Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong sales performance during the 2025 Spring Festival, with positive feedback from channels indicating a robust growth trajectory for the year. The company is expected to achieve a revenue growth rate that exceeds the industry average [8] - The company aims to enhance its market share both domestically and in external markets, with a focus on strategic channel development and product positioning. The goal for 2025 is to achieve a revenue growth rate in external markets that surpasses that of domestic markets [8] - The company is expected to maintain stable revenue and profit growth, with a clear growth path driven by market share gains and effective cost management strategies [8] Financial Projections - Total revenue is projected to grow from 10,100 million RMB in 2023 to 15,413 million RMB in 2026, with year-on-year growth rates of 28.05%, 17.15%, 12.32%, and 15.97% respectively [1] - Net profit attributable to the parent company is expected to increase from 3,136 million RMB in 2023 to 4,803 million RMB in 2026, with corresponding growth rates of 25.30%, 15.03%, 11.83%, and 19.05% [1] - The latest diluted EPS is forecasted to rise from 2.50 RMB in 2024 to 3.85 RMB in 2026, reflecting a positive trend in earnings per share [1] Market Positioning - The company is focusing on enhancing its market presence through a structured approach to channel development, targeting key markets and price segments to improve its competitive positioning [8] - The company has successfully expanded its market share in both domestic and external markets, with a strategic emphasis on optimizing its product mix and pricing strategy [8]

Summary of Jinshiyuan Company Conference Call Company Overview - **Company**: Jinshiyuan - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Sales Performance - During the Spring Festival, Jinshiyuan's high-end product V3, priced between 500-600 RMB, showed excellent sales performance in cities like Huai'an, Nanjing, and Suzhou, indicating a significant upward trend. This success is attributed to a series of reform measures rather than competitors' mistakes or market space availability [3][4] Organizational Reforms - Since 2022, under Chairman Lv Xin's leadership, Jinshiyuan has restructured its management from a regional division to a departmental division, including Microchip, International, Financial, and Efficient Sales departments. This focused brand operation has effectively driven stable growth in the Guoyuan product series [4][5] Marketing Innovations - Jinshiyuan has innovated its marketing model by forming strategic alliances through group purchasing, particularly in Yangzhou, which stabilizes sales and enhances dealer cooperation. This model is especially effective for high-end and new products in emerging markets [4][6] Human Resource Strategies - The company has accelerated the promotion of leadership and external recruitment since 2022, increasing sales personnel from approximately 800-1,000 to around 1,500. This investment in human resources has significantly improved overall operational capabilities [7][9] Pricing Strategy - Jinshiyuan employs a gradual price increase strategy to maintain price stability for its main products, such as Guoan 4K, which has remained stable since 2022. This approach has bolstered dealer confidence and consumer trust, avoiding adverse effects from price fluctuations [10][11] High-End Strategy Progress - The high-end strategy is showing initial success, with the V3 product becoming a mainstream choice for business consumption in certain regions of Jiangsu. This success provides a strong foundation for extending more high-end product lines [12] Market Conditions in Jiangsu - Jiangsu's market is crucial for baijiu companies due to its large scale and stable structure. Jinshiyuan's solid foundation in this market allows it to focus on nurturing new and high-end products [13] Prospects in Out-of-Province Markets - Jinshiyuan is expected to perform well in out-of-province markets by 2025, having clarified its strategy and improved brand recognition among dealers. The company has laid a solid foundation for expansion, aiming for significant breakthroughs in the coming years [14][15] Brand Promotion and Development - The company tailors