传统"新质" 作为历史经典产业的黄酒，具有文化和产业的双重内涵。被赋予新时代黄酒复兴重任的古越龙山，不仅 把黄酒看作一项事业，更视之为一份文化家业。 "我们的对手不是其他黄酒品牌，而是坚持长期主义，面向广大消费者，把黄酒品类宣传好，把黄酒文 化传播好，共同把黄酒市场做大。"近日，古越龙山董事长孙爱保接受记者采访时掷地有声。 聚焦"高端化、年轻化、全球化、数字化"四化战略，近年来古越龙山努力让"老酒"焕发新机，年轻单品 层出、高端化战略成效渐显。今年上半年，古越龙山国酿白玉已经售罄，新业态销售同比增长 22.64%，线上销售同比增长15.31%，直播销售达亿元规模，公司新产品、新渠道让人耳目一新。 2500年前，越王勾践卧薪尝胆，以忍耐蓄势，以果敢破局，造就"胆剑精神"的文化原点。如今，在黄酒 复兴的征途中，这家绍兴老牌酒企以此自勉，书写属于自己的"胆剑篇"。 古越龙山是国家非遗绍兴黄酒酿制技艺传承基地，一直坚持手工原酒传统工艺，目前仍保持着黄酒行业 手工酿造最大的产能，但传统工艺也有依赖经验、周期长、效率低、成本高等痛点。 破局之道始于智能化改造。步入古越龙山智能化酿造基地，酒曲香气萦绕鼻尖，高耸的储酒罐整齐 ...

Market Overview - The non-liquor sector increased by 0.52% on December 2, with Huichuan Beer leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Huichuan Beer (600573) closed at 12.95, up 6.15% with a trading volume of 403,000 shares and a turnover of 527 million yuan [1] - Wujing Beer (000729) closed at 12.47, up 2.55% with a trading volume of 223,800 shares and a turnover of 278 million yuan [1] - Zhujiang Beer (002461) closed at 9.56, up 1.27% with a trading volume of 130,400 shares and a turnover of 125 million yuan [1] - ST Xifa (000752) closed at 12.59, up 1.21% with a trading volume of 57,600 shares and a turnover of 72.34 million yuan [1] - Chongqing Beer (600132) closed at 54.25, up 0.65% with a trading volume of 21,300 shares and a turnover of 115 million yuan [1] Capital Flow Analysis - The non-liquor sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 94.81 million yuan [2][3] - Huichuan Beer had a net inflow of 191.1 million yuan from institutional investors, but a net outflow of 64.7 million yuan from retail investors [3] - Wujing Beer experienced a net inflow of 24.35 million yuan from institutional investors, with a net outflow of 42.18 million yuan from retail investors [3]

证券日报网讯 12月1日，古越龙山在互动平台回答投资者提问时表示，公司一直积极响应国家关于支持 企业并购重组、优化产业结构的政策导向。未来，公司将继续立足黄酒主业，以开放的心态推进产业资 源整合，同时通过技术创新、品牌升级、渠道深耕等多维度举措激发企业内生动力，兼顾外延扩张与内 生增长，持续推进公司高质量发展，不负投资者的信任与支持。 （编辑 袁冠琳） ...

证券日报网讯 12月1日，古越龙山在互动平台回答投资者提问时表示，二级市场股价受宏观经济、行业 政策和市场情绪等多种因素的影响，公司目前生产经营情况良好。公司近年来不遗余力地持续加大对黄 酒文化的认知和消费引导，开创酒文化新国潮，在酒类竞争异常激烈的市场背景下，保持了较好的发展 态势。公司将持续做好生产经营工作，同时也将积极探索提升投资者信心的措施。 （编辑 袁冠琳） ...

证券日报网讯12月1日，古越龙山（600059）在互动平台回答投资者提问时表示，公司一直在积极进行 新品研发，以适应市场需求。公司推出无高低2.0、龙井黄酒、草本健康系列等产品，冰彫气泡黄酒等 年轻化产品推向市场广受青睐。公司未来会根据市场反馈不断推出满足消费者需求的更多创新产品。 ...

证券日报网讯12月1日，古越龙山（600059）在互动平台回答投资者提问时表示，黄酒是"谷物发酵 酒"，富含多种氨基酸及多酚、有机酸、活性肽等，具有抗氧化、改善心血管功能等作用，润肤养颜， 是可以吃的"面膜"，与美妆产品的研发逻辑存在契合点。公司始终关注消费者的创新建议，也在持续探 索跨界与年轻化的更多可能。 ...

