When the liquor industry faces the dual challenges of inventory pressure and price inversion - in addition to Moutai, there is also a liquor company that achieved positive growth in net profit attributable to shareholders in the second quarter of 2025, with an increase of up to 139.48%.
What is even more surprising is that the ultra-low-grade new product it recently launched was sold well as the stock price also rose.
Recently, Shede Wine Industry's 2025 semi-annual report was released: its revenue in the first half of the year was 2.701 billion yuan, and its net profit attributable to shareholders of listed companies was 443 million yuan. Among them, the second quarter performed outstandingly: revenue was 1.125 billion yuan, basically the same year-on-year, and the decline narrowed significantly from the first quarter; net profit attributable to shareholders was 97.17 million yuan, a significant increase of 139.5% year-on-year.
Shede has also become another listed liquor company in addition to Moutai, which has achieved positive growth in net profit attributable to shareholders.
What is even more striking is that shortly after the interim report was released, Shede launched the first low-alcohol-free old wine "Shede free", which quickly ignited the market - the orders on the line exceeded 12,000 orders in 36 hours, and 20,000 people purchased them within 24 hours. Since the news of the new product was exposed on August 15 to September 1, Shede's stock price rose by 29.43%.
This makes people wonder: Where does the resilience to be willing to grow against the trend come from?
01
Short-term pressure will not change long-term resilience
The liquor market in the first half of 2025 can be described as "the two worlds of ice and fire".
Data from the China Wine Industry Association shows that in the first half of this year, there were more than 100 liquor enterprises on a year-on-year basis, with 887 remaining; output fell by 5.8% year-on-year, and profit fell by 10.93%. The inventory turnover days rose to 900 days.
In this environment, most liquor companies cannot avoid a double decline in revenue and profit, but Shede Wine Industry has taken a completely different recovery curve:
The net profit attributable to shareholders in the first quarter reached 346 million yuan, exceeding the full-year level last year; in the second quarter, the net profit was 97.17 million yuan, a year-on-year increase of 139.5%. The total revenue of 2.701 billion yuan in the first half of the year seemed stable, but the revenue of 1.125 billion yuan in the second quarter has significantly narrowed the month-on-month decline, and the recovery momentum is obvious.
The liquor industry is in a period of adjustment, and wine companies must adapt to it. How to adjust their operating strategies is particularly critical. Satoshi obviously grasps the rhythm. The author analyzes that behind this achievement is its precise strategic adjustments.
On the one hand, we are willing to layout and destock in advance. As early as 2024, Shede started to promote "control the volume and maintain the price", not blindly pursuing the scale of distribution, but assisting dealers in digesting inventory and stabilizing terminal prices.
The results were clearly reflected in the 2025 semi-annual report: the net cash flow of operating activities increased by 427.77% year-on-year, reversing from the negative value of the same period last year to 67.3674 million yuan; the total assets reached 12.407 billion yuan, an increase of 5.12% from the end of the previous year, the cash collection capacity was greatly improved, and the operating quality was effectively improved.
On the other hand, cost control is achieved. Through lean management, production-side efficiency improvement and supply chain optimization, operating costs fell by 7.32% year-on-year, and management expenses decreased by nearly 20%.
Shede Wine Industry knows that long-termism is the hard truth when the liquor industry is under short-term pressure. Although "long-termism" has been widely mentioned in the industry, what makes Satoshi unique is its "pragmatic" attitude.
Shede has converted hundreds of thousands of tons of old wine reserves into "visible and callable" assets. Since 1976, each batch of high-quality base wines has been reserved for storage. For more than 40 years, these old wines have not only witnessed history, but also a solid support for product strength. Even if industry demand fluctuates, these assets accumulated during the time can be quickly converted into market competitiveness. In 2024, Shede Wine Industry also took the lead in formulating and issuing the group standards of "Old Wine Storage (Strong Flavor Liquor)" to promote the high-quality development of the liquor industry.
The "pragmatic growth" that you are willing to do is also reflected in not betting on a single track - Rely on multi-dimensional layout to achieve long-term growth.
On the product side, the multi-brand matrix strategy forms a "protective network". When mid-to-high-end demand was still recovering in the second quarter, mass products such as Tuopai Special T68 achieved year-on-year growth, providing strong support for performance; Shede brand relies on old wine resources to stabilize the mid-to-high-end market.
