Core Points - The company, Guyue Longshan, announced the resignation of two key executives: Deputy General Manager Xu Yuezheng and Secretary of the Board Wu Xiaojun [1] - Xu Yuezheng is retiring due to reaching retirement age and will be appointed as a "Special Expert" after his resignation [1] - Wu Xiaojun is resigning for personal reasons and will not hold any position in the company or its subsidiaries after his departure [1]

Group 1 - The company Guyue Longshan announced the resignation of Mr. Wu Xiaojun as the Secretary of the Board due to personal reasons [1] - Mr. Xu Yuezheng resigned from his position as Deputy General Manager due to reaching retirement age, but has been appointed as a "Special Expert" for the company [1]

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-038 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 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9月30日，公司通过上海证券交易所交易系统以集中竞价交易方 式回购公司A股股份1375.21万股，已回购股份占公司总股本的比例为1.51%，购 买的最高价为人民币10.50元/股、最低价为人民币10.01元/股，已支付的总金额 为人民币14214.66万元（不含交易费用）。本次回购股份的实施符合相关法律法 规及公司回购股份方案的规定。 | 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 | 1375.21万股 | | ...

证券代码：600059 证券简称：古越龙山 公告编号：2025-037 浙江古越龙山绍兴酒股份有限公司 关于公司高级管理人员离任的公告 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。 二、离任对公司的影响 根据《公司法》及《公司章程》等相关规定，徐岳正先生、吴晓钧先生的书 面辞职报告自送达公司董事会之日起生效。徐岳正先生担任副总经理所负责的相 关工作已完成交接，其离任不会影响公司相关工作的正常开展。吴晓钧先生担任 姓名 离任职务 离任 时间 原定任期 到期日 离任 原因 是否继续在 上市公司及 其控股子公 司任职 具体职 务（如 适用） 是否存在 未履行完 毕的公开 承诺 徐岳正 副总经理 2025年9 月 29 日 2027 年 7 月 11 日 已到退 休年龄 否 不适用 否 吴晓钧 董事会 秘书 2025年9 月 29 日 2027 年 7 月 11 日 个人 原因 否 不适用 否 一、提前离任的基本情况 董事会秘书所负责的相关工作已完成交接，其离任不会影响公司相关工作的正常 开展，在聘任新的董事会秘书之前，由马川总经理 ...

古越龙山公告，截至2025年9月30日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购 A股股份1375.21万股，占总股本的1.51%，购买最高价为10.5元/股，最低价为10.01元/股，已支付总金 额为1.42亿元。此次回购符合相关法律法规及公司回购方案的规定，公司将继续择机实施回购并在回购 期内及时履行信息披露义务。 ...

Core Viewpoint - The non-liquor sector experienced a slight increase of 0.09% on September 29, with *ST Lanhuang leading the gains. The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1]. Group 1: Stock Performance - *ST Lanhuang (000929) closed at 8.30, with a rise of 3.49% and a trading volume of 33,700 shares, amounting to a transaction value of 27.89 million yuan [1]. - *ST Yedao (600238) closed at 6.05, increasing by 2.02% with a trading volume of 67,700 shares, resulting in a transaction value of 40.26 million yuan [1]. - CITIC Nia (600084) closed at 5.36, up 1.71%, with a trading volume of 63,500 shares and a transaction value of 33.72 million yuan [1]. - Zhangyu A (000869) closed at 21.80, increasing by 1.44% with a trading volume of 17,800 shares, leading to a transaction value of 38.58 million yuan [1]. - Zhirun Co. (002568) closed at 25.76, up 1.02%, with a trading volume of 89,800 shares and a transaction value of 230 million yuan [1]. Group 2: Capital Flow - The non-liquor sector saw a net outflow of 7.29 million yuan from institutional investors, while retail investors experienced a net inflow of 28.35 million yuan [2]. - The main capital inflow was observed in Zhirun Co. (002568) with a net inflow of 6.48 million yuan from institutional investors, while Zhangyu A (000869) had a net inflow of 5.22 million yuan [3]. - Conversely, Chongqing Beer (600132) and *ST Yedao (600238) experienced net outflows of 1.65 million yuan and 1.72 million yuan from institutional investors, respectively [3].

Summary of Huangjiu Industry Conference Call Industry Overview - The Huangjiu industry benefits from a favorable tax policy, with net profit margins superior to Baijiu under similar gross margins. Leading companies like Kuaijishan have achieved gross margins exceeding 60%, while Jimo Laojiu and Wuzhanmao have net profit margins of 18% and 15% respectively. If product structures stabilize and gross margins approach 70%-80%, net margins could easily reach 20% [1][2] Key Points and Arguments - **Market Size and Consumption Habits**: The Huangjiu market is relatively small, with consumption habits being regionally strong, primarily concentrated in Jiangsu, Zhejiang, and Shanghai. The lack of clear consumption scenarios, as Huangjiu is often viewed as a staple or cooking ingredient, poses a significant challenge for consumer education [1][4] - **High-End Development Strategies**: Leading companies are pushing for high-end development through product innovation and channel reform. For instance, Kuaijishan has launched the Benniang series, while both Kuaijishan and Guyuelongshan are actively promoting high-end strategies, achieving significant results through consumer engagement and high-end cultivation [1][5] - **Kuaijishan's Strategic Moves**: Since the shareholder change in 2022, Kuaijishan has restructured its organization, enhanced its sales team, and refined its product structure. The company has established a dual-brand strategy with Kuaijishan and Lanting, focusing on nationalization, high-end, and youth-oriented development [1][6] - **Current Policy Environment**: The current policy environment has a limited impact on Huangjiu, particularly high-end products like Lanting, which are not significantly affected by policy restrictions. However, the overall cautious consumption environment may slow the speed of new partnerships, although growth potential remains in the second half of the year [1][8] Challenges Facing the Industry - The Huangjiu industry faces challenges such as a small market size, strong regional consumption habits, and a lack of distinct consumption scenarios compared to Baijiu and beer, which have much larger market scales [4] Company Performance and Future Expectations - Kuaijishan's sales volume has reached last year's total, with the Lanting series benefiting from a high-profile strategy that provides profit margins for group buyers, leading to high channel enthusiasm. The 1,743 series has a clear positioning and good sales rhythm, expected to become a major profit source [3][9] - Guyuelongshan is integrating dispersed production facilities to reduce costs and improve efficiency. The company is also innovating products to attract younger consumers and expanding brand influence through platforms like Douyin [3][12] Future Growth Prospects - The Huangjiu industry shows a trend of upward development, with potential for significant improvement in net profit margins. If net profit margins gradually reach 20% or higher by 2026-2027, the industry could see a doubling of current profit levels [15][16] - New consumption attributes are emerging in the Huangjiu industry, with recent reforms attracting market attention. The upcoming peak season, especially around the Spring Festival, is expected to accelerate growth, supported by channel expansion and improved consumer demand [17]

