转自：新华财经 新华财经西宁9月24日电（记者王金金 欧阳迪娜）近日，中国上市公司协会联合新华财经等媒体开展"我在'十四五'这五年 上市公司在行动"主题宣传活动， 多角度展现千行百业上市公司在"十四五"期间实现的发展成果。青海互助天佑德青稞酒股份有限公司是青海省内唯一的白酒上市企业，专注青稞酒研发、生 产与销售。记者赴天佑德酒采访了解到，当前行业深度调整背景下，该公司以青藏高原青稞为核心，依托科技赋能、文旅融合及国际化战略稳定经营。然 而，国际市场接受度波动与跨界业务贡献不足，使其在潜力与挑战中寻求突破。 图为 厂区一角。受访者供图 从田间到车间的"青稞逻辑" 在青藏高原，青稞不仅是粮食，更是一种文化符号。2011年登陆A股后，天佑德酒打造了"订单农业+自建基地"的模式，与农牧户签订合同、保价协议，在 贵南牧场、山丹军马场、门源浩门农场等地建立25万亩青稞种植基地。 青稞种植基地。受访者供图 这种产业链前端的深度绑定，既保障了原料品质，也让青稞价值实现了从"口粮"到"金粒"的跨越。据公司披露，自上市以来天佑德酒累计收购青稞34.78万 吨，采购金额超10亿元，间接惠及数万农牧民。 资本市场视角下，这一模式的可 ...

Company Overview - Tianyoude Liquor, established on January 27, 2005, and listed on December 22, 2011, is located in Xidajie, Weiyuan Town, Huzhu County, Qinghai Province [2] - The company specializes in the research, production, and sales of barley liquor, with major brands including Huzhu, Tianyoude, Badazuo, Yongqing, and others [2] - The revenue composition includes 84.62% from barley liquor, with 44.44% from barley liquor priced at 100 yuan and above, and 40.19% from those priced below 100 yuan [2] Financial Performance - As of June 30, 2025, Tianyoude Liquor reported a revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit attributable to shareholders of 51.46 million yuan, down 35.37% year-on-year [2] - The company has distributed a total of 842 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the past three years [3] Stock Performance - As of September 22, 2023, Tianyoude Liquor's stock price decreased by 2.03% to 9.63 yuan per share, with a market capitalization of 4.614 billion yuan [1] - Year-to-date, the stock has declined by 10.33%, with a 4.08% drop over the last five trading days and an 8.02% decline over the last 20 days [2] - The stock experienced a 3.89% increase over the last 60 days [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 1.61% to 51,500, with an average of 9,234 circulating shares per shareholder, an increase of 1.64% [2] - Major shareholders include the China Securities Index White Wine Index A and the Wine ETF, with significant increases in holdings [3]

Core Insights - The article highlights the successful agricultural product exhibition in Xiangcheng County, Sichuan, showcasing local specialties and attracting both residents and tourists [1][3]. Group 1: Agricultural Products - Xiangcheng County, located in the core area of the Shangri-La ecological tourism zone, has a diverse range of agricultural products due to its unique geographical and climatic conditions [3]. - Ten varieties of agricultural products, including apples, blueberries, and matsutake mushrooms, have received national organic certification, leading to the establishment of 11 geographical indication trademarks [3][6]. - The exhibition featured a variety of local products such as apples, Tibetan pears, barley, and caterpillar fungus, alongside deep-processed foods like wine and mushroom cookies, which enhance the shelf life and nutritional value of the products [3][6]. Group 2: Economic Impact - The event attracted over a thousand local residents and tourists, resulting in active on-site transactions, with many attendees purchasing local products [6]. - Xiangcheng County has been actively promoting agricultural brand development, focusing on regional public brands and nurturing several food processing enterprises, which has increased the added value and market competitiveness of local agricultural products [6]. - The county has established an integrated circulation system combining online and offline sales, with over 50 dedicated sales points in major supermarkets across Zhejiang, facilitating the distribution of Xiangcheng agricultural products nationwide [6]. Group 3: Cultural Promotion - The exhibition is part of the 2025 Shangri-La Ring Cultural Week, themed "Meeting at the White Tibetan House, Charm of Shangri-La," which aims to present a rich tapestry of ethnic culture and pastoral beauty [6].

