Core Viewpoint - Jiangsu Jinshiyuan Liquor Co., Ltd. has experienced a significant decline in performance, with its 2025 semi-annual report showing a decrease in both revenue and net profit for the first time since 2021, indicating a potential shift in the company's growth trajectory [1][2] Financial Performance - In the first half of 2025, the company reported revenue of 6.95 billion yuan, a year-on-year decrease of 4.84%, and a net profit of 2.23 billion yuan, down 9.46% [2] - The second quarter of 2025 saw a sharp decline in revenue to 1.85 billion yuan, a 29.69% drop year-on-year, and net profit fell to 585 million yuan, down 37.06% [1][2] - The company had previously enjoyed consistent double-digit growth from 2021 to 2024, with revenue increasing from 6.41 billion yuan to 11.55 billion yuan and net profit rising from 2.03 billion yuan to 3.41 billion yuan [2] Product Performance - Revenue from high-end products, particularly those priced above 300 yuan, decreased by 7.37% to 4.31 billion yuan in the first half of 2025 [4] - The company reported a significant decline in sales of its premium products, with the revenue from the high-end "Guoyuan" series being particularly affected [4][5] - Inventory levels increased to 5.72 billion yuan, reflecting challenges in selling high-end products [5] Market Dynamics - The company remains heavily reliant on its home market in Jiangsu, where approximately 90% of its revenue is generated, while revenue from outside Jiangsu is only about 10% [6] - Despite an increase in the number of distributors outside Jiangsu, the revenue generated from these distributors is significantly lower compared to those within the province, indicating challenges in brand recognition and market penetration [6] - The company plans to focus on core markets surrounding Jiangsu, such as Anhui, Shandong, Shanghai, and Zhejiang, to enhance its competitive position [6]

Core Viewpoint - The company, Jinshiyuan, has faced significant challenges in the current downturn of the liquor industry, with both revenue and net profit declining in the first half of the year, reflecting the pressures on regional liquor enterprises during this low period [2][3]. Financial Performance - In the first half of the year, Jinshiyuan reported revenue of 6.95 billion yuan, a year-on-year decrease of 4.84%, and a net profit of 2.23 billion yuan, down 9.46%, marking the first significant slowdown in semi-annual performance since 2020 [2][3]. - The second quarter saw a dramatic decline, with revenue dropping nearly 30% to 1.85 billion yuan and net profit decreasing approximately 37% to 585 million yuan [3][4]. Market Dynamics - The company has been heavily reliant on high-end products, which have seen a significant drop in demand due to new regulations limiting high-end liquor consumption in business settings [4][5]. - The contract liabilities, seen as a "water reservoir" for the company, fell sharply from 1.592 billion yuan at the end of 2024 to 599 million yuan, a decrease of 62.35%, indicating a weakened market outlook [8][9]. Product Structure and Strategy - The high-margin A+ category products (priced above 300 yuan) accounted for 62% of total revenue but experienced a 7.37% decline, significantly impacting overall performance [4][5]. - The company plans to focus on both consolidating its position in the domestic market and expanding its presence in external markets, emphasizing the importance of mid-range products to counterbalance the decline in high-end sales [6][7]. Regional Market Challenges - The domestic market, which contributes over 90% of revenue, saw a decline of 6.07%, while the external market grew by 4.78%, but its contribution remains insufficient to support overall growth [5][6]. - The competitive landscape in Jiangsu province, a major liquor market, is intensifying, with local brands like Yanghe increasing their market share through aggressive pricing strategies [5][6]. Future Outlook - The company anticipates a potential recovery in the industry by the second half of 2026, with expectations of improved performance in the fourth quarter of 2025, although the ability to maintain year-on-year growth remains uncertain [2][3].

