证券代码：600059 证券简称：古越龙山 公告编号：2025-032 浙江古越龙山绍兴酒股份有限公司 关于公司董事、高级管理人员离任的公告 特此公告。 浙江古越龙山绍兴酒股份有限公司董事会 2025 年 7 月 31 日 | 姓名 | 离任职 | 离任时 | | 原定任期 | | 离任原因 | 是否继续在 上市公司及 | 具体职务 （如适 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 务 | 间 | | 到期日 | | | 其控股子公 | | 毕的公开 | | | | | | | | | 司任职 | 用） | 承诺 | | 吕旦霖 | 董事、副 | 2025 | 年 7 | 2027 | 年 7 | 工作调动 | 否 | 不适用 | 否 | | | 总经理 | 月 | 30 日 | 月 11 日 | | | | | | 一、提前离任的基本情况 二、离任对公司的影响 根据《公司法》及《公司章程》等相关规定，吕旦霖女士的书面辞职报告自 送达公司董事会之日起生效。吕旦霖女士担任董事、副总经理所负责的相 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a mixed performance, with a 1.53% increase over the past two weeks, underperforming the Shanghai Composite Index by 0.26 percentage points and the Shenzhen Component Index by 2.33 percentage points [12] - The retail sales growth in June was 4.8%, indicating a slowdown compared to May, with total retail sales amounting to 42,287 billion yuan [55] - The report highlights the resilience of high-end liquor companies and the growing consumption trends in various segments such as beer and snacks [57] Summary by Sections 1. Market Review - A-shares in the food and beverage industry increased by 1.53% in the last two weeks, lagging behind major indices [12] - Within the sector, liquor (+2.30%), meat products (+1.27%), and dairy (+0.86%) performed well, while soft drinks (-2.11%), snacks (-1.86%), and baked goods (-1.33%) saw declines [12] - Notable stock performances included Huangshi Group (+18.11%), Huang Shang Huang (+13.54%), and Liangpinpuzi (+12.95%) [12] 2. Key Data Tracking - The average price of fresh milk in major production areas was 3.04 yuan/kg, down 6.2% year-on-year [37] - The national market price for pork was 25.46 yuan/kg, down 11.9% year-on-year [40] - The price of PET for packaging was 6,100 yuan/ton, down 16.4% year-on-year [40] 3. Key Events Tracking - June retail sales data showed a total of 245,458 billion yuan for the first half of the year, with a year-on-year growth of 5.0% [55] - PepsiCo reported a net sales revenue of 22.726 billion USD for Q2 2025, with stable growth in its Chinese market share [55] - The World Health Organization initiated a health tax proposal aimed at increasing the prices of tobacco, alcohol, and sugary drinks by at least 50% by 2035 [55] 4. Important Company Announcements - Liangpinpuzi's actual controller is set to change to the Wuhan State-owned Assets Supervision and Administration Commission [56] - Yanjing Beer expects a net profit of 1.062 to 1.137 billion yuan for the first half of 2025, a year-on-year increase of 40% to 50% [56] 5. Investment Recommendations - Focus on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [57] - The report suggests monitoring companies in the beer and snack segments, as well as dairy firms like Yili and New Dairy [57]

Core Points - The company Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. has announced a share repurchase plan with a total expected amount between RMB 200 million and RMB 300 million [1][2] - The repurchase is intended for employee stock ownership plans or equity incentives [1][2] - As of July 16, 2025, the company has repurchased 12.0941 million shares, representing 1.3268% of the total share capital [2] Summary by Sections Share Repurchase Plan - The repurchase plan was approved on April 23, 2025, and will be executed within 12 months [1] - The maximum repurchase price is set at RMB 12.83 per share [1] Progress of Share Repurchase - As of July 16, 2025, the company has repurchased 12.0941 million shares at a price range of RMB 10.16 to RMB 10.50 per share [2] - The total amount spent on the repurchase is RMB 125.3321 million, excluding transaction fees [2] Compliance and Regulations - The company is adhering to relevant laws and regulations regarding share repurchase and will disclose progress in a timely manner [2]

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 开第十届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟使用不低于人民币 2 亿元（含）且不超过人民币 3 亿元 （含）的自有资金或自筹资金，通过上海证券交易所交易系统以集中竞价交易方 式进行股份回购（以下简称本次回购股份），本次回购股份的价格不超过 12.83 元/股（含），本次回购的股份用于员工持股计划或股权激励。具体内容详见公 司于 2025 年 4 月 25 日披露的《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方案的公告》（公告编号：临 2025-020）。 证券代码：600059 证券简称：古越龙山 公告编号：临 2025-031 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比例达到 1%暨回购进展 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 | | --- | --- | | ...

