Credit Brief — Jiangsu King’s Luck Brewery Joint-Stock Co.,Ltd. (今世缘)
603369.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 顾祥悦
- Registered address: 江苏省淮安市涟水县高沟镇今世缘大道1号
- Office address: 江苏省淮安市涟水县高沟镇今世缘大道1号
- Controlling shareholder: 今世缘集团有限公司
- Actual controller: 江苏省涟水县人民政府
- Employees: 5,308
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 5,381.3 | 6,457.3 | 6,158.0 | 5,364.9 | 5,183.2 |
| Trading financial assets | 2,256.0 | 1,296.8 | 2,094.2 | 1,168.2 | 1,207.6 |
| Accounts receivable | 46.7 | 48.5 | 34.9 | 64.8 | 46.9 |
| Other receivables | 29.3 | 46.7 | 29.9 | 19.0 | 16.1 |
| Inventories | 3,909.7 | 4,996.1 | 5,568.6 | 6,983.4 | 7,139.9 |
| Long-term equity investments | 28.8 | 41.4 | 47.5 | 82.1 | 98.8 |
| Fixed assets | 1,218.9 | 1,253.9 | 3,217.5 | 6,409.3 | 6,690.4 |
| Construction in progress | 1,760.6 | 3,710.6 | 3,394.2 | 1,734.2 | 1,414.9 |
| Intangible assets | 342.7 | 408.6 | 452.0 | 436.7 | 429.3 |
| Total assets | 18,183.7 | 21,630.6 | 24,221.9 | 25,899.0 | 25,874.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 600.0 | 900.0 | 1,040.0 | 950.0 | 1,200.0 |
| Notes payable | 270.0 | 323.6 | 824.1 | 816.1 | 836.8 |
| Accounts payable | 811.3 | 846.6 | 1,058.3 | 1,101.5 | 840.6 |
| Contract liabilities | 2,040.2 | 2,400.3 | 1,592.6 | 1,708.0 | 842.4 |
| Other payables | 2,007.0 | 2,395.9 | 2,706.8 | 2,920.2 | 3,213.8 |
| Current portion of non-current liabilities | 0.3 | — | 0.1 | 0.3 | 0.3 |
| Long-term borrowings | 0.0 | 0.0 | 190.4 | 427.0 | 409.2 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,119.0 | 8,343.8 | 8,768.2 | 9,336.4 | 8,726.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,254.5 | 1,254.5 | 1,254.5 | 1,246.8 | 1,246.8 |
| Capital reserve | 718.7 | 727.4 | 730.3 | 305.8 | 305.8 |
| Retained earnings | 8,879.0 | 11,104.9 | 13,270.0 | 14,377.5 | 14,963.1 |
| Equity attributable to owners of the parent | — | 13,286.8 | 15,453.7 | — | — |
| Minority interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total equity | 11,064.7 | 13,286.8 | 15,453.7 | 16,562.6 | 17,148.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 7,888.0 | 10,100.4 | 11,545.7 | 10,182.1 | 6,435.8 |
| Cost of sales | 1,845.5 | 2,187.2 | 2,915.6 | 2,621.7 | 1,663.9 |
| Selling expenses | 1,390.1 | 2,097.3 | 2,140.4 | 2,353.4 | 932.9 |
| Administrative expenses | 322.9 | 427.8 | 464.1 | 428.6 | 184.4 |
| Finance costs | -100.0 | -183.1 | -133.0 | -83.2 | -13.8 |
| Investment income | 122.2 | 109.4 | 19.1 | 56.4 | 21.0 |
| Operating profit | 3,341.4 | 4,178.8 | 4,553.0 | 3,462.7 | 2,789.2 |
| Profit before tax | 3,327.7 | 4,161.9 | 4,547.1 | 3,459.8 | 2,759.5 |
| Net profit | 2,502.8 | 3,136.0 | 3,411.9 | 2,603.7 | 2,081.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.68x | 1.59x | 1.66x | 1.64x | 1.77x |
| Quick ratio | 1.12x | 0.97x | 1.00x | 0.81x | 0.85x |
| Debt-to-asset ratio | 39.2% | 38.6% | 36.2% | 36.0% | 33.7% |
| Total debt / EBITDA | 0.17x | 0.20x | 0.25x | 0.34x | 0.49x |
| EBITDA interest coverage | 35.32x | 24.33x | 37.06x | 48.28x | 236.00x |
| Gross margin | 76.6% | 78.3% | 74.7% | 74.3% | 74.1% |
| Net margin | 31.7% | 31.0% | 29.6% | 25.6% | 32.3% |
| Return on equity (ROE) | 22.6% | 23.6% | 22.1% | 15.7% | 12.1% |
| Revenue growth | — | 28.0% | 14.3% | -11.8% | -36.8% |
| Net profit growth | — | 25.3% | 8.8% | -23.7% | -20.0% |
| Receivable days | 2 | 2 | 1 | 2 | 3 |
| Cash received / revenue | 122.5% | 119.4% | 106.3% | 111.8% | 102.5% |
| Operating CF / net profit | 1.11x | 0.89x | 0.84x | 0.58x | 0.78x |
| Free cash flow | 3,623.7 | 3,781.5 | 2,898.6 | 3,671.9 | 1,624.6 |
Mechanical risk flags
- ⚠ Quick ratio: 0.81 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.36 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 13,286.8 vs 21,630.6 CNY mn (deviation 38.57%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 8,343.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 24,221.9 vs 15,453.7 CNY mn (deviation 36.2%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 8,768.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 979.2 vs 1,076.0 CNY mn (deviation 9.0%, severity mid)
Sources: 2023年年度报告.pdf p.64 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.56 「货币资金」. CF-statement figure below the balance-sheet movement by 96.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -318.1 vs -299.2 CNY mn (deviation 5.95%, severity mid)
Sources: 2024年年度报告.pdf p.69 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.61 「货币资金」. CF-statement figure below the balance-sheet movement by 18.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -722.8 vs -793.2 CNY mn (deviation 8.88%, severity mid)
Sources: 2025年年度报告.pdf p.64 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.55 「货币资金」. CF-statement figure above the balance-sheet movement by 70.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -142.3 vs -181.6 CNY mn (deviation 21.65%, severity mid)
Sources: 2026年半年度报告.pdf p.30 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.22 「货币资金」. CF-statement figure above the balance-sheet movement by 39.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 5,364.9 | 2025年年度报告.pdf | 55 | 货币资金 | 5364857016.69 (元) |
| Total assets | 2025 | 25,899.0 | 2025年年度报告.pdf | 56 | 资产总计 | 25899040538.78 (元) |
| Accounts receivable | 2025 | 64.8 | 2025年年度报告.pdf | 55 | 应收账款 | 64800245.88 (元) |
| Fixed assets | 2025 | 6,409.3 | 2025年年度报告.pdf | 56 | 固定资产 | 6409283092.45 (元) |
| Short-term borrowings | 2025 | 950.0 | 2025年年度报告.pdf | 56 | 短期借款 | 950000000.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.