南方财经10月9日电，古越龙山(600059.SH)近日公告，截至2025年9月30日，公司累计回购1375.21万 股，占总股本1.51%，支付金额14214.66万元，回购价格区间为10.01元/股至10.50元/股。 ...

Core Insights - The yellow wine industry in China is experiencing a structural turning point driven by five key factors: technological breakthroughs, brand value reassessment, channel reconstruction, policy empowerment, and generational change [1] Brand Development - The company leverages its core area advantages as "China's Yellow Wine Capital" to build a strong competitive barrier through a five-brand collaborative matrix, with "Guyue Longshan" as the high-end benchmark brand [1] - "Guyue Longshan" is the only yellow wine brand that holds the titles of "China Famous Trademark," "Chinese Time-honored Brand," and "Asia's Top 500 Brands," continuously supplying the state banquet at Diaoyutai since 1988 [1] - The brand system has undergone three advancements in the past decade, enhancing communication models, optimizing cross-border strategies, and deepening international operations [1] Product Strategy - The company is advancing both high-end and youth-oriented product lines, creating a diversified product matrix [2] - High-end products include "Guoniang 1959" and "Qinghua Zui" series, with successful launches like "Only This Green" leveraging popular cultural IPs [2] - Youth-oriented innovations include yellow wine ice cream, tea-wine fusion, and trendy experiences like coffee yellow wine and sparkling yellow wine [2] Channel Strategy - The company has restructured its channel system to create an efficient network, moving from a fragmented offline channel to a more organized structure [3] - The channel strategy focuses on the restaurant sector as the lead, with supermarkets and distribution channels as core drivers, while also exploring diverse channels like group buying and online sales [3] - The company is transitioning its marketing model from B2B to B2C, enhancing digital marketing and integrating online and offline sales [3] Market Outlook - The yellow wine market is expected to benefit from generational shifts and cultural changes that reshape alcohol consumption patterns [3] - The company aims to capture part of the social demand traditionally dominated by white liquor, leveraging its historical and cultural significance [3] Financial Projections - The company is currently in a critical phase of "quality investment for long-term premium," with expectations for gross margin improvement as national and high-end strategies progress [4] - Revenue projections for 2025 and 2026 are estimated at 2.05 billion and 2.21 billion yuan, respectively, with year-on-year growth rates of 5.7% and 7.8% [4] - Net profit forecasts for the same years are 223 million and 243 million yuan, with growth rates of 8.6% and 9.1% [4]

（编辑 楚丽君） 证券日报网讯 9月30日晚间，古越龙山发布公告称，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%。 ...

证券日报网讯 9月30日晚间，古越龙山发布公告称，公司董事会近期收到公司副总经理徐岳正先生、董 事会秘书吴晓钧先生的书面辞职报告。徐岳正先生因已到退休年龄决定辞去公司副总经理职务，辞职 后，公司聘任徐岳正先生担任古越龙山"特聘专家"。吴晓钧先生因个人原因决定辞去公司董事会秘书职 务，辞职后，吴晓钧先生将不在公司及其控股子公司担任任何职务。 （编辑 楚丽君） ...

每经头条（nbdtoutiao）——前脚消费贷，后脚被银行追讨发票，7天内上传，否则后果严重！有人为此 焦虑，有人却趁机牟利：帮开票包过审 （记者 王瀚黎） 每经AI快讯，古越龙山9月30日晚间发布公告称，吴晓钧先生因个人原因决定辞去公司董事会秘书职 务，徐岳正先生因已到退休年龄决定辞去公司副总经理职务，公司聘任徐岳正先生担任古越龙山"特聘 专家"。 ...

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]