Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 51.65 CNY, corresponding to a 22.05X valuation for 2025 [4][7]. Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 6.95 billion CNY, down 4.84% year-on-year, and net profit at 2.23 billion CNY, down 9.46% year-on-year [1][2]. - The second quarter of 2025 saw a significant drop in revenue and net profit, with revenue at 1.85 billion CNY, down 29.73% year-on-year, and net profit at 585 million CNY, down 37.03% year-on-year [1][2]. - The company is focusing on long-term quality growth by enhancing market penetration in domestic towns and expanding the production scale of premium liquor [2]. Financial Performance Summary - For the first half of 2025, the revenue breakdown by product category shows a decline in the Special A+ category by 7.37% to 4.31 billion CNY, while the Special A category saw a slight increase of 0.74% to 2.23 billion CNY [2]. - Revenue from domestic sales was 6.25 billion CNY, down 6.07% year-on-year, while revenue from outside the province increased by 4.78% to 628 million CNY [2]. - The gross margin for Q2 2025 was stable at 72.81%, with a slight decrease of 0.21 percentage points year-on-year, but the net profit margin fell to 31.58%, down 3.69 percentage points due to increased expense ratios [3]. Future Projections - The company is projected to experience revenue growth rates of -8.4%, 5.7%, and 8.3% for 2025, 2026, and 2027 respectively, with net profit growth rates of -13.9%, 7.3%, and 11.3% for the same years [4][5].

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。 根据《上海证券交易所上市公司自律监管指引第3 号——行业信息披露》之 《第十二号——酒制造》相关规定，现将江苏今世缘酒业股份有限公司2025 年 上半年与行业相关的定期经营数据（未经审计）披露如下： 一、 产品分档次、地区的情况 单位：元币种:人民币 | | 主营业务分产品情况 | | | | --- | --- | --- | --- | | | | 营业收入 | | | 分产品 | 2025 年上半年 | 2024 年上半年 | 同比增减 | | 特A+类 | 4,311,323,749.36 | 4,654,451,094.94 | -7.37% | | 特A 类 | 2,232,128,408.59 | 2,215,742,971.50 | 0.74% | | A 类 | 232,282,462.47 | 258,215,471.52 | -10.04% | | B 类 | 76,798,387.46 | 81,995,000.09 | -6.34% | | C 类、D ...

Core Viewpoint - Company Jinshiyuan achieved record high performance in 2024, with significant revenue growth and expansion into markets outside Jiangsu province [1][6][10] Financial Performance - In 2024, Jinshiyuan reported revenue of 11.544 billion yuan, a year-on-year increase of 14.32%, and a net profit of 3.412 billion yuan, up 8.80% [1][6] - The company's non-net profit reached 3.380 billion yuan, growing by 7.80% [1][6] - In Q1 2025, Jinshiyuan's revenue was 5.099 billion yuan, reflecting a 9.17% increase year-on-year [11] Market Expansion - Jinshiyuan's revenue from outside Jiangsu province reached 926 million yuan in 2024, a growth of 27.37%, surpassing the overall revenue growth rate [2][12] - In Q1 2025, revenue from outside Jiangsu was 437 million yuan, increasing by 19.04% [3][13] - The company has identified Shandong, Anhui, Henan, and Zhejiang as key regions for market expansion [3][13] Product Segmentation - The revenue from high-end products (特A+类) was 7.491 billion yuan in 2024, with a growth of 15.17% and a gross margin of 82.7% [6][7] - The revenue from the A category was 419 million yuan, growing by 1.95%, while the B category saw a decline of 11.09% [7] Organizational Changes - Jinshiyuan is undergoing organizational restructuring to enhance management efficiency and resource allocation [14][15] - A new customer relationship management department has been established, while the strategic research department has been dissolved [15] Dividend Policy - Jinshiyuan announced a dividend of 12 yuan per share, totaling 1.496 billion yuan, with a payout ratio of 43.85%, both marking historical highs [15]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 11.54 billion RMB for 2024, a year-on-year increase of 14.3%, and a net profit of 3.41 billion RMB, up 8.8% year-on-year. For Q1 2025, revenue was 5.10 billion RMB, reflecting a 9.2% increase, with a net profit of 1.64 billion RMB, up 7.3% year-on-year, aligning with market expectations [2]. - The company aims for a revenue growth of 5% to 12% in 2025, with net profit growth slightly lower than revenue growth, focusing on maintaining a balance between profit growth and operational quality [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 11.54 billion RMB, with a net profit margin of 29.6%, down 1.5 percentage points year-on-year. The gross margin decreased by 3.6 percentage points [4]. - For Q1 2025, the net profit margin was 32.2%, a decrease of 0.6 percentage points year-on-year, with a gross margin decline of 0.6 percentage points [4]. Product Analysis - In 2024, the revenue from Special A+ and Special A categories was 7.49 billion RMB and 3.35 billion RMB, respectively, with year-on-year growth of 15% and 17%. Sales volume increased by 27% and 26%, while ton prices decreased by 10% and 8% [3]. - For Q1 2025, revenue from Special A+ and Special A categories was 3.17 billion RMB and 1.65 billion RMB, with year-on-year growth of 7% and 17% [3]. Regional Performance - In 2024, the company generated 10.55 billion RMB from domestic sales and 930 million RMB from external sales, with year-on-year growth of 13% and 27%, respectively [3]. - For Q1 2025, domestic and external sales were 4.64 billion RMB and 440 million RMB, with year-on-year growth of 8% and 19% [3]. Profit Forecast and Valuation - The report projects a 12% and 17% reduction in net profit for 2025 and 2026, respectively, with expected revenue growth of 8.3% in 2025 and 8.5% in 2026 [5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.90 RMB, 3.17 RMB, and 3.57 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 16.0, 14.6, and 13.0 [5].

单位：元 币种: 人民币 | | 主营业务分产品情况 | | | | --- | --- | --- | --- | | 分产品 | | 营业收入 | | | | 2025 年第一季度 2024 | 年第一季度 | 同比增减 | | 特A+类 | 3,168,848,024.47 | 2,972,624,549.83 | 6.60% | | 特A 类 | 1,649,515,392.73 | 1,405,437,512.71 | 17.37% | | A 类 | 184,233,136.39 | 178,387,297.56 | 3.28% | | B 类 | 56,854,797.36 | 59,127,121.25 | -3.84% | | C 类、D 类 | 18,985,831.40 | 30,753,891.25 | -38.27% | | 其他 | 1,477,444.50 | 1,717,151.19 | -13.96% | | | 主营业务分地区情况 | | | | 分地区 | | 营业收入 | | | | 2025 年第一季度 2024 | 年第一季度 | 同比增减 | | 省内 | 4,6 ...