Group 1 - The core viewpoint of the news is that Jiusiyuan's stock has shown fluctuations, with a recent increase in price and notable trading activity, while the company faces a decline in revenue and profit year-on-year [1][2][3] Group 2 - As of February 4, Jiusiyuan's stock price increased by 2.02% to 34.36 yuan per share, with a trading volume of 4.22 billion yuan and a market capitalization of 428.40 billion yuan [1] - Year-to-date, Jiusiyuan's stock has decreased by 1.21%, with a 6.64% increase over the last five trading days, but a decline of 2.30% over the last 20 days and 12.39% over the last 60 days [2] - The company's main business involves the production and sale of liquor, with revenue composition as follows: Special A+ class 62.05%, Special A class 32.78%, A class 3.44%, B class 1.22%, C and D classes 0.48%, and others 0.04% [2] - As of September 30, the number of Jiusiyuan shareholders was 66,300, an increase of 5.09% from the previous period, while the average circulating shares per person decreased by 4.84% to 18,798 shares [2] - For the period from January to September 2025, Jiusiyuan reported revenue of 8.881 billion yuan, a year-on-year decrease of 10.66%, and a net profit attributable to shareholders of 2.549 billion yuan, down 17.39% year-on-year [2] - Jiusiyuan has distributed a total of 6.835 billion yuan in dividends since its A-share listing, with 3.653 billion yuan distributed in the last three years [3] - As of September 30, 2025, the second-largest circulating shareholder is the China Securities White Wine Index A, holding 61.7143 million shares, while the Hong Kong Central Clearing Limited has exited the top ten circulating shareholders [3]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 据企查查APP，近日，江苏今时文化传媒有限公司成立，法定代表人为羊栋，注册资本为1000万元，经 营范围包含：通用航空服务；演出经纪；广告制作；广告发布；信息技术咨询服务；图文设计制作等。 企查查股权穿透显示，该公司由南京时代传媒股份有限公司、今世缘全资子公司江苏今世缘酒业销售有 限公司共同持股。 据企查查APP，近日，江苏今时文化传媒有限公司成立，法定代表人为羊栋，注册资本为1000万元，经 营范围包含：通用航空服务；演出经纪；广告制作；广告发布；信息技术咨询服务；图文设计制作等。 企查查股权穿透显示，该公司由南京时代传媒股份有限公司、今世缘全资子公司江苏今世缘酒业销售有 限公司共同持股。 责任编辑：王翔 责任编辑：王翔 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 ...

2月3日，今世缘发布投资者来访接待记录表。谈及今年开瓶展望，管理层表示，2026年第一季度，行业 整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分化。对我们 自身而言，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年的基 数较低，从今年二季度后，实现同比回正还是有可能的。 近期消费场景恢复是明显的，但结构发生了变化。比如宴席的总体桌数在减少，聚餐的单桌人数也在下 降，现在普遍不超过8人，而以往常常是十几人。这反映了消费习惯趋于谨慎和务实。 (编辑：林辰)关键字： 今世缘 白酒 （企业公告） 变化一直存在，近年来尤其明显。短期政策因素与长期人口结构等因素共同作用，对传统的政商务消费 场景构成了挑战。新的消费群体、新的需求（如年轻化、低度化）确实需要持续培育。 我们看到一些友商也在尝试，例如古井贡酒推出轻度古20，这种创新是有意义的。但要实现现有消费群 体的承接和新群体的转化，可能还需要一个过程，不会一蹴而就。 ...

Core Viewpoint - The company emphasizes a balanced pricing strategy focused on mid to high-end segments, aiming to increase market share while maintaining price stability despite competitive pressures [1][2]. Pricing Strategy - The management highlights the importance of balancing volume and price, with a focus on maintaining relative price stability through value optimization and policy adjustments [1]. - Short-term price reductions can stimulate demand, but the company prioritizes long-term brand positioning and will adjust pricing strategies based on competitive dynamics [1]. Product Development - The V series is a key focus for the company's premiumization strategy, with V3 being the main sales driver and expected to maintain its market share through 2026 [1]. - V6, positioned as a "structural high-end" product, is being innovatively developed to enhance its market presence, particularly in high-end markets [1]. Market Performance - The company plans to conduct precise data analysis in 2026 to track sales and pricing changes in selected stores, ensuring the effectiveness of its strategies [2]. - The "Danya" product has recently surpassed "Duokai" to become the second-largest product, with plans for packaging upgrades and quality improvements to strengthen its position in the 100 yuan price range [2]. Regional Market Insights - The company identifies uneven development in the domestic market as both a challenge and an opportunity, with significant potential in regions like Jiangsu [3]. - The company aims to enhance its visibility in mainstream price segments while increasing market share in the domestic market, particularly in the southern Jiangsu region [3]. Expansion Plans - The company is committed to increasing its market share in provincial markets, with notable growth in Anhui and Shandong expected by 2025 [3]. - Despite a decline in overall provincial performance in Q4, the company has managed to increase its market share, indicating a strategic focus on resource allocation and practical operations [3].