25H1 特A+/特A/其他类收入同比-7.4%/+0.7%/-12.6%，25Q2 特A+/特A/其他类同 比-32.1%/-28.1%/-34.4%，25H1 特A 及以上收入占总营收比重同比+0.4pct 至95.1%。25Q2 外部环境压 力增大，但预计大众价位代表产品淡雅系列仍实现稳健增长；核心大单品开系列受外部环境影响预计略 有下滑，其中四开表现好于对开；国缘V 系定位高线次高端价格带同样有所承压。分区域，公司通过分 区精耕、分品提升不断打破省内"天花板"，省外围绕重点板块市场布局，25H1 省内/省外营收同 比-6.1%/+4.8%，25Q2 省内/省外营收同比-32.2%/-17.8%。公司收入跨越百亿规模后，"省内精耕"+"区 域扩张"的节奏更加坚定清晰。 盈利能力略有承压，合同负债环比提升 公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利69.5/22.3/22.2亿，同比-4.8%/-9.5%/-9.1%； 25Q2 总营收/归母净利/扣非净利18.5/5.8/5.8亿，同比-29.7%/-37.1%/-36.5%。产品端，公司核心产品升 级、新产品布局陆续落地，外部环境 ...

编者按：2024年，中国白酒行业步入深度调整期，市场竞争愈发激烈，行业人事变动频繁，风起云涌。面对复杂多变的行业形势和消费市场的新需求，白酒 企业纷纷将"改革"视为关键动力，积极探索新的增长点，以应对挑战、拥抱机遇。 搜狐酒业特别推出"十大酒企董事长"栏目，聚焦贵州茅台、五粮液、山西汾酒、洋河股份等具有行业影响力的酒企，深入剖析这些企业掌舵人的管理理念、 战略调整以及背后的市场考量，为行业提供参考与借鉴。 第五期关注的是今世缘酒业党委书记、董事长顾祥悦。 作者丨饶婷 编辑丨李文贤 出品丨搜狐酒业发展研究院 自2022年4月正式掌舵今世缘酒业以来，顾祥悦已带领公司走过三年征程。 作为涟水本地人，顾祥悦的职业生涯始终扎根脚下这片醇香的土地，在淮安政府部门任职30年，从涟水县农业局办事员起步，历经高沟镇党委书记、淮安市 白马湖规划建设管理办公室主任、涟水县政协主席等要职。 履新以来，顾祥悦改革动作频频，连续打出战略组合拳。 在组织结构上，2022年起今世缘营销后台从市场部（统管）和销售部（考核）转变为事业部制，设立了国缘 V 系事业部、国缘事业部、今世缘事业部和高 沟销售公司，实现多品牌专业化运营。 "在简政放权中 ...

Group 1 - The "Su Super" football league in Jiangsu has gained significant popularity, with a 16-fold increase in keyword search volume in the past week, particularly in cities like Suzhou, Wuxi, and Nanjing [2] - Jiangsu Bank is the title sponsor of the "Su Super" league, with a retail AUM of over 1.42 trillion yuan, leading among city commercial banks [2] - The event has attracted various sponsors, including high-end liquor brand Guoyuan V from Jinshiyuan, which sees this as an opportunity to enhance brand visibility [3] Group 2 - Other sponsors include Kang Shifu's bottled water brand "He Kai Shui," indicating a diverse range of corporate involvement in the league [4] - Local listed companies are also leveraging the event for brand promotion, such as Weiweijia, which aims to enhance its brand visibility through participation [5] - CITIC Special Steel, based in Jiangyin, has its logo on the Wuxi team's jersey, showcasing the regional corporate support for the league [5]

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].

