斑马消费 杨伟 2024年财报相继披露，一场黄酒企业关于"生存与突围"的较量已然浮出水面。 会稽山凭借高端化战略迅猛发展，连续两年营收、扣非净利实现双位数增长；古越龙山则陷入困境，扣非净利微增，毛利率小幅下滑。 金枫酒业处境更为艰难，已连续五年扣非净利为负，深陷亏损泥沼。 行业持续低迷，高端化成为黄酒企业的发力重点。这究竟是引领行业破局的蜜糖，还是加剧困境的砒霜？ 冰火两重天 2024年的黄酒市场，喜忧参半。 喜的是，2024年，黄酒三巨头营收合计41.45亿元，是近五年三家营收首次迎来两位数增长。 并且，近年来，白酒、啤酒、红酒均承压，恰恰是一度被冷落的黄酒，整体表现不错。2024年，葡萄酒、啤酒下滑，白酒虽然增长，但马太效应增强，黄酒 行业算是仅有的强势板块。 愁的是，黄酒三巨头的成绩，正在持续分化。 会稽山（601579.SH）作为行业老二，凭借高端化、年轻化的战略，业绩快速增长。2024年，实现营收16.31亿元，同比增长15.6%；扣非净利润1.78亿元， 同比增长14.83%。与行业老大古越龙山（600059.SH）之间的差距进一步缩小，归母净利润更是已近相当。 更令人瞩目的是，会稽山中高端产品毛 ...

Group 1 - Guyue Longshan has halted online sales of four products to standardize market prices and encourage distributors, aiming to promote high-end products globally [1] - The decision reflects the company's emphasis on brand value and market order, potentially prompting a reevaluation of pricing strategies within the industry [1] - This move may boost distributor confidence in the short term and enhance the overall image and competitiveness of the yellow wine industry in the long run [1] Group 2 - Huiquan Brewery reported a 23.72% year-on-year increase in net profit for Q1 2025, with total beer sales reaching 50,000 kiloliters, a 1.07% increase [2] - The company achieved an operating income of 141 million yuan, up 0.35%, and a total profit of 8.81 million yuan, reflecting strong growth in key operational metrics [2] - Huiquan Brewery's solid performance sets a positive foundation for achieving its annual business goals and may enhance investor confidence [2] Group 3 - Moutai has successfully recruited over 400 master's and doctoral talents as part of its "talent-driven enterprise" strategy, enhancing its professional and market-oriented workforce [3] - The company has established a comprehensive mechanism for talent acquisition and retention, covering five major job categories and 30 sequences [3] - This strategic initiative is expected to strengthen Moutai's core competitiveness and innovation capabilities, providing long-term growth momentum [3] Group 4 - Shede Liquor has launched a shareholder return activity to establish a long-term and diverse mechanism for shareholder rewards, enhancing investor understanding of the company's intrinsic value [4] - The event, running from April 23 to May 15, includes products such as commemorative liquor for the shareholders' meeting and spring brewing ceremony [4] - This initiative aims to strengthen the connection between shareholders and the company, potentially boosting brand value and investor confidence in the market [4]

4月21日，古越龙山发布通知称，为维护青花醉系列的价格体系，四款产品禁止经销商线上销售。作为中高端产品，青花醉系列承载着古越龙山提升毛利率 的重任。一份维护中高端产品价格体系的通知，也揭开了古越龙山高端化受阻、产品毛利率低的问题。事实上，作为"黄酒一哥"，古越龙山2024年业绩增收 不增利再次未达目标，这已是古越龙山连续第四年未达业绩目标。反观稳坐黄酒"第二把交椅"的会稽山，2024年营收、净利润实现双位数增长，业绩紧追古 越龙山。 业内人士表示，古越龙山当前的困境反映了黄酒行业的共性问题，即消费场景单一、年轻化转型滞后。其毛利率差距与会稽山的拉大，核心在于产品结构失 衡，基础款占比过高导致溢价能力薄弱。虽然发力高端化是必然选择，但黄酒的高端认知培育需要长期投入，短期内可能进一步压缩利润空间。 业绩被追 作为"黄酒一哥"，古越龙山2024年业绩增收不增利，净利润近乎腰斩。年报显示，古越龙山2024年实现营收19.36亿元，同比增长8.55%；实现净利润2.06亿 元，同比增长-48.17%。古越龙山交出的2024年业绩答卷，与此前定下的2024年酒类销售增长12%以上、利润增长12%以上的业绩目标相比，可谓是 ...