its promotional strategies based on product characteristics, ensuring the survival of dealers while enhancing brand image through flexible marketing tactics [16][17] Strategic Direction - Jinshiyuan's strategic direction is now clear, with sufficient reserves in organization and personnel training to support its expansion beyond Jiangsu. The focus on high-end product cultivation and investment is expected to yield significant results in 2025 [18] Investment Recommendation - The company is viewed as a strong investment opportunity due to its stable fundamentals and new growth logic in high-end products and out-of-province expansion. With a current valuation of approximately 15 times earnings, it is recommended for both absolute and relative returns in the baijiu sector [19]

江苏今世缘酒业股份有限公司 详式权益变动报告书 江苏今世缘酒业股份有限公司 详式权益变动报告书 上市公司名称：江苏今世缘酒业股份有限公司 股票上市地点：上海证券交易所 股票简称：今世缘 股票代码：603369.SH 信息披露义务人：今世缘集团有限公司 住所：涟水县高沟镇涟高路1号 通讯地址：涟水县高沟镇涟高路1号 股份变动性质：股份增加（集中竞价） 签署日期：二〇二五年一月十七日 江苏今世缘酒业股份有限公司 详式权益变动报告书 信息披露义务人声明 本声明所述的词语或简称与本详式权益变动报告书"释义"部分所定义的 词语或简称具有相同的含义。 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露 内容与格式准则第15号—权益变动报告书》《公开发行证券的公司信息披露内 容与格式准则第16号—上市公司收购报告书》及相关的法律法规、部门规章、 规范性文件编写。 二、依据法律法规、部门规章、规范性文件的规定，本报告书已全面披露 信息披露义务人在江苏今世缘酒业股份有限公司中拥有权益的股份变动情况。 截至本报告书签署日，除本报告书披露的持股信息 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-003 江苏今世缘酒业股份有限公司 关于控股股东增持计划进展暨权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 首次增持情况：2025 年 1 月 16 日，江苏今世缘酒业股份有限公司（以下简 称"公司"）控股股东今世缘集团有限公司（以下简称"今世缘集团"）通过上海证 券交易所交易系统以集中竞价交易方式首次增持公司 114,500 股（以下简称"首次 增持"），本次增持总金额为人民币 4,997,773 元（不含交易费用）。 首次增持前，今世缘集团持有公司股份561,049,038 股，占公司回购股份注销 实施前总股本125450 万股的44.7229%；首次增持后，今世缘集团持有公司股份 561,163,538 股，占公司回购股份注销实施前总股本125450 万股的44.7320%，占公司 回购股份注销实施后总股本1,246,800,037 股的45.0083%。 本次权益变动系公司回购股份注销实施及控股股东实施增持综合影响所致 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-002 关于回购股份注销实施暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 江苏今世缘酒业股份有限公司（以下简称"公司"）将注销回购专用证券账户 中 7,699,963 股股份，占注销前公司股份总数的 0.6138%。本次注销完成后，公司 股份总数将由 1,254,500,000 股变更为 1,246,800,037 股。 一、本次拟注销股份的回购情况 江苏今世缘酒业股份有限公司（以下简称"公司"）于2021年10月31日召开第四 届董事会第十三次会议，审议通过了《关于回购公司股份用于股权激励的议案》。公 司董事会同意使用自有资金以集中竞价交易的方式回购公司股份用于实施股权激励， 回购股份数量为660万股至770万股，占公司回购前总股本约0.5261%-0.6138%。具体内 容详见公司分别于2021年11月1日、2021年11月9日于上海证券交易所网站 (www.sse.com.cn)和指定媒体披露的《关于以集中竞价交易方式回购公 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][62]. Core Insights - The company is positioned as one of the leading players in the Jiangsu liquor market, benefiting from a rich historical background and a diverse product matrix that spans various price segments [4][9][15]. - The Jiangsu liquor market is projected to reach approximately 625 billion yuan in 2023, with a strong demand for medium-strength liquor, indicating significant growth potential for the company [27][28]. - The company is strategically focusing on expanding its market presence both within Jiangsu and nationally, utilizing a "3+4" strategy to penetrate surrounding markets effectively [49][52]. Summary by Sections 1. Company Overview - The company has a deep-rooted history in liquor production, originating from the Han Dynasty, and has evolved through various mergers and acquisitions [9][12]. - The local government holds a significant stake in the company, aligning employee interests with corporate performance [12]. 2. Product and Channel Strategy - The product portfolio is extensive, covering all price ranges and catering to various consumer scenarios, with a focus on high-end and medium-strength liquor [15][22]. - The company is enhancing its distribution channels through a grid-like, flat, and refined approach, which has led to a substantial increase in the number of distributors and sales personnel [18][19]. 3. Market Potential - The Jiangsu market still has room for growth, particularly in the Suzhong and Sunan regions, which are expected to drive future sales [45]. - The company is also implementing a national expansion strategy, focusing on key provinces and cities to build a consumer base before expanding further [49][52]. 4. Financial Projections - Revenue forecasts for 2024-2026 are set at 11.87 billion, 13.40 billion, and 15.08 billion yuan, with year-on-year growth rates of 17.6%, 12.8%, and 12.5% respectively [4][62]. - Net profit projections for the same period are 3.63 billion, 4.01 billion, and 4.67 billion yuan, with corresponding growth rates of 15.7%, 10.4%, and 16.6% [4][62].