Financial Performance - The company's operating revenue for Q1 2024 reached ¥4,670,618,874.87, representing a year-on-year increase of 22.84%[4] - Net profit attributable to shareholders was ¥1,532,586,659.57, reflecting a growth of 22.12% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥1,525,286,371.88, an increase of 22.08% year-on-year[4] - Basic and diluted earnings per share were both ¥1.2292, up by 22.11% year-on-year[4] - The company's net profit for the first quarter of 2024 was RMB 1.53 billion, compared to RMB 1.25 billion in the same period last year, marking an increase of approximately 22.4%[16] - Operating profit for Q1 2024 was ¥2,037,694,386.84, representing a 22.1% increase compared to ¥1,668,806,706.38 in Q1 2023[17] Cash Flow - The net cash flow from operating activities amounted to ¥1,001,644,444.07, showing an increase of 11.62% from the previous year[4] - Cash flow from operating activities for Q1 2024 was ¥1,001,644,444.07, an increase from ¥897,372,666.99 in Q1 2023[19] - The net cash flow from investment activities was -150,249,582.40 CNY, compared to -9,442,543.07 CNY in the previous period, indicating a significant increase in cash outflow[20] - The cash inflow from financing activities totaled 297,014,777.90 CNY, up from 196,892,666.66 CNY in the previous period, reflecting a 50.8% increase[20] - The total cash and cash equivalents at the end of the period reached 7,384,578,479.77 CNY, compared to 6,441,817,179.30 CNY at the end of the previous period, marking an increase of 14.6%[20] Assets and Liabilities - Total assets as of the end of the reporting period were ¥22,394,761,772.63, a 3.53% increase from the previous year[5] - The company's total assets amounted to RMB 22.39 billion, an increase from RMB 21.63 billion at the end of 2023, reflecting a growth of approximately 3.4%[13] - Total current liabilities decreased to RMB 7.37 billion from RMB 8.14 billion, a reduction of about 9.4%[15] - The company's total liabilities decreased to RMB 7.57 billion from RMB 8.34 billion, a decrease of about 9.2%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,003[9] - The largest shareholder, Jinshiyuan Group Co., Ltd., holds 561,049,038 shares, accounting for 44.72% of the total shares[10] - Shareholders' equity attributable to the parent company was ¥14,821,955,081.20, reflecting an 11.55% increase year-on-year[5] - The company's equity attributable to shareholders increased to RMB 14.82 billion from RMB 13.29 billion, representing a growth of approximately 11.5%[15] Expenses and Costs - Research and development expenses for Q1 2024 amounted to ¥10,960,885.10, up from ¥9,221,400.21 in Q1 2023[17] - Total operating costs for Q1 2024 were ¥2,667,929,303.18, a 24.0% increase from ¥2,155,264,860.41 in Q1 2023[17] - Tax expenses for Q1 2024 were ¥505,930,173.19, an increase from ¥415,208,498.25 in Q1 2023[18] Inventory and Receivables - Inventory decreased to RMB 4.38 billion from RMB 4.99 billion, representing a decline of approximately 12.3%[13] - The company reported a significant increase in accounts receivable, which rose to RMB 66.06 million from RMB 48.54 million, an increase of approximately 36.1%[13] Other Financial Information - The company recognized government subsidies amounting to ¥8,911,271.00 as part of non-recurring gains[6] - The company's retained earnings rose to RMB 12.64 billion from RMB 11.10 billion, reflecting an increase of about 13.9%[15] - The long-term investments increased to RMB 45.72 million from RMB 41.42 million, showing a growth of approximately 10.5%[14] - The total cash outflow from investment activities was 634,583,429.69 CNY, compared to 524,638,262.50 CNY in the previous period, indicating an increase of 20.9%[20] - The company did not apply new accounting standards or interpretations for the first time in 2024[20]

证券代码：603369 证券简称：今世缘 公告编号：2024-011 江苏今世缘酒业股份有限公司 关于召开 2023 年度业绩说明会的公告 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： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 一、说明会类型 本次投资者说明会以视频直播结合网络互动召开，公司将针对 2023 年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 05 月 13 日(星期一)上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址： 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 05 月 13 日上午 10:00-11:30 （二）会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 投资者可于 2024 年 05 月 06 日(星期一)至 0 ...