《每日经济新闻·将进酒》记者注意到，这几款产品目前售价在每瓶100元到600元之间。古越龙山叫停 该系列产品线上销售背后，或是由于相关产品正受到电商低价的冲击。以木盒十年产品为例，古越龙山 某平台官方旗舰店的价格为128元/瓶，但在另两个电商平台，"百亿补贴"后的价格分别为78元/瓶、 86.38元/瓶。电商平台补贴后的价格，跟公司官方旗舰店售价差价多达50元/瓶。 青花醉系列产品为古越龙山的高端产品。公司在2024年报中称，2025年，其将推动国酿事业部高效运 转，打造以"国酿""青花醉" 系列为代表的核心高端产品。 青花醉系列产品作为黄酒龙头企业古越龙山（SH600059）的高端系列产品之一，在受到线上低价冲击 之时，公司最新发文叫停了线上销售。 4月18日，古越龙山官方公众号发布了《致经销商告知函》。其中，公司称，为了维护古越龙山青花醉 系列产品价格稳定，增强经销商和消费者的信心，经过公司研究决定：500ml×6木盒十年花雕酒(5A级 库藏)(产品代码:31500007)、500ml×6青花醉十二年(壶酒兴邦)(产品代码:30500100)、500ml×6新品木盒 二十年(5A级库藏)(产品代码:315 ...

Core Viewpoint - The leading yellow wine brands are raising prices to escape low profit margins, with Kuaijishan and Guyuelongshan announcing price increases of 1%-9% and 2%-12% respectively, aiming to restore the perceived value of yellow wine [1][2] Price Increase Reasons - The price hikes are seen as a way to enhance revenue and profit margins while addressing the undervaluation of yellow wine in relation to its historical and cultural significance [2] - The last joint price increase by Kuaijishan and Guyuelongshan occurred in 2016, indicating a long gap between such actions [2] - Rising operational costs, including materials and labor, have pressured yellow wine companies, making price adjustments necessary to alleviate financial strain [2] Market Dynamics - The yellow wine industry is compared to the past white wine industry, suggesting that leading companies can improve market share and profitability through product structure upgrades amid declining sales and market competition [3] - The industry faces challenges from intense competition, requiring both leading and smaller brands to navigate a complex market landscape [4] Future Projections - According to the "14th Five-Year Plan" for the Chinese liquor industry, yellow wine production is expected to reach 2.4 million kiloliters by 2025, with sales revenue projected at 25 billion yuan and profits at 5 billion yuan, indicating significant growth potential [4] - The industry must address issues such as low social engagement and perceived value, focusing on brand culture and consumer experience rather than solely relying on price increases [4] Consumer Engagement Strategies - Some yellow wine brands are innovating to meet social consumption needs, such as launching products like yellow wine ice pops and collaborations with other beverage brands [5] - The ultimate goal for yellow wine brands is to connect more deeply with consumers, moving beyond traditional demographics and market perceptions [5]

