证券代码：603369 证券简称：今世缘 公告编号：2025-024 江苏今世缘酒业股份有限公司 2025年度"提质增效重回报"行动方案公告 一、聚焦主营业务，提升经营质量 公司地处淮河名酒带、世界美酒特色产区、中国矿泉水之乡，主营业 务为白酒的生产和销售。公司以"缘"为核心，以酒结缘，以缘兴酒，持 之以恒塑造品牌精神，打造更有温度、更具高度、更显特色的缘文化品牌。 公司现有"国缘""今世缘"和"高沟"三大白酒品牌，国缘品牌定位 "中国新一代高端白酒"，坚持"与大事结缘，同成功相伴，为英雄干杯" 传播方略，唱响"成大事、必有缘"的品牌宣言，凸显品牌高度；开创国 缘 V9 清雅酱香新品类，成为清雅酱香型白酒团体标准制定者。今世缘品牌 弘扬"今世有缘 相伴永远"品牌理念，致力于打造中国最有温度的文化名 酒。"高沟"是中华老字号，秉持"人生起伏、挥洒自如"品牌主张，定位 黄淮名酒带高端光瓶典范。 2024 年度，公司累计实现营业收入 115.44 亿元，同比增长 14.32%； 归属于上市公司股东的净利润 34.12 亿元，同比增长 8.80%；加权平均净资 1 产收益率为 23.74%。2025 年第一季度，公司 ...

第五届董事会第十四次会议决议公告 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。 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第十四次会议于 2025年6月30日以通讯表决方式召开，会议通知已于2025年6月26日以电子邮件、专人送 达或电话通知等方式发出。本次会议应参与表决董事11人，实际参与表决董事11人，会 议的召开程序符合《公司法》及公司《章程》的要求。本次会议由董事长顾祥悦先生主 持，会议审议并作出如下决议： 一、审议通过了《<2024年度"提质增效重回报"行动方案年度评估报告>的议案》 表决结果：11 票赞成，0 票反对，0 票弃权。 具体内容详见与本公告同日刊载于上海证券交易所网站(www.sse.com.cn)的 《2024 年度"提质增效重回报"行动方案年度评估报告》。 证券代码：603369 证券简称：今世缘 公告编号：2025-022 江苏今世缘酒业股份有限公司 具体内容详见与本公告同日刊载于上海证券交易所网站(www.sse.com.cn)的 《2025 年度"提质增效重回报"行动方案公告 ...

Core Viewpoint - The new regulation prohibiting alcohol consumption in government receptions has significantly impacted the white liquor industry, leading to a decline in stock prices and creating a complex survival game for regional liquor companies [2][3][4] Policy Impact - The implementation of the new "ban on alcohol" is strict, affecting not only government personnel but also state-owned enterprises, causing a significant ripple effect in the white liquor market [3] - The China Alcohol Industry Association's report indicates that the ban has expanded from high-end liquor to all alcoholic beverages, marking a new phase in policy regulation [3][4] Market Dynamics - While some regional liquor companies face challenges due to their reliance on government consumption, others, particularly those focused on mass-market products, are finding new opportunities [4][5] - Sales of mid-range liquor (priced between 100-300 yuan) are increasing, contrasting with the decline in high-end liquor sales [9][10] Consumer Behavior - Ordinary consumer gatherings and business meals are becoming the mainstay of liquor consumption, suggesting that companies should focus on products that cater to everyday consumers [6][9] - The trend indicates a shift towards more affordable liquor options, with the market for products priced below 300 yuan expanding [10][14] Strategic Responses - Major liquor brands are adapting by launching new products aimed at the mass market, such as light bottles priced at 59 yuan [8][9] - Regional liquor companies are increasingly focusing on expanding their presence in county markets, competing with major brands for market share [13][15] Future Outlook - The white liquor industry is entering a new phase characterized by policy adjustments, structural changes in consumption, and intensified competition [14][15] - Companies that innovate in product offerings and expand their market reach while embracing local culture are likely to thrive in this evolving landscape [15]

