2）酒类分区域拆分，25H1 省内/省外分别实现营收 7.8/16.4 亿元， 同比-13.9%/-21.2%；单 Q2 分别实现营收 2.9/6.9 亿元，同比 -21.2%/+4.8%。3）酒类分渠道拆分，电商/批发分别实现营收 3.4/20.8 亿元，同比+31.4%/-23.7%；单 Q2 实现营收 1.3/8.4 亿 元，同比+23.8%/-7.8%。公司高度重视电商渠道发展，通过产品 创新方式做增量。4）25H1 经销商新增 253 家，退出 331 家，净减 少 78 家，25H1 末留存 2582 家，公司稳定老商的同时加强小微客 户培育。 报表结构拆分：1）25Q2 归母净利率同比+5.2pct 至 8.6%，其中毛 利率同比-0.3pct 至 60.6%、销售费用率-3.3pct、管理费用率 -1.2pct，表观利润率压力至深时刻已过，利润率已至修复通道， 税负节奏变动期内所得税负降低也利于利润弹性提升；公司内部 持续推进降本增效+费用精细化落地，预计 25H2 费用率会加速优 化。2）25H1 末合同负债余额 1.6 亿元，环比-0.5 亿元，考虑合 同负债环比变量后 25Q2 营收同比 ...

Summary of Shede Liquor Industry Conference Call Company Overview - **Company**: Shede Liquor Industry - **Date**: Q2 2025 Key Points Industry Impact and Sales Performance - The macro environment and the 518 alcohol ban have reduced consumption scenarios, impacting government and enterprise-related projects, but sales of main products remained stable during the Dragon Boat Festival [2][3] - The T68 banquet product was not affected, and the market for townships, counties, mass consumption, self-drinking, and banquet markets maintained double-digit growth [2][3] - After the 618 period, the number of opened bottles gradually recovered, indicating a loosening of demand [2][4] Inventory and Distribution - 70% of Shede's distributors are large businesses with over 5 million in sales, maintaining a healthy inventory level of two to three months [2][4] - The company has actively reduced inventory since last year, with a slight increase in inventory levels by the end of Q2 2025, but overall inventory management remains good [2][6] Pricing Strategy - Mainstream wholesale prices remained firm in Q2 2025, with the Taste series priced around 330 yuan, and the Water of the Way series priced between 190-200 yuan and 150 yuan for the Tiandao series [2][6] Market Segmentation and Product Strategy - The banquet market is a focus, but the opening rate in cities above the prefecture level is low due to unfamiliarity among participants, while products in township markets perform better [2][7] - The company is developing a 29-degree liquor product that incorporates decades-old liquor, showcasing its old liquor strategy [3][23] - Online sales channels account for about 10%-15% of total sales, primarily driven by cultural customization and youth-oriented products [2][5] Marketing and Advertising - Shede is focusing on precise advertising investments, including main products and brand building through platforms like CCTV, and targeting mass banquet consumption [3][11] - The company is innovating in youth marketing by integrating emotional value and thematic elements into online cultural products and live streaming platforms [3][24] Future Outlook and Strategic Adjustments - The company plans to strengthen its base market strategy, covering all regions and channels, and will focus on new channels and products for young consumers [3][21] - Shede is optimistic about market demand for Q3 and the upcoming festivals, with plans to enhance resource allocation and incentivize sales personnel [3][20] - The company aims to launch new cultural products for the upcoming year and upgrade its main products to ensure the best quality at competitive prices [3][22] Financial Performance - Overall profit and gross margin are expected to recover in 2025, driven by cost control and refined management practices [3][17][18] Channel Management - The company is managing channels by controlling distributor inventory and protecting product prices to create a positive sales cycle [3][19] Conclusion - Shede Liquor Industry is navigating a challenging macro environment while focusing on strategic growth areas, product innovation, and effective marketing to engage younger consumers and maintain sales momentum.

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing challenges in the market and operational adjustments needed to improve performance [1][2]. Revenue Analysis - The company achieved revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1% [1]. - Revenue breakdown by product shows mid-to-high-end and regular liquor generating 1.23 billion and 0.21 billion yuan respectively, with declines of 28.5% and 12.6% year-on-year [2]. - Regional revenue analysis indicates that domestic, external, and e-commerce channels generated 0.49 billion, 0.95 billion, and 0.20 billion yuan respectively, with year-on-year changes of -9.0%, -33.2%, and +36.7% [2]. - E-commerce now accounts for approximately 14% of total revenue, reflecting a breakthrough in this channel [2]. Profitability Metrics - The company's net profit attributable to shareholders was 0.35 billion yuan, down 37.1% year-on-year [1]. - The gross profit margin decreased by 4.8 percentage points to 69.4%, while the net profit margin fell by 4.2 percentage points to 22.0% [2]. - Sales expenses increased by 3.0 percentage points, and the balance of contract liabilities rose to 0.21 billion yuan, indicating a need for careful cash flow management [2]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue growth of no less than 20% or net profit growth of at least 164% [3]. - The company is focusing on core brands and implementing a flatter organizational structure to enhance operational efficiency [3]. - Profitability is expected to gradually recover, with net profit forecasts for 2025-2027 showing significant growth of 164%, 25.5%, and 23.8% respectively [4]. Valuation and Investment Rating - The company’s estimated earnings per share (EPS) for 2025-2027 are projected to be 2.74, 3.44, and 4.26 yuan, with corresponding price-to-earnings (PE) ratios of 20.8, 16.6, and 13.4 times [4]. - The investment rating is maintained at "Buy" based on the anticipated recovery in profitability and revenue growth [4].