Core Points - The company announced the cancellation of unexercised stock options from its 2020 stock option incentive plan [1] - A total of 2,624,632 stock options that were granted but not exercised during the first exercise period will be canceled [1] Summary by Category Company Actions - The fifth meeting of the company's fifth board of directors was held on October 17, 2025, via communication voting [1] - The board approved the proposal to cancel a portion of the stock options that were granted but not exercised [1] Stock Options - The specific number of stock options being canceled is 2,624,632 [1] - These options were part of the first exercise period of the 2020 stock option incentive plan [1]

重要内容提示： 证券代码：603369 证券简称：今世缘 公告编号：2025-033 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二个行权期行权条件成就的公告 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法律责任。 本次股票期权第二个行权期可行权数量：2,224,704 份 行权人数：327 人 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：53.31 元/份 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开第五届董事会第十六次会议，审议通过了《关于 2020 年股票期权 激励计划第二个行权期行权条件成就的议案》，根据《2020 年股票期权激 励计划（草案变更）》（以下简称"《激励计划》"），授予的股票期权 第二个行权期的行权条件已成就。 一、2020 年股票期权激励计划批准及实施情况 （一）2020 年股票期权激励计划方案 2020 年股票期权激励计划（以下简称"本激励计划"）激励对象包括 公司董事、高级管理人员、核心技术人员和管理骨干等，不包括外部董事 （含独立董事） ...

证券代码：603369 证券简称：今世缘 公告编号：2025-031 江苏今世缘酒业股份有限公司 关于注销已授予但尚未行权的股票期权的公告 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"）第五届董事会第十六次会议于 2025年10月17日以通讯表决方式召开，会议通过了《关于注销部分已授予但尚未行权的 股票期权的议案》，同意公司注销2020年股票期权激励计划第一个行权期已获授但尚未 行权的2,624,632份股票期权。现将相关事项公告如下： 一、2020 年股票期权激励计划已履行的决策程序和信息披露情况 1.2020 年 4 月 23 日，公司召开第三届董事会第二十七次会议和第三届监事会第 十二次会议，审议通过了《关于审议 2020 年股票期权激励计划（草案）的议案》《关 于审议 2020 年股票期权激励计划实施考核管理办法的议案》《关于提请股东大会授权 董事会办理公司 2020 年股票期权激励计划相关事宜的议案》，独立董事对此发表了同 意的独立意见。 2.2022 年 7 月 31 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-032 江苏今世缘酒业股份有限公司 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： 1.行权价格：行权价格由54.51元/份调整为53.31元/份； 二、本次调整的相关事项 1 （一）调整行权价格 2.激励对象名单：授予激励对象人数由334名调整为327名； 3.股票期权数量：期权数量由 4,608,000 份调整为 4,537,704 份。 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开的第五届董事会第十六次会议，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， 上述事项无须提交公司股东大会审议。现就有关事项说明如下： 一、公司股票期权激励计划已履行的相关程序 详见与本公告同日刊载于上海证券 ...

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 2020 年股票期权激励计划之注销已授予但尚未行权的股票期权、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、第二个行权期行权条件成就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《国有控股上市公司（境内）实施股权激励试行办法》（下称"《试 行办法》"）、《关于规范国有控股上市公司实施股权激励制度有关问题的通知》（下称"《有 关问题的通知》"）等法律、行政法规、部门规章及规范性文件和《江苏今世缘酒业股份 有限公司章程》（下称"《公司章程》"）的有关规定，就今世缘 2020 年 ...

江苏今世缘酒业股份有限公司 董事会薪酬与考核委员会 江苏今世缘酒业股份有限公司董事会薪酬与考核委员会 关于公司第五届董事会第十六次会议相关事项的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所股票上市规则》等法律法规、规范性文件，以及《江苏今世缘酒业股份有限公 司章程》《董事会薪酬与考核委员会工作细则》等有关规定，作为江苏今世缘酒 业股份有限公司的薪酬与考核委员会委员，我们认真审核了公司提交的第五届董 事会第十六次会议相关事项，提出如下审核意见： 一、《关于注销已授予但尚未行权的股票期权的议案》的审核意见 二、《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》的审核意见 公司拟调整 2020 年股票期权激励计划，本次激励计划行权价格将扣除公司 在 2024 年度向全体股东派发的现金红利 1.2 元/股（含税），由 54.51 元/份调 整为 53.31 元/份。同时，注销本次股权激励计划因个人层面绩效考核结果未全 额达标及离职、退休的激励对象已获授但尚未行权的股票期权共计 70,296 股， 已授予但尚未行权的股票期权数量由 4 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-030 江苏今世缘酒业股份有限公司 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第十六次会议于 2025年10月17日以通讯表决方式召开，会议通知已于2025年10月14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《关于注销已授予但尚未行权的股票期权的议案》 2020年股票期权激励计划第一个行权期已结束，公司拟注销已授予但尚未行权的股 票期权，共计2,624,632股。已获授但尚未行权的股票期权数量调整为4,608,000份。 本议案已经公司董事会薪酬与考核委员会事前审议通过。本议案涉及董事顾祥悦先 生、鲁正波先生、张霞女士的利益，上述三位董事均已回避表决。 表决结果：9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《江苏 今世缘酒业股份有限公司关于注销已授予但尚未行权的股票期权的公告》 ...

