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 ...

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 ...

Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company experienced a 5% year-on-year decline in revenue for Q1 2025, primarily due to the timing of the Spring Festival, with a revenue of 539 million yuan and a net profit of 59 million yuan, also down 5% year-on-year [4][5] - The gross margin improved by 1 percentage point to 37.15% due to product mix optimization, and further improvements are expected in H2 2025 as operational efficiencies increase [5] - The company is focusing on enhancing its brand presence in younger consumer segments through targeted marketing on platforms like Douyin and Xiaohongshu, while also slightly increasing prices for lower-end products to improve profit margins [6] - Despite a challenging consumption environment in mature markets like Shanghai, Zhejiang, and Jiangsu, the company saw a 4% revenue increase in other regions, indicating resilience in external markets [7] Summary by Sections Financial Performance - Q1 2025 revenue was 539 million yuan, down 5% year-on-year, with net profit at 59 million yuan, also down 5% [4] - The gross margin increased to 37.15%, while net margin slightly decreased to 10.90% [5] Product Revenue - Revenue from mid-to-high-end liquor was 377 million yuan, down 5%, while ordinary liquor revenue was 156 million yuan, also down 5% [6] Market Dynamics - Revenue from mature markets (Shanghai, Zhejiang, Jiangsu) decreased by 10%, 10%, and 18% respectively, while other regions showed a 4% increase in revenue [7] Profit Forecast - The company is projected to have earnings per share (EPS) of 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][11]

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 ...