本报（chinatimes.net.cn）记者黄兴利 北京报道 曾以高成长性被视为白酒板块黑马、业绩一路高歌的今世缘（603369.SH），在此轮行业深度调整中也 未能独善其身。8月25日晚间披露的半年报显示：其营收与净利润双双承压下滑，而被视作业绩"蓄水 池"的合同负债更是骤降，折射出行业低迷周期下区域酒企面临的重重压力。 纵然这个夏天，今世缘凭借赞助"苏超"加大了品牌曝光度，但暂时并未能给业绩注入实质利好。当前白 酒深度调整仍未落幕，最艰难的挑战或许还在前方。在被问及行业何时迎来实质性转机时，今世缘方面 于近期投资者交流纪要中坦言："预计行业实质性好转可能在2026年下半年出现。2025年四季度环比降 幅或可改善，尽管去年同期基数较低，同比能否持平仍难预判。" 业绩骤降，高端承压 最新披露的半年报显示，今年上半年，今世缘实现营业收入69.50亿元，同比下滑4.84%；归属于上市公 司股东的净利润为22.29亿元，同比减少9.46%。值得注意的是，这是自2020年以来其半年度业绩首次出 现明显降速。 省内失速，省外难撑 今世缘过度依赖省内市场的结构性问题，在2025年上半年成绩单中被进一步放大。 从市场布局 ...

本报记者 梁傲男 8月26日，江苏今世缘酒业股份有限公司（以下简称"今世缘"）发布2025年上半年业绩报告。报告期 内，公司营收69.5亿元，同比微降4.84%；实现归属于上市公司股东的净利润为22.29亿元，同比下降 9.46%；公司经营活动产生的现金流量净额为10.75亿元。 另外，今世缘的经销商数量为1299家，第二季度末环比来看，省内和省外分别增加10家和22家，达到 646家和653家。 在白酒行业呈现存量、缩量竞争格局下，今世缘交出的2025年半年报成绩单，符合市场预期，相比多家 酒企两位数下滑的财报，品牌力和产品力为公司稳健发展提供了有力的支撑。 今世缘在半年报中表示，上半年，白酒行业呈现出缩量竞争态势，面对竞争持续加剧、市场分化日益显 著的外部环境，公司保持战略定力，积极应对行业挑战，通过优化内部管理、深化市场布局、强化创新 驱动，推动业务整体稳健发展，各项经营工作有序推进。 "整体来看，虽然今世缘营收与净利润都出现下滑，但是相对而言，降幅可控，在行业调整周期下，其 表现值得肯定。"中国酒文化品牌研究院智库专家蔡学飞对记者表示。 省外市场布局持续深化 白酒行业处于存量博弈和缩量竞争阶段，"品牌 ...

今日晚间，迎驾贡酒（603198）和今世缘（603369）披露半年报，两家公司业绩均随着白酒行业有所下 降，其中今世缘降幅较小。 2025年上半年，白酒行业进入存量竞争深度调整期，规模以上工业白酒累计产量同比下降5.8%，消费 疲软与需求分化成主要挑战。 迎驾贡酒上半年营收31.60亿元，同比下降16.89%；归属于上市公司股东的净利润11.30亿元，同比下滑 18.19%；扣非后净利润10.93亿元，降幅达19.94%，经营活动产生的现金流量净额3.17亿元，同比减少 48.30%，主要因销售回款减少。 今世缘表现相对稳健，上半年营收69.50亿元，同比下降4.84%；归母净利润22.29亿元，同比降幅 9.46%；扣非后净利润22.24亿元，同比减少9.08%，降幅均小于迎驾贡酒，经营活动现金流10.75亿元， 同比下降13.75%。 今世缘和同省的洋河股份（002304）相比表现较佳。8月18日晚间，洋河股份披露2025年半年度报告， 数据显示上半年实现营业收入147.96亿元，同比下降35.32%；归属于上市公司股东的净利润43.44亿 元，同比下降45.34%。 洋河股份上半年经营活动产生的现金流量 ...

Core Viewpoint - The Chinese liquor industry is experiencing a slight decline in production but an increase in sales revenue and profit, with the company Jiuziyuan showing significant growth in revenue and profit in 2024 [1][2]. Industry Overview - In 2024, the liquor industry had a total production of 4.1447 million kiloliters, a year-on-year decrease of 1.80%, while sales revenue reached 796.384 billion yuan, an increase of 5.30%, and profits were 250.865 billion yuan, up by 7.76% [1]. - The overall market is facing pressure from major brands expanding their distribution channels, impacting regional brands significantly [3]. Company Performance - Jiuziyuan achieved a revenue of approximately 11.544 billion yuan in 2024, marking a year-on-year growth of 14.32%, and a net profit of about 3.412 billion yuan, up by 8.80% [2][3]. - The company’s quarterly revenue for 2024 was approximately 4.671 billion yuan, 2.633 billion yuan, 2.636 billion yuan, and 1.604 billion yuan, respectively, indicating a slowdown in revenue and profit growth [2][3]. Product Analysis - Jiuziyuan's revenue from premium products priced above 300 yuan grew by approximately 15.17%, while products priced between 100-300 yuan saw a growth of about 16.61% [3][4]. - Products priced above 100 yuan accounted for approximately 93.88% of total revenue, all achieving double-digit growth [3]. Market Performance - Revenue from various regions showed growth, with the Huai'an region achieving approximately 2.235 billion yuan (up 12.31%), and the Suzhou region reaching about 1.924 billion yuan (up 21.21%) [4]. - The company’s traditional wholesale and agency channels generated 112.05 billion yuan, accounting for 97.06% of total revenue, with a year-on-year growth of 14.19% [5]. Production Insights - Jiuziyuan's production volume in 2024 was 53,548.59 kiloliters, a year-on-year increase of 4.03%, while sales volume reached 55,834.30 kiloliters, up by 19.54% [6]. - The company has faced challenges in increasing its market share outside its home province, with external revenue remaining around 5% [6][7]. Strategic Goals - Jiuziyuan aims to achieve a revenue target of 15 billion yuan by 2025, focusing on expanding its presence in provincial markets and enhancing product structure [7]. - The company is investing in capacity enhancement projects, including a 12 billion yuan investment in facility upgrades [7]. Competitive Landscape - The liquor market is becoming increasingly competitive, with Jiuziyuan needing to enhance its brand recognition and product quality to meet consumer demands [8].