（编辑 袁冠琳） 证券日报网讯 12月1日，古越龙山在互动平台回答投资者提问时表示，公司控股股东黄酒集团已于2025 年4月完成增持计划，累计增持1646万股，增持金额约1.5亿元。2025年4月，公司发布股份回购方案， 拟以2-3亿元资金实施回购，截至10月底已累计回购1835.21万股，金额约1.86亿元。目前公司暂无新的 股份回购及大股东增持计划，如有相关安排将及时履行信息披露义务。 ...

今年上半年绍兴上市公司 占全市规上工业企业相关指标的比例 2023年12月，古越龙山黄酒产业园一期项目建成投产 古越龙山 黄酒产业园一期项目 华纬科技悬架弹簧 自动化生产线 芯联集成晶圆 芯联集成产线 今日绍兴 酒是时间的艺术、时间的产物，古越龙山的中央酒库储藏着1100多万坛、约26万吨原酒，这是古越龙山 最宝贵的财富。 ——古越龙山 董事长孙爱保 制造业成长无捷径，要不断打磨技术，抓住产业机遇，突破边界。 ——华纬科技 董事长金雷 2026年，我们的目标是迈过百亿元规模；2029年，我们的目标是成为中国最大的功率和模拟芯片研发及 大生产基地。 ——芯联集成 放诸改革开放47年的历史坐标，绍兴最显著的产业故事之一，就是在"一匹布上织出了锦绣大潮"。如 今，作为金名片的绍兴纺织产业，仍在书写"布满全球"的大文章；更多的战略性新兴产业则拔节生长， 共同"编织"绍兴现代化产业体系的经纬。 从数据看，"十四五"期间，绍兴市GDP总量接连跨越七千亿元、八千亿元大关，经济增速连续四年稳居 全省前三。一批优强企业脱颖而出登陆资本市场，资本市场"绍兴板块"市值突破万亿元，牵引区域经济 进阶向新。 从动能看，充满活力的县域经 ...

Core Viewpoint - The non-baijiu sector experienced a slight decline of 0.01% on November 28, with Qingdao Beer leading the drop, while the overall market indices showed positive movements [1] Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1] Non-Baijiu Sector Stock Performance - Notable gainers in the non-baijiu sector included: - Mogao Co., Ltd. (600543) with a closing price of 6.29, up 2.11% - Huichuan Beer (600573) at 12.15, up 2.10% - ST Lanhua (000929) at 8.54, up 1.91% - Weilang Co., Ltd. (603779) at 7.02, up 1.15% - Jinfeng Wine Industry (600616) at 5.65, up 1.07% [1] Capital Flow Analysis - The non-baijiu sector saw a net outflow of 121 million yuan from institutional investors - Retail investors contributed a net inflow of 78.65 million yuan, while speculative funds saw a net inflow of 42.59 million yuan [1]

Core Viewpoint - The leading advantage of Guyue Longshan, the top player in the yellow wine market, is gradually diminishing, as its revenue has been surpassed by its competitor, Kuaijishan, in the first three quarters of this year [1][2]. Financial Performance - In the first three quarters, Guyue Longshan reported revenue of 1.186 billion yuan, a year-on-year decline of 8.1%, while net profit was 135 million yuan, a slight increase of 0.17% [2]. - The third quarter revenue was 293 million yuan, down nearly 27% year-on-year, with net profit at 40 million yuan, an increase of 11.78%. However, the non-recurring net profit dropped to 582,000 yuan, a decrease of 85.26% [2][3]. - The cash flow from operating activities was negative 189 million yuan, reflecting a significant decrease in contract liabilities by 68.16% [2]. Market Competition - Guyue Longshan's sales in its home market of Zhejiang fell by over 10%, while Kuaijishan's sales in the same region increased by 17.89% [3]. - The competition between Guyue Longshan and Kuaijishan has intensified, with analysts noting that the gap in revenue and net profit between the two companies has been narrowing in recent years [5][6]. Product Strategy and Challenges - The company faces challenges in upgrading its product structure and has not fully capitalized on the high-end market, with the gross margin for mid-to-high-end products only slightly increasing [4][5]. - The mainstream price range for yellow wine has not significantly increased compared to other alcoholic beverages, limiting the company's ability to enhance brand value [4][5]. Innovation and Collaboration - Guyue Longshan has partnered with China Resources Beer to launch a cross-border product combining yellow wine and beer, aiming to leverage the extensive distribution network of China Resources [7][8]. - The effectiveness of this collaboration in expanding the market for yellow wine outside its traditional regions remains to be seen [8]. Product Line and Brand Positioning - Investors have raised concerns about the complexity and unclear positioning of Guyue Longshan's product line, suggesting a need for a more focused approach to enhance consumer loyalty [9][10]. - The recent change in indirect controlling shareholder may lead to potential brand enhancement and market growth opportunities for the company [10].