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's performance is in line with expectations, showing steady growth. In 2024, total revenue and net profit attributable to shareholders were 115.46 billion and 34.12 billion yuan, respectively, representing year-on-year increases of 14% and 9% [5] - The company is expected to continue its growth trajectory, with projected EPS for 2025-2027 being 2.95, 3.24, and 3.60 yuan, respectively, corresponding to PE ratios of 16, 15, and 13 times [7] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit were 50.99 billion and 16.44 billion yuan, with year-on-year growth of 9% and 7% [5] - The company's gross margin and net margin for 2024 were 75% and 30%, with slight declines in 2025 Q1 [5] - Operating cash flow showed significant improvement, with Q1 2025 operating cash flow of 14.27 billion yuan, up 42% year-on-year [5] Product and Channel Performance - Revenue from key product categories in 2024 showed positive growth, with the premium A category growing by 15.17% [6] - Direct sales and wholesale revenue in 2024 were 2.73 billion and 112.05 billion yuan, reflecting increases of 20.78% and 14.19% [6] Earnings Forecast - The company is expected to maintain its growth momentum post surpassing 100 billion yuan in revenue, with a forecasted revenue growth rate of 9.3% for 2025 [10] - The projected net profit growth rates for 2025-2027 are 7.8%, 9.9%, and 10.9%, respectively [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's performance is in line with expectations, showing steady growth. Total revenue and net profit for 2024 are projected to be CNY 115.46 billion and CNY 34.12 billion, respectively, representing year-on-year increases of 14% and 9% [5] - The company is expected to continue its growth trajectory, with earnings per share (EPS) forecasted at CNY 2.95, CNY 3.24, and CNY 3.60 for 2025, 2026, and 2027, respectively [7] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit reached CNY 50.99 billion and CNY 16.44 billion, reflecting year-on-year growth of 9% and 7% [5] - The gross margin and net margin for 2024 were 75% and 30%, with slight declines in 2025 Q1 to 74% and 32% [5] - Operating cash flow showed strong performance, with a year-on-year increase of 42% in Q1 2025 [5] Product and Channel Performance - Revenue from key product categories in 2024 showed growth, with the premium A+ category growing by 15.17% and the A category by 16.61% [6] - Direct sales and wholesale revenue for 2024 were CNY 2.73 billion and CNY 112.05 billion, respectively, with increases of 20.78% and 14.19% [6] Earnings Forecast - The company is expected to maintain a strong growth trajectory post reaching CNY 100 billion in revenue, with projected EPS for 2025-2027 being CNY 2.95, CNY 3.24, and CNY 3.60, corresponding to price-to-earnings (PE) ratios of 16, 15, and 13 times [7][10]

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on maintaining market share and expanding in both domestic and international markets [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 11.544 billion, a year-on-year increase of 14.3% [1] - The net profit attributable to shareholders was 3.412 billion, up 8.8% year-on-year [1] - The net profit excluding non-recurring items was 3.38 billion, reflecting a 7.8% increase year-on-year [1] - For Q4 2024, the operating revenue was 1.604 billion, down 7.5% year-on-year, and the net profit was 326 million, down 34.8% year-on-year [1] Quarterly Performance - In Q1 2025, the company reported operating revenue of 5.099 billion, a year-on-year increase of 9.2%, and a net profit of 1.644 billion, up 7.3% year-on-year [2] - The combined revenue for Q4 2024 and Q1 2025 showed a year-on-year growth of 4.6% [2] Product and Market Analysis - The company saw a stable performance in its core products, with significant growth in premium product categories [2] - The revenue from different product tiers in 2024 was as follows: Special A+/A/A/B/C+D categories achieved revenues of 7.491 billion, 3.347 billion, 419 million, 142 million, and 74 million respectively, with year-on-year changes of +15.2%, +16.6%, +2.0%, -11.1%, and -14.6% [2] - In Q1 2025, the revenue from the same categories was 3.169 billion, 1.650 billion, 184 million, 57 million, and 19 million respectively, with year-on-year changes of +6.6%, +17.4%, +3.3%, -3.8%, and -38.3% [2] Regional Performance - In 2024, the company’s revenue from domestic and international markets was 10.551 billion and 926 million respectively, with year-on-year growth of 13.3% and 27.4% [3] - In Q1 2025, domestic and international revenues were 4.642 billion and 437 million, with year-on-year growth of 8.5% and 19.0% [3] - The company has expanded its dealer network, with a net increase of 123 and 125 dealers in domestic and international markets respectively [3] Profitability and Cost Management - The gross margin for 2024 was 74.7%, a decrease of 3.6 percentage points year-on-year, while Q1 2025 gross margin was 73.6%, down 0.6 percentage points year-on-year [4] - The company maintained stable profitability with a net profit margin of 29.6% for 2024 and 32.2% for Q1 2025 [4] Strategic Outlook - The company has set pragmatic operational goals for 2025, aiming for growth rates above industry averages, particularly in international markets [5] - The focus remains on solidifying the core product base while enhancing market penetration in both domestic and international regions [5] - Revenue projections for 2025 and 2026 are 12.525 billion and 13.789 billion respectively, with expected growth rates of 8.5% and 10.1% [5]