Summary of the Conference Call for Jinshiyuan Company Overview - Jinshiyuan is a leading liquor company in Jiangsu, with projected revenue of 11.546 billion yuan and profit of 3.412 billion yuan for 2024, showing a compound annual growth rate (CAGR) of 17% in revenue and 18% in profit over the past 11 years [2][6][10] - The company has three main brands: Guoyuan, Jinshiyuan, and Gaogou, with over 90% of revenue coming from high-end products priced above 100 yuan [2][8] Industry Insights - The liquor market in Jiangsu is approximately 60 billion yuan, with Jinshiyuan holding about 10% market share, while Yanghe holds around 40% [16] - The company is expected to achieve a revenue growth rate of about 10% from 2025 to 2027, with profit growth slightly lower at around 9% [3][20] Financial Performance - Jinshiyuan's operating cash flow has maintained a compound growth rate of about 17% from 2019 to 2024, with a dividend payout ratio increasing from 30% in 2014 to 44% in 2024 [10] - The company's gross margin is expected to decline slightly in 2024 due to channel policy adjustments, but net profit margin remains stable [2][9] Market Strategy - The company is focusing on expanding its market presence both within Jiangsu and in surrounding provinces, implementing a strategy of deepening penetration in core markets while also targeting new areas [2][18] - Jinshiyuan's product structure is evolving, with a focus on high-end products and a significant increase in the share of mid-to-high-end products [9][12] Competitive Positioning - Jinshiyuan is positioned in a competitive landscape against Yanghe, with a strategy of differentiated competition, particularly in the high-end segment [15] - The company has seen a narrowing gap in revenue compared to Yanghe, with the revenue ratio improving from 1:2.3 in 2019 to 1:1.2 in 2024 [16][17] Organizational Changes - Recent organizational adjustments include the restructuring of the strategic department and the establishment of several new business units to enhance operational efficiency [19] Brand Marketing and Consumer Trends - Jinshiyuan's marketing strategy leverages its cultural heritage and has seen increased advertising expenditures since 2017, focusing on its three main brands [14] - The V3 product, priced over 600 yuan, has shown positive sales trends, indicating a shift in consumer preferences towards higher-quality products [22] Future Outlook - The company aims to reach a revenue target of 15 billion yuan as part of its long-term strategic plan, with a focus on maintaining steady growth and improving market share [6][20]

Core Viewpoint - Jiangsu Jinshiyuan Wine Industry Co., Ltd. achieved record highs in revenue and net profit for 2024, indicating strong growth momentum in the company [1] Financial Performance - In 2024, the company reported a revenue of 11.544 billion yuan, a year-on-year increase of 14.32% - The net profit attributable to shareholders was 3.412 billion yuan, up 8.8% year-on-year - The net cash flow from operating activities reached 2.867 billion yuan, reflecting a 2.37% increase year-on-year [1] Product Segmentation - Jinshiyuan has three major brands: "Guo Yuan," "Jin Shiyuan," and "Gao Gou" - Revenue by product category for 2024: - Special A+ (above 300 yuan): 7.491 billion yuan, +15.17% - Special A (100-300 yuan): 3.347 billion yuan, +16.61% - A (50-100 yuan): 419 million yuan, +1.95% - B (20-50 yuan): 142 million yuan, -11.09% - C and D (below 20 yuan): 74 million yuan, -14.57% [2] Sales Channels - In 2024, wholesale and agency sales generated 11.205 billion yuan, while direct sales (including group purchases) contributed 273 million yuan - The number of distributors increased to 1,228, with a net addition of 294 [2] Regional Performance - Revenue growth was observed in both domestic and international markets - In Jiangsu province, revenue from various districts showed growth, with notable increases in Huai'an (12.31%) and Suzhong (21.21%) - The company achieved 926 million yuan in revenue from outside Jiangsu, a 27.37% increase year-on-year [3] Market Strategy - The growth in 2024 was primarily driven by the domestic market and high-end products like Guo Yuan - The company is focusing on expanding its presence in provinces such as Shandong, Anhui, Henan, and Zhejiang, with expectations for continued growth in these regions [4] Future Outlook - For 2025, the company aims for a revenue growth of 5% to 12% and a net profit increase slightly lower than revenue growth - The company has set strategic goals to ensure economic indicators exceed industry averages and to enhance production capacity and market operations [1][4]