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to maintain double-digit revenue growth, with a slight adjustment in profit forecasts due to macroeconomic pressures. The projected net profits for 2024-2026 are 3.584 billion, 3.888 billion, and 4.222 billion respectively, with year-on-year growth rates of 14.3%, 8.5%, and 8.6% [7] - The company has a clear and pragmatic target for 2025, focusing on mid-to-high-end market segments and expanding its presence outside its home province [7] - The company’s brands, including Guo Yuan and Jin Si Yuan, are well-positioned to benefit from the consumption upgrade trend in Jiangsu province, with a solid market foundation and room for further optimization [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 10,100 million, with a year-on-year growth rate of 28.1%. For 2024, the revenue is expected to be 11,693 million, reflecting a growth rate of 15.8% [6] - The net profit for 2023 is estimated at 3,136 million, with a growth rate of 25.3%. The forecast for 2024 is 3,584 million, with a growth rate of 14.3% [6] - The earnings per share (EPS) for 2024 is projected to be 2.86, with a price-to-earnings (PE) ratio of 15 [6] Market Performance - The company’s stock price closed at 43.38 yuan, with a market capitalization of 54,420 million yuan. The stock has a dividend yield of 2.31% [2] - The company’s stock price has fluctuated between a high of 61.05 yuan and a low of 35.35 yuan over the past year [2]

证券代码：603369 证券简称：今世缘 公告编号：2024-038 江苏今世缘酒业股份有限公司 第五届董事会第十一次会议决议公告 本议案涉及关联交易，已经独立董事专门会议事前审议通过，全体独立董 事一致同意提交本次董事会审议，关联董事均已回避表决。表决结果如下： | 议案 | 序号 | 关联人 | 同意 | 反对 | 弃权 | 审议 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | | | 结论 | | | | 1.01 | 江苏国缘宾馆 有限公司 | 4 | 0 | 0 | 通过 | 关联董事顾祥悦先生、吴建峰先 生、鲁正波先生、周亚东先生、 王卫东先生、徐亚盛先生、周辉 | | | | | | | | | 先生回避表决 | | 《关于预 计2025 | 1.02 | 江苏聚缘机械 设备有限公司 | 11 | 0 | 0 | 通过 | | | 年度日常 | | | | | | | 关联董事顾祥悦先生、吴建峰先 | | 关联交易 | | 江苏天源玻璃 | | | | | 生、鲁正波先生、周亚东先生、 | | 金额的议 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected EPS of 2.86, 3.17, and 3.62 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 16, 14, and 12 [9][12]. Core Insights - The company has a clear product strategy focusing on core products such as Guoyuan V3, Si Kai, and Dui Kai, while also nurturing products like Guoyuan V9/V6 and Jin Si Yuan Collection. The marketing strategy emphasizes a "Big Marketing Control" system to optimize policies and enhance channel profitability [8][21]. - The controlling shareholder, Jin Si Yuan Group, plans to increase its stake in the company by investing between 270 million to 540 million yuan, indicating strong confidence in the company's future [9]. - The company aims to achieve significant growth in revenue and profit, with projected main business income of 11,656 million yuan in 2024, growing to 15,160 million yuan by 2026, reflecting a growth rate of 15.4% and 15.0% respectively [12]. Summary by Sections Company Overview - Total shares outstanding are 1,255 million, with a total market value of 56.2 billion yuan [6][4]. Financial Performance - The company forecasts a main business income of 10,100 million yuan for 2023, increasing to 11,656 million yuan in 2024, with a net profit of 3,136 million yuan in 2023, expected to rise to 3,583 million yuan in 2024 [12][36]. Market Strategy - The company plans to deepen its market presence in the province through a grid-based approach and aims for a structured expansion in external markets, categorizing them into 59 "four-level markets" [22]. Shareholder Confidence - The controlling shareholder's planned increase in stake is a strong signal of confidence in the company's growth trajectory and market position [9].

关于控股股东增持公司股份计划的公告 本公司董事会、全体董事及控股股东今世缘集团有限公司保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 证券代码：603369 证券简称：今世缘 公告编号：2024-037 江苏今世缘酒业股份有限公司 重要内容提示： 2024 年 12 月 30 日，江苏今世缘酒业股份有限公司（以下简称"公司"）接 到控股股东今世缘集团有限公司（以下简称"今世缘集团"）《关于增持江苏今世 缘酒业股份有限公司股份的告知函》，现将相关情况公告如下： 一、增持主体基本情况 （一）增持主体名称及与公司的关系 增持主体为今世缘集团有限公司，系公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例 本次增持计划实施前，今世缘集团持有公司股份 561,049,038 股，占公司总股 本的 44.72%。 1 风险提示：本次增持计划可能因公司股票价格持续超出增持计划披露的价 格区间，导致增持计划无法实施或实际实施增持的比例较低的风险；增持 股份所需资金未能到位，导致增持计划无法实施或部分无法实施的风险； 因资本市场变化或其他不可预见因素 ...