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Jiangsu regional baijiu maker known for its 'Guoyuan' brand liquor line.
Jiangsu regional baijiu maker known for its 'Guoyuan' brand liquor line.
In one line: China's Diageo/Brown-Forman for premium spirits.
Moat: narrow (brand). Strong provincial brand loyalty in Jiangsu, but limited national scale versus top-tier brands.
Headquarters: Suqian, China · Founded: 1955 · Employees: 5,308
Size Jiangsu King's Luck Brewery Joint-stock (603369.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $6.40B, the 391st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥34.20 on 6 Nov 2026.
Performance Over six months the shares gained 24.6%, against +0.1% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 5.0% over the last twelve months (peer median -1.8%); the operating margin is 32.6% (peer median 15.0%).
Valuation It trades at 16.2× forward earnings against a peer median of 20.1× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.2 points above its cost of capital (7.8% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.97B | CN¥8.63B | CN¥9.89B | CN¥8.63B | CN¥6.61B |
| Revenue growth | — | -13% | +15% | +31% | — |
| Gross profit | CN¥7.65B | CN¥5.90B | CN¥6.89B | CN¥6.38B | CN¥4.70B |
| EBITDA | n/a | CN¥3.38B | CN¥4.47B | CN¥4.00B | CN¥3.16B |
| Net income | CN¥2.56B | CN¥2.60B | CN¥3.41B | CN¥3.14B | CN¥2.50B |
| Free cash flow | CN¥1.67B | -CN¥185M | CN¥1.10B | CN¥742M | CN¥1.85B |
| Capital expenditure | CN¥1.18B | CN¥1.83B | CN¥1.82B | CN¥2.19B | CN¥1.15B |
| Total debt | CN¥2.30B | CN¥2.22B | CN¥2.05B | CN¥1.22B | CN¥870M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% |
| Jiangsu Yanghe Distillery 002304.SZ | $8.50B | -23% | -31% | 4% | 32.6× | n/a |
| Kweichow Moutai 600519.SS | $272B | +5% | -4% | 65% | 21.7× | 0.7% |
| Wuliangye Yibin 000858.SZ | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603369.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.7% | +7.9% | highest of 21 |
| 6-month return | +24.6% | +0.1% | 5th highest of 21 |
| Distance from 52-week high | -14.0% | -19.4% | 10th highest of 21 |
| Revenue growth (TTM) | -5.0% | -1.8% | 8th lowest of 20 |
| Operating margin | 32.6% | 15.0% | 2nd highest of 20 |
| Forward P/E | 16.2× | 20.1× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 3.6% | 8th least demanding of 16 |
| Growth delivered (Del g) | +15.3% | +3.4% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | -13.4 pp | -6.3 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +12.2 pp | +1.3 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |