][17] - The product aims to resonate emotionally with global consumers through its "Zizai Yuedi" philosophy, promoting a relaxed drinking experience [15][17] Group 4: Cultural and Charitable Initiatives - The festival included a charity auction, with proceeds supporting local Chinese entrepreneurship and cultural exchange projects, reinforcing Shede's commitment to social responsibility [14] - The event highlighted Shede's role in enhancing cultural ties between China and Australia, as noted by local government officials [6] Group 5: Future Expansion Plans - Shede plans to continue its international expansion, with products set to launch in key markets across five continents, including the US, Malaysia, Singapore, and the UK [22] - The establishment of the "Shede Global Wisdom Elite Club" aims to leverage local influencers to promote Shede Zizai and its cultural significance [19] Group 6: Product Differentiation and Market Positioning - Shede Zizai is positioned as a differentiated product in the international market, combining low alcohol content with high flavor, appealing to modern consumer preferences [20][22] - The product has received multiple awards for its quality and innovation, establishing a strong market reputation domestically [20]

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" results were announced, with Shede Liquor winning the "Consumer Trust Product" award, highlighting its commitment to quality and innovation [1][3] Group 2 - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their core business, innovate continuously, and fulfill social responsibilities, with nearly 200 companies recognized from over 8,000 evaluated [3] - The "Consumer Trust Product" award emphasizes product quality, innovation, safety, after-sales service, brand integrity, and social responsibility, aiming to enhance consumer confidence and promote high-quality market development [4] Group 3 - Shede Liquor's award signifies its development path based on quality and innovation, establishing strong brand credibility and becoming a trusted industry model [5] - The company has focused on the aged liquor strategy, creating a competitive edge with high-quality aged liquor and filling industry gaps with new standards [5][6] - Shede Liquor has expanded its product matrix, achieving growth in both high-end and mass markets, with strategic products driving revenue increases [5] Group 4 - In response to changing consumer preferences, Shede Liquor launched the industry's first low-alcohol aged liquor, "Shede Zizai," and introduced innovative products like the "Shede Blind Box" to engage younger consumers [6] - The company plans to continue its commitment to quality, deepen its aged liquor strategy, and innovate products and experiences while connecting emotionally with modern consumers [6]

Core Insights - The company is experiencing positive signals amidst the overall pressure in the liquor industry, with significant growth in its strategic product, T68, and innovative e-commerce channels [4][5][6] Group 1: Financial Performance - In the first three quarters, the company achieved operating revenue of 3.702 billion, with a net profit attributable to shareholders of 472 million [5] - The company's ordinary liquor sales revenue increased by 16.46% year-on-year to 625 million, driven by the strong performance of T68 [5] - Operating costs decreased by 8.81% year-on-year, and management expenses fell by 13.07%, indicating improved operational efficiency [5] Group 2: Product Strategy - T68 has become a highlight for the company, ranking among the top three in the high-end light bottle liquor category in key markets [5] - The company is committed to its old liquor strategy while also expanding into new product categories, such as the 29-degree "Shede Zizai" and "Shede Blind Box" [5][6] - The product innovation strategy aims to create a clear product hierarchy and growth path, focusing on both existing and new markets [5][6] Group 3: E-commerce Growth - The e-commerce channel saw a significant revenue increase of 39.62% year-on-year, reaching 450 million in the first three quarters [5] - In the third quarter alone, e-commerce revenue surged by 71.4%, showcasing the company's differentiated approach in this channel [5] Group 4: Inventory Management - The company has proactively adjusted its strategies to improve channel inventory, leading to a healthier inventory situation [6] - The company plans to maintain its strategic focus on old liquor while advancing its multi-brand, youth-oriented, and international strategies [6]