Core Viewpoint - The company, Qinghai Huzhu Tianyoude Barley Wine Co., Ltd., is experiencing a significant decline in revenue and net profit, continuing the downward trend from 2024, with its newly established "Four Modernizations" strategy yet to show results [1][2][4]. Group 1: Financial Performance - In the first half of 2025, the company's revenue decreased by 11.24% to 674 million yuan, and net profit fell by 35.37% to 51.46 million yuan [2][4]. - Revenue from barley wine priced above 100 yuan was 299 million yuan, down 10.19%, while revenue from barley wine below 100 yuan was 271 million yuan, down 11.44% [2]. - The company's main market in Qinghai generated 461 million yuan, a decrease of 8.49%, while revenue from outside Qinghai was 198 million yuan, down 17.18% [2]. Group 2: Strategic Initiatives - The company aims to solidify its core markets in Xining, Lanzhou, and Lhasa while accelerating development in Shanxi, Shaanxi, and Henan, as part of its "Four Modernizations" strategy [2][10]. - The strategy includes focusing on county-level markets, internationalization, youth engagement, and terminal market development, with an emphasis on introducing light bottle and 100-yuan boxed wine products [1][3][10]. - The appointment of veteran executive Lu Shuilong as vice president is intended to enhance market expansion beyond the Northwest region [5][6]. Group 3: Market Challenges - The company faces significant pressure from industry adjustments and competition, particularly in the context of a declining high-end product market [1][4]. - The "Four Modernizations" strategy is seen as practical but challenging, as the company struggles to leverage its unique barley wine characteristics to gain market share [1][4]. - The company’s expansion efforts have been hampered by a lack of brand recognition and operational experience in broader markets, particularly in the face of competition from established brands [10][14]. Group 4: Product Line and International Ventures - The company has been expanding its product line to include wines and whiskies aimed at younger consumers, but these segments have not yet proven profitable [11][12][13]. - The overseas subsidiary, OG, has consistently reported losses, raising questions about the viability of the international strategy [12][14]. - Despite the challenges, the company remains committed to its internationalization efforts, viewing them as a long-term strategic direction [13][14].

Group 1 - The company has approved a capital increase of 4 million USD to its wholly-owned subsidiary, Oranos Group, Inc. (OG), to support its business development needs [1][2] - The capital increase will be implemented in multiple phases, with the recent injection of 600,000 USD (approximately 4,295,940 RMB), raising the total investment in OG to 16 million USD [1] - As of the date of the announcement, the entire capital increase of 4 million USD has been completed [2]

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of restricted stock options under its 2023 incentive plan, totaling 2.895 million shares, which represents 30.67% of the total granted shares and 0.60% of the company's total share capital [1][2][3]. Summary by Sections Repurchase and Cancellation Details - The repurchase was initiated due to one incentive recipient leaving the company and the failure to meet performance conditions for the second release period, resulting in a total of 289,500 shares being repurchased and canceled [2][7]. - The repurchase price was set at 7.12 yuan per share, totaling approximately 21.09 million yuan, which includes both principal and interest [8][9]. Company Meetings and Approvals - The company held several board and supervisory meetings to approve the repurchase and cancellation of the restricted stock, ensuring compliance with internal regulations and obtaining necessary legal opinions [3][4][5]. - The decision was made public through various channels, including the company's announcements on the Giant Tide Information Network [2][3]. Impact on Share Capital - Following the repurchase, the company's registered capital decreased from 482,002,974 yuan to 479,107,974 yuan, and the total number of shares reduced from 482,002,974 to 479,107,974 [11][12]. - The company confirmed that this repurchase will not affect the implementation of the incentive plan or its financial status, and the share distribution remains compliant with listing requirements [11][12].

