Core Viewpoint - Jiangsu Jinshiyuan Liquor Co., Ltd. reported significant growth in key financial metrics for 2024, including a 14.31% increase in total revenue and an 8.80% rise in net profit attributable to shareholders, reflecting the company's commitment to high-quality development and strategic management [3][19]. Meeting Information - The annual shareholders' meeting is scheduled for May 21, 2025, with a combination of on-site and online voting [2][3]. - The meeting will include reports from the board of directors and the supervisory board, as well as discussions on various proposals [1][12]. Financial Performance - Total revenue for 2024 reached 115.46 billion yuan, a 14.31% increase from the previous year [3][19]. - Net profit attributable to shareholders was 34.12 billion yuan, marking an 8.80% year-on-year growth [3][19]. - The company achieved a total asset value of 242.22 billion yuan, up 11.98% from the previous year [21][22]. Governance and Compliance - The board of directors conducted seven meetings in 2024, adhering to legal and regulatory requirements, and ensuring transparency in decision-making [4][9]. - The supervisory board held four meetings, focusing on compliance and the protection of shareholder rights, with no violations reported [13][15]. Strategic Initiatives - The company aims to enhance its ESG (Environmental, Social, and Governance) ratings, achieving a notable improvement in MSCI ratings and ranking among the top three in domestic ESG ratings for liquor companies [7][8]. - The board plans to focus on sustainable development and strategic resource allocation to ensure long-term growth and stability [11][12]. Shareholder Engagement - The company has established multiple channels for investor communication, including performance briefings and investor meetings, to enhance transparency and engagement [10][11]. - In 2024, the company received recognition for its investor relations management, further solidifying its commitment to shareholder engagement [10][11].

证券代码：603369 证券简称：今世缘 公告编号：2025-019 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 关于2025年董事离任暨提名增选的公告 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。 二、离任对公司的影响 根据《公司法》、公司《章程》等有关规定，徐亚盛先生的辞职未导致公 司董事会成员低于法定最低人数，不会影响公司董事会正常运作，辞职申请自 送达董事会时生效。徐亚盛先生已按照公司内部制度完成了工作交接，不存在 其他未了事项，辞职时和董事会没有不同意见，也没有需要提请广大股东、债 权人特别注意的事项。 徐亚盛先生担任公司董事期间，恪尽职守、勤勉尽责，充分行使董事职权， 为公司规范运作和健康发展发挥了积极作用。公司董事会对徐亚盛先生在任职 期间为公司做出的贡献表示衷心感谢！ 三、拟提名增选董事情况 公司于2025年5月8日收到控股股东今世缘集团有限公司《关于提议增加2024 年年度股东大会临时提案的函》（提名时持有本公司股份563,660,445股，占本公 司总股本的比例为45.21%），提议增选一名非 ...

江苏今世缘酒业股份有限公司 关于2024年年度股东大会增加临时提案 暨 2024 年年度股东大会补充通知的公告 证券代码：603369 证券简称：今世缘 公告编号：2025-18 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。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603369 | 今世缘 | 2025/5/15 | 二、 增加临时提案的情况说明 1. 股东大会的类型和届次： 2024年年度股东大会 2. 股东大会召开日期：2025 年 5 月 21 日 3. 股权登记日 1. 提案人：今世缘集团有限公司 2. 提案程序说明 公司已于2025 年 4 月 30 日公告了股东大会召开通知，单独持有45.21%股 份的股东今世缘集团有限公司，在2025 年 5 月 8 日提出临时提案并书面提交股 东大会召集人。股东大会召集人按照《上市公司股东会规则》有关规定，现予以 公告。 3. 临时提案的具体内容 议案类型为临时提案 ...

江苏今世缘酒业股份有限公司 2024 年度股东大会会议材料 江苏今世缘酒业股份有限公司 2024 年年度股东大会 会议材料 二○二五年五月二十一日 1 江苏今世缘酒业股份有限公司 2024 年度股东大会会议材料 目 录 一、会议须知 二、会议议程 三、2024 年年度股东大会议案 | 序号 | 议案名称 | | --- | --- | | 1 | 2024 年度董事会工作报告 | | 2 | 2024 年度监事会工作报告 | | 3 | 关于审议公司 年年度报告全文及摘要的议案 2024 | | 4 | 年度财务决算与 年度财务预算报告 2024 2025 | | 5 | 年度利润分配方案 2024 | | 6 | 关于授权以闲置自有资金购买保本型理财产品的议案 | | 7 | 关于修订公司《章程》及部分治理制度的议案 | | 8 | 关于续聘公司 年度审计业务承办机构的议案 2025 | | 9 | 关于购买董责险的议案 | | 10 | 关于制定公司《董事薪酬制度》的议案 | | 11 | 关于增选一名非独立董事的议案 | 本次会议还将听取公司独立董事 2024 年度述职报告。 2 江苏今世缘酒业股份有限 ...