黄酒龙头企业古越龙山（600059）(600059.SH)今日(4月3日)上午在线上举行了2024年度业绩说明会，回应了市场布局及近期产品涨价等问题。 古越龙山日前披露2024年年报，期内其实现营业收入19.36亿元，同比增长8.55%；扣非净利润1.98亿元，同比增长3.52%。 当前，古越龙山正在加大全国化布局。对此，公司方面回应，公司2024年持续推进全国化战略，北拓西进全面"补空白、扫盲点、拓网点"，填补北方22个地 级市空白市场；还将继续"拓展全国市场"。 《每日经济新闻.将进酒》以投资者身份，就全国市场拓展、近期部分产品涨价等问题进行了提问。对于全国化布局及品鉴馆的开设，古越龙山总经理马川 回应称，公司将继续以"越酒行天下"为载体，紧跟国家战略走，拓展全国市场，2025年计划新开品鉴馆10家以上，招商100家以上。 针对近期部分产品涨价，马川回应说，提价是出于黄酒品质的不断提升，现在黄酒的原料越来越优质，工艺越来越精细，配方越来越科学，口感越来越丰 富，为体现优质优价，所以公司适当涨价。考虑到消费者的接受度，此次提价为小幅调价，最终目的还是为了实现黄酒价值的逐步回归。 今年计划新开超10家品鉴馆拓 ...

Core Viewpoint - The recent price increases by leading yellow wine companies, including Guyue Longshan, have not significantly improved their profitability, highlighting ongoing challenges in the industry. Group 1: Price Increases and Financial Performance - Guyue Longshan announced price increases of 2% to 12% for several products starting April 22, marking its second price hike in less than six months [1] - Despite a revenue increase of 8.55% to 1.936 billion yuan in 2024, net profit fell by 48.17% to 206 million yuan, the largest decline in recent years [1][3] - The company's non-recurring net profit has shown minimal growth over five years, increasing only 10% from 180 million yuan in 2019 to 198 million yuan in 2024 [1][3] Group 2: Profit Margins and Market Position - The gross margins for mid-to-high-end and ordinary wines were 44.32% and 18.58% respectively in 2024, both declining from the previous year [2] - The significant drop in gross margin for ordinary wine is concerning, as this category remains crucial in sales structure [2] - Guyue Longshan's ordinary wine is priced around 10 yuan, significantly lower than the white wine market, limiting the potential for price increases to enhance profitability [2] Group 3: Regional Sales and Market Challenges - The company generated 57.03% of its revenue from the Jiangsu, Zhejiang, and Shanghai regions, indicating a heavy reliance on this area [4] - The overall yellow wine market is shrinking, with the number of large-scale yellow wine enterprises decreasing from 121 to 81 between 2017 and 2023 [4] - Despite increased marketing efforts, sales performance has not improved proportionately, leading to further profit margin compression [4][6] Group 4: International Expansion and Brand Recognition - Guyue Longshan is attempting to expand into international markets, but its international sales revenue remains stagnant at 42 million yuan [5] - The lack of awareness and cultural acceptance of yellow wine in international markets poses significant challenges for global expansion [5] Group 5: High-End Market Strategy - The company has been pursuing a high-end market strategy, with mid-to-high-end wine revenue reaching 1.398 billion yuan in 2024, a 12.47% increase [7] - However, the high-end yellow wine market faces challenges due to a lack of cultural depth and consumer recognition compared to the white wine sector [7] - Seasonal and regional consumption habits further limit the frequency of high-end yellow wine purchases [7] Group 6: Future Outlook and Strategic Goals - Guyue Longshan has consistently failed to meet its growth targets for four consecutive years, reflecting the challenges of its high-end transformation strategy [8] - The company has lowered its growth targets for 2025 to 6% for sales and 3% for profits, indicating a cautious outlook on industry and company growth prospects [8] - The ongoing struggle to balance price increases, regional expansion, and high-end transformation will be critical for the future of the yellow wine industry [8]