Core Insights - Shede Liquor achieved a revenue of 3.702 billion yuan and a net profit of 472 million yuan in the first three quarters of 2025, amidst a deep adjustment in the liquor industry [1] - The company actively reduced inventory and implemented strategies such as old liquor strategy, multi-brand matrix strategy, youth-oriented strategy, and internationalization strategy, resulting in several operational highlights [1] Revenue and Growth - In the first three quarters, ordinary liquor generated a revenue of 625 million yuan, marking a year-on-year growth of 16.46%, with the strategic flagship product T68 continuing to experience rapid growth [2] - T68, launched in 2019, has become a new growth engine as it ranks among the top three in high-line bottled liquor categories in key markets [3] Product Innovation - The company launched a new product "马上有小酒" in September, priced at 98 yuan for a 100ml bottle, incorporating an innovative blind box concept [3] - In August, the company introduced the industry's first low-alcohol old liquor "舍得自在," priced at 329 yuan, leveraging advanced flavor selection technology [3] Market Strategy - The young drinking demographic presents significant potential, with a predicted market size of 4.9 billion for young drinkers in China [3] - Product innovation not only helps the company tap into the young drinking market but also reinforces its old liquor advantages and expands consumption scenarios [3] Channel Innovation - The company is accelerating its e-commerce channel layout starting in 2024, having established a deep strategic partnership with JD.com and collaborated with Meituan Shanguo [4] - The focus on e-commerce, ordinary liquor, and youth-oriented strategies has been the biggest highlight in operational performance for the first three quarters [4] Brand Strength - Shede Liquor's brand strength is a unique advantage, with its brands "Shede" and "Tuo Pai" being included in the "China's 500 Most Valuable Brands" for 22 consecutive years, with a total brand value of 190.698 billion yuan in 2025 [5] - The company has built a substantial old liquor inventory since 1976, which supports its old liquor strategy and enhances brand image through various marketing activities [5] Marketing and Promotion - The company participated in the 2025 Sustainable Global Leaders Conference and was recognized at the 2025 Responsibility China ESG Annual Ceremony for its commitment to ESG [5] - Collaborative marketing efforts, such as partnerships with popular programs and events, have enhanced brand visibility and sales [6][7]

Core Viewpoint - Shede Liquor Industry Co., Ltd. reported a stable performance in the first three quarters of 2025, with revenue of 3.702 billion yuan and a net profit of 472 million yuan, indicating effective strategies in a challenging market environment [2][3]. Financial Performance - The company achieved a gross margin increase of 1.49 percentage points to 62.09% in Q3, reflecting improved profitability through effective pricing and product structure optimization [3]. - Operating costs decreased by 8.81% year-on-year, and management expenses fell by 13.07%, showcasing ongoing efficiency improvements [3]. - Total assets grew to 12.558 billion yuan, indicating continued scale expansion [3]. Market Strategy - Shede Liquor is actively adjusting its strategies in response to market conditions, focusing on inventory reduction and price stabilization [3][4]. - The strategic flagship product "T68" saw a sales revenue increase of 16.46% year-on-year, contributing positively to overall performance [3]. Channel Optimization - The company has enhanced its e-commerce presence, achieving 450 million yuan in e-commerce sales, a 39.62% increase year-on-year, by leveraging traditional and emerging online sales channels [3][5]. Product Innovation - Shede Liquor is focusing on both high-end and low-alcohol products to capture diverse market segments, including the launch of a low-alcohol variant and innovative packaging strategies [5][6]. - The introduction of the "Shedai Zizai" low-alcohol product and the "Shedai Blind Box" reflects the company's commitment to innovation and appealing to younger consumers [6]. Brand Development - The company is enhancing its brand strength through diverse marketing strategies, including cultural marketing initiatives that resonate with consumers [7]. - Shede Liquor has integrated ESG principles into its business model, aiming for sustainable development and long-term growth [7]. Industry Outlook - The white liquor industry is expected to recover in the fourth quarter, supported by favorable policies and seasonal demand, with Shede Liquor positioned for improved performance [8].

Core Insights - The 23rd China International Wine Expo was held in Wuhan from October 17 to October 19, showcasing industry innovation trends and featuring the "China Baijiu Trendy Drink Competition" [1] - Shede Liquor's new product, 29-degree "Shede Zizai," won the "Trend Drink Pioneer Award," highlighting its unique product strength and alignment with modern consumption trends [2][3] Product and Innovation - The competition focused on the integration of traditional baijiu with modern mixology, aiming to explore innovative expressions of traditional craftsmanship [3] - Shede Zizai, with its outstanding quality and creative presentation, received positive feedback from both professional judges and consumers, demonstrating market and industry recognition [3][5] - The product features a blend of 6-year base liquor, 20-year flavored liquor, and 30-year premium flavored liquor, achieving a balance of low alcohol content and high flavor [7] Market Trends - The shift in consumer preferences towards a more relaxed drinking experience and social attributes is driving traditional baijiu companies to innovate [6] - Shede Liquor's proactive approach in launching low-alcohol products like "Shede Zizai" reflects a keen understanding of these evolving consumer demands [6][8] - The product's versatility allows it to be enjoyed in various settings, including business gatherings, casual meet-ups, and outdoor activities, aligning with contemporary lifestyles [7]

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].

