Core Viewpoint - The company emphasizes a balanced pricing strategy focused on mid to high-end segments, aiming to increase market share while maintaining price stability despite competitive pressures [1][2]. Pricing Strategy - The management highlights the importance of balancing volume and price, with a focus on maintaining relative price stability through value optimization and policy adjustments [1]. - Short-term price reductions can stimulate demand, but the company prioritizes long-term brand positioning and will adjust pricing strategies based on competitive dynamics [1]. Product Development - The V series is a key focus for the company's premiumization strategy, with V3 being the main sales driver and expected to maintain its market share through 2026 [1]. - V6, positioned as a "structural high-end" product, is being innovatively developed to enhance its market presence, particularly in high-end markets [1]. Market Performance - The company plans to conduct precise data analysis in 2026 to track sales and pricing changes in selected stores, ensuring the effectiveness of its strategies [2]. - The "Danya" product has recently surpassed "Duokai" to become the second-largest product, with plans for packaging upgrades and quality improvements to strengthen its position in the 100 yuan price range [2]. Regional Market Insights - The company identifies uneven development in the domestic market as both a challenge and an opportunity, with significant potential in regions like Jiangsu [3]. - The company aims to enhance its visibility in mainstream price segments while increasing market share in the domestic market, particularly in the southern Jiangsu region [3]. Expansion Plans - The company is committed to increasing its market share in provincial markets, with notable growth in Anhui and Shandong expected by 2025 [3]. - Despite a decline in overall provincial performance in Q4, the company has managed to increase its market share, indicating a strategic focus on resource allocation and practical operations [3].

2月3日，今世缘发布投资者来访接待记录表。对于对2026年逐季的恢复节奏，管理层回应，近两年我们 的基调非常明确，就是"稳中求进"。 "稳"是基础：重点是稳价盘、稳市场预期、稳渠道信心、稳市场 份额。从2025年的结果看，我们的基本盘是稳定的，波动在可预期和可承受的范围内，表现优于部分规 模体量相近的友商。 对于2026年的节奏，我们判断报表端压力最大的是一季度，主要是因为去年的基数较高。从第二季度开 始，随着同比基数的降低，有望看到改善的迹象。 对于费用投放，管理层表示，行业竞争加剧使得投入的边际效应在下降。从报表来看，我们的利润率确 实出现回落，这是为应对竞争、保护基本盘所必须面对的，我们接受行业整体利润率下行的趋势。 "进"是方向：在市场竞争力、运营质量、厂商团队信心等方面寻求进取。我们以积极的心态看待头部酒 企的变革，估计长期会对渠道结构带来深远影响。 (编辑：林辰)关键字： 今世缘 白酒 2026年的关键不是简单收缩，而是优化和精准化。我们将更加强调有效投入，在动作、流程、管理、考 核上做优化。例如，品牌广告投入将从粗放转向精准，传统促销预算也会优化。 大原则是固定费用总量保持稳定，但会削减效率不高 ...

2月3日，今世缘发布投资者来访接待记录表。当中谈及2025年第四季度实际的开瓶情况，管理层介绍， 2025年江苏省白酒市场的表现可以看作行业的缩影。分价格带看，所有价位都承受了一定压力，但结构 上有差异：100元以内和800元以上的两端市场占比微增。对应到我们的产品，单开、淡雅保持了小幅增 长，而代表主流政商务消费的四开及以上产品则承压。春节期间，由于消费集中，各价格带的表现可能 会比Q4相对好一些。 至于公司当前的库存水平，管理层回应，在上一个销售考核年度（2024年12月至2025年11月），公司主 线产品的库存同比降低明显。但目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降 的。 当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度慢。什么时候能 进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消化。我们认为， 消费端可能难以回到过去的峰值，会下一个台阶，然后在这个新平台上逐步缓慢恢复。 （企业公告） (编辑：林辰)关键字： 今世缘 白酒 ...

