| 二、销售渠道情况： | | | | | | 单位:万元 | 币种:人民币 | | --- | --- | --- | --- | --- | --- | --- | --- | | 按销售渠道 | 2025 | 年 1-3 | 月销售收入 | 2024 | 年 1-3 | 月销售收入 | 同比变动（%） | | 直销（含团购） | | | 9,438.45 | | | 5,071.25 | 86.12 | | 批发代理 | | | 36,556.44 | | | 37,525.45 | -2.58 | | 国际销售 | | | | 315.95 | | 281.28 | 12.33 | | 小计 | | | 46,310.84 | | | 42,877.98 | 8.01 | | 三、区域情况： | | | | | | 单位:万元 币种:人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 按地区分部 | 2025 | 年 1-3 | 月销售收入 | 2024 年 | 1-3 月销售收入 | 同比变动（%） | | | 浙江大区 | | | ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 481,291,895.94, representing a 10.10% increase compared to CNY 437,144,435.35 in the same period last year[4] - The net profit attributable to shareholders was CNY 93,743,222.29, a slight increase of 1.70% from CNY 92,179,385.79 year-over-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 92,578,689.05, up 12.72% from CNY 82,132,175.02 in the previous year[4] - The net cash flow from operating activities was CNY 78,108,604.74, a significant recovery from a negative cash flow of CNY -62,517,540.59 in the same period last year[4] - Total operating revenue for Q1 2025 reached ¥481,291,895.94, an increase of 10.1% compared to ¥437,144,435.35 in Q1 2024[19] - Net profit for Q1 2025 was ¥93,646,703.99, slightly higher than ¥92,640,316.31 in Q1 2024, indicating a growth of 1.1%[21] - The net cash flow from operating activities for Q1 2025 was ¥78,108,604.74, a significant improvement from a net outflow of ¥62,517,540.59 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,656,677,662.62, reflecting a 2.05% increase from CNY 4,563,115,630.15 at the end of the previous year[5] - Total current assets increased to ¥2,324,701,886.28 from ¥2,209,583,173.30, reflecting a growth of approximately 5.2%[14] - Total current liabilities slightly decreased to ¥718,163,159.58 from ¥718,250,255.45[15] - The total liabilities amounted to ¥822,936,954.19, slightly down from ¥823,021,625.71 in the previous period[16] - The company reported a total of 42,532,597.42 in long-term equity investments, showing stability compared to the previous period[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 26,359[10] - The largest shareholder, Zhongjianxin (Zhejiang) Venture Capital Co., Ltd., holds 149,158,200 shares, accounting for 31.11% of total shares[10] - Shareholders' equity attributable to the parent company increased by 2.53% to CNY 3,803,726,183.51 from CNY 3,709,982,961.22 at the end of the previous year[5] - The total equity attributable to shareholders increased to ¥3,803,726,183.51 from ¥3,709,982,961.22, showing a growth of 2.5%[16] Expenses - Research and development expenses increased by 62.50% due to a rise in the number of R&D projects and increased investment in these projects[7] - Sales expenses rose by 58.43% driven by higher compensation for sales personnel and increased promotional expenses[7] - Research and development expenses increased to ¥16,296,978.14 in Q1 2025, compared to ¥10,028,964.81 in Q1 2024, marking a rise of 62.3%[19] - Sales expenses rose to ¥106,378,686.25 in Q1 2025, up from ¥67,145,716.22 in Q1 2024, reflecting a growth of 58.4%[19] Cash Flow - The net cash flow from investing activities was -1,094,739.33, a decrease from 20,235,673.53 in the previous period[25] - The net cash flow from financing activities was -1,001,833.34, a significant decline from -29,885,563.39 in the previous period[25] - The net increase in cash and cash equivalents was 76,012,032.07, contrasting with a decrease of -72,167,430.45 in the previous period[25] - The ending balance of cash and cash equivalents was 898,165,391.15, up from 647,434,932.44 previously[25] - The beginning balance of cash and cash equivalents was 822,153,359.08, indicating a strong liquidity position[25] Other Income and Tax - The company received government subsidies that contributed to an 84.84% increase in other income[7] - The company reported a 100% decrease in cash received from tax refunds compared to the previous year, indicating no tax refunds were received in the current period[7] Accounting Standards - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[25]

会稽山（601579）公告，2025年第一季度营收为4.81亿元，同比增长10.10%；净利润为9374.32万元， 同比增长1.70%。 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

证券代码：601579 证券简称：会稽山 公告编号：2025-016 会稽山绍兴酒股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 04 月 25 日 (二)股东大会召开的地点：浙江省绍兴市柯桥区湖塘街道杨绍路 2579 号公司三 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 302 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 258,491,940 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | | | 比例（%） | 54.9441 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议的召开符合《中华人民共和国公司法》《上海证券交易所股票上市 规则》及《公司章程》等有关法律、法规和规范性文件的规定。 ...

