Investment Rating - The report maintains a "Buy" rating for Kuaijishan (601579 CH) with a target price of 20.80 and for Guyuelongshan (600059 CH) with a target price of 10.87 [8]. Core Viewpoints - The yellow wine industry is experiencing a transformation with a focus on high-end products, driven by leading companies actively seeking change and enhancing brand value [3][4]. - The industry is witnessing a recovery opportunity after a prolonged period of decline, with significant changes in competition and supply dynamics [10][11]. - The overall revenue for the yellow wine industry in 2023 is approximately 21 billion, with a slight year-on-year growth of 2%, while the revenue from large-scale enterprises has decreased by 16% [15][20]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for Kuaijishan and Guyuelongshan, indicating confidence in their growth potential [8]. Current Industry Status - The yellow wine industry has faced challenges, with a decline in revenue and the number of large-scale enterprises dropping from 121 in 2017 to 81 in 2023 [20][21]. - Despite these challenges, the average profit margin for large-scale enterprises increased by 5 percentage points to 17.5% in 2023, indicating a potential bottoming out of the industry [20][21]. Positive Changes in the Industry - The competitive landscape has become clearer, with the concentration of market share among leading companies increasing significantly from 15% to 37% for the top two companies from 2017 to 2023 [22]. - Leading companies are focusing on high-end products, actively raising prices and launching new products to break through market constraints [11][12]. Future Development Outlook - The report predicts a restructuring of the volume-price logic in the yellow wine industry, with an expected revenue growth from approximately 8.5 billion in 2023 to 13-14 billion by 2027 [12][20]. - The demand for yellow wine is expected to expand beyond traditional regions, with a gradual penetration into younger consumer demographics and new consumption scenarios [42][45].

证券代码：600059 证券简称：古越龙山 公告编号：2025-024 浙江古越龙山绍兴酒股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：中国黄酒博物馆多功能厅会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 298 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 362,832,095 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 39.8041 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取以现场投票及网络投票相结合的方式召开，公司董事会召集本 次会议，董事长孙爱保先生主持。本次会议的召集、召开符合《公司法》、《公司 章程》及《 ...

上海市锦天城律师事务所 关于浙江古越龙山绍兴酒股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江古越龙山绍兴酒股份有限公司 2024 年年度股东大会的 法律意见书 致：浙江古越龙山绍兴酒股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江古越龙山绍兴酒股 份有限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性 文件以及《浙江古越龙山绍兴酒股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的 ...

Group 1 - The core viewpoint is that the liquor industry is entering a phase of stock competition, leading to overall growth pressure and a slowdown in performance for companies like Jinshiyuan [1] - Jinshiyuan's revenue target for 2025 is a year-on-year growth of 5% to 12%, adapting to market changes and maintaining competitive advantages [1] - The adjustment of targets by Jinshiyuan may affect investor confidence in the liquor sector, indicating a need for innovation and differentiation strategies [1] Group 2 - Guyue Longshan aims for over 6% growth in liquor sales and over 3% profit growth in 2025, focusing on high-end, youth-oriented, global, and digital strategies [2] - The company's strategic goals reflect an effort to inject new vitality into the yellow wine industry, despite facing intensified competition and fluctuating consumer demand [2] - Market evaluations of the yellow wine sector may shift, with a focus on the company's execution and market feedback [2] Group 3 - Chongqing Beer expresses cautious optimism for the beer industry in 2025, anticipating a more favorable development environment due to improving external conditions and steady growth policies [3] - However, the company acknowledges challenges such as intensified competition, cost fluctuations, and potential underperformance in consumer recovery [3] - The statements from company executives highlight the uncertainties in the beer industry's recovery, prompting market attention to policy implementation and consumer trend changes [3]

二、回购股份的进展情况 截至2025年4月30日，公司暂未实施股份回购。 1 证券代码：600059 证券简称：古越龙山 公告编号：临 2025-023 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。 | 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 | 0万股 | | 累计已回购股数占总股本比例 | 0.00% | | 累计已回购金额 | 0万元 | 重要内容提示： 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 ...

