证券代码：601579 证券简称：会稽山 公告编号：2026-001 会稽山绍兴酒股份有限公司 关于控股股东部分股权质押的公告 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。 重要内容提示： ●会稽山绍兴酒股份有限公司（以下简称公司或会稽山）控股股东中建信（浙 江）创业投资有限公司(以下简称中建信浙江公司)持有公司股份 149,158,200 股，占公司总股本的 31.11%。本次质押公司股份 5,800,000 股后，公司控股股 东中建信浙江公司累计质押本公司股份 110,861,640 股，占其持有公司股份总数 的 74.32%，占公司总股本的 23.12%。 一、本次股份质押的情况 （一）本次股份质押基本情况 2026 年 1 月 6 日，公司控股股东中建信浙江公司在中国证券登记结算有限 责任公司上海分公司办理了将其所持有的公司部分股份质押给中国工商银行股 份有限公司绍兴柯桥支行的质押登记手续。 | 股东名称 | 是否 为控 | 本次质押 | 是否为限 售股（如 | 是否 | 质押起 | 质押到 | | 占其 所持 ...

Group 1 - The controlling shareholder of the company, Zhongjianxin (Zhejiang) Venture Capital Co., Ltd., pledged 5.8 million shares to the Bank of China, Shaoxing Keqiao Branch, with a pledge period from January 6, 2026, to January 5, 2031 [1] - The pledged shares account for 3.89% of the shareholder's holdings and 1.21% of the company's total share capital [1] - Following this pledge, the total number of pledged shares by the shareholder reaches 111 million, representing 74.32% of their holdings and 23.12% of the company's total share capital [1]

Market Overview - The non-liquor sector increased by 1.26% on January 5, with Yanjing Beer leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Wujing Beer (000729) closed at 11.79, up 4.99% with a trading volume of 679,000 shares and a transaction value of 790 million yuan [1] - ST Lanhua (000929) closed at 9.04, up 2.61% with a trading volume of 41,600 shares and a transaction value of 37.69 million yuan [1] - Zhujiang Beer (002461) closed at 9.39, up 1.08% with a trading volume of 100,100 shares and a transaction value of 93.50 million yuan [1] - Other notable stocks include Chongqing Beer (600132) at 52.39, up 0.29%, and Huichuan Beer (600573) at 11.92, down 0.08% [2] Capital Flow - The non-liquor sector experienced a net outflow of 57.61 million yuan from institutional investors, while retail investors saw a net inflow of 86.47 million yuan [2] - The main capital inflow and outflow for specific stocks include: - Huichuan Beer had a net inflow of 14.29 million yuan from institutional investors [3] - Kuaijishan (601579) saw a net outflow of 22.50 million yuan from speculative funds but a net inflow of 17.31 million yuan from retail investors [3] - Zhujiang Beer had a net inflow of 4.08 million yuan from institutional investors [3]

Core Viewpoint - The article highlights the launch of a new platform by Sina Finance that provides real-time market prices for well-known liquor brands, emphasizing the strategic direction of Kuaijishan in the yellow wine industry, focusing on high-end, youthful, and nationwide expansion [1] Group 1: Company Performance - Kuaijishan has emerged as the new revenue leader in the yellow wine industry, surpassing Guyue Longshan in revenue by the third quarter of 2025 [1] - The company's market share in 2023 stands at 16.51%, maintaining a strong position in the market [1] - The company is expected to achieve net profits attributable to shareholders of 214 million, 235 million, and 260 million yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 9.14%, 9.99%, and 10.54% respectively [1] Group 2: Industry Trends - The overall yellow wine industry faces certain challenges; however, leading companies can optimize product structures and leverage low-alcohol consumption trends along with policy support to overcome regional limitations [1] - The industry is undergoing a process of concentration, which may benefit top-tier companies like Kuaijishan [1] - The company's solid foundation in the Jiangsu, Zhejiang, and Shanghai regions, combined with ongoing national expansion efforts, is expected to further strengthen its market share [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Insights - The company, Kuaijishan, is positioned as a leader in the Chinese yellow wine industry, emphasizing high-end, youthful, and national strategies to drive growth [1][4]. - In 2024, Kuaijishan is projected to achieve a record revenue of 1.631 billion yuan, reflecting a year-on-year growth of 15.6%, with a net profit of 196 million yuan, up 17.74% [1][4]. - The yellow wine industry is experiencing a gradual transformation, with a market size of 21 billion yuan in 2023, showing a slight increase of 2.1% year-on-year [2]. Summary by Sections Company Overview - Kuaijishan has a rich history of over 280 years, evolving through three key phases: initial establishment, capital integration, and innovation transformation [1][15]. - The company is recognized as a "Chinese Time-honored Brand" and has received multiple accolades, including being the designated yellow wine for significant national events [14][19]. Industry Analysis - The yellow wine market is characterized by a high concentration, with the top three companies' market share increasing from 18.46% in 2016 to 44.08% in 2023 [2]. - The number of large-scale yellow wine enterprises has decreased from 112 to 81 between 2016 and 2023, indicating a trend towards consolidation in the industry [2]. Competitive Advantages - Kuaijishan leverages its strong brand heritage and diverse product matrix to cater to both high-end and younger consumer segments [3][4]. - The company has seen significant growth in its mid-to-high-end product lines, with revenue contributions of 1.065 billion yuan in 2024, marking a 31.29% increase year-on-year [3][4]. Financial Projections - The company is expected to maintain steady growth, with projected net profits of 214 million yuan, 235 million yuan, and 260 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 9.14%, 9.99%, and 10.54% [4][5].

