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天佑德酒的“十四五”答卷:从高原走向世界的坚韧与蝶变
Sou Hu Wang· 2025-09-29 02:47
"十四五"规划期间,白酒行业步入了一轮深刻的结构性调整与存量竞争周期。作为一家根植于青藏高 原、拥有鲜明文化特征的酒企,天佑德酒主动求变,以一系列前瞻性的战略布局应对行业变局。在行业 深度调整期,企业战略的清晰度与执行力,是决定其能否穿越周期、行稳致远的关键。 近期,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。 2022年,"青青稞酒"正式更名为"天佑德",这一看似简单的改名背后,正是一家区域酒企五年转型的缩 影:从几十元的裸瓶酒延伸到千元价格带,从青海一隅推向北美大陆,从传统酿造到数字化生产......它 的轨迹既带有高原特有的稀薄氧气,也映射出"十四五"期间天佑德人系统性重塑品牌形象与业务布局, 旨在构筑其独特核心差异化竞争力的发展之路。 高原风土与产业扶贫的"金粒"逻辑 一粒粒青稞,不仅是世代农牧民的口粮,更承载着独特的文化符号与绵延数百年的酿酒文明。 天佑德青稞酒之所以与众不同,首先在于其原料的纯粹与独特。这里,冬无严寒、夏无酷暑的独特地理 环境,为青稞的生长提供了得天独厚的条件,其颗粒饱满、营 ...
西部证券晨会纪要-20250829
Western Securities· 2025-08-29 01:55
Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].
天佑德酒(002646):产品年轻化渠道下沉 静待成效显现
Xin Lang Cai Jing· 2025-08-29 00:43
Core Viewpoint - Tianyoude Liquor reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and a need for strategic adjustments [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 674 million yuan, a year-on-year decrease of 11.24% [1]. - The net profit attributable to shareholders was 51 million yuan, down 35.37% year-on-year, while the net profit after deducting non-recurring items was 49 million yuan, a decline of 35.99% [1]. - For Q2 2025, revenue reached 242 million yuan, showing a slight increase of 3.92% year-on-year, but the net profit was negative at -16 million yuan [1]. Group 2: Sales and Market Strategy - Sales of Qingke liquor faced short-term pressure, with revenue of 570 million yuan in the first half of 2025, down 10.79% year-on-year [2]. - The company focused on enhancing sales in Qinghai, particularly in the banquet channel, promoting products like the Fuzhou series and Jiazhide [2]. - The company is revitalizing its best-selling product, Tianyoude Red Four Stars, by adjusting profit distribution and enhancing brand recognition [2]. - A strategic shift has been made to develop county-level markets and introduce products priced below 100 yuan in regions like Gansu and Xinjiang [2]. Group 3: Product Development and Innovation - The company launched fruit-flavored liquor products to attract younger consumers, including 28-degree lemon-flavored Qingke liquor and 43-degree sherry Qingke liquor [2]. - An international product, Tashi liquor, has successfully entered the U.S. market and is available in channels like Costco [2]. Group 4: Future Projections - Revenue projections for 2025-2027 are 1.143 billion yuan, 1.160 billion yuan, and 1.189 billion yuan, with expected year-on-year changes of -8.88%, +1.43%, and +2.52% respectively [3]. - Net profit forecasts for the same period are 38 million yuan, 36 million yuan, and 43 million yuan, with year-on-year changes of -9.01%, -7.02%, and +21.08% respectively [3]. - The company maintains strong competitiveness in the domestic market and holds a "buy" rating [3].