Core Insights - The forum titled "Breaking the New Cycle: Strategic Transformation of Chinese Baijiu from Scale Expansion to Value Innovation" highlighted the industry's shift towards value innovation as a necessary choice for high-quality development [1] Industry Overview - The Chinese liquor industry is entering a critical period characterized by deep adjustments, increased differentiation, and intertwined transformation and innovation [3] - The industry consensus emphasizes the transition from "scale expansion" to "quality, innovation, and harmonious coexistence" as a common theme for all stakeholders [3] - The macroeconomic context suggests that future growth points will focus on "hard technology," particularly in artificial intelligence, with consumer upgrades leaning towards "high brand," "high quality," and "high taste" [3] Market Trends - The analysis from Haitong Securities indicates that the online transformation will be a core driver of channel changes in the liquor industry, following trends seen in other sectors over the past five years [5] Company Strategies - In response to industry challenges, companies like Jinshiyuan are leveraging smart brewing and digital management to ensure quality and traceability throughout the production and consumption process [6] - Jinshiyuan is focusing on creating value through consumer engagement by introducing low-alcohol and mixed drink products aimed at younger demographics [6] - The company emphasizes internal capabilities and strategic focus on mid-range products, targeting the mid-to-high-end market while fostering connections with younger consumers [6] Value Innovation - The discussion led by Shengchu Group's chairman highlighted three areas for value innovation: enhancing product quality and consumer experience, improving the sustainability of dealer profitability, and building differentiated competitive advantages for the brand [7] - The consensus among forum participants is that the current cyclical adjustment is a necessary phase towards maturity and high-quality development, with multi-dimensional value innovation being the core path to navigate through the cycle [7] Brand Presence - Jinshiyuan showcased its strong brand presence at the Autumn Sugar Conference, attracting attention with a large exhibition area centered around "Yuan Culture" and engaging with numerous dealers and consumers [8] - Feedback from consumers indicates a positive shift in perception of traditional Baijiu, highlighting its potential for modern and creative consumption experiences [8]

Core Viewpoint - The forum highlighted the strategic shift in the Chinese liquor industry from scale expansion to value innovation as a necessary choice for high-quality development [1][3][7]. Industry Overview - The Chinese liquor industry is entering a critical period of deep adjustment, characterized by increasing differentiation and the need for innovative transformation [3]. - The industry consensus emphasizes the importance of "quality value" as a fundamental development principle, "innovation value" as a driving force, and "harmonious coexistence" as a key aspect of future development [3]. Economic Insights - A macroeconomic perspective shared at the forum indicated that future economic growth will focus on "hard technology," particularly in artificial intelligence, with consumer upgrades leaning towards "high brand," "high quality," and "high taste" [3]. Market Trends - The analysis from Haitong Securities highlighted three dimensions of future development trends in the liquor industry: volume-price cycles, product cycles, and channel cycles, with an emphasis on the increasing importance of online sales [5]. Corporate Strategies - Companies are encouraged to adopt smart brewing and value co-creation as breakthrough strategies in response to industry challenges, with a focus on quality and digital management for traceability [6]. - The need for brands to establish emotional connections and value recognition with new-age consumers is emphasized, alongside internal strengthening to navigate industry changes [6]. Value Innovation - The discussion pointed out three areas for advancing value innovation: enhancing product quality and consumer experience, improving the profitability of distribution systems, and building differentiated competitive advantages for sustainable development [7]. - The consensus among industry participants is that the current cyclical adjustment is a necessary phase towards maturity and high-quality development, with multi-dimensional value innovation being the core path to navigate through the cycle [7]. Brand Presence - As the host of the forum, the company showcased its strong brand presence at the event, attracting attention from numerous distributors and consumers, indicating a successful engagement strategy [8].

Market Overview - The liquor sector rose by 0.65% on October 15, with Jinshiyuan leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Jinshiyuan (603369) closed at 40.30, up 2.15% with a trading volume of 125,100 shares and a turnover of 500 million yuan [1] - Luzhou Laojiao (000568) closed at 134.62, up 1.49% with a trading volume of 114,100 shares and a turnover of 1.529 billion yuan [1] - Other notable stocks include: - Qiao Guo Dian (000799) at 64.23, up 1.07% [1] - Yanghe Distillery (002304) at 69.30, up 0.77% [1] - Kweichow Moutai (600809) at 1462.00, up 0.76% [1] Capital Flow Analysis - The liquor sector saw a net inflow of 884 million yuan from main funds, while retail funds experienced a net outflow of 351 million yuan [2] - Main fund inflows were led by Kweichow Moutai with 4.911 billion yuan, followed by Luzhou Laojiao with 1.74 billion yuan [3] - Retail investors showed significant outflows in several stocks, including Jinshiyuan and Yanghe Distillery [3]