Core Viewpoint - The company reported a revenue of 817 million yuan for the first half of 2025, representing a year-on-year growth of 11.03%, while net profit attributable to shareholders was 93.87 million yuan, up 3.41% year-on-year. However, these growth rates are lower than those of the previous two years, and the performance has disappointed many retail investors [1][2][6]. Revenue and Profit Analysis - The revenue growth of 11.03% in the first half of 2025 is below the company's target of 15% to 20% growth in liquor sales for the year, as indicated in the 2024 annual shareholder meeting materials [1][2]. - The company’s average revenue forecast for the full year 2025 is 1.914 billion yuan, with an average net profit forecast of 241 million yuan, requiring growth rates of over 17% and 22% respectively for the year [1][2]. Product Performance - The innovative product, sparkling yellow wine, has seen significant sales growth, with revenue from "other wines" exceeding 70.38 million yuan, a 60.5% increase year-on-year. However, traditional yellow wine products have only seen single-digit growth due to overall market conditions [3][5]. - The mainstay mid-to-high-end yellow wine grew by 7.16%, while ordinary yellow wine grew by 2.53% in the first half of 2025 [3][5]. Marketing and Sales Strategy - The company has adopted innovative marketing strategies, including collaborations with celebrities and health brands, leading to nearly 20% growth in its core market of Zhejiang province [5][6]. - Sales expenses increased by over 53% year-on-year, totaling more than 75 million yuan in the first half of 2025, indicating a significant investment in marketing efforts [5][6]. Financial Metrics - The net profit growth of 3.4% is significantly lower than revenue growth, indicating potential challenges in profitability despite increased sales [6][8]. - The company’s operating costs decreased by 1% year-on-year, which helped improve its gross margin [7][8]. Valuation Concerns - The current performance growth is insufficient to justify the company's high valuation, which exceeds 50 times earnings. The company needs to achieve breakthroughs in traditional product sales, rapid growth in innovative products, or maintain high growth in premium products to support its valuation [8][9]. - Despite achieving double-digit growth in some regions, the overall contribution from these areas remains low, accounting for less than 10% of total revenue [9].

Core Viewpoint - The company Kuaijishan has experienced significant stock price increases and market attention, but its financial performance has not matched expectations, with lower revenue growth compared to previous years [1][2]. Financial Performance - In the first half of 2025, Kuaijishan reported revenue of 817 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 93.87 million yuan, up 3.41% [1]. - The revenue growth rate for the first half of 2025 is lower than the growth rates of 18.24% and 14.25% seen in the first halves of 2024 and 2023, respectively [1]. - The company's net profit for the second quarter was only a few hundred thousand yuan, with a non-recurring net profit showing a loss [1]. - Kuaijishan's sales target for the year is a 15% to 20% increase in liquor sales, but the actual growth in liquor product sales for the first half was only 9.18% [1]. Market Position and Innovations - Kuaijishan has gained popularity due to its innovative product, sparkling yellow wine, and aggressive marketing strategies, leading to 11 stock price limit increases this year and a stock price rise of approximately 106% [2]. - The sparkling yellow wine "Yiri Yixun" saw a revenue increase of 60.5% in the first half, but its contribution to overall revenue remains limited [4][6]. Sales and Marketing Strategies - The company has implemented various marketing strategies, including celebrity endorsements and collaborations, which have contributed to a nearly 20% growth in its core market of Zhejiang [6]. - However, the sales expenses increased by over 53% in the first half, totaling more than 75 million yuan, which has impacted profitability [7]. Profitability and Valuation - The net profit growth of 3.4% is significantly lower than revenue growth, indicating challenges in converting sales into profit [7]. - The company previously benefited from one-time gains from asset disposals, which are not present this year, affecting profit comparisons [8]. - The current performance growth is insufficient to justify Kuaijishan's high valuation, which exceeds 50 times earnings, suggesting a need for breakthroughs in traditional product sales, innovative product growth, or new channel development [10]. Regional Performance - While Kuaijishan achieved high growth in its home market of Zhejiang, it experienced declines in key markets like Jiangsu and Shanghai, indicating challenges in expanding its national presence [11].