民酒消费加速崛起背景下，两大民酒企业宣布新的合作动态。 7月11日，首届中国米酿酒发展峰会暨古越龙山×石湾玉冰烧联名产品发布会在广东佛山召开。会 上，"石湾玉冰烧×古越龙山·状元郎"及"石湾玉冰烧×古越龙山·状元红"两大联名产品正式发布。南都湾 财社记者从现场了解到，这两款产品定位口粮酒，分别由石湾酒厂及古越龙山生产，同时会进入各自的 销售渠道进行销售，重点在餐饮渠道布局。双方一致认为，通过整合各自在白酒、黄酒领域的市场资源 和消费群体，能够精准定位目标客户，开拓新的酒类消费市场。 与会专家则指出，石湾酒厂作为广东米酒代表与绍兴黄酒龙头古越龙山的联名合作，是酒类行业中两个 区域强势、品类不同的"老字号"寻求突破的一种创新尝试。而放在当前的酒业环境下，其背后核心驱动 力也了都包含促进销量和拓展市场范围的强烈需求。 石湾酒厂想进华东，古越龙山想下华南，通过联名产品这块"敲门砖"，能否实现突围？ 两大米酿酒龙头合作 主攻餐饮等消费场景 据了解，本次联名的两款产品中，一款为白酒，一款为黄酒。 "状元郎"由广东石湾酒厂集团生产，采用"清雅"酒体；"状元红"则是由古越龙山股份公司生产，采 用"特型黄酒"。两款产品属于口粮 ...

Core Viewpoint - The domestic whiskey market is witnessing new entrants, with Gu Yue Long Shan making a significant investment in whiskey production to attract younger consumers amid stagnant growth and competitive pressure from peers [2][3]. Group 1: Company Strategy - Gu Yue Long Shan has signed an agreement to secure over 4,000 barrels of glutinous rice whiskey from Zhejiang Chuan Yan Shi Jiu Ye Co., with an order value exceeding 100 million yuan [2]. - The company has been developing its whiskey line for nearly six years, collaborating with Jiangnan University and Hong Kong Phoenix Group for product development and marketing [3]. - The company aims to enhance its brand appeal to younger consumers, focusing on product optimization and launching a "3+1" product matrix to drive sales [4][5]. Group 2: Market Context - The domestic whiskey sector is becoming increasingly competitive, with various brands like Da Qin and Qingdao Beer entering the market, and established players like Bai Run and Guo Tai also launching their products [6]. - The pricing strategy for domestic whiskey is under pressure, with many brands adjusting their prices downward to remain competitive against imported options [7][8]. - The market share of domestic brands is still limited, with the top five global whiskey brands holding a combined market share of 67.30%, indicating a challenging environment for domestic producers to gain traction [9].

Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Views - The liquor sector is experiencing a decline in sentiment due to fluctuations in the price of Feitian Moutai, with leading companies actively exploring new consumption scenarios and demographics [2][13] - The health products, soft drinks, and snacks sectors are viewed positively due to high growth potential, low base effects, and upcoming peak seasons [4][15] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 0.88% from June 23 to June 27, while the Shanghai Composite Index rose by 1.95% [1][22] - Specific sector performances included health products (+3.65%), baked goods (+2.72%), and soft drinks (-0.58%) [1][22] Liquor Sector Insights - The white liquor sector declined by 1.66%, attributed to seasonal demand weakness and price fluctuations of high-end products like Feitian Moutai [2][13] - Current prices for 25-year Moutai (original/scattered) are 1870 RMB/1800 RMB, down by 80 RMB/100 RMB from the previous week [2][13] - The Shunwan white liquor index PE-TTM is at 18X, which is considered low compared to the historical average [2][13] Health Products and Snacks - The health products sector is experiencing a growth trend, with a 3.65% increase this week, driven by new consumption trends [20] - The snack sector is expected to benefit from low base effects and new product launches, with companies like Three Squirrels and Salted Fish being highlighted [17][21] Soft Drinks and Beer - The soft drink sector saw a slight decline of 0.6%, with notable performances from brands like Master Kong (+5.4%) and Nongfu Spring (+5.3%) [4][15] - The beer sector declined by 1.9%, but there is optimism for recovery with upcoming consumption policies [4][15] Investment Recommendations - Focus on strong alpha companies in the liquor sector such as Shanxi Fenjiu and Guizhou Moutai, which are expected to benefit from market consolidation [4][21] - In the consumer goods sector, companies that align with cost reduction and market share growth strategies are recommended, including Li Gao Foods and Nongfu Spring [4][21]