Core Viewpoint - The ongoing reforms at iMoutai are gradually demonstrating their effectiveness, with online consumer engagement strengthening and offline demand for regular Moutai returning to rational consumption levels, leading to a significant increase in sales velocity for Feitian Moutai compared to the same period last year [1][2] Group 1: iMoutai Reforms and Market Dynamics - The iMoutai reforms are effectively expanding the consumer base, attracting and nurturing new consumer groups, and driving high growth in distributor demand [1] - The price of regular Moutai has returned to the consumer-friendly price range of 1500 yuan, releasing substantial potential demand for business, family gatherings, and gifting [1] - The supply of high-value products has decreased, with regular Moutai filling the supply gap, leading to accelerated turnover [1][3] Group 2: Pre-Festival Demand and Sales Performance - Pre-festival demand for Feitian Moutai is heating up, with a collection progress of 33% and sufficient inventory turnover among distributors [2] - The expected additional sales volume from iMoutai is around 20%, driven by enhanced consumer reach and a slight increase in price per ton [2] Group 3: High-Value Products and Inventory Levels - The supply of high-value products is focused on inventory reduction, with low inventory levels reported [3] - The sales performance of premium and aged wines is showing positive growth, with some distributors seeking to increase their inventory from self-operated stores [3] Group 4: Regional Market Observations - There is a noticeable divergence in sales performance across different regions, with high-end brands like Feitian Moutai experiencing strong sales growth while other brands face significant declines [4] - In regions with better economic conditions and drinking culture, such as East China and Henan, sales declines are around 10%, while provinces like Shandong and Hunan report declines exceeding 10% [4] Group 5: Investment Recommendations - The investment outlook suggests focusing on Moutai and Guojiao, as the sales and pricing of Moutai have exceeded expectations, indicating a concentration of seasonal effects in leading brands [7] - For the broader market, recommendations include stable dividend-paying stocks like Guizhou Moutai and Gujing Gongjiu, while also monitoring the sales rhythm of brands like Wuliangye and Shanxi Fenjiu [7][8]

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]

格隆汇2月3日丨今世缘(603369.SH)投资者来访接待记录表显示，2026年第一季度，行业整体的开瓶数 同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分化。对我们自身而言，如 果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年的基数较低，从今 年二季度后，实现同比回正还是有可能的。 ...

Core Viewpoint - The company is focusing on high-end product lines, particularly the V series, with a strong emphasis on the Jiangsu province market [1] Group 1: Product Strategy - The V3 product is identified as the "scale high-end" offering and is currently the main sales driver, with a positive market reception and an increasing market share expected to continue through 2026 [1] - The V6 product is categorized as "structural high-end" with a lower sales base, and the company is innovating product forms, such as promoting the 260ml V6 small powder diamond in key markets like Suzhou, Wuxi, and Changzhou [1] - The V9 product is positioned as "category high-end" aimed at establishing a premium brand image, although its sales are currently low and unlikely to see significant growth in the short term, it is not expected to heavily impact overall performance [1]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 ...

责任编辑：李思阳 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中，谈到库存水平问题 时表示，在上一个销售考核年度（24 年 12 月至 25 年 11 月），公司主线产品的库存同比降低明显。但 目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降的。 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中，谈到库存水平问题 时表示，在上一个销售考核年度（24 年 12 月至 25 年 11 月），公司主线产品的库存同比降低明显。但 目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降的。 今世缘表示，当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度 慢。什么时候能进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消 化。今世缘认为，消费端可能难以回到过去的峰值，会下一个台阶，然后在这个新平台上逐步缓慢恢 复。 今世缘表示，当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度 慢。什么时候能进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消 化 ...

Core Viewpoint - The overall consumption during the upcoming Spring Festival is expected to decline compared to the previous year, with the potential for it to be the "coldest Spring Festival in history" [1] Group 1: Market Sentiment - The confidence index among channel and terminal merchants has not shown significant improvement, indicating a prevailing wait-and-see attitude in the market [1] - The concentrated effect of festive consumption has not yet fully manifested, suggesting that consumer sentiment remains cautious [1] Group 2: Company Preparations - The company is actively preparing for the Spring Festival, with smooth progress in signing contracts with channel terminals [1] - Ongoing online and offline activities related to the festival are being promoted to enhance sales [1] Group 3: Inventory and Sales Expectations - The company has implemented reasonable inventory control to maintain a balance between volume and price [1] - There is a possibility that the overall sales performance during this Spring Festival will meet the company's own expectations, although it is anticipated to be lower than the same period last year [1]