浙江古越龙山绍兴酒股份有限公司2025 年半年度报告 公司代码：600059 公司简称：古越龙山 浙江古越龙山绍兴酒股份有限公司 2025 年半年度报告 1 / 133 浙江古越龙山绍兴酒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙爱保、主管会计工作负责人李维萍及会计机构负责人（会计主管人员）任兴 祥声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性描述，该陈述不构成对投资者的实质承诺，请投资者注 意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重 ...

Core Viewpoint - Companies with high ESG ratings are increasingly becoming preferred partners in the supply chain and a focus of capital market attention, with Guyue Longshan being a benchmark in the yellow wine industry, achieving a BBB ESG rating and ranking first among other alcoholic beverage industries [1][2] ESG Commitment and Achievements - Guyue Longshan released its first ESG report in 2025, demonstrating its commitment to high-quality development through environmental friendliness, product service, talent cultivation, public welfare, and cultural advocacy [2] - The company has been recognized for its sustainable practices, including green brewing processes and community engagement, which reflect its dedication to sustainable development [1][2] Quality Control and Food Safety - Guyue Longshan has established a comprehensive quality control system from raw material sourcing to production, achieving a 100% compliance rate in various quality metrics and zero major food safety incidents in the year [3] - The company has implemented strict environmental management standards for its raw material production bases, ensuring compliance with pesticide and heavy metal regulations [4] Innovation and Technology - The company combines traditional brewing techniques with technological innovation, maintaining a lineage of over 362 generations of brewing skills, and has a strong talent pool including national-level artisans and masters [5][6] - In 2024, Guyue Longshan invested 30.2 million yuan in R&D, a 7.03% increase year-on-year, focusing on projects that enhance the quality and safety of yellow wine [6] Market Adaptation and Consumer Engagement - Guyue Longshan is actively pursuing a strategy to attract younger consumers, with its new business division and online channels seeing revenue growth of 22.64% and 15.31% respectively in the first half of 2025 [8] - The company has launched innovative products like coffee yellow wine and bubble yellow wine, achieving significant sales growth and appealing to modern consumer preferences [9] Digital Transformation and Sustainability - Guyue Longshan's intelligent factory was recognized as an advanced-level smart factory in Zhejiang Province, showcasing its commitment to digital transformation and sustainable practices [10] - The company is investing 2.3 billion yuan in a new industrial park, which aims to achieve smart brewing and green production [10] Shareholder Engagement and Financial Performance - The company has a history of returning value to investors, with a total dividend payout of 1.415 billion yuan since its listing, and a cash dividend of 273 million yuan in the last three years [12] - In 2025, Guyue Longshan announced a share buyback plan of 200-300 million yuan to enhance investor confidence and align interests among shareholders, investors, and employees [11] Social Responsibility and Community Engagement - Guyue Longshan is committed to social responsibility, engaging in rural revitalization and community development projects, including the establishment of a co-prosperity base for plum cultivation [13] - The company has signed contracts for the cultivation of 6,400 acres of rice, providing employment opportunities and increasing income for local farmers [13]

Market Overview - On August 27, the non-liquor sector declined by 1.7% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with 会稽山 (Kuaijishan) increasing by 0.78% to close at 23.28, while *ST Lanhuang (Lanhuang) fell by 4.47% to close at 8.34 [1][2] - Other notable declines included 重庆啤酒 (Chongqing Beer) down 1.07%, 张裕A (Zhangyu A) down 1.14%, and *ST 椰岛 (Yedao) down 1.45% [1][2] Trading Volume and Capital Flow - The non-liquor sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 298 million yuan [2] - The trading volume for 会稽山 was 338,600 hands with a transaction value of 779 million yuan, while *ST 兰黄 had a trading volume of 57,300 hands and a transaction value of 48.47 million yuan [1][2] Capital Inflow Analysis - In terms of capital inflow, 张裕A had a net inflow of 5.04 million yuan from institutional investors, while *ST 兰黄 saw a significant net outflow of 10.63 million yuan [3] - The data indicates that retail investors were more active in the market, with notable inflows into stocks like *ST 椰岛 and 珠江啤酒 (Zhujiang Beer) [3]

