Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Viewpoints - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food sector, new retail channels, and health products [2][29]. - The report highlights the need to pay attention to the white liquor sector, which may face pressure in the second quarter, suggesting a focus on leading brands with strong market positions [16][29]. Summary by Sections White Liquor Sector - The white liquor sector is currently under pressure, with a recommendation to prioritize leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for mid-term investments [16][29]. - Recent policies regarding public receptions may impact white liquor consumption, but the overall effect is expected to be limited due to a shift from government to business consumption since 2016 [7][16]. - The report notes that the white liquor sector is still in a bottoming phase, with opportunities for mid-term positioning in leading brands [4][16]. Consumer Goods Sector - The consumer goods sector shows a continuation of the new consumption trend, with a focus on potential catalysts in food categories, new retail channels, and health products [2][29]. - Recommended stocks in this sector include Jin Zai Foods, New Dairy, Anji Foods, and others, with a focus on companies that can leverage new retail opportunities [2][29]. Market Performance - From May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while non-dairy beverages and other liquor categories saw gains of 8.96% and 7.93%, respectively, with white liquor declining by 2.80% [2][35]. - Specific stocks such as Tianyoude Liquor and Huazhi Liquor showed positive performance, while others like Luzhou Laojiao and Shanxi Fenjiu experienced declines [3][39]. Price Trends - The report provides insights into the pricing trends of key white liquor brands, indicating stable prices for Guizhou Moutai and Wuliangye, with slight fluctuations noted [15][55].

截至2025年5月30日收盘，今世缘（603369）报收于44.09元，较上周的45.2元下跌2.46%。本周，今世 缘5月26日盘中最高价报45.14元。5月30日盘中最低价报43.96元。今世缘当前最新总市值549.71亿元， 在白酒板块市值排名7/20，在两市A股市值排名244/5146。 本周关注点 交易信息汇总 5月27日，今世缘出现了一笔折价10.32%的大宗交易，合计成交金额为201.2万元。 公司公告汇总 江苏今世缘酒业股份有限公司发布了2024年度权益分派实施公告。每股现金红利为1.2元（含税），A股 股权登记日为2025年6月5日，除权（息）日和现金红利发放日为2025年6月6日。本次利润分配方案经公 司2025年5月21日的2024年年度股东大会审议通过。本次利润分配以方案实施前的公司总股本 1246800037股为基数，每股派发现金红利1.2元（含税），共计派发现金红利1496160044.4元。无限售条 件流通股的红利委托中国结算上海分公司派发。今世缘集团有限公司、周素明、涟水今生缘贸易有限公 司、涟水吉缘贸易有限公司、王卫东5名无限售条件流通股股东的红利由本公司直接发放。对于持有无 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-021 江苏今世缘酒业股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利1.2元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 21 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,246,800,037股为基数，每股派发现金红利1.2 元（含税），共计派发现金 ...

Core Viewpoint - Jinshiyuan is accelerating its national expansion strategy while facing challenges in achieving its revenue targets and competing in a saturated market [1][2][5]. Group 1: Company Strategy and Performance - Jinshiyuan is focusing on increasing its manpower investment in markets outside Jiangsu and optimizing its sales organization to enhance its presence in surrounding provinces [1][16]. - The company aims to achieve a revenue target of approximately 150 billion yuan by 2025, with a goal of having 20% of its revenue come from outside Jiangsu [2][5]. - In 2024, Jinshiyuan reported a revenue of 11.544 billion yuan, a year-on-year increase of 14.32%, and a net profit of 3.412 billion yuan, up 8.8% from the previous year [3][4]. Group 2: Market Challenges - Despite achieving over 100 billion yuan in revenue, Jinshiyuan's growth has slowed, with its stock price declining by over 10% in the second quarter of 2024 [5][7]. - The company’s revenue from outside Jiangsu was only 9.3 billion yuan in 2024, accounting for just 8.02% of total revenue, indicating slow progress in national expansion [12][14]. - Jinshiyuan's strategy of following the market leader, Yanghe, has not translated effectively to markets outside Jiangsu, leading to difficulties in establishing brand recognition [11][12]. Group 3: Competitive Positioning - Jinshiyuan has positioned its products competitively against Yanghe by offering similar products at lower price points across various price segments [7][11]. - The company has adopted a differentiated marketing strategy to enhance channel profitability and incentivize distributors, which has led to a rapid market rollout [10][11]. - However, the high-end product pricing strategy has faced challenges, with significant price discrepancies leading to consumer skepticism about value [21][22]. Group 4: Financial Health and Inventory Management - Jinshiyuan's contract liabilities have decreased significantly, indicating a shift in its sales strategy to reduce prepayment requirements from distributors [24]. - The company's inventory levels have increased, with a notable rise in inventory turnover days, reflecting potential overstock issues [26]. - As of the end of 2024, Jinshiyuan's total assets reached approximately 24.22 billion yuan, with a net asset value of about 15.45 billion yuan, showing a healthy balance sheet despite operational challenges [4][24].