Core Points - Sichuan is highlighted as a region rich in diverse landscapes and cultural heritage, attracting tourists with its natural beauty and cultural experiences [1] - The travel itinerary includes visits to notable sites such as Diexi Lake, Huanglong Scenic Area, Jiuzhaigou Valley, Emei Mountain, and Leshan Giant Buddha, showcasing the region's natural and cultural attractions [3][4][8][12] Itinerary Summary - **Day 1: Chengdu to Diexi Lake and Huanglong** - The journey begins with a scenic drive along the Minjiang River, leading to Diexi Lake, a stunning barrier lake formed by an earthquake, surrounded by mountains [3] - Huanglong is known for its terraced calcified pools, with vibrant blue and green waters, offering breathtaking views despite the altitude [3] - **Day 2: Jiuzhaigou and Chuanzhu Temple** - Jiuzhaigou is described as a "fairy tale world," featuring colorful lakes and majestic waterfalls, particularly during the autumn season [4] - The visit to Chuanzhu Temple provides insight into Tibetan Buddhism and local culture, enhancing the travel experience [4] - **Day 3: Jiuzhaigou and Tibetan Village** - The exploration of Jiuzhaigou continues, focusing on unique scenic spots like Mirror Lake [6] - A visit to a Tibetan village offers cultural immersion through traditional hospitality and local customs [7] - **Day 4: Chengdu to Emei Mountain** - Emei Mountain, one of China's four sacred Buddhist mountains, is noted for its natural beauty and spiritual significance, with a visit to the Golden Summit [8] - The experience includes witnessing Buddhist rituals and enjoying the serene environment [8] - **Day 5: Leshan Giant Buddha and Sichuan Museum** - The final day features a visit to the Leshan Giant Buddha, the world's largest stone-carved Buddha statue, emphasizing human ingenuity and devotion [12] - The Sichuan Museum showcases a rich collection of artifacts, providing a deeper understanding of Sichuan's historical and cultural context [12]

Core Insights - The white liquor industry is undergoing a deep adjustment period, characterized by a lack of expected V-shaped recovery and a new normal of "slowing overall volume and structural differentiation" [1][12] - The performance of Qinhai Huzhu Tianyoude Qingke Liquor Co., Ltd. (Tianyoude Liquor) reflects broader industry trends, with a significant decline in revenue and net profit in the first half of 2025 [1][5] - Despite challenges, Tianyoude Liquor has shown resilience through improved operating cash flow, indicating effective supply chain and channel management [2][8] Industry Dynamics - The "Matthew Effect" in the white liquor industry is intensifying, leading to pronounced tier differentiation among companies [3] - The growth model has shifted from "volume and price increase" to "volume decrease and stable price," driven by changes in population structure and consumer health awareness [3] - Consumers are becoming more rational, focusing on product value rather than brand prestige, prompting companies to reassess their product strategies [3][5] Company Strategies - Tianyoude Liquor has adopted a multi-dimensional strategy to navigate market pressures, focusing on product coverage across all price segments and enhancing market penetration in weaker areas [5][6] - The company has launched innovative promotional activities targeting core consumption scenarios, such as the "banquet market" in Qinghai [5][6] - A dual strategy of "uphill" and "downhill" is being implemented, enhancing brand presence in high-end segments while expanding product offerings in lower price ranges [6][11] Financial Performance - In the first half of 2025, Tianyoude Liquor reported a revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit of 51.46 million yuan, down 35.37% [1][8] - The company's operating cash flow net amount increased significantly by 136.47%, reflecting effective management of supply chain and channel funds [2][8] - The revenue from Qingke liquor products reached 570 million yuan, accounting for 99.06% of total liquor manufacturing revenue [6] Brand Development - Tianyoude Liquor is focusing on brand elevation through cultural initiatives and lifestyle marketing, aiming to enhance brand affinity and cultural content output [9][12] - The company has successfully engaged younger consumers with innovative products and marketing strategies, such as the "Drunk Beautiful Mountain Festival" [9][12] - Marketing efforts have shifted from traditional product-focused advertising to lifestyle-oriented campaigns, emphasizing the experience associated with the product [9][12] Future Outlook - The strategic choices of liquor companies will determine their future development paths amid industry differentiation [10][11] - For regional leaders like Tianyoude, focusing on core markets and products while avoiding blind national expansion is crucial [11] - Long-term innovation in product categories, taste, and marketing strategies will be essential for capturing the next generation of consumers [11][12]