Core Insights - The report indicates that Kuaijishan Shaoxing Wine Co., Ltd. experienced an increase in operating revenue by 11.03% year-on-year, reaching approximately 816.81 million yuan [1] - The total profit rose by 15.43% compared to the previous year, amounting to approximately 137.13 million yuan [1] - The net profit attributable to shareholders increased by 3.41%, totaling approximately 93.88 million yuan [1] Financial Performance - Total assets at the end of the reporting period were approximately 4.39 billion yuan, a decrease of 3.69% from the previous year [1] - Net assets attributable to shareholders decreased by 2.54%, amounting to approximately 3.62 billion yuan [1] - The net cash flow from operating activities showed significant improvement, moving from a negative 106.97 million yuan to a negative 8.84 million yuan [1] Shareholder Information - The total number of shareholders as of the reporting period was 26,030 [1] - The largest shareholder, Zhongjianxin (Zhejiang) Venture Capital, holds 31.11% of the shares, amounting to approximately 149.16 million shares [1] - Other notable shareholders include Zhejiang China Light Textile City Group Co., Ltd. with 21.27% and Shaoxing City Keqiao District Small Town Construction Investment Co., Ltd. with 6.26% [2]

Group 1 - The board of directors of Kuaijishan Shaoxing Wine Co., Ltd. held its 17th meeting of the 6th session, with all 9 directors participating in the vote, confirming the legality and validity of the meeting [1] - The board approved the company's 2025 semi-annual report and its summary, which had previously been reviewed and approved by the audit committee with unanimous support [1][2] - The supervisory board also reviewed the semi-annual report and summary, affirming that the information accurately reflects the company's main operating conditions and financial status for the first half of 2025, with no identified false statements or omissions [2] Group 2 - The voting results for the board's approval of the semi-annual report showed 9 votes in favor, with no opposition or abstentions [2] - The company has disclosed the semi-annual report and summary in multiple financial publications and on the Shanghai Stock Exchange website [2]

证券代码：601579 证券简称：会稽山 公告编号：2025-024 会稽山绍兴酒股份有限公司 2025 年半年度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年半年度主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | | 按产品档次 2025 | 年 1-6 月销售收入 | 2024 年 1-6 月销售收入 | 同比变动（%） | | 中高端黄酒 | 52,129.72 | 48,646.00 | 7.16 | | 普通黄酒 | 19,536.36 | 19,053.49 | 2.53 | | 其他酒 | 7,038.26 | 4,385.99 | 60.47 | | 小计 | 78,704.34 | 72,085.48 | 9. ...

证券代码：601579 证券简称：会稽山 公告编号：2025-026 会稽山绍兴酒股份有限公司 关于使用闲置自有资金进行委托理财的公告 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法律责任。 重要内容提示： 基本情况 一、投资情况概述 （一）投资目的 为提高自有资金使用效率，公司及控股子公司在确保资金安全和不影响日常 运营资金周转需要的前提下，对闲置自有资金进行委托理财。 | 投资金额 | 不超过（含）3 亿元人民币 | | --- | --- | | 投资种类 | 安全性高、流动性好的银行理财产品、券商理财产品、信托理 | | | 财产品、其他类（如公募基金产品、私募基金产品）等 | | 资金来源 | 自有资金 | 已履行的审议程序 根据《上海证券交易所股票上市规则》及《公司章程》的相关规定，本次使 用闲置自有资金进行委托理财的额度不超过（含）3 亿元人民币，该额度在董事 长审批权限范围内并已通过董事长审批，无需提交公司董事会、股东会审议。 特别风险提示 公司委托理财的投资范围主要是安全性高、流动性好的银行理财产品、券商 理财产品、 ...

会稽山绍兴酒股份有限公司（以下简称公司）已于 2025 年 8 月 22 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 08 月 28 日（星期四）14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 证券代码：601579 证券简称：会稽山 公告编号：2025-025 会稽山绍兴酒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 08 月 28 日（星期四）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开 ...

本议案已经公司第六届董事会审计委员会 2025 年第四次会议审议通过（同 意票 3 票，反对票 0 票，弃权票 0 票），审计委员会认为《公司 2025 年半年度 报告》及《摘要》真实、准确、完整地反映了公司的财务状况和经营成果，公司 编制和审核程序符合中国证监会和上海证券交易所的规定，并同意提交公司董事 会审议。 证券代码：601579 证券简称：会稽山 公告编号：2025-023 会稽山绍兴酒股份有限公司 第六届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 会稽山绍兴酒股份有限公司（以下简称公司）第六届董事会第十七次会议于 2025 年 8 月 20 日以通讯表决方式召开。会议通知于 2025 年 8 月 10 日以电子邮 件、电话和专人送达等方式提交各位董事。 本次会议应表决董事 9 名，实际参与表决董事 9 名。会议参与表决人数及召 集、召开程序符合《公司法》和《公司章程》的有关规定，合法有效。本次会议 审议并通过了如下决议： 二、董事会审议情况 经与会董事表决,会 ...

