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 Insights - The revival of "Su" brands in Huai'an showcases the integration of traditional culture and modern business innovation, highlighting the resilience and adaptability of these time-honored enterprises [1][5]. Group 1: Company Overview - Jinshiyuan, established in 1949, has a rich history and has successfully transformed by modernizing production while preserving traditional brewing techniques, leading to the emergence of multiple brands like "Gaogou," "Jinshiyuan," and "Guoyuan" [2]. - Wenlou Restaurant, founded during the Qianlong era, is renowned for its unique soup dumplings, which are a cultural symbol of Huai'an, showcasing a meticulous production process that emphasizes craftsmanship [3]. - Laofuxing Restaurant, established in the early 20th century, has revitalized its offerings by incorporating intangible cultural heritage techniques and creating themed banquets that blend local ingredients with health concepts [4]. Group 2: Cultural Significance - The "Su" brands serve as living examples of Jiangsu's cultural heritage, demonstrating how traditional practices can be creatively transformed to meet modern consumer demands [5]. - The integration of cultural experiences, such as live demonstrations of traditional cooking techniques at Wenlou Restaurant, enhances the dining experience and promotes cultural appreciation among visitors [3]. - Laofuxing Restaurant's collaboration with local schools and travel agencies to develop cultural and educational activities reflects a commitment to community engagement and cultural preservation [4].

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]

Core Insights - The competitiveness of the Yangtze River Delta wine industry is fundamentally driven by the release of policy dividends, activation of geographical endowments, and the reconstruction of the industrial chain [12] Economic Overview - In 2024, the GDP of the Yangtze River Delta is projected to exceed 33 trillion yuan, contributing 25% of the national economic total with only 4% of the land [3] - The region accounts for approximately 17% of the national population and contributes about 30% to national economic growth [3] - In the first quarter of 2025, the GDP surpassed 8 trillion yuan, maintaining a strong position in the national economic landscape [3] Industry Performance - Anhui's liquor industry reported significant growth in 2024, with revenue from large enterprises reaching 37.58 billion yuan, a year-on-year increase of 9.2%, and total profits of 12.77 billion yuan, up 13.2% [4] - Jiangsu faced challenges with a 9.83% decline in liquor production and a 16.69% drop in profits, contrasting with the expansion of production capacity by major brands [4] - Zhejiang's yellow wine industry, which holds 57.02% of national production, has seen leading companies achieve growth through structural upgrades and market expansion [4] Challenges Faced - Shanghai's local brands are struggling, with Jin Feng Wine achieving a revenue of 578 million yuan, a mere 0.87% increase, while its net profit plummeted by 94.49% [5] - Shanghai Gui Jiu experienced an 82.54% revenue drop to 285 million yuan, resulting in a net loss of 217 million yuan due to issues like related party transactions and funding chain disruptions [5] - The overall industry faces challenges such as aging consumers in Zhejiang and insufficient penetration into younger markets [6] Strategic Insights - The integration strategy of the Yangtze River Delta aims to break down administrative barriers and inject new momentum into the wine industry [8] - The region's economic foundation and scale have fostered the rise of Su and Hui wines, with leading companies capturing over 60% of their respective provincial markets [7] - Experts suggest that the wine industry must shift from provincial strategies to a more integrated approach, leveraging the strengths of the entire region [10] Future Opportunities - The Yangtze River Delta's one-integration strategy presents a historic opportunity for the wine industry, emphasizing the need for collaboration and resource sharing among provinces [9] - Initiatives include establishing a smart brewing innovation chain, promoting integrated cultural tourism, and developing new green consumption scenarios [9] - The region's unique economic and demographic characteristics create a fertile ground for high-end consumption, with significant potential for growth in premium wine markets [8]

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]

Market Overview - A-shares opened slightly lower on June 18, with all major indices in the red and over 4200 stocks declining [1] - The Shanghai Composite Index fell by 0.41% to 3373.61, while the Shenzhen Component decreased by 0.23% to 10128.47 [2] Sector Performance - The food and beverage sector showed initial strength, particularly in liquor stocks, with notable gains from companies like Mogaos, Huangtai Wine, and Jinzhongzi Wine, all hitting the daily limit [5][6] - The photovoltaic inverter, liquor, military, and digital currency sectors experienced localized rallies, while rare earth permanent magnet stocks saw significant pullbacks [3][11] Liquor Industry Insights - During the "618" shopping festival, several e-commerce platforms initiated aggressive price cuts on liquor, with high-end products like Feitian Moutai seeing price drops, which has become a key market variable [7] - Specific liquor stocks such as Mogaos, Huangtai Wine, and Jinzhongzi Wine reported increases of approximately 10% [6] Oil and Gas Sector Activity - The oil and gas sector was notably active, with companies like Zhun Oil and Beiken Energy experiencing substantial gains, attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East [8][9] Defense and Military Sector - The defense and military sector saw significant upward movement, with stocks like Changcheng Military Industry hitting the daily limit and others like Beifang Longzhong and Jiekang Equipment rising over 10% [10] Consumer Sector Weakness - The broader consumer sector faced challenges, with retail stocks declining, particularly in the small commodity market, where Xiaoshangpin City dropped over 9% [11][12] - The beauty and personal care sector also experienced declines, with several companies reporting drops exceeding 5% [13] Rare Earth Sector Decline - Rare earth permanent magnet stocks faced notable declines, with companies like Beikong Technology nearing the daily limit down, and others like Zhongke Magnetic and Keheng shares dropping over 9% [15][16]

Group 1: Market Performance - The consumption ETF managed by Jiashi recorded a trading volume of 982,300 yuan on the trading day, with an average daily trading volume of 10.1366 million yuan over the past year [2] - The consumption ETF's scale increased by 12.4 million yuan over the past year, with a recent weekly share increase of 3.9 million shares [2] - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the consumption ETF is 18.76, which is in the 0.4% percentile over the past year, indicating a valuation lower than 99.6% of the time in the past year, suggesting historical low valuations [2] Group 2: Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, showing a year-on-year growth of 6.4%, marking the highest growth rate in 2024 [2] - The retail sales of goods in May amounted to 36,748 billion yuan, with a year-on-year increase of 6.5%, also the highest growth rate in 2024 [2] - The catering revenue in May was 4,578 billion yuan, growing by 5.9%, the highest growth rate since April 2024 [2] Group 3: Industry Composition - The consumption ETF tracks the CSI Major Consumption Index, which includes leading consumer stocks in A-shares, covering various sectors from liquor, pork, dairy, condiments to food processing [3] - The liquor industry is the largest sector within the index, accounting for 45% of the total weight, indicating a significant focus on alcoholic beverages [3] Group 4: Investment Opportunities - Investors can also access the consumption recovery trend through the Jiashi Consumption ETF linked fund (009180) [5]