Core Insights - The white liquor industry is experiencing a significant downturn, with many companies reporting their worst third-quarter performance to date [1] - The primary reason for the accelerated decline in performance is attributed to insufficient market demand [1] Group 1: Performance Decline - Most listed white liquor companies have reported a sharp decline in third-quarter performance, with some experiencing nearly triple-digit drops in net profit year-on-year [1] - Regional liquor companies, which were among the first to announce their results, have seen their performance declines intensify [1] Group 2: Specific Company Performance - Kuozi Jiao (口子窖) reported a 46.2% year-on-year drop in third-quarter revenue and a staggering 92.6% decline in net profit [1] - Lao Baigan Jiu (老白干酒) experienced a 47.6% drop in revenue and a 68.5% decrease in net profit for the third quarter [1] - Jinshiyuan (今世缘) reported a 26.8% decline in revenue and a 48.7% drop in net profit for the third quarter [1] - Yingjia Gongjiu (迎驾贡酒) saw a 20.8% decrease in revenue and a 39% decline in net profit [1] - Jinhui Jiu (金徽酒) reported a revenue of 550 million yuan, with a net profit of 30 million yuan, reflecting a 4.9% and 33% decline respectively [1] Group 3: Comparison with Leading Companies - The performance of leading liquor companies showed some differentiation, but overall, their results were better than those of regional companies [2]

此前业绩表现较为稳定的区域酒企也难逃一降。今世缘（603369.SH）第三季度营业收入19.3亿元，下 滑26.8%，归母净利润下降了48.7%。迎驾贡酒（603198.SH）第三季度营收同比下降20.8%至13.6亿 元，归母净利润同比下滑39%至3.8亿元；金徽酒（603919.SH）第三季度营收规模为5.5亿元，归母净利 润为0.3亿元，分别同比下滑4.9%、33%。 30日晚集中亮相的头部酒企业绩也有所分化，但整体情况好于区域酒企。 山西汾酒（600809.SH）第三季度单季仍保持增长，实现收入89.6亿元，同比增长4.1%，但归母净利润 为39.7亿元，同比下降了1.4%，主要与省外市场销售收入增长12.7%有关。 泸州老窖（000568.SZ）第三季度收入66.7亿元，同比下降9.8%，归母净利润31亿元，同比下降13.1%。 白酒行业迎来行业深度调整期以来业绩跌幅"最惨"的三季报。 在已经公布业绩的白酒上市公司中，多数酒企第三季度业绩加速下滑，部分酒企净利润同比降幅近三位 数。 在业内看来，造成酒企三季报加速下滑主要与市场需求不足有关。 记者注意到，率先公布业绩的区域酒企整体业绩降幅都在放大。口 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-035 江苏今世缘酒业股份有限公司 2025 年 1 至 9 月份与行业相关的定期经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第3 号——行业信息披露》之 《第十二号——酒制造》相关规定，现将江苏今世缘酒业股份有限公司2025 年 1-9 月份与行业相关的定期经营数据（未经审计）披露如下： 一、 产品分档次、地区的情况 单位：元 币种：人民币 | | 主营业务分产品情况 | | | | --- | --- | --- | --- | | | | 营业收入 | | | 分产品 | 2025 年1-9 月份 | 2024 年1-9 月份 | 同比增减 | | 特A+类 | 5,434,797,571.95 | 6,467,811,781.19 | -15.97% | | 特A 类 | 2,871,165,964.76 | 2,861,994,005.13 | 0.32% | | A 类 | 300,967,919 ...