Group 1 - A new wave of stock buybacks is occurring among A-share listed companies, coinciding with the latest portfolio adjustments of several billion-yuan fund managers [1][12] - Zhang Kun, deputy general manager of E Fund, sold 3 million shares of China Merchants Bank on April 29 due to exceeding the 10% limit of the fund's net asset value, amounting to approximately 127 million yuan [1][4] - Zhang Kun significantly increased his holdings in SF Express by 31.7 million shares during the first quarter of 2025 [1][5] Group 2 - Chen Hao, manager of E Fund's Quality Momentum Fund, increased his stake in Jianyou Co., a pharmaceutical stock, during April [1][7] - Fund managers Hu Xinwei and Gao Nan both increased their positions in durable consumer goods company Jiayi Co. [1][8] - Zhao Xiaodong, director of equity investment at Guohai Franklin Fund, increased his holdings in Huangjiu stock Guyue Longshan [1][10] Group 3 - The electronic and pharmaceutical industries topped the list of public fund research in April, with Luxshare Precision being the most favored stock, receiving over 100 research visits [1][12] - A total of 169 stocks received significant attention from public funds in April, with 22 stocks having research frequencies exceeding 50 times [1][12] - The electronic industry dominated the research focus, with Luxshare Precision receiving 182 visits, followed by other electronic stocks like Huidian Co. and Lanke Technology [1][13]

2025 年 5 月 16 日 浙江·绍兴 2024 年年度股东大会会议资料 古越龙山 2024 年年度股东大会会议资料 浙江古越龙山绍兴酒股份有限公司 2024 年年度股东大会会议议程 会议召开及表决方式：本次股东大会采用现场投票和网络投票相 结合的方式，公司将通过上海证券交易所股东大会网络投票系统向公 司股东提供网络形式的投票平台。公司股东在网络投票时间内既可以 登陆交易系统投票平台（通过指定交易的证券公司交易终端）进行投 票，也可以登陆互联网投票平台（网址：vote.sseinfo.com）进行投票。 公司股东只能选择现场投票和网络投票中的一种方式行使表决 权，如同一表决权通过前述两种方式进行重复投票表决的，以第一次 投票结果为准。 网络投票的相关事宜详见公司于 2025 年 3 月 28 日在中国证券 报、上海证券报和上海证券交易所网站（www.sse.com.cn）上披露的 临 2025－013 公告。 现场会议时间：2025 年 5 月 16 日下午 14:00 现场会议地点：中国黄酒博物馆多功能厅会议室（浙江省绍兴市 越城区下大路 557 号） 网络投票时间：自 2025 年 5 月 16 日至 ...

Summary of Key Points Core Viewpoint - In the recent five trading days (April 24 to April 30), significant shareholders of 17 companies increased their holdings, totaling 55.21 million shares and an investment of 474 million yuan, while 49 companies saw a reduction in holdings amounting to 4.909 billion yuan [1]. Group 1: Shareholder Activity - A total of 17 companies experienced significant shareholder increases, with a cumulative increase of 55.21 million shares and an investment of 474 million yuan [1]. - Among the companies with notable increases, Debon Holdings led with an increase of 9.5563 million shares and an investment of 13.132 million yuan, followed by China Aluminum with 17.3 million shares and 11.1 million yuan [1][2]. - The majority of the increased holdings were concentrated in the transportation and non-ferrous metals sectors, with 4 and 2 companies respectively [1]. Group 2: Market Performance - The average performance of stocks with increased holdings saw a decline of 0.71% over the five days, underperforming the Shanghai Composite Index during the same period [1]. - Notable gainers included Tongkun Co., with a rise of 3.13%, and Kangxin Materials, which increased by 2.02% [1][2]. - Conversely, stocks like Beibu Gulf Port and Debon Holdings experienced significant declines of 6.73% and 5.82% respectively [1][2]. Group 3: Fund Flow - Among the stocks with increased holdings, 9 experienced net inflows of main funds, with Renfu Pharmaceutical seeing the highest net inflow of 5.8 million yuan [2]. - In contrast, Beibu Gulf Port and Qiyi Er experienced the largest net outflows, with 205 million yuan and 61 million yuan respectively [2].

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-022 浙江古越龙山绍兴酒股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持 股情况的公告 本公司董事会、全体董事及相关股东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。 序号 股东名称 持股数量（股） 持股比例 （%） 1 中国绍兴黄酒集团有限公司 343739617 37.71 2 中国国际金融股份有限公司 12473750 1.37 一、截至2025年4月24日，公司前十大股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | | | | （%） | | 1 | 中国绍兴黄酒集团有限公司 | 343739617 | 37.71 | | 2 | 中国国际金融股份有限公司 | 12473750 | 1.37 | | 3 | 中国建设银行股份有限公司－鹏华中证 酒交易型开放式指数证券投资基金 | 10864418 | 1.19 | | 4 | 香港中央结算有限公司 | 10699902 | 1 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]