舍得酒业20250923

Summary of Shede Liquor Industry Conference Call Company Overview - Company: Shede Liquor Industry - Date: September 23, 2025 Key Points Industry Context - The overall liquor industry is expected to decline by 15%-20% during the Mid-Autumn Festival in 2025 due to industry-wide downturns [2][3] - Shede Liquor is focusing on the mid-to-high-end market to mitigate the impact of the industry decline [2][3] Sales Performance - The main product, "Pinwei Shede," saw a positive sales trend in August, with sales volume doubling for the "Ten-Year" product in the first half of 2025 [2][5] - The company anticipates better performance than the industry average in Q3 2025 due to strategic focus on the mid-to-high-end market and channel clearing efforts [2][3] Pricing and Channel Management - Shede Liquor has implemented measures to stabilize prices, including leveling wholesale prices, providing value-added services instead of physical gifts, and simplifying policies to improve efficiency [6][7] - The company has managed to keep price fluctuations for its products within 10% through inventory clearance and controlled shipments [7] - 70% of frontline sales personnel received bonuses in the first half of 2025, indicating effective incentive structures [6][7] Product Strategy - The strategic positioning of Shede Liquor is focused on mid-to-high-end products and popular light bottle wines [4][11] - The company is targeting stable growth in products priced below 300 yuan, while also promoting new products like "Wisdom Shede" in weaker regions [5][11] Sales Team and Channel Health - The sales team remains stable despite industry pressures, with a focus on retaining and incentivizing mid-to-senior level sales personnel [9] - The company emphasizes that sales volume must exceed invoice numbers to ensure channel health, moving away from a purely invoice-driven approach [8] Revenue Growth and New Initiatives - Online sales have shown significant growth, contributing 340 million yuan in revenue in the first half of 2025, a 31% increase year-on-year [4][13] - The company has developed a dedicated app for customized services and has engaged in partnerships with celebrities for product launches, enhancing market reach [13][15] Market Development - Shede Liquor is focusing on developing key base markets such as Shandong, Hebei, and Sichuan, with plans to grow these markets significantly over the next 3-5 years [14] - The company is also exploring new growth points through innovative channel models and internal growth strategies, moving beyond traditional inventory management [15] Conclusion - Shede Liquor is strategically navigating a challenging industry landscape by focusing on mid-to-high-end products, stabilizing pricing, and enhancing sales team effectiveness while exploring new growth avenues through technology and market development initiatives [2][4][11][15]