Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 539 million yuan in Q1 2025, a decrease of 5% year-on-year, primarily due to the timing of the Spring Festival [4] - The gross margin increased by 1 percentage point to 37.15%, attributed to product mix optimization, with expectations for further improvement in H2 2025 as operational efficiencies are enhanced [5] - Revenue from mid-to-high-end liquor decreased by 5% to 377 million yuan, while ordinary liquor revenue also fell by 5% to 156 million yuan [6] - The company is focusing on consumer education and marketing efforts, particularly targeting younger demographics through platforms like Douyin and Xiaohongshu [6] - Revenue from mature markets such as Shanghai, Zhejiang, and Jiangsu saw declines of 10%, 10%, and 18% respectively, while other regions showed resilience with a 4% increase in revenue [7] - The company is expected to see significant growth in external markets as it strengthens its marketing and distribution efforts [7] - Earnings per share (EPS) are projected to be 0.24, 0.27, and 0.31 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 36, 32, and 28 times [9] Summary by Sections Financial Performance - Q1 2025 revenue was 539 million yuan, down 5% year-on-year, with a net profit of 59 million yuan, also down 5% [4] - The company expects to maintain a stable profit margin with a slight decrease in net profit margin to 10.90% [5] Product Revenue - Mid-to-high-end liquor revenue was 377 million yuan, and ordinary liquor revenue was 156 million yuan, both down 5% [6] - The company is implementing small price increases for lower-end products to enhance profit margins [6] Market Dynamics - Mature markets are under pressure, but external markets are showing resilience with a 4% revenue increase [7] - The company is focusing on expanding its market share in non-mature markets through enhanced marketing activities [7] Earnings Forecast - The company is projected to achieve a revenue of 2,054 million yuan in 2025, with a growth rate of 6.1% [11] - The forecasted net profit for 2025 is 218 million yuan, reflecting a growth rate of 5.9% [11]

Core Viewpoint - The controlling shareholder, China Shaoxing Huangjiu Group Co., Ltd., plans to increase its stake in the company through a share buyback program, demonstrating confidence in the company's future and aiming to enhance shareholder value [2][4]. Group 1: Buyback Plan Details - The buyback plan will commence on November 5, 2024, and will last for six months, with a total investment of no less than RMB 100 million and no more than RMB 150 million [2][4]. - The buyback will be executed through centralized bidding on the Shanghai Stock Exchange [4]. Group 2: Implementation Results - As of the announcement date, the Huangjiu Group has acquired a total of 16,460,041 shares, representing 1.81% of the company's total equity, with an investment of approximately RMB 149.84 million (excluding taxes) [5]. - Following the completion of the buyback plan, the Huangjiu Group's total shareholding increased to 351,084,158 shares, accounting for 38.52% of the company's total equity [5]. Group 3: Shareholder Information - Prior to the buyback plan, the Huangjiu Group held 334,624,117 shares, which was 36.71% of the total equity [3]. - The Huangjiu Group's shareholding increased from 37.71% to 38.52% after additional purchases made between January 20, 2025, and April 25, 2025 [6]. Group 4: Legal Compliance - The buyback actions comply with relevant laws and regulations, ensuring that the company's listing status remains unaffected and that there will be no change in the controlling shareholder or actual controller [8].

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-021 浙江古越龙山绍兴酒股份有限公司 关于控股股东增持计划实施完毕暨权益变动触及 1%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。 重要内容提示： 一、增持主体的基本情况 （一）增持主体：黄酒集团，为本公司控股股东。 （二）增持主体持股数量及持股比例：本次增持计划实施前，黄 酒集团持有本公司股份334,624,117股，占本公司总股本的36.71%。 二、增持计划的主要内容 基于对目前资本市场形势的认识及对公司未来持续稳定发展的 1 增持计划主要内容：本公司控股股东中国绍兴黄酒集团有限公司 （以下简称"黄酒集团"）计划自 2024 年 11 月 5 日起 6 个月内， 以专项贷款及自有资金通过上海证券交易所以集中竞价交易方 式增持公司 A 股股份，增持股份总金额不低于人民币 1 亿元， 不超过人民币 1.5 亿元。 增持计划实施结果：自增持计划公布以来，截至本公告披露之日， 黄酒集团通过上海证券交易所交易系统以集中竞价交易方式累计 增持公 ...

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 控股股东增持公司股份的 控股股东增持公司股份的 法律意见书 上海市锦天城律师事务所（以下简称"本所"）接受委托，根据《公司法》 《证券法》《上市公司收购管理办法》《上海证券交易所上市公司自律监管指引 第8号——股份变动管理》等法律、法规、规范性文件的规定，就浙江古越龙山 绍兴酒股份有限公司（以下简称"古越龙山"或"公司"）的公司控股股东中国 绍兴黄酒集团有限公司（以下简称"黄酒集团"）增持古越龙山股份事宜（以下 简称"本次增持"）进行核查并出具本法律意见书。 1 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 上海市锦天城律师事务所 法律意见书 第一节 律师声明 1、本所依据本法律意见书出具日以前已经发生或存在的事实和我国现行法 律、行政法规、部门规章及其他规范性文件的有关规定发表法律意见。 2、公司及其控股股东黄酒集团已向本所律师作出承诺 ...

