今世缘发布三季报 逆势中彰显韧性

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period in 2025, characterized by a "volume reduction game," with a significant decline in production and sales. Jiangsu Jinshiyuan has shown relative resilience amidst this downturn through strategic initiatives in sports marketing, green transformation, and technological innovation [1][5]. Industry Overview - The liquor production volume from January to September 2025 was 2.655 million kiloliters, a year-on-year decrease of 9.9%, indicating overall industry pressure [1]. - Among 20 listed liquor companies, only 2 achieved both revenue and net profit growth in the first three quarters, with 12 companies experiencing a net profit decline exceeding 20% [2]. Company Performance - Jinshiyuan reported a revenue of 8.881 billion yuan and a net profit of 2.549 billion yuan for the first three quarters, with year-on-year declines of 10.66% and 17.39%, respectively, which are in line with industry averages [2][5]. - The company has effectively responded to market challenges by focusing on product structure and channel cooperation, although it faces risks related to its reliance on a single market and high-end scenarios [1]. Strategic Initiatives - Jinshiyuan has implemented a "sports marketing + green transformation + technological innovation" strategy to strengthen its market position and expand its brand nationally [1]. - The company has engaged in sports marketing by sponsoring local football leagues, enhancing brand recognition and emotional connection with consumers [2][3]. Technological Advancements - Jinshiyuan has established the first intelligent brewing production line in the domestic liquor industry, utilizing IoT and big data for precise production control, significantly improving output and quality [4]. - The company has achieved zero-carbon factory certification, becoming one of the first in the industry to do so, reflecting its commitment to green transformation [4]. Market Outlook - Despite short-term pressures, industry experts believe that trends toward consumption upgrades and brand concentration remain unchanged. Jinshiyuan's strategies are seen as building a "moat" against cyclical risks [5]. - Analysts expect Jinshiyuan to adjust its development pace and release channel pressure in the short term while gradually expanding its market presence in the long term [5].