Group 1 - The current demand for the liquor industry is at a historical low, with a five-year demand index at 28%, indicating limited downside risk [1] - The supportive policies are expected to provide a foundation for consumer recovery, with economic data from January to March showing positive signs, and more supportive policies anticipated to boost liquor demand [1] - Liquor demand is expected to gradually recover at a slow rate, with short-term rigid demand and potential improvement in banquet demand due to a low base in the same period [1] Group 2 - The liquor industry is projected to experience a "valuation-performance" double bottom by 2025, entering a mid-cycle buying point [1] - The dividend yield of the sector is high compared to the ten-year government bond yield, indicating attractive investment value [1] - Despite ongoing downward adjustments in profit forecasts, valuations are at historical lows, suggesting that stock prices may stabilize before earnings do [1] - Recommended stocks include Shanxi Fenjiu, Jinshiyuan, Gujing Gongjiu, Kweichow Moutai, Luzhou Laojiao, and Wuliangye, which are expected to show strong profitability stability [1] Group 3 - The Food and Beverage ETF tracks the China Securities Index for the food and beverage sector, focusing on high-barrier and resilient segments like liquor and dairy products [2] - The top ten constituent stocks include major liquor brands, providing investors with a convenient way to invest in core assets of the "food and beverage" sector [2] - The ETF offers a low investment threshold compared to individual stocks, making it accessible for small investors [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company is expected to achieve revenue growth of 5% to 12% year-on-year in FY25, with net profit growth slightly lower than revenue growth, emphasizing a dynamic balance between profit and operational quality [3][12]. - The high-end strategy has shown significant results, with the Guoyuan special A+ products accounting for 64.9% of total revenue in FY24 and a gross profit margin of 82.7%, which is substantially higher than the overall gross profit margin of 74.7% [4][13]. - The company has a clear target for FY25, aiming for revenue of RMB 12.5 billion, net profit of RMB 3.6 billion, and an EPS of RMB 2.9, with a projected target price of RMB 52 based on an 18x PE ratio [5][15]. Financial Performance - The company has maintained over 20% growth in revenue and net profit for three consecutive years from FY21 to FY23, with net profit growth outpacing revenue growth, indicating improved profitability [3][12]. - For FY24, the company is expected to achieve revenue of RMB 11.5 billion and a net profit of RMB 3.4 billion, with a diluted EPS of RMB 2.74 [10]. - The company has a dividend yield of 3.1% for FY24, marking a record high with eight consecutive years of cash dividends [5][15]. Market Strategy - The company is focusing on core segments with tailored strategies for different provinces, aiming for synergistic growth across six regions in FY24 and targeting key markets in Anhui and Shandong for expansion in FY25 [4][14]. - The company has optimized its expense ratios significantly, with reductions in sales, management, and period expense ratios year-on-year [4][13].

Core Viewpoint - In 2024, Jinshiyuan Liquor achieved impressive financial results with revenue of 11.544 billion yuan and net profit of 3.412 billion yuan, ranking seventh among 20 listed liquor companies, showcasing a remarkable turnaround in a challenging industry environment [1] Group 1: Financial Performance - Revenue increased from 5.119 billion yuan to 11.544 billion yuan over five years, a cumulative growth of 6.425 billion yuan [1] - Net profit rose from 1.567 billion yuan to 3.412 billion yuan during the same period [1] - The company maintained over 20% growth in both revenue and net profit for three consecutive years from 2021 to 2023, with a revenue growth rate of 14.32% and net profit growth of 8.80% in 2024 [1][3] Group 2: Growth Drivers - The growth is driven by three main engines: high-end product structure, deepening of the domestic market, and precise expansion in the external market [2] - Revenue from high-end products surged from 3.069 billion yuan to 7.491 billion yuan, with a compound growth rate of 24.99% [2] - The company’s domestic revenue increased from 4.767 billion yuan to 10.553 billion yuan, a growth of 5.786 billion yuan over five years [2] Group 3: Market Strategy - Jinshiyuan's market strategy includes a focus on the Yangtze River Delta integration, with significant growth in external markets, achieving a year-on-year revenue growth of 27.37% in 2024 [2] - The company has established a dual-driven model of "building a foundation in the province and expanding outside" [2][3] - The resilience of Jinshiyuan is attributed to continuous optimization of product structure and forward-looking market layout, effectively countering the impact of consumption segmentation [3]