近日，《每日经济新闻》和清华大学经济管理学院中国企业研究中心联合发布了"2025中国酒业上市公 司品牌价值榜TOP30"（以下简称：酒业TOP30）。作为国内首个针对酒业上市公司的品牌研究成果， 榜单已连续7年发布。 酒业TOP30上榜酒企的总品牌价值已高达16578亿元，较2024年增长了1378亿元。其中，贵州茅台（SH 600519）、五粮液（SZ 000858）、泸州老窖（SZ 000568）位居前三。同时，今年上榜企业增长与下降 各有15家。正增长中，古越龙山（SH 600059）、山西汾酒（SH 600809）、金徽酒（SH 603919）品牌 价值增幅位居前三，分别达到28.7%、24.4%和19.4%。负增长中，洋河股份（SZ 002304）品牌价值下 降最多，缩水111.01亿元；酒鬼酒（SZ 000799）降幅最大，减少25.6%。 瞻胜传播创始合伙人庞瑞在接受采访时表示，现阶段酒业已形成资源向头部品牌高度集中的市场特征， 这种格局的稳定性短期内难以改变，除非出现重大技术突破，或是市场观念、行业政策发生重大转变。 对于部分酒企品牌价值下降，他认为市场营销的创新滞后，可能是影响酒企品牌价值的 ...

Core Viewpoint - Gu Yue Long Shan, known as the "King of Huangjiu," has announced a price increase for some of its key products, with the highest increase reaching 12%, due to packaging and formula optimization adjustments. This marks the company's first price hike in nearly two years [1][10]. Company Performance - In 2024, Gu Yue Long Shan reported a revenue of 1.936 billion yuan, a year-on-year increase of 8.55%, while the net profit attributable to shareholders decreased by 48.17% to 206 million yuan [2][10]. - The company's gross profit margin for all liquor products declined in 2024, and it has struggled to meet operational targets for four consecutive years from 2021 to 2024 [2][12]. Price Increase Details - The price adjustments for Gu Yue Long Shan's products include increases of 2%-5% for the Cai Bao Hua Diao series, 4%-8% for the Qing Chun San Nian series, and up to 12% for some five-year aged products, effective from April 22, 2024 [5][10]. - This price increase follows a previous hike in November 2023, where the increase was between 2%-5% for certain products [1][6]. Industry Context - Gu Yue Long Shan is one of only three publicly listed Huangjiu companies in the A-share market, alongside Kuaijishan and Jin Feng Jiu Ye [4][5]. - The price hikes are part of a broader trend among leading Huangjiu companies, with Kuaijishan also announcing price increases shortly before Gu Yue Long Shan [3][5]. Challenges and Future Outlook - Despite the price increases, Gu Yue Long Shan's performance has not met expectations, with the company failing to achieve its sales and profit growth targets for several years [10][14]. - The company aims to enhance product appeal and expand its sales reach beyond its current focus on the Jiangsu, Zhejiang, and Shanghai regions, which is crucial for overcoming growth bottlenecks [12][14].

21世纪经济报道记者肖夏重庆报道 今年头部白酒都做不到的事情，黄酒做到了。 3月31日、4月1日，会稽山（601579）、古越龙山（600059）先后提价。 会稽山宣布，部分重点产品从4月1日起提高销售价格：纯正系列提价4%—5%，三年陈系列提价6%—9%，坛装系列、花雕系列提价1%—9%。 古越龙山宣布4月22日起提高销售价格：彩包花雕(加饭)系列提价2%—5%，清醇三年系列提价4%—8%，部分坛酒系列提价8%—9%，部分五年陈系列提价 5%—12%，部分青花醉提价2%—5%，女儿红桶装酒系列提价3%—5%，女儿红老酒系列提价2%—5%。 这是古越龙山自2023年11月后，时隔一年半后再次提价，更是会稽山时隔9年后再次提价。消息一出，会稽山、古越龙山股价领涨整个酒类板块。4月2日 上午，会稽山一度涨停。 2024年，古越龙山实现营收19.36亿元，同比增长8.55%，会稽山更是实现营收16.31亿元，同比增长15.6%。 两位数的增长，不仅在酒业少见，在消费板块也属难得。会稽山披露年报时也宣布，2024年度每10股拟派发4元现金股利(含税)，是历年分红新高。 业绩增长、分红提高背后，是黄酒产业多项数据向好。 ...