SWHY Research points out that Jiangsu King's Luck Brewery Joint-Stock (603369.SH) has a clear and pragmatic positioning for the year 2025. The consumption level in the Jiangsu market is nationally leading, with Jiangsu King's Luck Brewery's core L product positioning at the 400 price point, actively extending both upwards and downwards. Along with the continued enhancement of brand momentum, stable growth is expected within the province. Currently entering the peak season, despite uncertainties in the larger environment, the company outperforms other brands in the same price range in terms of channel inventory, price stability, and terminal sales momentum. The internal growth momentum continues. Maintaining a "Buy" rating.