| 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 | 488.88万股 | | 累计已回购股数占总股本比例 | 0.54% | | 累计已回购金额 | 5024.57万元 | | 实际回购价格区间 | 10.16元/股-10.50元/股 | 重要内容提示： 证券代码：600059 证券简称：古越龙山 公告编号：临 2025-030 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。 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6月30日，公司通过上海证券 ...

Core Points - The stock price of Guyue Longshan (600059) closed at 10.77 yuan on June 27, 2025, representing a 4.36% increase from the previous week's closing price of 10.32 yuan [1] - The company's market capitalization is currently 9.817 billion yuan, ranking 7th out of 16 in the non-baijiu sector and 1634th out of 5151 in the A-share market [1] Company Announcements - Guyue Longshan announced its first share buyback through centralized bidding, repurchasing 4.8888 million shares, which accounts for 0.54% of the total share capital [1] - The buyback plan was approved on April 23, 2025, with a budget of no less than 200 million yuan and no more than 300 million yuan, with a buyback price not exceeding 12.83 yuan per share [1] - As of June 20 and 23, 2025, the company repurchased shares at a maximum price of 10.50 yuan and a minimum price of 10.16 yuan, with a total expenditure of 50.2457 million yuan (excluding transaction fees) [1]

Core Insights - The competitiveness of the Yangtze River Delta wine industry is fundamentally driven by the release of policy dividends, activation of geographical endowments, and the reconstruction of the industrial chain [12] Economic Overview - In 2024, the GDP of the Yangtze River Delta is projected to exceed 33 trillion yuan, contributing 25% of the national economic total with only 4% of the land [3] - The region accounts for approximately 17% of the national population and contributes about 30% to national economic growth [3] - In the first quarter of 2025, the GDP surpassed 8 trillion yuan, maintaining a strong position in the national economic landscape [3] Industry Performance - Anhui's liquor industry reported significant growth in 2024, with revenue from large enterprises reaching 37.58 billion yuan, a year-on-year increase of 9.2%, and total profits of 12.77 billion yuan, up 13.2% [4] - Jiangsu faced challenges with a 9.83% decline in liquor production and a 16.69% drop in profits, contrasting with the expansion of production capacity by major brands [4] - Zhejiang's yellow wine industry, which holds 57.02% of national production, has seen leading companies achieve growth through structural upgrades and market expansion [4] Challenges Faced - Shanghai's local brands are struggling, with Jin Feng Wine achieving a revenue of 578 million yuan, a mere 0.87% increase, while its net profit plummeted by 94.49% [5] - Shanghai Gui Jiu experienced an 82.54% revenue drop to 285 million yuan, resulting in a net loss of 217 million yuan due to issues like related party transactions and funding chain disruptions [5] - The overall industry faces challenges such as aging consumers in Zhejiang and insufficient penetration into younger markets [6] Strategic Insights - The integration strategy of the Yangtze River Delta aims to break down administrative barriers and inject new momentum into the wine industry [8] - The region's economic foundation and scale have fostered the rise of Su and Hui wines, with leading companies capturing over 60% of their respective provincial markets [7] - Experts suggest that the wine industry must shift from provincial strategies to a more integrated approach, leveraging the strengths of the entire region [10] Future Opportunities - The Yangtze River Delta's one-integration strategy presents a historic opportunity for the wine industry, emphasizing the need for collaboration and resource sharing among provinces [9] - Initiatives include establishing a smart brewing innovation chain, promoting integrated cultural tourism, and developing new green consumption scenarios [9] - The region's unique economic and demographic characteristics create a fertile ground for high-end consumption, with significant potential for growth in premium wine markets [8]