Core Points - The Shanghai and Shenzhen 300 Food and Beverage Index is reported at 24,563.26 points, with a recent one-month increase of 6.60% and a year-to-date increase of 0.73% [1] - The index is composed of 300 sample stocks categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weighted stocks in the index include Kweichow Moutai (51.19%), Wuliangye (13.41%), Yili (9.35%), Shanxi Fenjiu (5.36%), and others [1] Market Composition - The Shanghai Stock Exchange accounts for 75.29% of the holdings in the index, while the Shenzhen Stock Exchange accounts for 24.71% [2] - In terms of industry composition, liquor represents 80.91%, dairy products 9.35%, condiments and cooking oils 4.48%, soft drinks 2.45%, meat products 1.41%, and beer 1.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the Shanghai and Shenzhen 300 Index samples [2] - Special events affecting sample companies may lead to adjustments in the industry index samples, including delisting or corporate actions such as mergers and acquisitions [2]

中国酒业新势力大师榜颁奖论坛在成都举办 本报讯 （记者张敏 见习记者梁傲男）3月23日，由中国酒业流通协会指导，中国酒业新势力大师榜组委 会主办，华夏美酒地理、美酒霞客承办，马斐九频道、佳酿网、千里谈酒业、老蔡酒话、酒业财经、名 酒观察、酒眼观酒、食代观察、酒度、酒业派联合承办的中国酒业新势力大师榜·颁奖论坛在成都举 行。 主 办方供图 论坛以"敢创善为 预见未来"为核心主题，聚焦向上生长的中国酒业新势力，见证他们从区域强企迈向 百亿元荣耀的"发展三部曲"。 胡跃吾表示，在各行各业都充满新势力的当下，更需要抓住结构创新带来的增长机会，今世缘酒业将坚 持将中度好酒做到极致，通过深耕次高端赛道，将中度酒带给更多消费者，从百亿元企业向百亿元品 牌、百亿元单品迈进。 马斐表示，在出众品质的基础上，"战术执行快，战略坚守稳，市场定位准"是酒业新势力崛起的关键。 论坛期间，由千里谈酒业创始人欧阳千里主持，郑州大学教授、场景营销研究院副院长刘春雄，江苏今 世缘酒业股份有限公司党委委员、副总经理胡跃吾，正一堂战略咨询机构董事长杨光，马斐九频道创始 人、九度咨询董事长马斐参加的高峰对话围绕预见未来和中国酒业新势力的前进方向展开 ...

本期可行权数量：2,624,632 份 行权人数：290 人 证券代码：603369 证券简称：今世缘 公告编号：2025-004 江苏今世缘酒业股份有限公司 关于2020年股票期权激励计划第一个行权期自主行权实施的公告 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个别及 连带责任。 重要内容提示： 本期行权起始日期：2025 年 03 月 26 日 行权股票来源：公司向激励对象定向发行公司股份 行权价格：54.51 元/份 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日召开第五届董事会第十次会议、第五届监事会第七次会议，审议通过 了《关于调整 2020 年股票期权激励计划行权价格、激励对象名单及股票 期权数量并注销部分期权的议案》，根据公司 2022 年第一次临时股东大 会对董事会的相关授权，行权价格由 56.24 元/份调整为 54.51 元/份，授 予激励对象人数由 334 名调整为 290 名，期权数量由 7,680,000 份调整为 7,232,632 份。具体内容详见公司于 2024 年 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-005 江苏今世缘酒业股份有限公司 关于变更签字注册会计师的公告 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个别及 连带责任。 江苏今世缘酒业股份有限公司（以下简称"公司"） 于 2024 年 4 月 29 日召开第五届董事会第六次会议，审议通过了《关于聘任公司 2024 年 度审计业务承办机构的议案》，同意聘任天职国际会计师事务所（特殊普 通合伙）（以下简称"天职国际"）为公司 2024 年度财务报表审计机构 及内部控制审计机构。具体内容详见公司于 2024 年 4 月 30 日在上海证券 交易所网站（www.sse.com.cn）披露的《关于聘任公司 2024 年度审计业 务承办机构的公告》（公告编号：2024-009）。上述事项已于 2024 年 5 月 20 日经公司 2023 年年度股东大会审议通过。 近日，公司收到天职国际发来的《关于变更签字会计师的告知函》。 现将相关情况公告如下： 一、签字注册会计师变更情况 天职国际作为公司 2024 年度财务报表和内部控 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