In terms of market, the internationalization strategy aims to "seek long-term incremental". With the deep empowerment of Fosun resources, Shede products have been launched in 40 countries and regions around the world. In the first half of 2025, Shede Wine's sales revenue in Southeast Asia increased by 50% year-on-year, and achieved a 120% growth in sales, gradually expanding the global market.
It is this combination of "short-term flexible adjustment" and "long-term strategic persistence" that allows Shede to burst out vitality in the cold winter of the industry and reveals the resilience of the time-travel cycle.
02
Enter the new consumption track!
Long-termism never means conservatism-When the liquor industry is still struggling in the pain of transformation, it is willing to surprise the market with an innovative product.
On August 30, "She Deyi Zai" was first released on JD.com. It attracted 20,000 people to purchase more in 24 hours after it was launched. The orders exceeded 12,000 within 36 hours, ranking first in the new product popularity list, and became a phenomenal product.
Guo Guangchang, chairman of Fosun International, has a very pertinent evaluation: "Keep the ingenuity and make innovations."The hot sales of "going free" come from being willing to accurately grasp the new consumption trends and firmly implementing long-termism.
The current trend of low-calm, liquor and diversified scenarios in the liquor market is becoming increasingly obvious. However, low-alcohol wine has always faced industry problems such as "precipitation" in the reduction and light taste - how to reduce the reduction while maintaining the flavor has become a hurdle that the entire industry needs to break through.
Anchoring this broad market prospect, Pu Jizhou, chairman of Shede Wine Industry, said that Shede Wine Industry has formed the hard power advantages of ecology, culture and old wine with decades of accumulation, and has prepared for the continuous upgrading of consumer quality needs.
Relying on the three key technologies of "Base wine flavor target selection technology, reduction and solid aroma flavor recombination technology, and high-end old wine flavor backfill technology", we are willing to successfully overcome the problem of low-alcohol flavor. While reducing the degree, we maintain the high flavor of the old wine, with a mellow taste and rich layers, truly achieving "light burden and more mellow".
When you see this, you may wonder: Such high-quality low-alcohol old wine is definitely not cheap, right? But I was willing to do it but I did it with ease. "High quality and price ratio", with a retail price of 329 yuan/500ml, and an average of only 0.66 yuan per milliliter. Against the backdrop of fierce competition in the current price of 500-800 yuan, 100-300 yuan has become the main force in sales, and the pricing is extremely competitive.
The bottle body design also hides the understanding of the new consumer group - Abandon complex decorations, and use transparent texture to fit the "lightness" characteristics. The three-dimensional water patterns echo the oriental wisdom of "water conservancy and all things", and have the new Chinese oriental charm and minimalist modern style; at the same time, the eye-catching 29-degree golden logo and the ink trace of the word "free" fly white conveys the characteristics of "low wine and no pressure" products, and lowers consumers' psychological threshold for drinking white wine.
The free listing also helps the brand break through the inherent consumption scenario. Song Shuyu, chairman of the China Alcoholics Association, said that "loving yourself and being free" positioning "pleasing yourself" and "free" emotions and relaxing social atmosphere, balancing low-melt comfort with aged mellow and soft taste, the market performance is worth looking forward to.
"Good and free" quickly became popular. The author believes that its core lies in accurately capturing the three major consumption trends:
First, after the health awareness is improved, consumers pursue "light burden" and drink alcohol at 29° without stress;
The second is to return to rational consumption, consumers recognize "high-quality and price ratio", and real old wines are naturally popular;
The third is the diversified scenes, from business light social interaction, small gatherings of friends, to drinking alone at home and ice drinks, all of which can achieve the experience of "drinking freely" through "loving and free".
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From a strategic perspective, "Give up and down" is a key step to leverage the international market of Shede. Relying on Fosun's global industrial layout, Shede products have entered 40 countries and regions, laying the channel foundation for new products to go overseas. When the mellow taste of 29 degrees meets a small night market gathering in Southeast Asia and a family party in Europe and the United States, "Going tolerate freedom" is expected to open up a new world in overseas markets.
In my opinion, "loving and free" has more than just a hot product. It not only confirms the strategic feasibility of Shede continuous innovation under the guidance of the old wine strategy, but also provides a sample for traditional liquor companies to break through new consumption.
The three major technologies do not deviate from the essence of "old wine", but solve the industry pain points of low-alcohol wine; the precise pricing and design hit the market demand that requires quality, comfort and no burden.
This kind of "founded innovation" is the key to famous wine companies' time-traveling cycle.
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