Financial Performance - The company's operating revenue for 2023 reached ¥10,097,984,227.52, representing a 28.07% increase compared to ¥7,884,624,846.64 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥3,136,042,999.78, up 25.30% from ¥2,502,789,291.38 in the previous year[22]. - The net asset attributable to shareholders increased to ¥13,286,816,788.29, a growth of 20.08% from ¥11,064,733,156.53 at the end of 2022[22]. - The total assets of the company at the end of 2023 were ¥21,630,647,731.29, an 18.96% increase from ¥18,183,711,058.30 in 2022[22]. - The basic earnings per share for 2023 were ¥2.5153, reflecting a 25.30% increase from ¥2.0074 in 2022[23]. - The weighted average return on equity for 2023 was 25.92%, an increase of 1.19 percentage points from 24.73% in 2022[23]. - The gross profit margin for the main business was 78.61%, with a year-on-year increase of 27.86%[54]. - The company achieved a revenue of 10.098 billion RMB, representing a year-on-year growth of 28.07%[49]. - The net profit attributable to shareholders reached 3.136 billion RMB, with a year-on-year increase of 25.30%[49]. Cash Flow and Dividends - The net cash flow from operating activities for 2023 was ¥2,800,318,233.10, a slight increase of 0.74% from ¥2,779,747,984.00 in 2022[22]. - The company plans to distribute a cash dividend of ¥10 per 10 shares, totaling ¥124,680,000.00[5]. - The company declared a cash dividend of CNY 1,246,800,037, which represents 39.76% of the net profit attributable to ordinary shareholders in the consolidated financial statements[140]. Market and Product Development - The company focused on expanding its market presence both domestically and internationally, with significant improvements in operational efficiency in various market segments[32]. - The company launched a "Brand Value Enhancement Year" initiative, optimizing its brand matrix and achieving significant results in both domestic and international markets[33]. - The company plans to launch high-end products priced at 1,000 yuan as part of its marketing strategy for 2024[94]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[113]. - New product launches are expected to contribute an additional 200 million yuan in revenue in 2024[113]. Research and Development - The company’s R&D expenses increased by 14.30% to 42.96 million RMB, reflecting its commitment to innovation[52]. - The company has established partnerships with several universities and research institutions, focusing on food safety quality control and fermentation technology, enhancing its research and development capabilities[44]. - The company invested 50 million RMB in R&D for new technologies aimed at improving production efficiency[116]. - The company has allocated 10,000 million for research and development of new technologies in the upcoming fiscal year[170]. Awards and Recognition - The company has been awarded multiple accolades, including the "30-Year Technology Achievement Award" in the Chinese liquor industry, reflecting its commitment to innovation and quality[32]. - The company received an A-level rating for its information disclosure work from the Shanghai Stock Exchange and won the "Golden Information Disclosure Award" from China Securities Journal[107]. - The company has been recognized with multiple awards, including the Jiangsu Provincial Quality Award and the National Quality Award[47]. Sustainability and Social Responsibility - The company has invested CNY 6,825,000 in environmental protection during the reporting period[146]. - The company has a wastewater discharge limit of 25.49 tons for CODCr, with actual emissions of 18.16 tons, indicating compliance with environmental standards[147]. - The company contributed CNY 247.98 million to poverty alleviation and rural revitalization projects, emphasizing its commitment to social responsibility[157]. - The company reduced carbon dioxide equivalent emissions by 42,946 tons through energy management optimization and the use of clean energy sources such as biogas boilers and solar power[155]. Corporate Governance - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with legal requirements[104]. - The company has established a performance evaluation and incentive mechanism for its executives, with satisfactory performance reported during the evaluation period[106]. - The company has a dedicated investor relations management system to facilitate communication and safeguard investor rights[107]. - The internal control system has been continuously improved, with a self-evaluation report confirming the effectiveness of key business processes[108]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could impact consumer purchasing power and demand for its products[99]. - The company is also exposed to competition risks in the white liquor industry, particularly in its key market of Jiangsu, which could affect market share and sales volume[99]. - The company emphasizes the importance of food safety and environmental protection in its production processes to mitigate potential risks associated with regulatory changes[100][101].