Group 1: Yanjing Beer - Yanjing Beer reported a Q1 revenue of 3.827 billion yuan, a year-on-year increase of 6.69% [1] - The net profit attributable to shareholders was 165 million yuan, up 61.10% year-on-year, indicating a strong start to 2025 [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Zhujiang Beer - Zhujiang Beer disclosed a Q1 revenue of 1.227 billion yuan, reflecting a year-on-year growth of 10.69% [2] - The net profit attributable to shareholders was 157 million yuan, an increase of 29.83% year-on-year, showcasing strong market competitiveness [2] - The company reported beer sales of 294,600 tons, up 11.66% year-on-year [2] Group 3: Guyue Longshan - Guyue Longshan's Q1 revenue was 539 million yuan, a decline of 4.9% year-on-year [3] - The net profit was approximately 59.02 million yuan, down 4.82% year-on-year, indicating challenges in financial performance [3] - The company announced a share buyback plan of 200 to 300 million yuan to enhance employee motivation and long-term competitiveness [3] Group 4: Zhangyu A - Zhangyu A reported Q1 revenue of about 811 million yuan, a slight increase of 0.01% year-on-year [4] - The net profit attributable to shareholders was approximately 159 million yuan, up 0.21% year-on-year, reflecting stability in a challenging market [4] - The company needs to focus on optimizing product structure and enhancing brand influence to address long-term industry challenges [4]

Core Viewpoint - The company has announced a share repurchase plan aimed at enhancing employee motivation and confidence among investors, with a total repurchase amount between 200 million and 300 million RMB [12][35]. Financial Data - The first quarter financial statements are unaudited, and the company has confirmed the accuracy and completeness of the financial information [3][31]. - As of March 31, 2025, the company's total assets are 671,142.70 million RMB, with net assets attributable to shareholders of 595,439.39 million RMB, and a current asset total of 408,932.19 million RMB [22]. Shareholder Information - The company has confirmed that there are no plans for share reductions by major shareholders, including directors and senior management, in the next six months [12][25]. Management Changes - The company appointed Jiang Hongwei as the vice president, with a term aligned with the current board [7][10]. Share Repurchase Plan - The repurchase will utilize self-owned or raised funds, with a maximum price of 12.83 RMB per share, not exceeding 150% of the average trading price over the previous 30 trading days [12][21]. - The repurchase period will last up to 12 months from the board's approval date [18][35]. - If the repurchased shares are not used for employee stock ownership plans or equity incentives within 36 months, they will be canceled [12][26]. Impact on Company Operations - The share repurchase is expected to have a minimal impact on the company's daily operations and financial health, with the repurchase funds representing 4.47% of total assets and 5.04% of net assets [22][24].

证券代码：600059 证券简称：古越龙山 编号：临 2025-017 浙江古越龙山绍兴酒股份有限公司 2025 年 1-3 月经营数据公告 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个别及连带责任。 二、销售渠道情况： 单位：万元 | 渠道类型 | 本期销售收入 | 上期销售收入 | 变动比例 | | --- | --- | --- | --- | | 直销（含团购） | 11864.66 | 12262.60 | -3.25% | | 批发代理 | 40739.39 | 42996.80 | -5.25% | | 国际销售 | 709.44 | 760.76 | -6.75% | | 合计 | 53313.49 | 56020.16 | -4.83% | 三、区域情况： 单位：万元 | 区域情况 | 本期销售收入 | 上期销售收入 | 变动比例 | | --- | --- | --- | --- | | 上海地区 | 10345.32 | 11550.41 | -10.43% | | 浙江地区 | 14811.02 | 1639 ...