Core Viewpoint - The China Securities Index for Food, Beverage, and Tobacco has shown a slight decline of 0.85% over the past month, but a growth of 3.91% over the last three months, with a year-to-date decrease of 1.78% [1] Group 1: Index Performance - The China Securities Index for Food, Beverage, and Tobacco is currently at 12,699.63 points [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Major Holdings - The top ten weightings in the index are as follows: Yili Group (11.01%), Kweichow Moutai (10.74%), Wuliangye (9.12%), Shanxi Fenjiu (6.74%), Luzhou Laojiao (6.45%), Haitian Flavoring (5.32%), Dongpeng Beverage (4.24%), Yanghe Brewery (2.92%), Jinshiyuan (2.45%), and Shuanghui Development (1.84%) [1] - The Shanghai Stock Exchange accounts for 61.18% of the index holdings, while the Shenzhen Stock Exchange accounts for 38.82% [1] Group 3: Industry Composition - The industry composition of the index includes: Baijiu (46.70%), Dairy Products (12.47%), Seasonings and Cooking Oils (12.08%), Other Foods (7.99%), Soft Drinks (6.64%), Beer (4.75%), Snack Foods (4.09%), Meat Products (3.26%), Wine and Others (1.22%), and Huangjiu (0.81%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Group 1 - The company maintains stable operational performance while seeking breakthroughs through strategies such as price stability, inventory control, and organizational adjustments [1] - During the off-season, the main products' prices remained stable, with significant year-on-year growth in order volume during festive occasions, although the average drinking volume per banquet slightly decreased [1] - The company has established a customer relationship management department to enhance professional operations and steadily grow its sales team, aiming to strengthen its competitive edge during the new adjustment cycle [1] Group 2 - The company has a clear strategy for its main products, leveraging its price range and brand advantages to continuously increase market share [2] - The company holds a strong position in the 100-500 yuan price range, benefiting from widespread consumption scenarios and strong product recognition, while also addressing market upgrades in the 300 yuan segment [2] - The V series products have performed in line with market expectations, with the V3 product showing strong development in mature markets such as Nanjing and Suzhou [2] Group 3 - The company continues to pursue development in the domestic market while focusing on regional integration in the surrounding areas for expansion [3] - There is still penetration space in the domestic market, with leading market shares in mature markets like Huai'an and Nanjing, while there are opportunities for growth in markets like Yangzhou and Taizhou [3] - The company is actively exploring new channels, with an increasing proportion of online sales and initiatives in instant retail through self-built teams and third-party collaborations [3] Group 4 - The company’s strategy of refining operations in the domestic market while aggressively expanding in surrounding areas is clear, with expectations for revenue growth of 8.5% and 10.1% in 2025-2026 [3] - Projected revenues for 2025 and 2026 are 12.525 billion and 13.789 billion yuan, respectively, with net profits expected to reach 3.672 billion and 4.017 billion yuan [3]

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 CNY [1] Core Views - The company is actively pursuing growth strategies during a challenging industry phase, focusing on optimizing its organizational structure and enhancing execution efficiency [7] - The company has established itself as a leader in the 100-500 CNY price range within its home province, with ongoing opportunities for market expansion [7] - The company is making significant strides in its V series and expanding its presence in markets outside its home province, particularly in the Yangtze River Delta region [7] - The company has shown resilience in maintaining stable pricing and strong sales performance during the seasonal downturn, with a notable increase in banquet events during the May Day holiday [7] - The company is expected to achieve steady revenue growth, with projected total revenue of 11,546 million CNY in 2024, reflecting a year-on-year growth rate of 14.3% [3] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,546 million CNY, 12,578 million CNY, 13,641 million CNY, and 14,695 million CNY respectively, with corresponding growth rates of 14.3%, 8.9%, 8.5%, and 7.7% [3] - The net profit attributable to shareholders is projected to be 3,412 million CNY in 2024A, with growth rates of 8.8%, 6.9%, 7.8%, and 7.8% for the following years [3] - Earnings per share (EPS) are forecasted to be 2.74 CNY for 2024A, increasing to 3.40 CNY by 2027E [3] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 17 in 2024A to 14 in 2027E, indicating potential value for investors [3]