12月20日下午，"今世有缘，相伴扬子"扬子晚报创刊40周年书画名家笔会暨今世缘（603369）创牌30周年书画名家迎春活动在扬子晚报11楼中庭盛大举 行。在活动期间，今世缘酒业高级总监兼南京大区副总经理、国缘推广中心经理牛海军接受扬子晚报专访，分享了今世缘与扬子晚报的情缘以及今世缘酒 业的文化魅力。 1996年，今世缘在南京首次亮相，大获成功，南京成为了今世缘发展历程中的"福地"，此后今世缘与扬子晚报保持着密切合作。"十四五"以来，今世缘 从"十三五"末的营收50亿元，成长到2023年营收突破100亿元，位列中国白酒上市公司第七位，近四年为国家贡献税收近130亿元。这份耀眼的成绩单一方 面得以于江苏这片营商沃土的滋养，另一方面也得益于今世缘苦练内容，这些年来在文化升维、品牌升维、品质升维、人才升格、情怀升华几方面做足功 课。 今世缘酒业建立了以"缘"为核心的文化体系，以文化兴企，打造发展的"隐形翅膀"。"'以缘载道、以缘立誉'是今世缘的根与魂，而'缘'恰恰是连接酒文化 与书画艺术的天然纽带。"牛海军表示，酒是情感的催化剂，书画是意境的表达者，无论是老友相聚的酣畅、事业合作的默契，还是对美好生活的向往， 酒与 ...

Core Insights - The article highlights the rising popularity of Guoyuan Si Kai, a premium liquor brand in Jiangsu, which has become a preferred choice at various banquets, indicating its strong market presence and consumer acceptance [1][4][9] Market Positioning - Guoyuan Si Kai has carved out a niche in the competitive liquor market by offering a unique 42-degree alcohol content that balances smoothness and richness, catering to the health-conscious consumer [3][9] - The brand's success is attributed to its ability to meet the specific demands of banquet settings, where quality and taste are paramount [3][4] Quality Assurance - The brand employs a pure grain solid-state fermentation process combined with intelligent brewing technology, ensuring consistent quality and flavor in every bottle [3][4] - This commitment to quality has established Guoyuan Si Kai as a reliable choice for consumers, enhancing its reputation in the banquet market [4][6] Cultural Relevance - Guoyuan Si Kai's branding is deeply rooted in cultural significance, particularly the concept of "缘" (fate or connection), which resonates with consumers during significant life events such as weddings and business gatherings [6][9] - The brand effectively creates emotional connections with consumers, making each toast meaningful and enhancing its value proposition [6][9] Growth Potential - The brand is poised for expansion beyond Jiangsu, with indications of acceptance in other provinces like Anhui and Shandong, suggesting a broader market appeal [8][9] - Guoyuan Si Kai's growth strategy focuses on understanding national banquet needs, positioning it as a strong contender in the national market [8][9]

Core Viewpoint - Jiangsu King's Luck Brewery Co., Ltd. reported a decline in revenue and profit for the first half of 2025, reflecting challenges in the competitive white liquor market, while maintaining a focus on brand differentiation and quality innovation [2][3]. Company Overview and Financial Indicators - The company reported operating revenue of approximately 6.95 billion RMB, a decrease of 4.84% compared to the same period last year [2]. - Total profit was approximately 2.96 billion RMB, down 9.66% year-on-year [2]. - Net profit attributable to shareholders was about 2.23 billion RMB, a decline of 9.46% from the previous year [2]. - The company's net assets increased by 4.75% to approximately 16.19 billion RMB [2]. - Total assets slightly increased by 0.36% to around 24.31 billion RMB [2]. Industry and Business Analysis - The white liquor industry is experiencing a shift towards high concentration and strong differentiation, with market share increasingly consolidating among leading brands [3]. - The company focuses on innovative marketing strategies and cultural branding to enhance brand differentiation and adapt to changing consumer preferences [3]. - The company operates three major brands: "Guo Yuan," "Jin Shi Yuan," and "Gao Gou," and employs a business model that integrates research, procurement, production, and sales [3]. Operational Performance - The company has strengthened market development efforts, particularly in e-commerce and provincial markets, while enhancing brand image through diverse marketing activities [3]. - Internal management optimization and project control have been emphasized to ensure steady business development [3]. - The company is implementing technological upgrades and capacity enhancements, including the construction of a new production facility and the application of advanced brewing technologies [3]. Competitive Advantages - The company leverages its cultural heritage and geographical advantages to maintain product quality and brand reputation [5][6]. - It has established partnerships with universities and research institutions to drive innovation in brewing technology and product quality [7]. - The company has received multiple quality awards and certifications, reinforcing its commitment to quality and safety in production [6][7]. Marketing and Management Strategies - The company has developed a unique marketing strategy that combines brand, channel, and consumer engagement to enhance market share [8]. - It has implemented a comprehensive management system that integrates various quality and safety standards, contributing to operational efficiency [9]. - The company is advancing its digital transformation efforts to enhance production and management processes, aiming for a smart factory model [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong growth potential and confidence in its market position [7]. Core Insights - The company has successfully crossed the 10 billion yuan revenue mark in 2023, with a strong growth momentum reflected in its performance in the first three quarters of 2024, where revenue and net profit increased by 18.85% and 17.08% respectively [15][25]. - The company is well-positioned in the second-high-end liquor market, with its core product, the Guo Yuan series, strategically targeting the 300-600 yuan price range, which has shown strong competitive advantages [4][46]. Summary by Sections 1. Strong Growth Momentum - The company is among the top ten listed liquor companies in China, focusing on the "Yuan" culture in its marketing strategy, which enhances brand recognition [4][15]. - The Jiangsu liquor market is robust, with the company benefiting from a favorable consumption environment and a significant market share alongside its competitors [4][32]. 2. Market Structure and Potential - Jiangsu's liquor market is the second largest in China, with a strong consumption atmosphere and high demand for premium products [32][33]. - The company has established a strong presence in key markets such as Nanjing and Huai'an, with significant growth potential in the Suzhong and Susou regions [4][37]. 3. Product Strategy and Optimization - The company has effectively positioned its core products in the next-high-end price segment, with a focus on expanding its product range to meet consumer demand [4][46]. - The introduction of the Guo Yuan V series and other high-end products is expected to drive future growth, with a clear strategy for market penetration and brand development [49][53]. 4. Financial Projections - The company forecasts revenue growth from 116.53 billion yuan in 2024 to 141.77 billion yuan in 2026, with net profit expected to rise from 34.71 billion yuan to 41.33 billion yuan over the same period [6][7]. - The earnings per share (EPS) is projected to increase from 2.78 yuan in 2024 to 3.32 yuan in 2026, reflecting a strong financial outlook [6][7].