根据《上市公司独立董事管理办法》《董事会议事规则》《公司章程》《董事 会提名委员会工作细则》等规章制度的有关规定，提名委员会于 2025 年 4 月 23 日召开十届四次会议，会议由主任委员朱杏珍女士主持，以"3 票同意；0 票反 对；0 票弃权"的表决结果，审议通过了《关于聘任公司副总经理的议案》。对 公司拟聘任高级管理人员的事项发表如下意见： 董事会聘任蒋宏伟先生为公司副总经理的提名、董事会审议、表决程序符合 法律、法规以及《公司章程》的有关规定。经审阅蒋宏伟先生的履历及相关资料， 其任职资格符合我国有关法律法规及《公司章程》的有关规定，并具备与行使职 权相适应的履职能力和条件。同意董事会聘任蒋宏伟先生为公司副总经理。 证券代码：600059 证券简称：古越龙山 编号：临 2025-018 浙江古越龙山绍兴酒股份有限公司 关于聘任副总经理的公告 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个别及连带责任。 一、聘任公司副总经理情况 公司于 2025 年 4 月 23 日召开了第十届董事会第七次会议，本次会议通知于 4 月 16 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥539,408,523.78, a decrease of 4.90% compared to ¥567,227,009.49 in the same period last year[4] - Net profit attributable to shareholders was ¥59,018,665.07, down 4.82% from ¥62,004,526.27 year-on-year[4] - Total revenue for Q1 2025 was CNY 539,408,523.78, a decrease of 4.8% compared to CNY 567,227,009.49 in Q1 2024[18] - Net profit for Q1 2025 was CNY 58,792,509.09, a decrease of 6.0% from CNY 62,637,930.16 in Q1 2024[19] - Operating profit for Q1 2025 was CNY 80,409,971.15, down 7.4% from CNY 86,551,013.65 in Q1 2024[19] - The net profit attributable to the parent company shareholders decreased to ¥59,018,665.07 from ¥62,004,526.27, representing a decline of approximately 3.2% year-over-year[20] - The total comprehensive income attributable to the parent company owners was ¥59,129,174.50, down from ¥62,000,243.47, indicating a decrease of about 4.5%[20] Cash Flow - The net cash flow from operating activities was -¥139,953,798.80, representing a decline of 40.87% compared to -¥99,350,183.82 in the previous year[4] - Cash inflows from operating activities totaled ¥495,385,902.00, slightly increasing from ¥494,928,789.27, a growth of about 0.1%[23] - Cash outflows from operating activities increased to ¥635,339,700.80 from ¥594,278,973.09, marking an increase of approximately 6.9%[23] - The net cash flow from operating activities was negative at -¥139,953,798.80, worsening from -¥99,350,183.82 year-over-year[23] - Cash outflows from investing activities amounted to ¥83,091,820.18, down from ¥106,102,331.60, a decrease of about 21.7%[24] - The net cash flow from investing activities was -¥80,694,562.95, an improvement from -¥99,526,969.39 year-over-year[24] - The cash and cash equivalents at the end of the period were ¥1,908,067,494.45, down from ¥1,942,365,748.51, a decrease of approximately 1.8%[24] - The company reported a foreign exchange impact on cash and cash equivalents of ¥265,755.03, compared to ¥77,858.03 in the previous year, indicating a significant increase[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,711,427,049.89, down 3.02% from ¥6,920,680,319.69 at the end of the previous year[5] - Total assets as of March 31, 2025, were CNY 6,711,427,049.89, down from CNY 6,920,680,319.69 as of December 31, 2024[15] - Total liabilities decreased to CNY 718,654,299.28 as of March 31, 2025, from CNY 986,638,821.22 as of December 31, 2024[15] - Total equity increased to CNY 5,992,772,750.61 as of March 31, 2025, compared to CNY 5,934,041,498.47 as of December 31, 2024[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,059[9] - The largest shareholder, China Shaoxing Yellow Wine Group Co., Ltd., holds 37.71% of the shares, totaling 343,739,617 shares[9] Earnings Per Share - Basic earnings per share decreased by 14.29% to ¥0.06 from ¥0.07 in the same period last year[5] - The basic and diluted earnings per share remained at ¥0.06, compared to ¥0.07 in the previous year, reflecting a decline of approximately 14.3%[20] Accounts Receivable and Inventory - The company reported a significant decrease in accounts receivable financing by 89.11%, primarily due to a reduction in notes[7] - Accounts receivable increased to CNY 248,777,788.96 as of March 31, 2025, compared to CNY 212,540,038.98 as of December 31, 2024, reflecting a growth of 17.0%[13] - Inventory decreased to CNY 1,825,371,876.69 as of March 31, 2025, from CNY 1,893,736,994.37 as of December 31, 2024[13] Investment and Construction - The construction in progress increased by 21.12%, mainly due to increased investment in the yellow wine industrial park project[7] - Total operating costs for Q1 2025 were CNY 458,745,595.86, down 4.2% from CNY 478,853,288.55 in Q1 2024[19] - Cash and cash equivalents decreased to CNY 1,910,867,494.45 as of March 31, 2025, from CNY 2,131,421,867.55 as of December 31, 2024[13]

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-019 浙江古越龙山绍兴酒股份有限公司 第十届董事会第七次会议决议公告 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个别及连带责任。 浙江古越龙山绍兴酒股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 16 日以书面方式发出召开第十届董事会第七次会议的通知。会议于 2025 年 4 月 23 日在公司新二楼会议室以现场结合通讯表决方式召开，会议由董事长 孙爱保先生主持，应到董事 11 人，实到董事 11 人，监事会成员 3 人及高管人员 列席了会议。本次会议的召开符合《公司法》和《公司章程》的规定。会议审议 通过了如下议案： 一、《公司 2025 年第一季度报告》 表决结果：11 票同意，0 票反对，0 票弃权。 二、《关于聘任公司副总经理的议案》 根据绍政干〔2025〕6 号文件，董事会拟聘任蒋宏伟为公司副总经理，任期 与本届董事会一致。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《关于聘任副总经理的公告》 ...