天佑德酒(002646):Q2营收正增长 盈利同比改善
Xin Lang Cai Jing· 2025-08-23 00:35
Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with a slight increase in revenue compared to the previous quarter [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit attributable to shareholders of 51 million yuan, down 35.37% [1]. - In Q2 2025, the company recorded revenue of 242 million yuan, a year-on-year increase of 3.86%, with a net profit of -17 million yuan, an improvement from -29 million yuan in the same period last year [1][2]. Product and Sales Analysis - In H1 2025, revenue from different product lines was as follows: barley liquor 570 million yuan (down 10.79%), other barley wines 776,800 yuan (down 71.77%), and grape wine 5 million yuan (down 6.89%) [2]. - The overall sales volume of barley liquor decreased by 16.85% to 7,300 tons, while the price per ton increased by 6.75% to 92,100 yuan [2]. - Revenue from distribution channels was 512 million yuan (down 9.52%) and from direct sales was 64 million yuan (down 21.43%) [2]. Profitability Metrics - In Q2 2025, the company's gross margin was 54.96%, an increase of 3.58 percentage points year-on-year, while the net margin was -7.02%, improving by 5.31 percentage points [3]. - The reduction in management expenses contributed to the improvement in net margin, with sales expense ratio at 33.88% and management expense ratio at 14.88% [3]. Strategic Outlook - The company maintains a long-term strategy, focusing on the local market in Qinghai and expanding its product offerings to adapt to market changes [4]. - There is optimism about capturing future industry opportunities and increasing market share both locally and in surrounding areas [4]. Investment Recommendation - The investment rating is upgraded to "Buy-A" with a target price of 11.13 yuan over the next six months, anticipating revenue growth rates of 4.7%, 6.5%, and 7.1% from 2025 to 2027, and net profit growth rates of 22.9%, 9.5%, and 10.4% respectively [5].
天佑德酒(002646):Q2营收正增长,盈利同比改善
Guotou Securities· 2025-08-22 08:32
2025 年 08 月 22 日 天佑德酒(002646.SZ) Q2 营收正增长,盈利同比改善 事件: 公司发布 2025 年半年报,2025H1 实现营业收入 6.74 亿元,同比减 少 11.24%;实现归母净利润 0.51 亿元,同比减少 35.37%;实现扣非 归母净利润 0.49 亿元,同比减少 35.99%。根据计算,2025Q2 实现营 业收入 2.42 亿元,同比增长 3.86%;实现归母净利润-0.17 亿元,上 年同期为-0.29 亿元;实现扣非归母净利润-0.17 亿元,上年同期为 -0.3 亿元。 25Q2 营收小幅增长,上半年省内表现优于省外 1)分产品来看,25H1 公司青稞白酒/其他青稞酒类/葡萄酒分别实现 营 收 5.7 亿 元 /77.68 万 元 /0.05 亿 元 , 分 别 同比减少 10.79%/71.77%/6.89%。上半年公司整体青稞白酒销量 0.73 万吨,同 比减少 16.85%,吨价 9.21 万元/吨,同比提升 6.75%。根据计算, 2025Q2 实现营业收入 2.42 亿元,同比增长 3.86%。公司在酿造工艺 方面核心竞争力保持稳定,同时聚焦创新 ...
天佑德酒2025半年报:营收短期承压,现金流大增136%凸显经营韧性
Quan Jing Wang· 2025-08-22 07:52
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]
事关低度酒和营销旺季 白酒下半年行情最新预判
Sou Hu Cai Jing· 2025-08-20 03:36
Core Viewpoint - Guizhou Moutai's 2025 interim report shows a revenue growth rate of only 9.1%, the lowest in nearly a decade, indicating a negative growth in Moutai series liquor revenue, reflecting the industry's adjustment period [3] Industry Overview - The liquor industry is currently experiencing a dual impact from macroeconomic cycles and industry adjustments, with companies preparing for the second half of the year by adopting strategies such as promoting low-alcohol liquor and improving manufacturer relationships [3][4] - The market for low-alcohol liquor (defined as below 30% alcohol content) is expected to reach a scale of 74 billion yuan by 2025, with a growth rate exceeding 20% in recent years, driven by a young consumer demographic [5][6] Company Strategies - Major liquor companies are launching new low-alcohol products to cater to changing consumer preferences, with brands like Wuliangye and Luzhou Laojiao announcing new low-alcohol offerings [3][4][5] - Water Well Square has also developed products below 38 degrees alcohol content, indicating a trend towards lower alcohol offerings [4] - Guizhou Moutai is focusing on three transformations: customer base, consumption scenarios, and service, to adapt to the current market challenges [9] Market Sentiment - The liquor industry is facing a divided sentiment, with some companies expressing pessimism about the market while others maintain a cautiously optimistic outlook [7][10] - The overall market is characterized by weak recovery and strong differentiation, with high-end brands like Moutai and Wuliangye expected to stabilize first, while mid-range and regional brands continue to face pressure [10][11] Economic Context - The Chinese government's investment in infrastructure and consumption stimulus measures are expected to gradually benefit the liquor industry, with a notable increase in stock prices for liquor companies following positive economic indicators [9][10]