Investment Rating - The report maintains a recommendation for the industry, indicating that the overall upward risk outweighs the downward risk, especially with the current low positioning of the sector [1][3]. Core Insights - The industry is currently in a "corporate agony period," with signs of a bottom reversal established. The report suggests that while performance may be under pressure in the next two quarters, stock prices are expected to rebound [1][7][27]. - High-end liquor and strong regional brands are anticipated to lead the market recovery, with a particular focus on the evolution of Luzhou Laojiao and Shanxi Fenjiu [1][7][42]. Summary by Sections Section 1: Historical Review of the Industry - The previous adjustment period from 2012 to 2015 saw stock prices decline ahead of performance, with a notable drop of 61% in the index from its peak [11][16]. - The report outlines two phases during the last cycle: the "channel agony period" and the "corporate agony period," highlighting how stock prices often lead performance by 2-3 quarters [11][20]. Section 2: Current Cycle Analysis - The current cycle has transitioned from a "channel agony period" starting in 2022 to a "corporate agony period," with inventory levels decreasing and market conditions improving [7][27]. - The report notes that the current adjustment has been less severe than the previous one, with the index experiencing a 45% decline from its peak, compared to a more rapid decline in the earlier cycle [27][30]. Section 3: Investment Recommendations - The report recommends focusing on companies with strong market dynamics and improved strategic capabilities, such as Luzhou Laojiao and Shanxi Fenjiu, which are expected to outperform due to their robust distribution networks and mature pricing strategies [1][7][42]. - It also highlights the potential for leading brands like Guizhou Moutai and Wuliangye to benefit from the recovery, as they have historically led rebounds in previous cycles [1][42]. Section 4: Market Performance Metrics - The report provides data on the industry scale, noting 143 listed companies with a total market value of 5,313 billion [3]. - It also includes performance metrics, indicating a 6.3% absolute performance over one month and a 37.6% performance over six months [5].

2025 年 03 月 13 日 核心观点 主要财务指标预测 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10100.38 | 11682.81 | 13099.80 | 14586.50 | | 收入增长率% | 28.05 | 15.67 | 12.13 | 11.35 | | 归母净利润（百万元） | 3136.04 | 3588.80 | 3941.37 | 4386.43 | | 利润增速% | 25.30 | 14.44 | 9.82 | 11.29 | | 毛利率% | 78.34 | 76.09 | 75.50 | 75.00 | | 摊薄 EPS(元) | 2.52 | 2.88 | 3.16 | 3.52 | | PE | 21.82 | 19.07 | 17.36 | 15.60 | | PB | 5.15 | 4.40 | 3.51 | 2.87 | | PS | 6.77 | 5.86 | 5.22 | 4.69 | 公司点评报告 · 食品饮料行业 看好今世缘的 3 ...

Investment Rating - The report assigns a "Buy" rating for the company [3]. Core Insights - The report highlights three key reasons for optimism regarding the company: a more rational competitive landscape in the province, the emerging value of the V series products, and sustained growth in the out-of-province market [6][9]. Financial Forecast Summary - Revenue (in million CNY): - 2023A: 10,100.38 - 2024E: 11,682.81 - 2025E: 13,099.80 - 2026E: 14,586.50 - Revenue Growth Rate (%): - 2023A: 28.05 - 2024E: 15.67 - 2025E: 12.13 - 2026E: 11.35 - Net Profit (in million CNY): - 2023A: 3,136.04 - 2024E: 3,588.80 - 2025E: 3,941.37 - 2026E: 4,386.43 - EPS (CNY): - 2023A: 2.52 - 2024E: 2.88 - 2025E: 3.16 - 2026E: 3.52 - P/E Ratios: - 2023A: 21.82 - 2024E: 19.07 - 2025E: 17.36 - 2026E: 15.60 [2][29]. Company Overview and Rationale for Recommendation - The company is a leading liquor producer in Jiangsu Province, with a strong brand history and a diversified product line that includes the "Guoyuan" brand and its various series [8][9]. - The company has shown resilience in a challenging macroeconomic environment and is expected to benefit from a more rational competitive landscape, particularly against its main competitor, Yanghe [6][9]. - The V series products are gaining traction, indicating potential for upward price adjustments and increased market share [6][23]. - The out-of-province market is also showing promising growth, driven by enhanced brand recognition and strategic market adjustments [6][27].