2月3日，今世缘发布投资者来访接待记录表。对于对2026年逐季的恢复节奏，管理层回应，近两年我们 的基调非常明确，就是"稳中求进"。 "稳"是基础：重点是稳价盘、稳市场预期、稳渠道信心、稳市场 份额。从2025年的结果看，我们的基本盘是稳定的，波动在可预期和可承受的范围内，表现优于部分规 模体量相近的友商。 对于2026年的节奏，我们判断报表端压力最大的是一季度，主要是因为去年的基数较高。从第二季度开 始，随着同比基数的降低，有望看到改善的迹象。 对于费用投放，管理层表示，行业竞争加剧使得投入的边际效应在下降。从报表来看，我们的利润率确 实出现回落，这是为应对竞争、保护基本盘所必须面对的，我们接受行业整体利润率下行的趋势。 "进"是方向：在市场竞争力、运营质量、厂商团队信心等方面寻求进取。我们以积极的心态看待头部酒 企的变革，估计长期会对渠道结构带来深远影响。 (编辑：林辰)关键字： 今世缘 白酒 2026年的关键不是简单收缩，而是优化和精准化。我们将更加强调有效投入，在动作、流程、管理、考 核上做优化。例如，品牌广告投入将从粗放转向精准，传统促销预算也会优化。 大原则是固定费用总量保持稳定，但会削减效率不高 ...

2月3日，今世缘发布投资者来访接待记录表。当中谈及2025年第四季度实际的开瓶情况，管理层介绍， 2025年江苏省白酒市场的表现可以看作行业的缩影。分价格带看，所有价位都承受了一定压力，但结构 上有差异：100元以内和800元以上的两端市场占比微增。对应到我们的产品，单开、淡雅保持了小幅增 长，而代表主流政商务消费的四开及以上产品则承压。春节期间，由于消费集中，各价格带的表现可能 会比Q4相对好一些。 至于公司当前的库存水平，管理层回应，在上一个销售考核年度（2024年12月至2025年11月），公司主 线产品的库存同比降低明显。但目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降 的。 当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度慢。什么时候能 进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消化。我们认为， 消费端可能难以回到过去的峰值，会下一个台阶，然后在这个新平台上逐步缓慢恢复。 （企业公告） (编辑：林辰)关键字： 今世缘 白酒 ...

Core Viewpoint - Jiangsu Jinshiyuan Liquor Co., Ltd. highlights the uneven development of the domestic market as both a challenge and an opportunity, with a focus on increasing market share and maintaining price stability by 2026 [1][2] Domestic Market Analysis - The southern Jiangsu region, particularly the five cities of Nanjing, Suzhou, Wuxi, Changzhou, and Zhenjiang, leads in total market volume, with Nanjing showing a three-year trend of local brand leadership [1] - The market share in the southern Jiangsu region for products priced above 600 yuan exceeds 60%, indicating both challenges and opportunities for the company [1] Growth Strategy - The company aims to enhance visibility in mainstream price segments and increase market share for its main products [1] - By 2026, the focus will be on refining strategies to stabilize prices and boost market share [2] External Market Potential - The company anticipates historical breakthroughs in the Anhui and Shandong markets by 2025, with double-digit growth rates expected [2] - Despite a decline in overall revenue in Q4 for external markets, the company has seen an increase in market share [2] - The overall revenue contribution from external markets remains low, prompting the company to increase investment to enhance market share [2]

格隆汇2月3日丨今世缘(603369.SH)投资者来访接待记录表显示，2026年第一季度，行业整体的开瓶数 同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分化。对我们自身而言，如 果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年的基数较低，从今 年二季度后，实现同比回正还是有可能的。 ...

Core Viewpoint - The company is focusing on high-end product lines, particularly the V series, with a strong emphasis on the Jiangsu province market [1] Group 1: Product Strategy - The V3 product is identified as the "scale high-end" offering and is currently the main sales driver, with a positive market reception and an increasing market share expected to continue through 2026 [1] - The V6 product is categorized as "structural high-end" with a lower sales base, and the company is innovating product forms, such as promoting the 260ml V6 small powder diamond in key markets like Suzhou, Wuxi, and Changzhou [1] - The V9 product is positioned as "category high-end" aimed at establishing a premium brand image, although its sales are currently low and unlikely to see significant growth in the short term, it is not expected to heavily impact overall performance [1]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 ...