Group 1 - The main consumption index (000932) has shown a strong increase of 1.02%, with significant gains in stocks such as Yanjing Beer (000729) up 4.72% and Gujing Gongjiu (000596) up 4.11% [1] - Recent policies are expected to have a temporary impact on liquor consumption, leading to a forecasted slowdown in recovery for Q2, with the liquor sector still in a bottoming phase [1] - Since 2016, the primary consumption scenario for liquor has shifted from government consumption to business consumption, suggesting that the overall impact may be limited [1] Group 2 - The major consumption ETF (159672) has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 4.87% [1][2] - As of June 19, 2025, the major consumption ETF has experienced a maximum drawdown of 6.66% this year, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [2] - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 18.72, indicating it is at a historical low, below 99.6% of the time over the past year [2] Group 3 - The top ten weighted stocks in the major consumption index account for 67.15%, with key players including Yili Group (600887) and Kweichow Moutai (600519) [2] - The weightings of the top stocks are as follows: Kweichow Moutai at 10.39%, Yili Group at 9.86%, and Wuliangye (000858) at 9.12% [4] - The data indicates a diverse representation of sectors within the major consumption index, reflecting the overall performance of the consumer market [2][4]

【今世缘业绩未达目标、全国化遇阻且股价低迷，高管薪酬却增长】2023年底，今世缘迈入百亿俱乐 部，成白酒上市企业中第7家营收破百亿的企业，也是江苏第二家百亿级白酒品牌。突破百亿后，董事 长顾祥悦喊出2025年迈入150亿级酒企行列目标，还提出2024年营收122亿左右、净利润37亿左右的业绩 目标。不过，2024年公司实现营收115.44亿元，同比增14.32%；归母净利润34.12亿元，同比增8.8%。 虽保持双增长，但未完成目标，且增速放缓。2021-2023年，其营收增速超20%，归母净利润平均增速 达26.05%。2024年四季度，今世缘营收、净利"双降"，增速分别为-7.56%和-34.84%，为2016年以来再 度"双降"。今年一季度，营收50.99亿，同比增9.17%；净利润50.99亿，同比增7.27%，但增速为五年同 期最低。今世缘全国化困境严峻，省内营收占比长期超90%。2024年，省内营收106.2亿，省外营收9.26 亿，占比8.02%。2022-2024年，省外营收占比增速缓慢。2024年，今世缘省外经销商615家，与省内基 本持平，但全国化收效甚微。洋河股份2024年省外收入158 ...

Group 1 - The white liquor industry is experiencing a significant downturn, with the white liquor index dropping 4.8% this week and a year-to-date decline of 17.4% [1][2] - Several companies, including Gujing Gongjiu, Jinshiyuan, and Yanghe, have seen their stock prices hit new lows for the year, with Gujing Gongjiu's stock price reaching a five-year low [2][3] - The decline in high-end liquor prices is attributed to limited consumption scenarios, increased pressure on channels for cash flow, and the impact of e-commerce subsidies [1][3] Group 2 - The basic performance of the industry is under pressure, with Moutai's bottle price decreasing by 70 yuan week-on-week, and the original box price down by 90 yuan [3] - The second quarter is expected to show weak fundamentals, with inventory levels increasing post-Duanwu Festival and companies focusing on promotions and destocking [3][4] - Despite the current challenges, there are three positive factors that may support a more optimistic outlook for the industry, including the stabilization of Moutai's wholesale price and the proactive strategies of leading companies [5]

Group 1 - The "Su Super" league has gained significant sponsorship interest, with major companies like JD.com and Yili partnering with the league, indicating its rising popularity in the sponsorship market [1][2] - As of June 13, the number of official strategic partners increased from 1 to 7, with new additions including JD.com and Li Auto, while official sponsors grew from 1 to 5, adding companies like Nubia and Yili [2] - The influx of sponsors is expected to keep ticket prices affordable, encouraging more fan participation, which is crucial for the league's future development [2] Group 2 - The sponsorship categories for "Su Super" include a total of five types: one title sponsor (Jiangsu Bank), one official strategic partner (Guoyuan V3), one official partner (KELME), one official sponsor (Kangshifu's bottled water), and two official suppliers (Zijin Insurance and Gatorade) [1] - The sponsorship landscape reflects the league's growing appeal, as evidenced by the increase in both the number of sponsors and the diversity of companies involved [2]