今世缘：省外整体营收占比还很低，会进一步加大投入力度

Core Viewpoint - Jiangsu Jinshiyuan Liquor Co., Ltd. highlights the uneven development of the domestic market as both a challenge and an opportunity, with a focus on increasing market share and maintaining price stability by 2026 [1][2] Domestic Market Analysis - The southern Jiangsu region, particularly the five cities of Nanjing, Suzhou, Wuxi, Changzhou, and Zhenjiang, leads in total market volume, with Nanjing showing a three-year trend of local brand leadership [1] - The market share in the southern Jiangsu region for products priced above 600 yuan exceeds 60%, indicating both challenges and opportunities for the company [1] Growth Strategy - The company aims to enhance visibility in mainstream price segments and increase market share for its main products [1] - By 2026, the focus will be on refining strategies to stabilize prices and boost market share [2] External Market Potential - The company anticipates historical breakthroughs in the Anhui and Shandong markets by 2025, with double-digit growth rates expected [2] - Despite a decline in overall revenue in Q4 for external markets, the company has seen an increase in market share [2] - The overall revenue contribution from external markets remains low, prompting the company to increase investment to enhance market share [2]