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 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, indicating an expected relative return of over 20% within the next six months [11][25]. Core Viewpoints - The company aims for steady development as the main theme for 2025, focusing on achieving key performance indicators that exceed industry averages and enhancing market expansion outside its home province [2][9]. - The company has set ambitious targets for 2025, including increasing raw liquor production capacity to 80,000 tons and ceramic jar storage capacity to 300,000 tons, while enhancing talent quality and market operations [2]. - The overall performance is expected to show steady growth, with revenue projections for 2024-2026 at 11.7 billion, 12.9 billion, and 14.2 billion yuan respectively, reflecting growth rates of 16%, 10%, and 10% [9][10]. Summary by Sections Financial Performance - Revenue for 2022 was 7.89 billion yuan, with a growth rate of 23.09%. Projections for 2023 and 2024 are 10.1 billion and 11.75 billion yuan, with growth rates of 28.05% and 16.29% respectively [10][22]. - The net profit attributable to the parent company for 2022 was 2.50 billion yuan, with projections of 3.14 billion and 3.61 billion yuan for 2023 and 2024, reflecting growth rates of 25.30% and 15.24% [10][22]. Market Strategy - The company emphasizes a consumer-centric approach, focusing on brand building, market expansion, and consumption upgrades to address fundamental supply-demand matching issues [2][9]. - Significant breakthroughs have been achieved in provincial and regional markets, with a notable increase in the number of million-yuan and ten-million-yuan markets outside the home province [8]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 15.67, 14.28, and 13.03 respectively, indicating a favorable valuation trend [10][22]. - The company’s market capitalization is approximately 56.64 billion yuan, with a total A-share capital of 1.25 billion shares [11].

Summary of Conference Call Company and Industry - The discussion revolves around the liquor industry, specifically focusing on the high-end liquor market in Jiangsu Province, China, with a particular emphasis on the company's performance in the white liquor segment [1][5]. Core Points and Arguments - The company has observed a decline in consumer purchasing power over the past couple of years, particularly affecting high-end liquor priced above 500 yuan, while lower-tier products (below 300 yuan) have shown better performance [1]. - There is a notable emphasis on family gatherings and weddings as key drivers for liquor consumption, with an increase in orders for family banquets compared to previous years [2]. - The company aims to complete 20% of its annual collection target before the Spring Festival, with the remaining 20% expected to be collected after the festival [3][5]. - The company anticipates a growth target of 20% to 25% for the upcoming year, with a long-term goal of reaching approximately 15 billion yuan by the end of 2025 [6]. - Financial support for large distributors has been a strategy in the past to boost collections, and there is a possibility of continuing this approach in the current year [7]. - The company plans to assess the performance of its sales and collection efforts around mid-January, after the holiday season, to gather more accurate data [8][9]. Other Important but Possibly Overlooked Content - The company is focusing on enhancing its distribution channels and increasing the frequency of promotions to stimulate sales [4]. - There is a recognition of the need to adapt strategies based on annual variations in consumer behavior and market conditions, indicating a flexible approach to sales and marketing [9]. - The call also highlighted the importance of maintaining a strong brand presence within the province, as over 90% of the company's market share is still concentrated there [5].

Investment Rating - The investment rating for the company is "Cautious Accumulate" [2][13]. Core Views - The report highlights a slowdown in revenue growth, with the company achieving revenue of 2.636 billion yuan in Q3 2024, representing a year-on-year increase of 10.12%, but the growth rate has narrowed by 17.92 and 11.4 percentage points compared to previous periods [2]. - The total revenue for the first three quarters of 2024 reached 9.941 billion yuan, a year-on-year increase of 18.86%, but this growth is 9.49 percentage points lower than the same period last year [2]. - The report indicates a rise in operating costs, with a year-on-year increase of 28.85% in operating costs for the first three quarters, which is higher than the revenue growth, leading to a decline in gross margin by 1.99 percentage points to 74.27%, marking the first decline since 2020 [2]. - The report suggests a reduction in sales expenses, with a year-on-year increase of 3.36% in sales expenses, which is lower than the revenue growth, resulting in a decrease in the sales expense ratio by 2.3 percentage points to 15.35% [2]. Financial Summary - The company is projected to achieve earnings per share (EPS) of 2.80 yuan, 3.16 yuan, and 3.54 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.97, 15.06, and 13.44 based on the closing price of 47.56 yuan on December 5, 2024 [2][5]. - Revenue forecasts for the upcoming years are as follows: 11.916 billion yuan in 2024, 13.703 billion yuan in 2025, and 15.484 billion yuan in 2026, with growth rates of 17.97%, 15.00%, and 13.00%, respectively [5][7]. - Net profit projections are 3.516 billion yuan for 2024, 3.962 billion yuan for 2025, and 4.440 billion yuan for 2026, with growth rates of 12.10%, 12.70%, and 12.06% [5][7].

证券简称：今世缘 证券代码： 603369 江苏今世缘酒业股份有限公司 投资者来访接待记录表 来访单位 华创证券、国泰君安证券、长江证券、中金公司、中信证券、 广发证券、国信证券、国金证券、海通证券、国盛证券、银河 证券、易方达基金、中邮人寿、才华资本、国泰基金、嘉实基 金、交银施罗德基金、华宝基金、招商基金、鹏华基金、民生 加银基金、南方基金、平安基金、银河基金、Heartland Capital Investment Consulting(SH)、TORQ CAPITAL MANAGEMENT (HK) LIMITED、Pleiad Investment Advisors Limited、WT Asset 等机构。 投资者类 型 √机构投资者 √证券公司 □媒体 √个人投资者 □其他 会议形式 现场接待、电话会议 时间 2024 年 11 月 地点 公司会议室 上市公司 出席人员 董事、副总经理、总会计师、董事会秘书 王卫东 副总经理 胡跃吾 副总监、证券部经理、证券事务代表 夏东保 投资者关系活动主要内容介绍： 问题 1：明年经营目标如何制定？现在动销的情况和目前我们的库存水平是怎样 的？ 回复：关于明 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has rationally set its operational goals, prioritizing quality and market share. Despite external pressures affecting sales performance in 2024, there is an expectation for marginal recovery in consumption following recent policy measures. The company aims to maintain price stability and channel health while focusing on fundamental growth and market share enhancement [2][3] - The company is focusing on both total growth and structural improvement within its domestic market, particularly in the 100-500 RMB price range, while also developing high-end products above 500 RMB. The strategy includes creating model markets in surrounding provinces to drive growth [3] - Organizational optimization is underway to enhance efficiency and support a multi-brand strategy. The company plans to further adjust its organizational structure to adapt to this strategy and strengthen its marketing team [3] Financial Forecasts and Valuation - The company’s revenue is projected to grow from 10,100 million RMB in 2024 to 15,448 million RMB by 2026, with year-on-year growth rates of 17.15%, 12.41%, and 16.13% respectively [1] - The net profit attributable to the parent company is expected to increase from 3,607 million RMB in 2024 to 4,814 million RMB in 2026, with growth rates of 15.03%, 12.02%, and 19.12% respectively [1] - The latest diluted EPS is forecasted to rise from 2.89 RMB in 2024 to 3.86 RMB in 2026, with corresponding P/E ratios of 15.61, 13.93, and 11.70 [1][4]

公司本次股东大会采用现场投票和网络投票相结合的表决方式，表决方式符合 《公司法》及公司《章程》的规定；会议由公司副董事长吴建峰先生主持。 证券代码：603369 证券简称：今世缘 公告编号：2024-035 江苏今世缘酒业股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 58 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 772,051,127 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.5425% | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2024 年 11 月 26 日 (二) 股东大会召开的地点：江苏省淮安市涟水县高沟镇今世缘大道 1 号江苏 今世缘酒业股份有限公司一楼会议室 (三) 出席会议的普通 ...

证券代码：603369 证券简称：今世缘 公告编号：2024-036 江苏今世缘酒业股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 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个别及连带责任。 一、通知债权人的原因 2024 年 11 月 9 日，江苏今世缘酒业股份有限公司（以下简称"公司"）召开 第五届董事会第十次会议、第五届监事会第七次会议审议通过了《关于变更已回购 股份用途并注销的议案》。2024 年 11 月 26 日，公司召开 2024 年第一次临时股东 大会审议通过了上述议案。具体内容详见公司于 2024 年 11 月 11 日及 2024 年 11 月 27 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于变更已回购股 份用途并注销的公告》（公告编号：2024-031），《2024 年第一次临时股东大会 决议公告》（公告编号：2024-035）。 本次注销将按法定程序继续实施。 公司债权人如要求公司清偿债务或提供相应担保的，应根据《中华人民共和国 公司法》等法律、法规的有关规定向公司提出 ...

!"#$%&"'()*+, . / 北京大成(南京)律师事务所 关于江苏今世缘酒业股份有限公司 2024 年第一次临时股东大会的法律意见书 致:江苏今世缘酒业股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东大会规则(2022年修订)》（以下简称"《股东大会规则》")等法 律、法规和其他有关规范性文件的要求,北京大成(南京)律师事务所(以下 简称"本所"）接受江苏今世缘酒业股份有限公司（以下简称"公司"）的委托, 指派律师参加公司 2024年第一次临时股东大会（以下简称"本次股东大会"）并 见证本次股东大会。 0123456789:;< =>=? @ ABCDE 7F#GH !"#$% www.dentons.cn !"#$%&'() 18 *+,-. A / 7-11 012100362 18 Jihui Road, 7-11/F of Building A, Lianchuang Mansion, Gulou District,Nanjing,China,210036 Tel: +86-25-8 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨今世缘（603369.SH） [Table_Title] 今世缘2024 年三季报点评：核心品系引领增长， 看好品牌地位持续突破 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024Q1-3 营业总收入 99.42 亿元（同比 +18.85% ），归母净利润 3 ...