[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] 6 月社零增速放缓，餐饮承压 ——食品饮料行业双周报 1）白酒：根据同花顺 Ifind 数据，7 月 18 日飞天茅台原箱/散装批价 分别为 1,950 元/1,890 元，较两周前（7 月 4 日）-5 元/+25 元；八代 普五批价 900 元，较两周前-5 元；国窖 1573 批价 835 元，与两周前 持平。 2）大众品：原材料方面，根据农业农村部数据，最新（7 月 11 日） 生鲜乳主产区平均价 3.04 元/公斤，同比-6.2%，较前一周环比持平， 最新（7 月 10 日）猪肉全国市场价 25.46 元/公斤，同比-11.9%，较 前一周环比+0.4%；根据大连商品交易所数据，最新（7 月 18 日）黄 大豆 1 号期货结算价（活跃合约）4,198 元/吨，同比-7.1%。包材方 面，根据同花顺 Ifind 数据，最新（7 月 18 日）水瓶级 PET 国内市场 价（浙江万凯）6,100 元/吨，同比-16.4%；根据国家统计局数据，最 新（7 月 10 日） ...

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-031 浙江古越龙山绍兴酒股份有限公司 关于以集中竞价交易方式回购股份比例达到 1%暨回购进展 元（含） 回购用途 □减少注册资本 √用于员工持股计划或股权激励 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购方案首次披露日 2025年4月25日 回购方案实施期限 董事会审议通过本次回购方案之日起12个月 预计回购金额 不低于人民币2亿元（含）且不超过人民币3亿 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 1,209.41万股 累计已回购股数占总股本比例 1.3268% 累计已回购金额 12,533.21万元 实际回购价格区间 10.16元/股-10.50元/股 一、回购股份的基本情况 浙江古越龙山绍兴酒股份有限公司（以下简称公司）于 2025 年 4 月 23 日召 开第十届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟使用不低于人民币 2 亿元（含）且不超过人民币 3 ...

一、回购股份的基本情况 浙江古越龙山绍兴酒股份有限公司（以下简称公司）于 2025 年 4 月 23 日召 开第十届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟使用不低于人民币 2 亿元（含）且不超过人民币 3 亿元 （含）的自有资金或自筹资金，通过上海证券交易所交易系统以集中竞价交易方 式进行股份回购（以下简称本次回购股份），本次回购股份的价格不超过 12.83 元/股（含），本次回购的股份用于员工持股计划或股权激励。具体内容详见公 司于 2025 年 4 月 25 日披露的《浙江古越龙山绍兴酒股份有限公司关于以集中竞 价交易方式回购股份方案的公告》（公告编号：临 2025-020）。 证券代码：600059 证券简称：古越龙山 公告编号：临 2025-031 浙江古越龙山绍兴酒股份有限公司 关于以集中竞价交易方式回购股份比例达到 1%暨回购进展 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2025年4月25日 | | --- | --- | | ...

继年初酱香威士忌之后，国产威士忌又迎来一个酒业跨界的"玩家"。 7月3日，南都湾财社-酒水新消费指数课题组记者注意到，黄酒龙头古越龙山在其微信公众号宣布，该 公司在7月2日已与浙江穿岩十九威士忌酒业有限公司签订协议，古越龙山将提前锁定穿岩十九生产的超 4000桶糯米威士忌入桶熟成订单，订单金额破亿元。 据了解，古越龙山此次"斥巨资"杀入威士忌这一酒业新赛道，主要与其品牌年轻化相关，在业绩增长乏 力，同时被对手会稽山时刻赶超的压力下，拓展年轻人市场成为古越龙山迫在眉睫的任务。 布局业务6年，古越龙山要靠威士忌打开年轻化？ 古越龙山对威士忌已经布局了近6年时间。 公开资料显示，穿岩十九威士忌源于2019年古越龙山与江南大学研究团队合作研发黄酒蒸馏酒，随后该 公司与香港凤凰集团（远东）投资有限公司进行合作，并在2023年11月宣布产品正式对外发布。而据天 眼查数据显示，浙江穿岩十九威士忌酒业有限公司成立于2024年1月，控股人为马梓健，该公司与香港 凤凰集团（远东）投资有限公司存在关联关系。 对于上述糯米威士忌产品，古越龙山方面在产品对外发布之时是"寄予厚望"，除了布局产品研发和生产 酿造外，该公司还在2023年带 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Views - The liquor sector is experiencing a decline in sentiment due to fluctuations in the price of Feitian Moutai, with leading companies actively exploring new consumption scenarios and demographics [2][13] - The health products, soft drinks, and snacks sectors are viewed positively due to high growth potential, low base effects, and upcoming peak seasons [4][15] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 0.88% from June 23 to June 27, while the Shanghai Composite Index rose by 1.95% [1][22] - Specific sector performances included health products (+3.65%), baked goods (+2.72%), and soft drinks (-0.58%) [1][22] Liquor Sector Insights - The white liquor sector declined by 1.66%, attributed to seasonal demand weakness and price fluctuations of high-end products like Feitian Moutai [2][13] - Current prices for 25-year Moutai (original/scattered) are 1870 RMB/1800 RMB, down by 80 RMB/100 RMB from the previous week [2][13] - The Shunwan white liquor index PE-TTM is at 18X, which is considered low compared to the historical average [2][13] Health Products and Snacks - The health products sector is experiencing a growth trend, with a 3.65% increase this week, driven by new consumption trends [20] - The snack sector is expected to benefit from low base effects and new product launches, with companies like Three Squirrels and Salted Fish being highlighted [17][21] Soft Drinks and Beer - The soft drink sector saw a slight decline of 0.6%, with notable performances from brands like Master Kong (+5.4%) and Nongfu Spring (+5.3%) [4][15] - The beer sector declined by 1.9%, but there is optimism for recovery with upcoming consumption policies [4][15] Investment Recommendations - Focus on strong alpha companies in the liquor sector such as Shanxi Fenjiu and Guizhou Moutai, which are expected to benefit from market consolidation [4][21] - In the consumer goods sector, companies that align with cost reduction and market share growth strategies are recommended, including Li Gao Foods and Nongfu Spring [4][21]

