浙江古越龙山绍兴酒股份有限公司 收购报告书 上市公司名称：浙江古越龙山绍兴酒股份有限公司 收购人名称：绍兴市国控集团有限公司 住所及通讯地址：浙江省绍兴市越城区灵芝街道适南路 55 号 10 幢北区 9 楼（住所申报） 签署日期：二零二五年十月 1 股票上市地点：上海证券交易所 股票简称：古越龙山 股票代码：600059 收购人声明 本声明所述词语或简称与本报告书"释义"所述词语或简称具有相同的含义。 一、本报告书系收购人依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号—— 上市公司收购报告书》及其他相关法律、法规、部门规章和规范性文件的规定编写。 二、依据上述法律、法规、部门规章和规范性文件的规定，本报告书已全面披露收 购人在上市公司中拥有权益的股份情况。截至本报告书签署日，除本报告书披露的持股 信息外，收购人没有通过任何其他方式在上市公司拥有权益。 三、收购人签署本报告书已获得必要的授权和批准，其履行亦不违反收购人章程或 内部规则中的任何条款，或与之相冲突。 四、本次收购系收购人通过绍兴市国资委出资入股方式取得绍兴市国资委 ...

关于绍兴市国控集团有限公司 免于发出要约事宜的 法律意见书 二〇二五年十月 北京市中伦律师事务所 | | | 北京市中伦律师事务所 关于绍兴市国控集团有限公司 免于发出要约事宜的 法律意见书 致：绍兴市国控集团有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司收购管理办法》（以下简称《收购管理办法》）等法律、 行政法规、规章及规范性文件的有关规定，北京市中伦律师事务所（以下简称"本 所"）接受绍兴市国控集团有限公司（以下简称"公司""绍兴国控"或"收购 人"）的委托，就绍兴国控通过绍兴市人民政府国有资产监督管理委员会（以下 简称"绍兴市国资委"）出资入股的方式直接取得绍兴市国资运营有限公司（以 下简称"绍兴国资运营"）100%的股权，并通过绍兴国资运营及其控股的中国 绍兴黄酒集团有限公司（以下简称"黄酒集团"）间接控制浙江古越龙山绍兴酒 股份有限公司（以下简称"古越龙山"或"上市公司"）事宜（以下简称"本次 收购"）出具本法律意见书。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等有关法律法规的 ...

北京市中伦律师事务所 关于《浙江古越龙山绍兴酒股份有限公司收购报告书》 的 法律意见书 二〇二五年十月 | | | 法律意见书 释 义 本法律意见书中，除非文义另有所指，下列词语或简称分别具有以下含义： | 绍兴市国资委 | 指 | 绍兴市人民政府国有资产监督管理委员会，系上市公司实 际控制人 | | --- | --- | --- | | 收购人/绍兴国控 | 指 | 绍兴市国控集团有限公司，曾用名为绍兴富越企业管理有 | | | | 限公司、绍兴市国有资本控股集团有限公司 | | 上市公司/古越龙山 | 指 | 浙江古越龙山绍兴酒股份有限公司 | | 绍兴国资运营 | 指 | 绍兴市国有资本运营有限公司，曾用名为绍兴黄酒投资有 | | | | 限公司 | | 黄酒集团 | 指 | 中国绍兴黄酒集团有限公司，系上市公司直接控股股东 | | 绍兴交通集团 | 指 | 绍兴市交通控股集团有限公司 | | 本次收购 | 指 | 2025 年 3 月 24 日，绍兴市国资委以其持有的绍兴国资运营 100%股权作价出资入股绍兴国控，绍兴国控成为绍兴国资 运营 100%股东，进而使得绍兴国控通过绍兴国资运营及其 | | ...

Market Overview - The non-liquor sector increased by 0.1% on October 31, with *ST Yedao leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - The top performers in the non-liquor sector included: - *ST Yedao: Closed at 6.70, up 1.67% with a trading volume of 76,500 shares [1] - Zhirun Co.: Closed at 25.18, up 1.37% with a trading volume of 80,700 shares [1] - Jinfeng Wine: Closed at 5.71, up 1.24% with a trading volume of 90,100 shares [1] - Other notable stocks included: - Huichuan Beer: Closed at 11.41, up 1.06% [1] - ST Xifa: Closed at 11.25, up 0.81% [1] Capital Flow - The non-liquor sector experienced a net outflow of 44.38 million yuan from institutional investors, while retail investors saw a net inflow of 51.71 million yuan [2] - The capital flow for specific stocks showed: - *ST Yedao: Net outflow of 6.65 million yuan from institutional investors [3] - Zhujiang Beer: Net inflow of 328,580 yuan from institutional investors [3] - Huichuan Beer: Net inflow of 105,040 yuan from institutional investors [3]

Market Overview - The non-baijiu sector increased by 0.32% compared to the previous trading day, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Kuaijishan (601579) closed at 22.75, up 5.42% with a trading volume of 243,600 shares [1] - Other notable stocks include: - Jiu You Xian Jiu (000729) at 11.83, up 1.02% [1] - Chongqing Beer (600132) at 53.50, up 0.96% [1] - Gu Zhi Lang La (600600) at 65.70, up 0.20% [1] - The overall performance of the non-baijiu sector showed mixed results, with several stocks experiencing declines [1][2] Capital Flow - The non-baijiu sector saw a net outflow of 47.92 million yuan from institutional investors, while retail investors contributed a net inflow of 8.39 million yuan [2] - Notable capital flows include: - Kuaijishan had a net inflow of 77.35 million yuan from institutional investors, but a net outflow of 78.27 million yuan from retail investors [3] - Zhujiang Beer (002461) experienced a small net inflow from retail investors of 2.12 million yuan despite a net outflow from institutional and speculative investors [3]