Investment Rating - The report maintains a "Buy" rating for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Shanxi Fenjiu, Jiangsu Yanghe, and others, indicating a positive outlook for long-term investment [4][44]. Core Insights - The liquor industry is currently in an adjustment phase post-Spring Festival, with no significant improvement in fundamentals observed. The second quarter is critical for verifying these fundamentals [4][5]. - Sales performance is generally flat, with differentiation among brands and consumption scenarios. High-end liquor consumption is decreasing, while mid-range and budget segments maintain some sales [4][5]. - Price stability is noted across various price segments, with key products like Moutai and Wuliangye maintaining stable prices of 2200 RMB and 930-940 RMB respectively [4][5]. - Channel inventory levels have not significantly decreased, with some brands actively managing inventory through reduced shipments. Moutai's inventory remains healthy, while other brands like Wuliangye and Fenjiu show slight increases compared to last year [4][5]. - Payment collection rates vary, with some brands experiencing slower collection compared to last year. Moutai and Fenjiu are close to last year's collection rates, while others like Wuliangye and Yanghe are lagging [4][5]. Summary by Sections Industry Perspective - The liquor industry is entering a seasonal lull post-Spring Festival, with a need for patience in verifying fundamental improvements. Sales are flat, with a recovery in banquet scenarios but no revival in business scenarios [4][5]. - The price system remains stable, with key products maintaining their prices. Moutai's price has slightly increased during the spring season [4][5]. - Inventory levels are stable, with some brands managing stock through reduced shipments. Moutai's inventory is in good condition, while others have seen slight increases [4][5]. Brand-Specific Insights - Moutai: Payment collection at 40%, stable pricing, and healthy inventory levels. Moutai 1935's price has slightly increased [5]. - Wuliangye: Payment collection at 40-50%, with inventory around one month. Price remains stable at 930-940 RMB [5]. - Shanxi Fenjiu: Payment collection at 40-50%, with slight price decreases. Inventory levels are higher than last year but manageable [5]. - Jiangsu Yanghe: Payment collection below 40%, with inventory levels around three months. Sales have decreased [5]. - Other brands like Jianzhu and Water Well have varying performance, with some showing stable sales while others face challenges [5][8]. Regional Insights - Different regions show varied performance, with some areas like Henan and Jiangsu maintaining stable growth for brands like Moutai and Guojing. However, overall demand remains weak due to economic conditions [8][12][30].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies, which are expected to lower the cost of childbirth and increase birth rates, thus driving demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% over the same period [2]. Investment Views - In the liquor sector, companies such as Shui Jing Fang, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu are recommended based on their valuation advantages. Long-term recommendations include Wuliangye, Luzhou Laojiao, and others [4]. - The dairy sector has seen a significant rise, with companies like Ximai Food, Youyou Food, and others being highlighted for their growth potential [5]. Key Company Feedback - Luzhou Laojiao's stock price is at 143.61, with an EPS forecast of 9.00 for 2023 and a PE ratio of 15.96, rated as "Buy" [10]. - Gujing Gongjiu is also rated as "Buy," with a stock price of 193.54 and an EPS forecast of 8.68 for 2023 [10]. Industry Data Trends - The liquor industry reported a total revenue of 756.3 billion in 2023, reflecting a year-on-year growth of 9.7% [54]. - The cumulative production of liquor in 2024 reached 4.145 million tons, showing a decrease of 7.72% year-on-year [53]. - The seasoning industry has seen its market size grow from 259.5 billion in 2014 to 592.3 billion in 2023, with a CAGR of 9.6% [56].