Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4][6]. Core Insights - The Gansu liquor market is approaching a scale of nearly 100 billion yuan, with local brands holding a significant market share. The consumption upgrade is ongoing, with the mainstream price point for general liquor around 100 yuan and business banquets primarily at 150-200 yuan. Gansu's economic development, driven by investment attraction, supports this upgrade [1][21]. - Jinwei Liquor, located in the "Jiangnan of Longshan," has a long-standing brand history and has initiated a "second entrepreneurship" since 2018. The company aims for long-term growth through stable management and employee profit-sharing plans [2][49]. - The company is optimizing its product structure, with a significant increase in the revenue share of products priced above 100 yuan, expected to reach 71% by 2024. The company is also expanding its market presence in surrounding provinces while maintaining a strong foothold in Gansu [3][65]. Summary by Sections Gansu Liquor Market - The Gansu liquor market is estimated to be around 100 billion yuan, with local brands dominating the market. The consumption upgrade is evident as the mainstream price point is transitioning from around 100 yuan to 200 yuan [1][21]. - Local liquor brands account for over 70% of the market share, with Jinwei holding approximately 20% and continuing to increase its share [1][38]. Jinwei Liquor Overview - Jinwei Liquor has a rich history and is recognized as a leading brand in Gansu. The company has undergone significant changes since its establishment, including a successful listing in 2016 and a shift in control back to the original parent group in 2022 [2][49]. - The management team is experienced and stable, with a focus on long-term performance and employee engagement through profit-sharing mechanisms [2][57]. Product and Market Strategy - The company is focusing on upgrading its product structure, with a notable increase in high-end product offerings. The revenue from products priced above 100 yuan is projected to grow significantly [3][65]. - Jinwei is pursuing a national expansion strategy while deepening its presence in Gansu, particularly in the eastern and central regions where it has established strong brand recognition [3][65]. Financial Projections and Valuation - The company is expected to achieve revenues of 30.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 11% since its listing. The projected net profits for 2025-2027 are 3.76 billion, 4.09 billion, and 4.43 billion yuan, respectively [4][6]. - The current price-to-earnings (P/E) ratio is projected to be 28, 25, and 23 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation compared to industry peers [4][6].

Core Insights - The 2025 China High-Quality Wine Export Exhibition and the 35th China (Guangzhou) International Famous Wine Exhibition were held in Guangzhou, showcasing the image of Jinhuijiu Co., Ltd and its selection in multiple honor lists [1][2] - The exhibition aims to create a high-end platform for Chinese wines to engage with the world, promoting the internationalization of the Chinese liquor industry [1] Company Highlights - Jinhuijiu showcased its full range of products, including various series such as Nianfen Jinhuijiu, Jinhuijiu Laojiao, and others, reflecting the company's systematic layout for diverse consumer needs and scenarios [1] - The company received significant attention during the exhibition due to its smooth and rich flavor, with many buyers inquiring about its products [2] - Jinhuijiu was recognized as an outstanding representative in the "2025 World Distilled Spirits Brand List" and included in the "2025 China Liquor Industry International Market Competitiveness Brand List," highlighting its competitiveness and brand influence in the global market [2] Industry Trends - The exhibition serves as a platform for Chinese liquor brands to enhance their global presence and competitiveness, with Jinhuijiu leveraging cultural empowerment to expand its overseas market [2] - The company plans to continue its development path of "layout nationwide, deepening in the northwest, and focusing on breakthroughs," actively participating in international industry events to contribute to the prosperity of the Chinese liquor industry [2]

Core Viewpoint - The 23rd China International Wine Expo was held in Wuhan, showcasing a full range of products from Jinhui Wine, highlighting the company's commitment to quality and market expansion [1][3]. Group 1: Event Overview - The expo was initiated by the Ministry of Commerce and guided by several national departments, serving as a platform for the 2025 "Ten Cities Linkage, Shared Food and Drink" promotional activities [3]. - The theme of the expo was "World Famous Wines, Shared Glory," aimed at energizing the wine industry's market transformation [3]. Group 2: Jinhui Wine's Product Showcase - Jinhui Wine presented a comprehensive product line, including the Year Gold Jinhui series, Old Jinhui series, Soft Gold Jinhui series, Energy Gold Jinhui series, Century Gold Jinhui series, and limited cultural creative products, catering to various price ranges and consumer scenarios [5][10]. - The classic products of Jinhui Wine received authoritative awards at the expo, with Century Jinhui (Four Stars) and Jinhui Treasures winning silver and bronze awards, respectively, in the 2025 International Spirits Excellence Competition [6]. Group 3: Brand Recognition and Consumer Experience - During the event, attendees praised Jinhui Wine for its smooth taste and sweet aftertaste, enhancing the brand's recognition and influence in the market [12]. - The company actively engaged with visitors, providing an immersive experience that showcased the quality and craftsmanship of its products, thereby boosting its market expansion potential [12].