| 回购方案首次披露日 | 2025年4月25日 | | --- | --- | | 回购方案实施期限 | 董事会审议通过本次回购方案之日起12个月 | | 预计回购金额 | 不低于人民币2亿元（含）且不超过人民币3亿 | | | 元（含） | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 488.88万股 | | 累计已回购股数占总股本比例 | 0.54% | | 累计已回购金额 | 5024.57万元 | | 实际回购价格区间 | 10.16元/股-10.50元/股 | 重要内容提示： 证券代码：600059 证券简称：古越龙山 公告编号：临 2025-030 浙江古越龙山绍兴酒股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 第7号—回购股份》等相关规定，现将公司截至上月末回购股份情况公告如下： 截至2025年6月30日，公司通过上海证券 ...

Core Points - The stock price of Guyue Longshan (600059) closed at 10.77 yuan on June 27, 2025, representing a 4.36% increase from the previous week's closing price of 10.32 yuan [1] - The company's market capitalization is currently 9.817 billion yuan, ranking 7th out of 16 in the non-baijiu sector and 1634th out of 5151 in the A-share market [1] Company Announcements - Guyue Longshan announced its first share buyback through centralized bidding, repurchasing 4.8888 million shares, which accounts for 0.54% of the total share capital [1] - The buyback plan was approved on April 23, 2025, with a budget of no less than 200 million yuan and no more than 300 million yuan, with a buyback price not exceeding 12.83 yuan per share [1] - As of June 20 and 23, 2025, the company repurchased shares at a maximum price of 10.50 yuan and a minimum price of 10.16 yuan, with a total expenditure of 50.2457 million yuan (excluding transaction fees) [1]

Core Insights - The competitiveness of the Yangtze River Delta wine industry is fundamentally driven by the release of policy dividends, activation of geographical endowments, and the reconstruction of the industrial chain [12] Economic Overview - In 2024, the GDP of the Yangtze River Delta is projected to exceed 33 trillion yuan, contributing 25% of the national economic total with only 4% of the land [3] - The region accounts for approximately 17% of the national population and contributes about 30% to national economic growth [3] - In the first quarter of 2025, the GDP surpassed 8 trillion yuan, maintaining a strong position in the national economic landscape [3] Industry Performance - Anhui's liquor industry reported significant growth in 2024, with revenue from large enterprises reaching 37.58 billion yuan, a year-on-year increase of 9.2%, and total profits of 12.77 billion yuan, up 13.2% [4] - Jiangsu faced challenges with a 9.83% decline in liquor production and a 16.69% drop in profits, contrasting with the expansion of production capacity by major brands [4] - Zhejiang's yellow wine industry, which holds 57.02% of national production, has seen leading companies achieve growth through structural upgrades and market expansion [4] Challenges Faced - Shanghai's local brands are struggling, with Jin Feng Wine achieving a revenue of 578 million yuan, a mere 0.87% increase, while its net profit plummeted by 94.49% [5] - Shanghai Gui Jiu experienced an 82.54% revenue drop to 285 million yuan, resulting in a net loss of 217 million yuan due to issues like related party transactions and funding chain disruptions [5] - The overall industry faces challenges such as aging consumers in Zhejiang and insufficient penetration into younger markets [6] Strategic Insights - The integration strategy of the Yangtze River Delta aims to break down administrative barriers and inject new momentum into the wine industry [8] - The region's economic foundation and scale have fostered the rise of Su and Hui wines, with leading companies capturing over 60% of their respective provincial markets [7] - Experts suggest that the wine industry must shift from provincial strategies to a more integrated approach, leveraging the strengths of the entire region [10] Future Opportunities - The Yangtze River Delta's one-integration strategy presents a historic opportunity for the wine industry, emphasizing the need for collaboration and resource sharing among provinces [9] - Initiatives include establishing a smart brewing innovation chain, promoting integrated cultural tourism, and developing new green consumption scenarios [9] - The region's unique economic and demographic characteristics create a fertile ground for high-end consumption, with significant potential for growth in premium wine markets [8]

Core Viewpoint - Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. announced a share repurchase plan to enhance employee stock ownership and incentivize staff, with a total repurchase amount between RMB 200 million and RMB 300 million [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was approved by the board on April 23, 2025, and will be executed within 12 months from the approval date [1]. - The company plans to repurchase shares at a price not exceeding RMB 12.83 per share [1]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [1]. Group 2: Progress of Share Repurchase - As of the announcement, the company has repurchased a total of 4.8888 million shares, representing 0.54% of the total share capital [1]. - The total amount spent on repurchased shares so far is RMB 50.2457 million [1]. - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations as required [2].

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-029 浙江古越龙山绍兴酒股份有限公司 关于以集中竞价交易方式首次回购股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2025年4月25日 | | --- | --- | | 回购方案实施期限 | 董事会审议通过本次回购方案之日起12个月 | | 预计回购金额 | 不低于人民币2亿元（含）且不超过人民币3亿 | | | 元（含） | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 488.88万股 | | 累计已回购股数占总股本比例 | 0.54% | | 累计已回购金额 | 5024.57万元 | 重要内容提示： 一、回购股份的基本情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指 1 引第7号—回购股份》等相关规定，现将公司首次回购股份情况公告如下： 2025年6月20日 ...