Industry Dynamics - Ten individuals from the liquor industry were recognized as national labor models and advanced workers at a ceremony celebrating the 100th anniversary of the All-China Federation of Trade Unions [3] - A new national standard for rice-flavored liquor will be implemented on May 1, 2026, focusing on sensory quality and production process control, which aims to enhance consumer perception and trust in the product [5] - Five major liquor exhibitions have been included in the "Ten Cities Linkage Sharing Food and Drink" initiative for 2025, organized by various government departments [6] - The first local safety production standard for the Helan Mountain East Ridge wine region will take effect on June 3, 2025, providing guidelines for safety hazard inspections in wine production [7] - Yibin's projected liquor production for 2024 is 213,500 kiloliters, reflecting a year-on-year decrease of 3.6% [7] Company Dynamics - As of April 30, 2024, 21 listed liquor companies reported a total revenue of 443.96 billion yuan, a year-on-year increase of 7.63%, and a net profit of 167.72 billion yuan, up 6.79% [8] - In Q1 2025, 19 listed liquor companies achieved a revenue of 149.32 billion yuan, growing by 2.20%, and a net profit of 63.11 billion yuan, increasing by 2.26% [10] - Major companies like Kweichow Moutai and Luzhou Laojiao are leveraging AI tools to enhance brand influence and operational efficiency [11] - Jiangsu Jinshiyuan has established a Customer Relationship Management Department to improve internal management and resource allocation [11] - Qingdao Beer plans to acquire 100% equity of Shandong Jimo Yellow Wine Factory for 665 million yuan [12]

分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 超配（维持） 食品饮料行业双周报（2025/04/25-2025/05/08） 业绩表现分化，关注景气细分 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 2025 年 5 月 9 日 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 证 券 研 究 报 告 食品饮料行业 行 业 周 报 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 ◼ 行情回顾：2025年4月25日-2025年5月8日，SW食品饮料行业指数整体上 涨0.64%，板块涨幅位居申万一级行业第二十六位，跑输同期沪深300指 数约1.17个百分点。 ◼ 行业周观点：业绩表现分化，关注景气细分。受外围市场扰动，提振内 需将成为推动国内经济增长的重要一 ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

Industry Overview - The Chinese liquor industry is undergoing a deep adjustment in 2024, characterized by a decline in both production and sales, a slowdown in terminal sales, shrinking consumption scenarios, and insufficient consumer confidence [1] - The number of liquor companies experiencing revenue decline has increased from 2 to 6 compared to the previous year, with companies like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Contract Liabilities - The total contract liabilities for 19 listed liquor companies in 2024 reached 55.986 billion yuan, an increase of 2.9 billion yuan from the previous year [2] - Major companies such as Wu Liang Ye, Yang He, Guizhou Moutai, and Shanxi Fenjiu accounted for 72% of the total contract liabilities, amounting to 40.299 billion yuan [2] - Luzhou Laojiao reported a contract liability of only 3.978 billion yuan, significantly lower than its peers despite similar revenue levels [2] Changes in Contract Liabilities - Eleven companies saw a decline in contract liabilities, with Guizhou Moutai's liabilities decreasing by 32% from 14.126 billion yuan to 9.592 billion yuan [4] - The reduction in Guizhou Moutai's contract liabilities is attributed to a slowdown in the payment pace from distributors and an increase in direct sales channels [4] Cash Collection Ratio - In 2024, two liquor companies reported a cash collection ratio below 100%, down from five the previous year [5] - Jin Zhong Zi Jiu has consistently reported a cash collection ratio below 100% for two years, with a revenue decrease of 37% and a loss of 258 million yuan in 2024 [5] - The company's core revenue from low-end products decreased by 29%, with significant declines in gross margins across all product categories [6] Summary of Key Financial Metrics - A table summarizes the contract liabilities and cash collection ratios for various companies, highlighting significant changes from 2023 to 2024 [7]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

Core Insights - The Chinese liquor industry is experiencing a trend of decreasing volume but increasing prices, with leading brands like Moutai and Wuliangye seeing revenue and net profit growth despite a decline in overall industry production [2][5][13] - Brand building has become crucial for all liquor companies, especially for small and medium enterprises, which can seek growth through regional market focus, transforming into specialty wineries, and enhancing consumer interaction [2][5][16] - The rise of low-alcohol and fruit wines poses challenges for traditional liquor companies, which must prioritize product quality and innovation to adapt to changing consumer preferences [2][22][25] Industry Trends - The overall production capacity of the liquor industry has been declining, with current capacity at about 30% of its peak in 2016, reflecting a shift in consumer preference towards premium and aged liquors [5][6][8] - The competition is increasingly characterized by a "survival of the fittest" dynamic, where leading brands grow at the expense of smaller players, leading to a phenomenon described as "this consumes that" [5][13] - The market is witnessing a bifurcation where high-end brands are facing price adjustments, with Moutai's actual transaction price dropping nearly 30% from its peak [14][29] Company Strategies - Companies like Gujinggong and Jinshiyuan have benefited from the industry's increasing concentration and have successfully leveraged regional economic growth to enhance their market positions [16][17] - Watering brands like Shui Jing Fang are focusing on brand building and product quality, positioning themselves well in the competitive landscape [19] - Small liquor companies are encouraged to either dominate a specific regional market or transform into local wineries that resonate with community sentiments, potentially leading to profitable operations [20][21] Consumer Behavior - Consumers increasingly demand specific brands when purchasing liquor, indicating a strong brand loyalty that drives market dynamics [12][19] - The perception of liquor as a premium product has led to a decline in the acceptance of non-branded or lower-quality offerings, emphasizing the importance of brand reputation [6][8][12] - The younger generation's shift towards lighter alcoholic beverages and fruit wines presents both a challenge and an opportunity for traditional liquor companies to innovate and adapt [22][23][25] Investment Outlook - The liquor sector is currently undergoing a valuation correction after a period of rapid growth, with investors advised to approach the market with a rational mindset based on their investment goals [27][29] - The potential for mergers and acquisitions in the liquor industry remains high, with significant interest in brands that can demonstrate strong growth potential [28][29] - The evolving economic landscape and changing consumer preferences necessitate a careful evaluation of investment strategies within the liquor sector [28][29]