Market Overview - The non-white liquor sector experienced a decline of 1.42% on the previous trading day, with Huichuan Beer leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Key stocks in the non-white liquor sector showed varied performance, with Baijiu Co. closing at 21.49, up 0.09%, while other notable declines included Chongqing Beer at 52.51, down 0.70%, and Gu Yue Long Shan at 9.20, down 0.43% [1] - The trading volume for Baijiu Co. was 59,400 shares, with a transaction value of 128 million yuan, while Chongqing Beer had a trading volume of 18,700 shares and a transaction value of 98.4 million yuan [1] Capital Flow - The non-white liquor sector saw a net outflow of 81.52 million yuan from institutional investors, while retail investors contributed a net inflow of 9.23 million yuan [2] - Notable capital flows included Yanjing Lang with a net inflow of 18.08 million yuan from institutional investors, while ST Yedao experienced a net outflow of 9.32 million yuan [3]

Core Viewpoint - The non-white liquor sector experienced a decline of 0.67% on December 26, with Huichuan Beer leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Huichuan Beer was 12.61, reflecting a decrease of 2.85% with a trading volume of 175,800 shares and a transaction value of 222 million yuan [2] - The non-white liquor sector saw a net outflow of 11.57 million yuan from main funds, while retail investors experienced a net outflow of 28.99 million yuan, and speculative funds had a net inflow of 40.57 million yuan [2][3] Group 2: Individual Stock Performance - The top performers in the non-white liquor sector included Jin Feng Jiu Ye, which closed at 5.42 with a slight increase of 0.56%, and *ST Ye Dao, which closed at 6.52 with a 0.15% increase [1] - Conversely, stocks like Chongqing Beer and Gu Zhi Lang Xue saw minor declines of 0.11% and 0.23%, respectively, with closing prices of 52.88 and 68.19 [1] - The stock of *ST Lan Huang closed at 66.8, down by 0.55%, with a trading volume of 20,100 shares [1]

●会稽山绍兴酒股份有限公司（以下简称公司）控股股东中建信（浙江）创 业投资有限公司（以下简称中建信浙江公司）持有公司股份 149,158,200 股，占 公司总股本的 31.11%，累计质押公司股份 113,501,640 股，占其持有公司股份 总数的 76.09%，占公司总股本的 23.67%。 ●中建信浙江公司于近日解押 8,440,000 股公司股份。本次解除质押后，中 建信浙江公司累计质押公司股份 105,061,640 股，占其持公司股份总数的 70.44%，占公司总股本的 21.91%。 一、本次股份解除质押的基本情况 证券代码：601579 证券简称：会稽山 公告编号：2025-039 会稽山绍兴酒股份有限公司 关于控股股东部分股权解除质押的公告 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。 重要内容提示： 截至公告披露日，控股股东中建信浙江公司累计质押股份情况如下： | 单位：股 | | --- | | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | -- ...

会稽山公告称，公司控股股东中建信（浙江）创业投资有限公司持有公司股份1.49亿股，占总股本 31.11%。2025年12月25日，其解除质押给中国进出口银行浙江省分行的844万股，占其所持股份比例 5.66%，占公司总股本比例1.76%。本次解除质押后，中建信浙江公司累计质押公司股份1.05亿股，占其 持股总数的70.44%，占公司总股本的21.91%。 ...

Core Insights - The Chinese liquor industry is undergoing significant transformation in 2025, facing challenges such as high channel inventory and weak terminal sales, while also experiencing new opportunities driven by policy, consumption, and scenario changes [1] - The trend of product innovation targeting younger consumers is emerging, with low-alcohol beverages, fruit wines, and sparkling yellow wines becoming key connections to Generation Z [1] - The industry is witnessing a shift towards international markets as domestic growth slows, with liquor companies accelerating their global expansion efforts [1] Group 1: Industry Trends - The yellow wine sector is unexpectedly gaining attention, with Kuaijishan's "sparkling yellow wine" achieving over 10 million yuan in sales within 12 hours during a live stream event, leading to a surge in its stock price and market capitalization [3] - Despite initial success, the popularity of "sparkling yellow wine" has declined rapidly, highlighting the challenges traditional yellow wine companies face in appealing to younger consumers [5] - The competition between Kuaijishan and Guyuelongshan reflects a renewed market interest in the yellow wine industry, with both companies experiencing significant stock price fluctuations and market capitalization changes [6] Group 2: Company Performance - Kuaijishan reported a revenue of 1.212 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.12%, while its net profit grew by 3.32% [6] - In contrast, Guyuelongshan's revenue for the same period was 1.186 billion yuan, a decline of 8.11%, although its net profit saw a slight increase of 0.17% [6] - Both companies are pursuing different strategies for product innovation, with Kuaijishan focusing on a "sparkling" series and Guyuelongshan expanding its product matrix to include diverse offerings [7] Group 3: Marketing and Channel Strategies - Kuaijishan emphasizes online marketing and influencer-driven sales, while Guyuelongshan focuses on upgrading traditional channels and forming cross-industry alliances to enhance offline penetration [9] - The rapid stock buyback plan initiated by Guyuelongshan indicates its confidence in the capital market and strategic stability in response to Kuaijishan's market capitalization lead [9] - The yellow wine industry's competition is not only about immediate marketing results but also reflects long-term transformation expectations, indicating a shift towards a more sustainable approach to young consumer engagement [9] Group 4: Future Directions for Yellow Wine - The yellow wine industry must innovate beyond mere imitation, focusing on flavor essence and health value to meet modern consumer preferences [11] - A nationwide channel network is essential for the success of young-oriented products, requiring a blend of online and offline strategies to cultivate consumer habits [12] - Cultural narratives surrounding yellow wine need to evolve from traditional storytelling to contemporary lifestyle integration, making it relevant to younger demographics [12]