（文章来源：每日经济新闻） 会稽山（SH 601579，收盘价：22.43元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约8.17亿元，同比增加11.03%；归属于上市公司股东的净利润约9388万元，同比增加3.41%；基本每股 收益0.2元，同比增加5.26%。 ...

Section I Definitions This section defines and explains common terms used in the report to ensure consistent understanding of its content - The reporting period refers to **January 1, 2025**, to **June 30, 2025**, and the prior period refers to **January 1, 2024**, to **June 30, 2024**[13](index=13&type=chunk) - Definitions for the company and its main subsidiaries and affiliates, such as Kuaijishan, Zhongjianxin Holdings, Xitang Laojiu, and Wuzhanmao Wine, are provided[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides Kuaijishan Shaoxing Wine Co., Ltd.'s basic information, contact details, stock overview, key accounting data, and financial indicators for the reporting period, along with disclosures on non-recurring gains and losses [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's Chinese name, abbreviation, foreign name, acronym, and legal representative information - The company's Chinese name is Kuaijishan Shaoxing Wine Co., Ltd., abbreviated as Kuaijishan, with legal representative Fang Chaoyang[15](index=15&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the name, contact address, telephone, fax, and email of the company's Board Secretary - The Board Secretary is Fu Zheyu, and the contact address is located at No. **2579** Yangshao Road, Hutang Street, Keqiao District, Shaoxing City, Zhejiang Province[16](index=16&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the historical changes in the company's registered address and confirms no other changes during the reporting period - The company's registered address was changed in **June 2016** to No. **2579** Yangshao Road, Hutang Street, Keqiao District, Shaoxing City, Zhejiang Province, with no changes during the reporting period[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's selected information disclosure newspapers, the website address for the semi-annual report, and the location where the company's semi-annual report is kept - Company information disclosure newspapers include "China Securities Journal" and others, the report is published on the website http://www.sse.com.cn, and is available at the company's Board of Directors Office[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation “Kuaijishan” and stock code **601579**[19](index=19&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the accounting firm appointed by the company - The accounting firm appointed by the company is Tianjian Certified Public Accountants (Special General Partnership), with signing accountants Zhang Fangjie and Zhang Lin[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by **11.03%** year-on-year, net profit attributable to shareholders of the listed company increased by **3.41%**, and net cash flow from operating activities significantly improved Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Current Period vs. Prior Year Same Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 816,806,367.97 | 735,649,840.29 | 11.03 | | Total Profit | 137,125,117.44 | 118,796,258.67 | 15.43 | | Net Profit Attributable to Shareholders of the Listed Company | 93,877,124.81 | 90,782,242.17 | 3.41 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 89,333,422.64 | 77,951,845.78 | 14.60 | | Net Cash Flow from Operating Activities | -8,844,055.30 | -106,970,560.66 | N/A | Key Accounting Data at H1 2025 End | Indicator | Current Period-end (CNY) | Prior Year-end (CNY) | Current Period-end vs. Prior Year-end Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of the Listed Company | 3,615,674,722.43 | 3,709,982,961.22 | -2.54 | | Total Assets | 4,394,897,132.20 | 4,563,115,630.15 | -3.69 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Current Period vs. Prior Year Same Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.20 | 0.19 | 5.26 | | Diluted Earnings Per Share (CNY/share) | 0.20 | 0.19 | 5.26 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.19 | 0.17 | 11.76 | | Weighted Average Return on Net Assets (%) | 2.50 | 2.48 | increased by 0.02 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.38 | 2.13 | increased by 0.25 percentage points | - Operating revenue **increased by 11.03%** primarily due to increased sales volume[22](index=22&type=chunk) - Net cash flow from operating activities **increased by CNY 98.1265 million** mainly due to increased revenue from goods sold and reduced payments for goods purchased[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the composition and amounts of non-recurring gains and losses for the reporting period, totaling **CNY 4,543,702.17** Non-Recurring Gains and Losses Items for H1 202