Market Performance - The non-baijiu sector increased by 1.52% on August 25, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Highlights - Kuaijishan (601579) closed at 23.20, up 10.00% with a trading volume of 323,700 shares and a turnover of 733 million yuan [1] - Guyue Longshan (600059) closed at 10.39, up 2.57% with a trading volume of 279,700 shares and a turnover of 289 million yuan [1] - Jinfeng Wine Industry (600616) closed at 6.00, up 2.39% with a trading volume of 336,300 shares and a turnover of 200 million yuan [1] Capital Flow - The non-baijiu sector saw a net inflow of 181 million yuan from institutional investors, while retail investors experienced a net outflow of 85.13 million yuan [2] - The main stocks with significant capital inflow included Kuaijishan with a net inflow of 127 million yuan, accounting for 17.39% of its trading volume [3] Individual Stock Capital Flow - Kuaijishan had a net inflow of 127 million yuan from main funds, while retail investors saw a net outflow of 72.16 million yuan [3] - Zhirun Co. (002568) experienced a net inflow of 35.89 million yuan from main funds, but a net outflow of 5.45 million yuan from retail investors [3] - Chongqing Beer (600132) had a net inflow of 29.53 million yuan from main funds, with a net outflow of 42.03 million yuan from retail investors [3]

Market Overview - On August 22, the non-liquor sector rose by 0.42% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 28.27, with a significant increase of 10.00% and a trading volume of 244,800 shares, amounting to a transaction value of 684 million [1] - Other notable stocks included: - GuanFengMingJia (600600) remained unchanged at 68.57 with a trading volume of 81,900 shares [1] - XianJing Beer (000729) also remained unchanged at 12.70 with a trading volume of 235,400 shares [1] - ST XiFa (000752) closed at 11.22, unchanged with a trading volume of 44,600 shares [1] - Chongqing Beer (600132) slightly decreased by 0.11% to 55.75 with a trading volume of 50,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 40.44 million from institutional investors and 74.53 million from retail investors, while there was a net inflow of 115 million from individual investors [2] - The capital flow for specific stocks showed: - BaiRun Co., Ltd. had a net inflow of 164 million from institutional investors, but a net outflow of 81.47 million from retail investors [3] - Zhongxin Niya (600084) had a net inflow of 1.94 million from institutional investors, with a slight outflow from retail investors [3] - ST XiFa (000752) saw a net outflow of 3.26 million from institutional investors, but a net inflow of 472.60 thousand from retail investors [3]

证券之星消息，8月19日非白酒板块较上一交易日上涨0.52%，古越龙山领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600059 | 古越龙山 | 10.02 | 2.45% | 28.20万 | 2.82亿 | | 000752 | ST西发 | 11.41 | 2.42% | 4.70万 | 5270.49万 | | 600543 | 莫昌股份 | 6.43 | 2.23% | 10.26万 | 6557.16万 | | 601579 | 会稽山 | 19.72 | 1.86% | 1 24.16万 | 4.77亿 | | 600616 | 金枫酒业 | 5.81 | 1.57% | 25.03万 | 1.45亿 | | 600084 | 中信尼雅 | 5.72 | 1.24% | 6.08万 | 3462.65万 | | 603779 | 威龙股份 | 7 ...

Market Overview - On August 18, the non-liquor sector rose by 0.36% compared to the previous trading day, with *ST Yedao leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - The top-performing stocks in the non-liquor sector included: - *ST Yedao: Closed at 6.74, up 2.12% with a trading volume of 107,700 shares and a turnover of 72.31 million yuan [1] - Huijian Mountain: Closed at 19.36, up 2.00% with a trading volume of 107,400 shares [1] - ST Xifa: Closed at 11.14, up 1.46% with a trading volume of 89,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 97.71 million yuan [2] - The capital flow for specific stocks showed: - Huijian Mountain had a net inflow of 14.72 million yuan from institutional investors [3] - *ST Yedao experienced a net outflow of 5.91 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had notable capital movements: - *ST Yedao: Net outflow of 5.91 million yuan from institutional investors, with a retail net inflow of 2.84 million yuan [3] - Huijian Mountain: Net inflow of 14.72 million yuan from institutional investors, but a net outflow of 3.84 million yuan from retail investors [3] - ST Xifa: Net outflow of 5.61 million yuan from institutional investors, with a retail net inflow of 2.92 million yuan [3]