（上证路演） 9月26日，古越龙山举办2025半年度业绩说明会。会上管理层提到，今年，公司将继续坚持高端化、年 轻化、全球化、数字化发展思路，扎实推进运营管理各项基础工作，力争酒类销售增长6%以上，利润 增长3%以上。 面对激烈的酒类市场竞争，公司重点做好以下几方面工作：一是在文化和品牌输出方面，从库藏资源、 品牌历史、文化传承等时间积淀中挖掘稀缺性和独特性，做好黄酒高端引领；二是在科技赋能方面，从 黄酒产业园5G智能工厂投产、加大研发投入科技创新中汲取动力，提升生产效率和效能 ；三是在触达 新消费群体方面，分析洞察Z世代消费趋势持续进行品类创新，构建新型消费场景，从年轻化策略中捕 捉增长机会；四是在全球化布局方面，在目前江浙沪以外市场销售占比达42%的良好局势下，继续勇于 开拓和破局，带头走出江浙沪舒适区，同步拓展全国化和全球化。随着高端黄酒认知不断深化、品牌势 能不断提升、全国化网络日益完善以及产业园投产后的产业集群优势都将持续转化为市场竞争力。 (编辑：林辰)关键字： 古越龙山 黄酒 ...

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The yellow wine industry has seen a significant improvement in market concentration, with the top three companies (CR3) exceeding 40% in 2023, up from approximately 18% in 2016, indicating a more stable industry structure [3][7]. - The leading companies are actively exploring new consumption scenarios, demographics, and regions for yellow wine, which is expected to expand future market potential [3][7]. - The company is positioned to benefit from the activation of its system and the gradual release of brand potential, with anticipated growth contributions from the national market [9]. Company Overview - Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. is a leading player in the Chinese yellow wine industry and the first listed company in this sector. It owns several well-known brands, including Guyue Longshan, Shen Yonghe, and Daughter Red [6][19]. - The company has experienced various development phases since its establishment, with significant revenue growth expected as it activates its internal systems and enhances brand potential [6][20]. Industry Analysis - The yellow wine industry has not fully capitalized on the branding cycle over the past decade, with the average ex-factory price of yellow wine increasing from 10.4 yuan/liter in 2016 to 12.8 yuan/liter in 2024, reflecting a compound annual growth rate (CAGR) of only 2.7% [7][41]. - The industry is now stabilizing, with leading companies achieving strategic synergies and entering a new price increase cycle for traditional flagship products by 2025 [7][51]. Company Strategy - The company has established a development strategy focused on "premiumization, youthfulness, globalization, and digitalization" [8][55]. - It has enhanced its product offerings through collaborations with Jiangnan University, improving the health and flavor quality of its yellow wine [56]. - The company is expanding its sales network across major cities in China, with a focus on refined management and regional breakthroughs planned for 2025 [8][55]. Financial Forecast and Valuation - The company is projected to achieve earnings per share (EPS) of 0.24 yuan and 0.26 yuan for the years 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 40 and 37 times [9].

Market Overview - On September 24, the non-liquor sector increased by 0.2% compared to the previous trading day, with Yanjing Beer leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Non-Liquor Sector Performance - The following companies in the non-liquor sector showed notable performance: - Xianjing Beer (Code: 000729) closed at 12.25, up 2.25% with a trading volume of 338,500 shares and a turnover of 414 million yuan [1] - Caogao Co. (Code: 600543) closed at 5.81, up 1.93% with a trading volume of 59,100 shares and a turnover of 34.13 million yuan [1] - ST Xifa (Code: 000752) closed at 11.40, up 1.88% with a trading volume of 32,000 shares and a turnover of 36.20 million yuan [1] - Weilang Co. (Code: 603779) closed at 6.96, up 1.46% with a trading volume of 39,400 shares and a turnover of 27.29 million yuan [1] - Huichuan Beer (Code: 600573) closed at 11.47, up 1.24% with a trading volume of 17,800 shares and a turnover of 20.32 million yuan [1] Capital Flow Analysis - On the same day, the non-liquor sector experienced a net outflow of 72.39 million yuan from institutional investors, while retail investors saw a net inflow of 68.12 million yuan [2] - The following companies had significant capital flows: - Yanjing Beer (Code: 000729) had a net inflow of 8.75 million yuan from institutional investors, while retail investors contributed a net inflow of 33.91 million yuan [3] - ST Xifa (Code: 000752) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow from retail investors [3] - Zhujiang Beer (Code: 002461) had a net inflow of 1.20 million yuan from institutional investors and a net inflow from retail investors [3]