江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第十七次会议于 2025年10月30日以通讯表决方式召开，会议通知已于2025年10月27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12人，实际参与表决董事12人。 会议的通知及召开程序符合《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，与会董事形成决议如下： 一、审议通过了《公司2025年第三季度报告》 本议案已经公司董事会审计委员会事前审议通过。 证券代码：603369 证券简称：今世缘 公告编号：2025-034 江苏今世缘酒业股份有限公司 第五届董事会第十七次会议决议公告 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。 根据上市公司相关规定，为保障专业委员会正常运转，选举董事周辉先生为第五届 董事会薪酬与考核委员会委员，任期同第五届董事会。本次选举完成后，公司第五届董 事会薪酬与考核委员会成员为：刘加荣（主任委员）、颜云霞、周辉。 表决结果：12票赞成，0票反对，0票弃权。 三、审议通过了《关于聘任公司证券事务代表的议 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,930,366,841.60, a decrease of 26.78% compared to the same period last year[4] - The total profit for the quarter was CNY 413,869,324.68, down 50.46% year-on-year[4] - The net profit attributable to shareholders was CNY 320,347,746.34, reflecting a decline of 48.69% compared to the previous year[4] - The basic earnings per share for the quarter was CNY 0.2569, a decrease of 48.70% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was ¥8,881,812,629.52, a decrease of 10.7% compared to ¥9,941,582,189.34 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥2,549,063,290.84, down 17.4% from ¥3,085,799,149.86 in the first three quarters of 2024[19] - Operating profit for the first three quarters of 2025 was ¥3,377,956,565.12, a decline of 18.0% compared to ¥4,121,748,142.35 in the same period of 2024[18] - Earnings per share for the first three quarters of 2025 was ¥2.0445, compared to ¥2.4750 in the same period of 2024, indicating a decline in profitability[20] - Total comprehensive income for the first three quarters of 2025 was ¥2,549,387,804.60, down from ¥3,085,184,208.63 in 2024, reflecting overall performance decline[19] Cash Flow and Investments - The net cash flow from operating activities decreased by 59.33% to CNY 906,847,947.73 for the year-to-date period[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥906,847,947.73, a significant decrease of 59.3% compared to ¥2,229,839,569.15 in 2024[21] - Cash inflow from investment activities in the first three quarters of 2025 was ¥2,683,995,993.02, significantly higher than ¥732,103,835.02 in 2024, indicating increased investment recovery[21] - Total cash outflow from investment activities amounted to approximately $3.20 billion, an increase from $2.16 billion in the previous period, resulting in a net cash flow from investment activities of -$519 million, improving from -$1.43 billion[22] - The company reported a net decrease in cash and cash equivalents of approximately $917 million, compared to a decrease of $425 million in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,478,248,371.13, an increase of 1.06% from the end of the previous year[5] - The company's current assets decreased to RMB 12.71 billion from RMB 13.93 billion, primarily due to a reduction in cash and cash equivalents[15][16] - Inventory increased to RMB 6.10 billion from RMB 5.57 billion, indicating a growth of approximately 9.6%[15][16] - Total liabilities decreased to RMB 7.97 billion from RMB 8.77 billion, reflecting a reduction of about 9.1%[17] - The company's equity attributable to shareholders rose to RMB 16.51 billion from RMB 15.45 billion, marking an increase of approximately 6.8%[17] - The total liabilities to equity ratio improved, indicating a stronger financial position for the company[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 66,323[12] - The company has not reported any significant changes in its major shareholders or their participation in financing activities[13][14] Government Support and R&D - The company received government subsidies amounting to CNY 1,638,413.18 during the reporting period[7] - Research and development expenses increased to ¥32,339,616.59 in 2025, up from ¥29,154,195.70 in 2024, reflecting a focus on innovation[18]

Core Insights - The company reported a third-quarter revenue of 1.93 billion yuan, representing a year-on-year decline of 26.78% [1] - The net profit for the third quarter was 320 million yuan, down 48.69% year-on-year [1] - For the first three quarters, the total revenue was 8.881 billion yuan, showing a year-on-year decrease of 10.66% [1] - The net profit for the first three quarters was 2.549 billion yuan, reflecting a year-on-year decline of 17.39% [1]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Market Overview - The liquor sector experienced a decline of 0.84% on October 29, with Jinshiyuan leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Key stocks in the liquor sector showed mixed performance, with notable declines in several major companies: - Jinshiyuan (603369) closed at 38.04, down 1.65% with a trading volume of 106,400 shares and a turnover of 406 million yuan [2] - Wuliangye (000858) closed at 118.83, down 1.06% with a trading volume of 245,100 shares and a turnover of 2.911 billion yuan [2] - Moutai (600519) closed at 1431.90, down 0.91% with a trading volume of 33,900 shares and a turnover of 4.869 billion yuan [2] Capital Flow Analysis - The liquor sector saw a net outflow of 1.997 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.006 billion yuan [2][3] - Specific stocks experienced varying levels of capital flow: - Huangtai Liquor (000995) had a net outflow of 1.201 million yuan from institutional investors [3] - Water Well (600779) saw a net inflow of 663,520 yuan from retail investors despite a net outflow from institutional investors [3] - Gujing Gongjiu (000596) experienced a significant net outflow of 16.55 million yuan from institutional investors but a net inflow of 60.40 million yuan from retail investors [3]

Core Points - The stock price of Jinshiyuan has decreased by 2.02% to 37.90 CNY per share, with a market capitalization of 47.254 billion CNY as of October 29 [1] - The company has experienced a year-to-date stock price decline of 13.92% and a 5-day decline of 2.77% [1] - Jinshiyuan's main business involves the production and sale of liquor, with a revenue composition primarily from TA+ category (62.03%) [1] Financial Performance - For the first half of 2025, Jinshiyuan reported a revenue of 6.951 billion CNY, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 2.229 billion CNY, down 9.46% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 6.835 billion CNY, with 3.653 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 112.11% to 63,100, while the average circulating shares per person decreased by 52.85% to 19,755 shares [2] - The second-largest circulating shareholder is the China Securities Index White Spirit Index A, holding 61.7143 million shares, an increase of 7.7798 million shares from the previous period [3]

Core Insights - The 2025 Chishui River Forum emphasizes that digital transformation in the liquor industry is no longer optional but essential for long-term development [1][2] - Digitalization is described as a comprehensive and deep transformation of development concepts, business models, and operational management [1] Group 1: Digital Transformation in the Liquor Industry - The company focuses on intelligent brewing to establish a quality foundation through digitalization, integrating smart brewing technology into traditional processes to enhance product quality stability and excellence [1] - The marketing ecosystem is being reshaped through digitalization to bridge the gap with consumers, allowing for a rapid response to market demands and the construction of a comprehensive digital marketing system [1] - Cultural expression is innovated through digital technology, creating immersive experiences that bring traditional cultural narratives to life, exemplified by the use of XR technology in the company's exhibition hall [1] Group 2: Operational Efficiency - Digitalization aims to enhance operational posture by improving decision-making processes, breaking down data barriers across research and development, production, supply chain, marketing, and finance [2] - A data-centric command center is being established to provide real-time panoramic operational insights [2]