证券简称：今世缘 证券代码： 江苏今世缘酒业股份有限公司 投资者来访接待记录表 来访单位 西南证券、中银证券、西部证券、华金证券、工银理财、国信 证券、招商证券、中信证券、光大证券、东方财富证券、华西 证券、财通证券、海通证券、新思哲投资、瑞华投资等机构共 31 人。 投资者类 型 √机构投资者 √证券公司 □媒体 □个人投资者 □其他 会议形式 现场会议 时间 2024 年 3 月 地点 公司会议室 上市公司 出席人员 董事、副总经理、总会计师、董事会秘书 王卫东； 证券事务代表 夏东保。 投资者关系活动主要内容介绍： 问题 1：2023 年糖酒会有新品发布，今年如何安排呢？ 回复：今年只有开系升级换代，其他没有什么特殊的安排。 问题 2：各家酒企的红包力度在加大，怎么看待持续投入和价盘的关系？ 回复：红包投放是一个常规的促销动作，目的是加强和消费者的互动。红包投放操 作得不好对价盘会有些影响，比如截留消费者的红包，就可能导致价格走低。如果设计 得好，能直接触达消费者，这个问题就能解决。 603369 红包本身不是越大越好，消费者不会特别关注红包金额，实际扫码和购买的对象可 能是分离的。我们设置红包更多是希 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨今世缘（ ） 603369.SH [今Ta世b缘le_系T列itle报] 告一：复盘 2016-2018，何以成就 核心市场的跨越 报告要点 [2T0a1b6le-2_0S1u8m年m，ar公y]司省内市场增速一直保持领先。从区域看，南京大区超额增长贡献明显、2018 年南京大区报表端收入规模突破8亿，为后续该市场的跨越发展奠定扎实基础。后视镜视角来 看，2016-2018年南京市场的试点改革不仅打开了这一战略要塞的品牌影响力，亦为公司更广 泛的区域扩张提供了优秀范本。 ...

Investment Rating - Buy rating for the company [1] Core Views - The company has implemented price adjustments for its Guoyuan Kai series products, with price increases ranging from 8 to 20 RMB per bottle, effective from March 1, 2024 [2] - The company's Spring Festival sales performance was strong, driven by high consumption rates of its main products, including Sikai and Duikai [2] - The company's 2023 revenue is expected to reach 100.5 billion RMB, with a target to enter the 150 billion RMB revenue club by 2025, implying a CAGR of 22% [2] - The company's main products, Sikai and Duikai, have stable wholesale prices, with potential for slight increases following the price adjustments [2] Financial Projections - Revenue is projected to grow from 100.7 billion RMB in 2023 to 149.7 billion RMB in 2025 [2] - Net profit attributable to shareholders is expected to increase from 3.118 billion RMB in 2023 to 4.562 billion RMB in 2025 [2] - EPS is forecasted to rise from 2.49 RMB in 2023 to 3.64 RMB in 2025 [2] - The company's PE ratio is expected to decrease from 21.3x in 2023 to 14.5x in 2025 [2] Financial Performance - The company's revenue growth rate is projected to be 27.7% in 2023, 21.2% in 2024, and 22.6% in 2025 [3] - Net profit growth rate is expected to be 24.6% in 2023, 20.0% in 2024, and 22.0% in 2025 [3] - The company's gross margin is consistently projected at 76.6% from 2023 to 2025 [4] - ROE is forecasted to increase from 23.5% in 2023 to 23.9% in 2025 [4] Balance Sheet and Cash Flow - Total assets are expected to grow from 207.3 billion RMB in 2023 to 286.5 billion RMB in 2025 [4] - Cash flow from operating activities is projected to increase from 2.934 billion RMB in 2023 to 4.305 billion RMB in 2025 [4] - The company's debt ratio is expected to decrease from 36.0% in 2023 to 33.3% in 2025 [4]

Core Insights - Multiple Chinese liquor companies, including Jian Nan Chun, Lang Jiu, Jin Si Yuan, Fen Jiu, and She De, have initiated price increases for their core products shortly after the Spring Festival, indicating a trend in the industry [1][2] - The price hikes are primarily for popular products that dominate banquet scenes, suggesting a strategic move to enhance brand value and market positioning [1][4] Price Increase Details - Qinghua Fen Jiu 20 will increase its factory price by 20 yuan per bottle starting March 15, while Lang Jiu's Honghua Lang 10 and 15 will see increases of 20 yuan and 30 yuan respectively from April 1 [1] - Jian Nan Chun's core product, Shuijing Jian, will raise its price by 15 yuan starting March 1, and Jin Si Yuan's fifth-generation Guoyuan will also increase by 20 yuan [1] - She De Jiuye's Tuo Pai Te Qu will see price increases of 10 yuan and 15 yuan for its 20 and 30-year products respectively from April 1 [1] Market Dynamics - The price increases are seen as a way to stimulate channel activity and boost sales, with some distributors expressing optimism about the potential for increased inventory turnover [2] - However, concerns exist regarding high inventory levels, with some distributors indicating that if factory prices rise without corresponding increases in retail prices, it could exacerbate inventory pressures [2][4] Inventory Context - As of the end of Q3 2023, the total inventory of 20 A-share listed liquor companies reached 136.35 billion yuan, up from 132.83 billion yuan in 2022 and 98.55 billion yuan in 2021 [3] Banquet Market Insights - The banquet market is becoming a critical battleground for liquor companies, accounting for approximately 40% of the total revenue in the industry [6] - The demand for banquet liquor surged during the recent Spring Festival, with some regions experiencing growth rates of 40-50% [6] - Despite potential challenges in 2024 due to cultural factors affecting wedding ceremonies, the overall market for banquets remains a focal point for liquor companies [6][7] Competitive Strategies - Companies are employing various strategies to capture the banquet market, including promotional activities and partnerships with banquet venues [8][9] - Regional liquor brands are leveraging local advantages to compete against national brands, emphasizing the importance of tailored marketing strategies [10]

证券简称：今世缘 证券代码： 603369 江苏今世缘酒业股份有限公司 投资者来访接待记录表 来访单位 富国基金、华夏基金、博时基金、嘉实基金、中再资产、源乐 晟、银华基金、海通证券、东证资管、格林基金等机构共 15 人。 投资者类 型 √机构投资者 √证券公司 □媒体 □个人投资者 □其他 会议形式 电话会议 时间 2024 年 2 月 地点 线上会议 上市公司 出席人员 董事、副总经理、总会计师、董事会秘书 王卫东 投资者关系活动主要内容介绍： 问题 1：春节开门红整体和分产品动销增速情况？ 回复：节前大家对春节消费比较悲观。我当时觉得春节不会太淡，因为 2023 年春 节基数低，加之 2024 年春节多了一天假，大家时间安排会更充裕，喝酒机会更多一 些，春节后市场反馈感觉还是蛮好的，动销很好，社会库存明显下降。总的来看，今年 春节还是有些超预期，完成激励考核目标的信心更足了。 从产品结构来看，前五大单品开瓶率都大幅增加，四开对开本来以为由于基数高增 速会低，但节日期间的开瓶率还是非常满意的；V3 和淡雅增速都比较好，短期看，从 进入腊月以来，结构也是在进一步优化。 以上形势是否能延续到全年，还是要谨慎乐 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024年3月4日 603369.SH 今世缘 买入 核心单品提价，巩固渠道体系及省内基本盘 原评级：买入 市场价格:人民币 53.88 2024 年 2 月 25 日，公司发布国缘开系订单及价格体系调整通知，停止接收 四代开系产品销售订单，自 3月1日起五代国缘执行新的价格体系。公司通 板 块评级:强于大市 过核心单品升级换代来优化渠道营销体系。公司战略明晰，维持买入评级。 支撑评级的要点 本报告要点 ◼ 核心单品升级换代，优化渠道营销体系。根据微酒新闻，今世缘酒业销售 ◼ 公司最新信息跟踪 公司发布“关于调整国缘开系订单及价格体系通知”：公司自2024年2月 股价表现 29 日起停止接收四代开系产品销售订单，国缘四开严格执行配额机制及 价格双轨制；自2024年3月1日起，五代国缘四开、对开、单开在四代 6% 版本基础上分别上调出厂价20元/瓶、10元/瓶、8元/瓶。针对本次销售 (2%) 政策调整，我们认为公司有两方面考虑：（1）受返乡潮及国缘品牌在省 内已形成的良好销售氛围，预计公司2024年开门红顺利完成，产品整体 (9%) 动销实现较快增长。此时调整产品 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 今世缘（603369）公司信息点评 2024年03月02日 [Table_InvestInfo] 投资评级 优于大市 维持 开系焕新升级提价，春节旺销表现亮眼 股票数据 [Table_Summary] 0[3Ta月b0le1_日S收to盘ck价（In元fo）] 53.88 投资要点： 52周股价波动（元） 41.32-66.70 总股本/流通A股（百万股） 1255/1255 事件。24年2月29日起公司停止接收四代开系产品销售订单，24年3月1 总市值/流通市值（百万元） 67592/67592  相关研究 日起，公司核心大单品五代国缘四开、对开、单开在四代版基础上分别上调 [《Ta Qb 3le收_R入e延p续or高tIn增fo，] 省外市场表现亮眼》 出厂价20、10、8元/瓶（根据微酒微信公众号）。 2023.11.26 开系焕新升级提价，配额制强化渠道管控。根据微酒微信公众号，今世缘开 《业绩表现亮眼，省内持续精耕》2023.09.04  系产品升级提价落地：1）24年2月29日起公司停止接收四代开系产品销售 《产品结构优化， ...