Core Viewpoint - Tianyoude Liquor (002646) reported a significant decline in net profit and revenue for the first half of 2025, indicating potential challenges in its business performance and financial health [1]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 674 million yuan, a decrease of 11.24% compared to 759 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 51.46 million yuan, down 35.37% from 79.62 million yuan in the previous year [1]. - The gross profit margin was 58.66%, a decrease of 1.31% year-on-year, while the net profit margin fell to 7.65%, down 27.21% [1]. - Total expenses (selling, administrative, and financial) amounted to 224 million yuan, accounting for 33.3% of revenue, an increase of 5.98% year-on-year [1]. - Earnings per share decreased to 0.11 yuan, down 34.9% from 0.17 yuan [1]. Cash Flow and Asset Management - Operating cash flow per share increased significantly by 136.47% to 0.11 yuan, attributed to reduced payments for packaging and raw materials [1][3]. - The company experienced a 33.73% decrease in cash and cash equivalents, dropping to 299 million yuan [1]. - The net cash flow from operating activities showed a notable increase, while cash flow from investment activities decreased by 274.94% due to the purchase of short-term financial products [6]. Investment and Asset Changes - Investment income increased by 105.67%, driven by reduced losses from a subsidiary and gains from financial products [4]. - The company reported a 222.18% increase in credit impairment losses, reflecting the recovery of some receivables [4]. - The construction in progress saw a drastic reduction of 95.22%, as a significant project was completed and transferred to fixed assets [5]. Business Model and Market Position - The company has rebranded to emphasize the Tianyoude brand, which now represents over 50% of its self-owned brands in the Qingke liquor segment [8]. - Historical performance indicates a weak return on invested capital (ROIC) of 1.25% last year, with a median ROIC of 2.34% over the past decade, suggesting a fragile business model [9]. - The company relies heavily on marketing-driven strategies, necessitating a thorough examination of the underlying factors influencing these drivers [9].

Core Viewpoint - Tianyoude Liquor (002646) reported a significant decline in net profit and revenue for the first half of 2025, indicating challenges in its financial performance and operational efficiency [1][3]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 674 million yuan, a decrease of 11.24% compared to 759 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 51.46 million yuan, down 35.37% from 79.62 million yuan year-on-year [1]. - The gross profit margin was 58.66%, a decline of 1.31% from the previous year, while the net profit margin fell to 7.65%, down 27.21% [1]. - Total expenses (selling, administrative, and financial) amounted to 224 million yuan, accounting for 33.3% of revenue, an increase of 5.98% year-on-year [1]. - Earnings per share decreased to 0.11 yuan, down 34.9% from 0.17 yuan in the previous year [1]. Cash Flow and Investment Summary - Operating cash flow per share increased significantly by 136.47% to 0.11 yuan, indicating improved cash generation despite declining profits [1]. - The net cash flow from investing activities saw a drastic decline of 274.94%, primarily due to the purchase of short-term financial products [4]. - The net cash flow from financing activities increased by 93.17%, attributed to dividend payments from the previous year [4]. Asset and Liability Changes - The construction in progress decreased by 95.22% due to the completion of a project related to high-quality barley liquor [3]. - Other current assets increased by 104.84%, reflecting prepayments for property and land value-added taxes [3]. - The company reported a 43.58% decrease in taxes payable, linked to tax payments from the previous year [3]. Business Model and Market Position - The company's business model relies heavily on marketing, necessitating a thorough examination of the underlying drivers [5]. - The brand "Tianyoude" has gained prominence, accounting for over 50% of the company's proprietary barley liquor sales, leading to a rebranding from "Qingqing Barley Liquor" [5]. - Historical data indicates a weak return on invested capital (ROIC) of 1.25% last year, with a median ROIC of 2.34% over the past decade, highlighting challenges in profitability [4].