Shede Spirits 舍得酒业
2 significant filings since 29 May 2026: 1 on earnings pre-announcement and 1 on buyback. The latest, on 11 Jul 2026: 舍得酒业2026年半年度业绩预减公告. On 11 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 60.52% to 69.55% from the same period a year earlier.
自 29 May 2026 起有 2 份重大公告：earnings pre-announcement 1 份、buyback 1 份。最新一份（11 Jul 2026）：舍得酒业2026年半年度业绩预减公告。11 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 60.52% 至 69.55%。
As of 25 Sep 2026 截至2026年9月25日
Shede Spirits 舍得酒业 is a baijiu producer listed on the Shanghai Stock Exchange since 1996. The company has faced declining financial performance, with revenue and attributable net profit falling in 2025. Losses in operating cash flow per share persisted, though the outflow narrowed. The share price dropped 47.5% over one year. A pre-announcement for the first half of 2026 indicated a further significant decline in profit. Despite a high inventory turnover period and continued cash outflows from operations, the company maintains a moderate balance sheet with liabilities at 44.4% of assets. Profit quality is weak, as operating cash flow is well below net profit. The actual controller is 郭广昌, with 四川沱牌舍得集团有限公司 as the controlling and largest shareholder.
舍得酒业是一家白酒生产商，1996年5月24日在上交所上市。公司财务表现下滑，2025年营业收入和归母净利润均同比下降。每股经营现金流持续为负，但流出幅度收窄。过去一年股价下跌47.5%。2026年上半年业绩预告显示归母净利润将大幅下降。尽管存货周转天数较长且经营现金流持续净流出，公司资产负债率为44.4%，财务结构尚属稳健。经营现金流与净利润之比为-2.48倍，盈利质量较弱。实际控制人为郭广昌，控股股东及第一大股东为四川沱牌舍得集团有限公司。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company has an operating cash outflow. 公司经营现金流为净流出。 | Operating cash flow per share was -RMB1.57 in 2025 and -RMB0.08 in the first half of 2026, indicating the core business is consuming cash rather than generating it. This weakens liquidity and increases reliance on external financing. 2025年每股经营现金流为-1.57元，2026年上半年为-0.08元，显示主业持续消耗现金。这将削弱流动性，增加对外部融资的依赖。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | The company pre-announced a profit fall of more than 50%. 公司预告归母净利润同比下降超50%。 | The pre-announcement of 11 Jul 2026 projected a 61% to 70% drop in attributable net profit for the period to 30 Jun 2026. Such a sharp decline signals weakening earnings power and may affect investor confidence and creditworthiness. 2026年7月11日业绩预告预计截至6月30日归母净利润同比下降61%至70%。利润大幅下滑反映盈利能力减弱，可能影响投资者信心与偿债能力。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has fallen 40% or more in a year. 公司股价一年内下跌超40%。 | The share price declined from RMB61.87 to RMB32.48 over one year, a drop of 47.5%. This sharp decline may reduce market confidence, limit equity financing options, and increase shareholder pressure. 过去一年股价从61.87元跌至32.48元，跌幅达47.5%。股价大幅下跌可能削弱市场信心，限制股权融资能力，并加剧股东压力。 |
- Change in attributable net profit for the full year 2026 compared to 2025
2026全年归母净利润较2025年的变动 - Operating cash flow per share in the full year 2026
2026全年每股经营现金流 - Revenue trend for the full year 2026 versus 2025
2026全年营业收入与2025年的趋势对比 - Inventory days at the end of 2026
2026年末存货周转天数 - Liabilities to assets ratio at the end of 2026
2026年末资产负债率 - Net profit excluding non-recurring items for the full year 2026
2026全年扣除非经常性损益后的净利润
- Company: Shede Spirits 舍得酒业, Shanghai Stock Exchange 600702; industry Baijiu; listed 24 May 1996.
公司：舍得酒业，上海证券交易所 600702；行业：白酒；上市日期：1996年5月24日。 - Close on 24 Sep 2026 RMB32.48; close on 24 Sep 2025 RMB62.34, RMB61.87 in today's terms; one-year change, adjusted for distributions and share changes -47.5%.
2026年9月24日收盘价32.48元；2025年9月24日收盘价62.34元（前复权61.87元）；一年涨跌幅（复权）-47.5%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB32.30 to RMB66.80.
52周区间（前复权）32.30元至66.80元。 - In the last 12 months 4 trading days closed 9% or more above or below the day before (all days, not only this year). The 4 most recent of them: 10 Nov 2025 +10.0%; 29 Jan 2026 +10.0%; 27 May 2026 +9.6%; 30 Jul 2026 +10.0%. No two of the 4 fell on consecutive trading days.
近12个月共有4个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近4个：2025年11月10日 +10.0%；2026年1月29日 +10.0%；2026年5月27日 +9.6%；2026年7月30日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB10.79bn; P/E TTM not meaningful (loss-making); price to book 1.55x.
总市值107.86亿元；市盈率（TTM）不适用（亏损）；市净率1.55倍。 - Revenue 2025 RMB4.42bn; 2024 RMB5.36bn; change -17.5%.
营业收入2025年44.19亿元；2024年53.57亿元；同比-17.5%。 - Attributable net profit 2025 RMB223.0m; 2024 RMB345.8m; change -35.5%.
归属于母公司股东的净利润2025年2.23亿元；2024年3.46亿元；同比-35.5%。 - Net profit excluding non-recurring items, 2025 change -50.3%.
2025年扣除非经常性损益后的净利润同比-50.3%。 - Basic EPS 2025 RMB0.68; 2024 RMB1.05.
基本每股收益2025年0.68元；2024年1.05元。 - Operating cash flow per share 2025 -RMB1.57; 2024 -RMB2.12; operating cash flow to net profit -2.48x.
每股经营现金流2025年-1.57元；2024年-2.12元；经营现金流与净利润之比-2.48倍。 - 2025 gross margin 62.0%; net margin 4.8%; ROE 3.3%.
2025年毛利率62.0%；净利率4.8%；净资产收益率3.3%。 - At 30 Jun 2026: liabilities to assets 44.4%; current ratio 1.78; quick ratio 0.43; receivable days 26; inventory days 1,224.
截至2026年6月30日：资产负债率44.4%；流动比率1.78；速动比率0.43；应收账款周转天数26；存货周转天数1,224。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB2.29bn, change -15.3%; attributable net profit RMB145.1m, change -67.3%; operating cash flow per share -RMB0.08.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入22.87亿元，同比-15.3%；归母净利润1.45亿元，同比-67.3%；每股经营现金流-0.08元。 - Pre-announcement of 11 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -70% to -61%.
2026年7月11日发布的截至2026年6月30日业绩预告：归母净利润同比-70%至-61%。 - Ownership: actual controller 郭广昌; controlling shareholder 四川沱牌舍得集团有限公司; largest holder at 30 Jun 2026: 四川沱牌舍得集团有限公司, 30.32%.
股权：实际控制人：郭广昌；控股股东：四川沱牌舍得集团有限公司；2026年6月30日第一大股东：四川沱牌舍得集团有限公司，持股30.32%。 - Latest distribution: ex-date 27 May 2026, cash RMB0.31 per share.
最近一次分配：除权除息日2026年5月27日，每股现金0.31元。 - Aurelian Grade E, score 26.1 of 100, graded within a peer group of 19 companies in its industry; no rank among peers is given.
金源评级E，得分26.1（满分100），于行业同业19家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。