Core Viewpoint - Shede Liquor's 2024 annual report reflects a stable performance amid industry challenges, with a focus on its "old liquor strategy" to maintain competitiveness and prepare for long-term growth [1][5][8] Financial Performance - In 2024, Shede Liquor achieved operating revenue of 5.357 billion yuan and a net profit attributable to shareholders of 346 million yuan [1] - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares, totaling 142 million yuan, which represents 40.94% of the net profit [1] Strategic Initiatives - The company is actively managing inventory and pricing to adapt to a challenging market environment, emphasizing quality over quantity in its growth strategy [2][4] - Shede Liquor's total assets reached 11.802 billion yuan, an increase of 5.348 billion yuan since 2020, while net assets grew to 6.808 billion yuan, nearly doubling in the same period [2] Market Development - The company is expanding its e-commerce presence, with sales through this channel reaching 446 million yuan in 2024 [2] - Shede Liquor has successfully entered 36 countries and regions, with average sales growth of 200% in two key markets [3] Product and Brand Strategy - The product lineup has been optimized, with strategic offerings like "Taste Shede" solidifying its position in the mid-to-high-end market [3] - The brand's influence is being enhanced through various marketing initiatives, including the "Shede Wisdom Characters" campaign and regional promotional events [3] Quality and Standards - Shede Liquor is transitioning to a "standard year," having established two significant industry standards for old liquor, enhancing its competitive edge [5][6] - The company is investing in capacity expansion and sustainability initiatives, including a carbon neutrality action plan [6] Future Outlook - For 2025, Shede Liquor aims to leverage its "old liquor strategy" to navigate market challenges, focusing on channel development and brand enhancement [7] - The company anticipates continued growth potential as it refines its inventory and capitalizes on the benefits of its established strategies [8]

Core Viewpoint - Shede Liquor has demonstrated strong operational resilience and growth potential in the first half of 2025, achieving significant profit recovery despite industry challenges, driven by effective inventory reduction and strategic marketing initiatives [1][3][10]. Financial Performance - In the first half of 2025, Shede Liquor reported revenue of 2.701 billion yuan and a net profit attributable to shareholders of 443 million yuan, with Q2 revenue at 1.125 billion yuan, showing a year-on-year stability and a net profit of 97.17 million yuan, marking a substantial increase of 139.5% [1][3]. - The company’s Q1 net profit of 346 million yuan exceeded the total net profit of the previous year, indicating a strong recovery trajectory [3]. - By the end of Q2, inventory reduction was nearing completion, with inventory levels returning to rational levels, supporting a stable pricing strategy [3][4]. Operational Strategies - Shede Liquor has effectively implemented a "reduce inventory, increase marketing" strategy, leading to a V-shaped recovery in revenue and profit after a low point in Q4 of the previous year [9]. - The company has focused on enhancing its distribution channels, achieving a significant increase in e-commerce sales, which reached 336 million yuan, a year-on-year growth of 31.38% [6]. - The company has also seen double-digit growth in banquet market sales, particularly for its core products, indicating strong market demand [6][7]. Product Development and Market Expansion - Shede Liquor is set to launch its first low-alcohol drink, "Shede Zizai," on August 30, targeting the growing low-alcohol beverage market and aiming to attract new consumer demographics [8]. - The company has expanded its international presence, reaching 40 countries and regions, further solidifying its global market strategy [7]. Future Outlook - Looking ahead, Shede Liquor plans to capitalize on the traditional peak seasons of the National Day and Mid-Autumn Festival, while continuing to explore high-potential growth markets [9]. - The company’s commitment to innovation and strategic focus on long-term growth positions it well to navigate the complexities of the current market environment [10].