J 
Jiangsu King's Luck Brewery Joint-Stock Co 603369.SS · CNY
Consumer Staples · Shanghai · 🇨🇳 China
34.29
+0.26%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥10.18bn
FY2016FY2025
Net income
CN¥2.60bn
FY2016FY2025
Free cash flow
−CN¥323.5m
FY2016FY2025
Shareholders' equity
CN¥16.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥10.18bn | CN¥11.54bn | CN¥10.10bn | CN¥7.88bn | CN¥6.41bn | CN¥5.12bn | CN¥4.87bn | CN¥3.74bn | CN¥2.95bn | CN¥2.55bn |
| Gross profit | CN¥7.56bn | CN¥8.62bn | CN¥7.90bn | CN¥6.03bn | CN¥4.77bn | CN¥3.64bn | CN¥3.54bn | CN¥2.71bn | CN¥2.11bn | CN¥1.81bn |
| Research and development | CN¥50.2m | CN¥48.8m | CN¥43.0m | CN¥37.6m | CN¥30.4m | CN¥22.3m | CN¥14.2m | CN¥14.4m | CN¥14.7m | CN¥14.1m |
| Operating income | CN¥3.15bn | CN¥4.55bn | CN¥4.18bn | CN¥3.34bn | CN¥2.71bn | CN¥2.09bn | CN¥1.95bn | CN¥1.52bn | CN¥1.21bn | CN¥1.00bn |
| Net income | CN¥2.60bn | CN¥3.41bn | CN¥3.14bn | CN¥2.50bn | CN¥2.03bn | CN¥1.57bn | CN¥1.46bn | CN¥1.15bn | CN¥895.9m | CN¥754.2m |
| Diluted earnings per share | 2.09 | 2.74 | 2.52 | 2.01 | 1.63 | 1.25 | 1.16 | 0.92 | 0.71 | 0.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥25.90bn | CN¥24.22bn | CN¥21.63bn | CN¥18.18bn | CN¥14.43bn | CN¥11.85bn | CN¥10.06bn | CN¥8.59bn | CN¥7.22bn | CN¥6.18bn |
| Cash and short-term investments | — | CN¥8.25bn | CN¥7.75bn | CN¥7.64bn | CN¥6.64bn | CN¥5.75bn | CN¥4.20bn | CN¥2.15bn | CN¥1.49bn | CN¥997.8m |
| Total liabilities | CN¥9.34bn | CN¥8.77bn | CN¥8.34bn | CN¥7.12bn | CN¥5.14bn | CN¥3.58bn | CN¥2.86bn | CN¥2.48bn | CN¥1.94bn | CN¥1.56bn |
| Debt | CN¥427.0m | CN¥2.05bn | CN¥900.0m | CN¥600.3m | CN¥829,411 | CN¥361.7m | CN¥79.1m | CN¥20.0m | CN¥70.0m | CN¥150.0m |
| Shareholders' equity | CN¥16.56bn | CN¥15.45bn | CN¥13.29bn | CN¥11.06bn | CN¥9.30bn | CN¥8.27bn | CN¥7.21bn | CN¥6.09bn | CN¥5.26bn | CN¥4.61bn |
| Shares outstanding | 1,247m | 1,247m | 1,247m | 1,247m | 1,247m | 1,255m | 1,257m | 1,255m | 1,255m | 1,254m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.51bn | CN¥2.87bn | CN¥2.80bn | CN¥2.78bn | CN¥3.02bn | CN¥1.12bn | CN¥1.31bn | CN¥1.12bn | CN¥1.00bn | CN¥924.6m |
| Capital spending | −CN¥1.83bn | −CN¥1.82bn | −CN¥2.19bn | −CN¥1.15bn | −CN¥576.6m | −CN¥395.3m | −CN¥150.1m | −CN¥204.9m | −CN¥246.8m | −CN¥127.2m |
| Free cash flow | −CN¥323.5m | CN¥1.05bn | CN¥606.0m | CN¥1.63bn | CN¥2.45bn | CN¥723.5m | CN¥1.16bn | CN¥916.2m | CN¥754.5m | CN¥797.4m |
| Dividends paid | −CN¥1.50bn | −CN¥1.25bn | −CN¥923.1m | −CN¥736.0m | −CN¥998.1m | −CN¥514.6m | −CN¥414.2m | −CN¥315.2m | −CN¥239.8m | −CN¥205.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.11bn | CN¥4.32bn | CN¥1.30bn | CN¥1.93bn | CN¥1.85bn | CN¥5.10bn | CN¥1.60bn | CN¥2.64bn |
| Gross profit | CN¥1.56bn | CN¥3.22bn | CN¥1.01bn | CN¥1.45bn | CN¥1.35bn | CN¥3.75bn | CN¥1.23bn | CN¥2.00bn |
