江苏今世缘酒业股份有限公司 信息披露管理制度 江苏今世缘酒业股份有限公司 信息披露管理制度 （2011 年 7 月 12 日召开的第一届董事会第四次会议审议通过，2024 年 11 月 9 日召开的第五届董事会第十次会议第一次修订。） 第一章 总则 第一条 为加强对江苏今世缘酒业股份有限公司（以下简称"公司"）信息 披露工作的管理，规范公司信息披露行为，保证公司真实、准确、完整地披露 信息，维护公司、全体股东、债权人及其他利益相关者的合法权益，依据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司信息披露管理办法》（以下简称《披露办法》）、《上海证券交易所股票上市 规则》（以下简称《股票上市规则》）、《上海证券交易所上市公司自律监管指引》 等有关法律、法规、规范性文件及《江苏今世缘酒业股份有限公司章程》（以下 简称"公司《章程》"）的有关规定，制定本制度。 第二条 本制度所称信息披露是指可能对公司股票及其衍生品种（以下统 称"证券"）的交易价格产生重大影响而投资者尚未得知的信息（以下称"重大 信息"或"重大事项"）以及证券监管部门要求披露的其他信息，在第一时间内， 报送上海 ...

北京大成（南京）律师事务所 南京市鼓楼区集慧路 18 号 联创科技大厦 A 座 7-11 层 邮编：210036 18 Jihui Road, 7-11/F of Building A, Lianchuang Mansion, Gulou District, Nanjing, China,210036 北京大成（南京）律师事务所 关于 江苏今世缘酒业股份有限公司 调整 2020 年股票期权激励计划（草案变更）股票期权行权价格、激 励对象名单及股票期权数量并注销部分期权、第一个行权期行权条件成就 及变更已回购股份用途并注销相关事项的法律意见书 致：江苏今世缘酒业股份有限公司 北京大成（南京）律师事务所（下称"本所"）接受江苏今世缘酒业股份有限公司 （下称"今世缘"或"公司"）委托，根据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和国证券法》（下称"《证券法》"）、《律师事务所从事证券法律业务管理办 法》、《律师事务所证券法律业务执业规则（试行）》、中国证券监督管理委员会（下称"中 国证监会"）《上市公司股权激励管理办法》（下称"《管理办法》"）、国务院国有资产监 督管理委员会、财政部《国有控股 ...

相关研究： 1.《三季报密集发布，关注业绩分 化》 2024.10.29 % 1 个 月 3 个月 12 个月 相对收益 -12.3 3 -16.67 -28.54 绝对收益 -12.1 7 3.71 -17.76 注：相对收益与沪深 300 相比 证券研究报告 2024 年 11 月 7 日 湘财证券研究所 公司研究 今世缘（603369.SH）业绩点评 产品结构升级，省外增长亮眼 ——业绩点评 核心要点： ❑ 事件：今世缘发布 2024 年第三季度报告 公司评级：买入（首次覆盖） 近十二个月公司表现 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024Q1-3 公司实现营业总收入 99.41 亿元，同比增长 18.86%；归母净利润 30.86 亿元，同比增长 17.08%。2024Q3 公司实现营业收入 26.36 亿元，同 比增长 10.12%；归母净利润 6.24 亿元，同比增长 6.61%。 ❑ 点评：产品结构升级，省外增长亮眼 分产品看，300 元价格 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.941 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.86%, and a net profit attributable to shareholders of 3.086 billion yuan, with a year-on-year increase of 17.08% [3][4] - In Q3 2024, the company achieved a revenue of 2.636 billion yuan, reflecting a year-on-year growth of 10.12%, although this was a decline of 11.40 percentage points compared to Q2 [4] - The company maintains a positive outlook for growth in the domestic market, particularly in the Jiangsu province, with double-digit growth rates in certain regions [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 9.941 billion yuan and a net profit of 3.086 billion yuan, with respective year-on-year growth rates of 18.86% and 17.08% [3] - In Q3 2024, the revenue was 2.636 billion yuan, with a net profit of 624 million yuan, showing year-on-year growth rates of 10.12% and 6.61% respectively [3][4] Product and Regional Performance - The revenue growth for different product categories in the first three quarters of 2024 was as follows: Special A+ category grew by 18.86%, Special A category by 21.91%, and A category by 12.28% [4] - In Q3 2024, the revenue growth for Special A+ category was 11.70%, Special A category 9.55%, and A category 7.74% [4] - The company reported a revenue growth of 9.32% in the domestic market and 23.04% in the external market for Q3 2024 [4] Profitability and Cost Management - The gross profit margin for Q3 2024 was 75.59%, a decrease of 5.14 percentage points year-on-year, attributed to increased promotional efforts [4] - The selling expense ratio decreased by 3.90 percentage points to 20.56% in Q3 2024, indicating a reduction in promotional spending [4] Future Projections - The company expects revenues of 11.844 billion yuan, 13.479 billion yuan, and 15.074 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.649 billion yuan, 4.146 billion yuan, and 4.635 billion yuan [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%, with a net profit of 3.086 billion yuan, up 17.08% year-on-year [2] - The growth is driven by premium products, with the special A+ and A categories leading the revenue growth [2] - The company has a solid domestic market base while experiencing rapid growth in external markets [2] - The wholesale channel remains the primary revenue source, with a continuous expansion of the distributor network [2] Financial Performance - The gross profit margin for the first three quarters of 2024 was 74.27%, with a net profit margin of 31.04%, showing slight declines compared to the previous year [3] - The company expects net profits of 3.607 billion, 4.091 billion, and 4.623 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.03%, 13.42%, and 12.98% [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 16, 14, and 12, respectively, based on a market capitalization of 56.3 billion yuan [3][4] Revenue Breakdown - For the first three quarters of 2024, revenue from the domestic market was 9.081 billion yuan, up 17.71% year-on-year, while revenue from external markets reached 804 million yuan, up 32.73% year-on-year [2] - In Q3 2024, domestic revenue was 2.423 billion yuan, a 9.32% increase, while external revenue was 204 million yuan, a 23.04% increase [2] Product Performance - Revenue from special A+ and A products reached 1.813 billion and 646 million yuan in Q3 2024, with year-on-year growth of 11.70% and 9.55%, respectively [2] - The company’s product categories showed varied performance, with lower-tier products experiencing declines in revenue [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [2][6] - The company is expected to continue its strong growth trajectory, with projected revenues of 12.129 billion yuan, 14.183 billion yuan, and 16.281 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.08%, 16.94%, and 14.79% [6][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, and a net profit of 624 million yuan, up 6.61% year-on-year [2][6] - The company's gross margin decreased by 1.99 percentage points to 74.27%, while the net profit margin fell by 0.47 percentage points to 31.04% [5] Product Structure and Market Performance - The company has optimized its product structure, with high-end products (Special A and above) accounting for 94.39% of sales, an increase of 0.77 percentage points year-on-year [3] - Revenue from the domestic market reached 9.081 billion yuan, a year-on-year increase of 17.71%, while revenue from the external market grew by 32.73% to 804 million yuan [4] Future Outlook - The company aims to focus on high-quality development and continue expanding its market presence both domestically and externally, with a strategic plan to enhance its product offerings and market penetration [6] - The projected earnings per share for the next three years are 2.89 yuan, 3.30 yuan, and 3.65 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][12]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | | | 股票数据 | | 11 [ Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《智慧工厂投产开酿，产品矩阵持续完善》 | | 2024.09.24 | | 《 增 长 势 能 延 续 ， 迈 入 后 百 亿 时 代 》 | | 2024.08.19 《增长势能持续，省外表现亮眼》 | | 市场表现 | -34.56% -26.56% -18.56% -10.56% -2.56% 5.44% 海通综指 | --- | --- | --- | --- | |-----------------------------------------------|-------|-------|-------| | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 44.48 and a sector rating of "Outperform" [2]. Core Insights - The company reported a revenue of RMB 99.4 billion for the first three quarters of 2024, representing a year-on-year increase of 18.9%, and a net profit attributable to shareholders of RMB 30.9 billion, up 17.1% year-on-year [4]. - In Q3 2024, the company's revenue was RMB 26.4 billion, a 10.1% increase year-on-year, while the net profit was RMB 6.2 billion, reflecting a 6.6% year-on-year growth [4]. - The company is actively adjusting its operational pace and focusing on deepening its market presence within the province, maintaining a strong competitive advantage [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of RMB 26.4 billion and a net profit of RMB 6.2 billion, with respective year-on-year growth rates of 10.1% and 6.6% [6]. - The company's gross margin for Q3 2024 was 75.6%, down 5.1 percentage points year-on-year, primarily due to increased promotional efforts [6]. - The company’s total revenue for the first three quarters of 2024 reached RMB 99.4 billion, with a net profit of RMB 30.9 billion, marking an 18.9% and 17.1% increase year-on-year, respectively [4][6]. Market Strategy - The company is focusing on its core products, with the premium product line (priced above RMB 300) generating RMB 18.1 billion in revenue, accounting for 68.8% of total revenue [4]. - The company has expanded its distributor network to 1,193, with 588 distributors in the province and 605 in other regions, indicating a strategic focus on both local and external markets [4]. Valuation and Forecast - The report adjusts the revenue growth forecast for 2024 to 17.2%, with net profit growth projected at 16.1% [5]. - The expected earnings per share (EPS) for 2024 is RMB 2.90, with corresponding price-to-earnings (P/E) ratios of 15.3X for 2024, 13.5X for 2025, and 11.9X for 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Insights - The company reported a total revenue of 2.637 billion yuan in Q3 2024, representing a year-on-year increase of 10.11%, while the net profit attributable to shareholders was 624 million yuan, up 6.61% year-on-year. Both revenue and profit were slightly below previous expectations [2][6] - High-end liquor sales are outpacing low-end liquor, with significant growth in the Suzhong and Huai'an regions. The company is focusing on increasing market share within the province while also expanding into external markets to unlock growth potential [2][6] - The company is proactively reducing targets to alleviate inventory pressure on distributors, which is expected to benefit mid-term volume and price balance [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 9.942 billion yuan, a year-on-year increase of 18.85%, and a net profit of 3.086 billion yuan, up 17.08% year-on-year [6] - Q3 2024 gross margin was 75.59%, down 5.14 percentage points year-on-year, attributed to increased discounts and rapid growth in certain product lines. The net profit margin was 23.68%, slightly down by 0.78 percentage points year-on-year [6] - The company forecasts revenues of 11.759 billion yuan, 12.694 billion yuan, and 13.356 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.600 billion yuan, 3.816 billion yuan, and 4.023 billion yuan [6][7] Product and Regional Performance - In Q3 2024, revenue from different product categories was as follows: Special A+ class 1.813 billion yuan (+11.70%), Special A class 646 million yuan (+9.55%), A class 109 million yuan (+7.74%), while lower categories saw declines [6] - Revenue from domestic and foreign markets in Q3 2024 was 2.423 billion yuan and 204 million yuan respectively, with year-on-year growth of 9.32% and 23.04% [6] Valuation Metrics - The company’s market capitalization is approximately 55.123 billion yuan, with a current price of 43.94 yuan per share. The projected P/E ratios for 2024, 2025, and 2026 are 15, 14, and 14 respectively [4][7]

公司报告 | 季报点评 业绩增长稳健，利润率有所承压 业绩： 2024Q3 公司营业收入/归母净利润/扣非归母净利润分别为 26.37/6.24/6.28 亿元（同比+10.11%/+6.61%/+7.33%）。 中高档产品结构仍稳定，特 A+类增速居前。24Q3 公司白酒业务收入 26. 26 亿元（同比+10.29%），其中：特 A+类（出厂价 300 元+产品）/特 A 类 （出厂价 100-300 元产品）/A 类/B 类/C+D 类/其他分别实现收入 18.13/6. 46/1.09/0.41/0.17/0.007 亿元（同比+11.70%/+9.55%/+7.74%/-11.86%/-17.8 0%/-29.13%）。 省内区域增速略有放缓，省外渠道质量持续提升。 ① 市场方面，24Q3 省内/外收入分别为 24.23/2.04 亿元（同比+9.32%/+2 3.04%），其中省内淮安大区/南京大区/苏南大区/苏中大区/盐城大区/ 淮海大区收入分别为 6.60/4.99/3.87/3.55/2.88/2.32 亿元（同比+10.10% /+8.12%/+8.24%/+12.89%/+9.03%/+ ...