Core Insights - The core viewpoint of the article highlights the financial performance of Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. for the third quarter of 2025, indicating a decline in revenue but a slight increase in net profit [1] Financial Performance - For the first three quarters, the company achieved an operating income of 1.186 billion yuan, representing a year-on-year decrease of 8.1% [1] - The net profit attributable to shareholders of the listed company was 135 million yuan, showing a year-on-year increase of 0.17% [1] Sales Breakdown - From January to September, the sales revenue for mid-to-high-end liquor was 838 million yuan, down 7.49% year-on-year [1] - The sales revenue for ordinary liquor was 330 million yuan, reflecting a year-on-year decline of 8.24% [1]

Summary of Stock Buyback Activities on October 30 Core Insights - On October 30, a total of 26 companies announced 27 stock buyback-related updates, indicating a significant activity in the market [1] Group 1: New Buyback Proposals - 16 companies disclosed stock buyback proposals for the first time, with 6 companies proposing buyback amounts exceeding 10 million [1] - The highest proposed buyback amounts were from HeMai Co., Ltd. (up to 200 million), Sanli Shi (60 million), and Minsheng Health (50.544 million) [1] Group 2: Approved Buyback Plans - 2 companies had their buyback plans approved by shareholders, with the highest proposed amounts from Dayu Biological (up to 5.596 million) and New Weiling (20,200) [1] Group 3: Buyback Implementation Progress - 2 companies reported on the implementation of their buyback plans, with the highest amounts from Guyue Longshan (186 million) and Jiayi Co. (99.0246 million) [1] Group 4: Completed Buybacks - 5 companies completed buybacks exceeding 10 million, with the highest completed amounts from Huafa Co. (310 million), Shenzhou Digital (203 million), and Ruoyu Chen (200 million) [1] - As of October 30, a total of 1711 buyback plans have been completed this year, involving 1281 companies, with 330 companies completing buybacks exceeding 100 million [1] - The leading companies in completed buyback amounts include Kweichow Moutai (6 billion), Muyuan Foods (3 billion), and COSCO Shipping Holdings (2.146 billion) [1]

Core Viewpoint - Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. has announced the progress of its share repurchase plan, indicating a commitment to enhancing shareholder value through strategic buybacks [2][3]. Group 1: Share Repurchase Basic Information - The company plans to repurchase shares using a budget of no less than RMB 200 million and no more than RMB 300 million, with a maximum purchase price of RMB 12.83 per share [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [2]. Group 2: Progress of Share Repurchase - As of October 29, 2025, the company has repurchased 18.3521 million A-shares, representing 2.0133% of the total share capital [3]. - The highest purchase price was RMB 10.50 per share, while the lowest was RMB 9.48 per share, with a total expenditure of RMB 186.4041 million (excluding transaction fees) [3]. Group 3: Other Matters - The company will adhere to relevant regulations and make repurchase decisions based on market conditions, ensuring timely disclosure of progress to investors [4].

证券代码：600059 证券简称：古越龙山 公告编号：临 2025-044 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 2%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。 1 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第7号—回购股份》等相关规定，公司在回购股份期间，回购股份占上市公司总 股本的比例每增加1%的，应当在事实发生之日起3个交易日内予以披露。现将公 司回购股份的进展情况公告如下： 截至2025年10月29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1,835.21万股，已回购股份占公司总股本的比例为2.0133%， 购买的最高价为人民币10.50元/股、最低价为人民币9.48元/股，已支付的总金 额为人民币18,640.41万元（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。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a total revenue of 1.186 billion and a net profit attributable to the parent company of 135 million for the first three quarters of 2025, showing a year-on-year revenue decline of 8.10% [1]. - The company is focusing on high-end product development and has established a strategic partnership with China Resources Beer to launch a new yellow wine craft beer [2]. - The company is expected to continue leading the yellow wine industry towards value recovery despite external demand pressures [1][4]. Revenue and Profitability - For Q3 2025, total revenue was 293 million, with a year-on-year decline of 26.96%, while net profit attributable to the parent company increased by 11.78% to 45 million [1]. - The company’s gross margin decreased by 1.0 percentage points to 35.75% for the first three quarters of 2025, attributed to product mix changes [3]. - The net profit margin for Q3 2025 was 2.05%, down 7.9 percentage points year-on-year [3]. Product and Market Strategy - The company’s revenue from mid-to-high-end wines was 838 million, with a year-on-year decline of 7.49% for the first three quarters of 2025 [2]. - The company has increased its revenue share from regions outside Jiangsu, Zhejiang, and Shanghai to 43.02%, reflecting a balanced national development strategy [2]. - The company is focusing on core SKUs and implementing price maintenance strategies for high-end products [2]. Financial Forecasts - The revenue forecasts for 2025-2027 are adjusted to 1.831 billion, 2.000 billion, and 2.189 billion respectively, with a year-on-year growth of -5.4%, +9.0%, and +9.7% [4]. - The report maintains the EPS forecast for 2025-2027 at 0.22, 0.25, and 0.29 yuan [4]. - The target price is set at 12.48 yuan, based on a PB valuation method [4].