| Operating income | CN¥937.2m | CN¥1.80bn | −CN¥26.8m | CN¥354.0m | CN¥780.3m | CN¥2.18bn | CN¥431.2m | CN¥841.6m |
| Net income | CN¥696.8m | CN¥1.38bn | CN¥54.6m | CN¥320.3m | CN¥584.7m | CN¥1.64bn | CN¥326.1m | CN¥624.4m |
| Diluted earnings per share | 0.56 | 1.11 | 0.04 | 0.26 | 0.47 | 1.32 | 0.26 | 0.50 |
| Cash from operations | — | — | — | −CN¥137.0m | −CN¥352.0m | CN¥1.43bn | CN¥650.0m | CN¥985.0m |
| Capital spending | −CN¥160.0m | −CN¥320.0m | −CN¥469.0m | −CN¥484.0m | −CN¥249.0m | −CN¥627.0m | −CN¥558.0m | −CN¥473.0m |
| Free cash flow | — | — | — | −CN¥621.0m | −CN¥601.0m | CN¥800.0m | CN¥92.0m | CN¥512.0m |
| Total assets | CN¥25.87bn | CN¥27.50bn | CN¥25.90bn | CN¥24.48bn | CN¥24.31bn | CN¥25.12bn | CN¥24.22bn | CN¥22.39bn |
| Cash and short-term investments | — | — | — | CN¥6.49bn | CN¥6.91bn | CN¥8.89bn | CN¥8.25bn | CN¥7.68bn |
| Debt | CN¥409.2m | CN¥427.0m | CN¥427.0m | CN¥1.95bn | CN¥1.15bn | CN¥2.24bn | CN¥2.05bn | CN¥919.4m |
| Shareholders' equity | CN¥17.15bn | CN¥17.95bn | CN¥16.56bn | CN¥16.51bn | CN¥16.19bn | CN¥17.10bn | CN¥15.45bn | CN¥15.13bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 74.3% | 74.6% | 78.2% | 76.5% | 74.5% | 71.0% | — |
| Operating margin | 31.0% | 39.4% | 41.4% | 42.4% | 42.3% | 40.9% | — |
| Net margin | 25.6% | 29.6% | 31.1% | 31.7% | 31.7% | 30.6% | — |
| Return on equity | 15.7% | 22.1% | 23.6% | 22.6% | 21.8% | 19.0% | — |
| Return on assets | 10.1% | 14.1% | 14.5% | 13.8% | 14.1% | 13.2% | — |
| Free cash flow yield | 9.8% | 13.8% | 14.7% | 11.5% | 10.6% | 4.4% | — |
| Revenue growth | -11.8% | 14.3% | 28.1% | 23.1% | 25.1% | 5.1% | — |
| Earnings growth | -23.7% | 8.8% | 25.3% | 23.3% | 29.5% | 7.5% | — |
| Current ratio | 1.64x | 1.66x | 1.59x | 1.68x | 1.99x | 2.43x | — |
| Debt to equity | 0.03x | 0.13x | 0.07x | 0.05x | — | 0.04x | 0.00x |
| Equity ratio | 64.0% | 63.8% | 61.4% | 60.8% | 64.4% | 69.8% | — |
| Interest coverage | 343.96x | 391.36x | 321.84x | 201.74x | 353.76x | 173.81x | — |
| R&D as a share of sales | 0.5% | 0.4% | 0.4% | 0.5% | 0.5% | 0.4% | — |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.0% | -0.0% | 0.6% | 0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.9% | 14.7% | 15.4% |
| Operating income | -1.9% | 8.5% | 13.4% |
| Net income | 1.3% | 10.7% | 14.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 74.5% | 75.8% | 75.2% | 74.3% |
| Operating margin | 35.5% | 38.3% | 39.1% | 39.3% |
| Net margin | 27.7% | 29.3% | 29.8% | 29.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.6 | 16.5 | 19.4 | 25.4 | 33.4 | 46.0 | 28.2 | 15.8 | 21.7 | 21.8 |
| Price to sales | 4.3 | 4.9 | 6.0 | 8.1 | 10.6 | 14.1 | 8.4 | 4.9 | 6.6 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.20 | 1.20 | 1.00 | 0.73 | 0.59 | 0.45 | 0.41 | 0.33 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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