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 ...

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].