Summary of the Yellow Wine Industry Conference Call Industry Overview - The yellow wine industry has long faced challenges such as low-end perception, limited consumption scenarios, and demographic constraints. The mainstream consumption price point is concentrated below 20 yuan, with over 60% of revenue coming from products priced below 40 yuan. More than 70% of consumers are over 40 years old, and 80% of consumption is concentrated in the Yangtze River Delta region [1][3][4]. Key Companies - The two leading companies in the industry, Kuaijishan and Guyuelongshan, have reached a strategic consensus to actively promote reforms. The establishment of the "Yellow Wine Revitalization Task Force" in Shaoxing provides policy and financial support. Both companies have improved their governance structures, with management binding their interests to the company through shareholding and incentive mechanisms [1][5]. Strategic Initiatives - Both companies are focusing on high-end brand development, launching products such as "Guoniang" (Guyuelongshan) and "Lanting" (Kuaijishan), which have achieved sales exceeding 100 million yuan by 2024. However, the revenue share from high-end single products remains low, and the repurchase rate is also low. Continuous efforts to build high-end brands are crucial for changing consumer perceptions [1][6]. Product Innovations - Kuaijishan has introduced upgraded products priced at 40 yuan ("1,743") and over 100 yuan ("Qinghua Sui"), benefiting from the high-end brand image. Both companies are also innovating flavors by incorporating elements like coffee, lime, and bubbles into their products to cater to younger consumers and open up more consumption scenarios [1][7]. Market Dynamics - Kuaijishan has a higher marketization degree and stronger channel control compared to Guyuelongshan, which has a more established national layout. Guyuelongshan leads in revenue from markets outside the Yangtze River Delta, with over 70% of its products in the mid-to-high-end range [2][9]. Challenges and Limitations - The yellow wine industry has been hindered by several limitations: - **Price Limitations**: The inability to penetrate high-end consumption scenarios has led to a low-end perception among consumers [3]. - **Scenario Limitations**: Over 50% of yellow wine consumption occurs in home settings, with less than 10% in business or formal social scenarios [3][4]. - **Demographic Limitations**: More than 70% of the core consumer group is over 40 years old, leading to a significant gap in younger consumer engagement [4]. - **Regional Limitations**: Nearly 80% of consumption is concentrated in the Yangtze River Delta, with weak recognition in peripheral markets [4]. Future Outlook - The industry is entering a revival phase, with both leading companies expected to make significant progress. Kuaijishan may advance more quickly due to its governance structure, while Guyuelongshan's national layout and international promotion strategies may allow it to achieve greater long-term success. The outcome will depend on market responses and execution efforts [6][8][18]. Competitive Analysis - A comprehensive comparison of Kuaijishan and Guyuelongshan across management, products, brands, and channels indicates that Kuaijishan's market-driven approach may lead to faster short-term growth, while Guyuelongshan's strong brand assets and national layout provide long-term growth advantages. The ability to capture pricing power in the 500 yuan high-end segment will be critical for future growth [9][18].

Market Performance - On August 15, the non-liquor sector rose by 0.03% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - ST Xifa (000752) closed at 10.98, with a gain of 4.97% and a trading volume of 82,300 shares, amounting to a transaction value of 89.11 million yuan [1] - Other notable stocks included Huaiwei Mountain (601579) with a closing price of 18.98, up 1.33%, and Bai Run Co. (002568) at 24.96, up 1.18% [1] Capital Flow - The non-liquor sector experienced a net outflow of 53.08 million yuan from institutional investors, while retail investors saw a net outflow of 35.11 million yuan [2] - Conversely, speculative funds recorded a net inflow of 88.19 million yuan [2] Individual Stock Capital Flow - Aoqin Wen (600573) had a net inflow of 6.63 million yuan from institutional investors, representing 20.52% of its total capital flow [3] - ST Xifa (000752) saw a net inflow of 2.85 million yuan from institutional investors, but a net outflow of 6.10% from retail investors [3]

Core Viewpoint - The yellow wine industry is undergoing a transformation driven by policy support and cultural confidence, focusing on "premiumization, youthfulness, and nationalization" to reshape market perception [1] Industry Summary - The yellow wine market is expected to experience a breakthrough, initiating a revival path for leading companies in conjunction with the industry [1] - The transformation practices of leading companies are centered around achieving success in premiumization and nationalization [1] Company Summary - Two leading yellow wine companies, Kuaijishan (601579) and Guyuelongshan (600059), have made significant progress in premiumization and nationalization, indicating their growth potential [1]