国浩律师（杭州）事务所 法律意见书 2024 年年度股东大会之 国浩律师（杭州）事务所 关 于 会稽山绍兴酒股份有限公司 法律意见书 致：会稽山绍兴酒股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受会稽山绍兴酒股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）等法律、法规和规范 性文件以及《会稽山绍兴酒股份有限公司章程》（以下简称"《公司章程》"）、《会 稽山绍兴酒股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"） 的规定，就本次股东大会的召集、召开程序、出席会议人员资格、会议表决程序 等事宜出具法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公司提供 的本次股东大会的有关文件的原件及复印件，包括但不限于公司召开本次股东大 会的各项议程及相关决议等文件，同时听取了公司就有关事实的陈述和说明。 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整的、真实和 有效的，有关原件及其上面的 ...

斑马消费 杨伟 2024年财报相继披露，一场黄酒企业关于"生存与突围"的较量已然浮出水面。 会稽山凭借高端化战略迅猛发展，连续两年营收、扣非净利实现双位数增长；古越龙山则陷入困境，扣非净利微增，毛利率小幅下滑。 金枫酒业处境更为艰难，已连续五年扣非净利为负，深陷亏损泥沼。 行业持续低迷，高端化成为黄酒企业的发力重点。这究竟是引领行业破局的蜜糖，还是加剧困境的砒霜？ 冰火两重天 2024年的黄酒市场，喜忧参半。 喜的是，2024年，黄酒三巨头营收合计41.45亿元，是近五年三家营收首次迎来两位数增长。 并且，近年来，白酒、啤酒、红酒均承压，恰恰是一度被冷落的黄酒，整体表现不错。2024年，葡萄酒、啤酒下滑，白酒虽然增长，但马太效应增强，黄酒 行业算是仅有的强势板块。 愁的是，黄酒三巨头的成绩，正在持续分化。 会稽山（601579.SH）作为行业老二，凭借高端化、年轻化的战略，业绩快速增长。2024年，实现营收16.31亿元，同比增长15.6%；扣非净利润1.78亿元， 同比增长14.83%。与行业老大古越龙山（600059.SH）之间的差距进一步缩小，归母净利润更是已近相当。 更令人瞩目的是，会稽山中高端产品毛 ...

Core Viewpoint - Gu Yue Long Shan, known as the "King of Huangjiu," has faced challenges in maintaining its high-end product pricing and has not met its performance targets for four consecutive years, while its competitor Kuaiji Mountain has shown significant growth in revenue and profit [1][4][10]. Group 1: Performance Overview - In 2024, Gu Yue Long Shan reported revenue of 1.936 billion yuan, an increase of 8.55%, but net profit plummeted by 48.17% to 206 million yuan, falling short of its target of over 12% growth in both sales and profit [4][5]. - Gu Yue Long Shan's revenue growth has been consistently lower than Kuaiji Mountain, which has been narrowing the gap in revenue and profit over the years [4][5][10]. Group 2: Market Position and Strategy - Gu Yue Long Shan's current predicament reflects common issues in the Huangjiu industry, such as limited consumption scenarios and a lag in appealing to younger consumers [1][10]. - The company aims to optimize its product structure and enhance its high-end offerings, but its high-end products still struggle to achieve a gross margin exceeding 50% [11][14]. Group 3: Gross Margin Analysis - In 2024, Gu Yue Long Shan's gross margin for its products was 37.46%, a slight decline of 0.69%, while Kuaiji Mountain achieved a gross margin of 52.75%, an increase of 6.80% [10][11]. - The gross margin for Gu Yue Long Shan's mid-to-high-end products was 44.32%, compared to Kuaiji Mountain's 61.57%, indicating a significant disparity in profitability [11][12]. Group 4: Competitive Landscape - Kuaiji Mountain has set ambitious sales growth targets of 15%-20% for 2025, while Gu Yue Long Shan has lowered its targets to over 6% sales growth and over 3% profit growth [5][12]. - The pricing strategies of both companies have been adjusted to reflect the value of Huangjiu products, with both raising prices in early April [12][13].

公司简称：会稽山 公司代码：601579 会稽山绍兴酒股份有限公司 2024 年年度股东大会会议资料 二○二五年四月二十五日 会稽山绍兴酒股份有限公司 2024 年年度股东大会资料 会 议 资 料 目 录 | 一、会议议程 | | | | ………………………………………………………………… | | 2 | | --- | --- | --- | --- | --- | --- | --- | | 二、会议须知 | | | | ………………………………………………………………… | | 4 | | 三、会议议案 | | | | | | | | | | 议案一：《公司 | 2024 | 年度董事会工作报告》 | …………………………… | 5 | | | | 议案二：《公司 | 2024 | 年度监事会工作报告》 | …………………………… | 6 | | | | 议案三：《公司 | 2024 | 年度独立董事述职报告》 | …………………………… | 7 | | | | 议案四：《公司 | 2024 | 年度财务决算报告》 | …………………………… | 8 | | | | 议案五：《公司 | 2024 | 年 ...

Group 1 - Guizhou will launch a promotional event for liquor, vehicles, and food from April 2025 to March 2026, aiming to stimulate liquor consumption and boost sales in both the liquor and automotive sectors [1] - The promotional activity allows consumers to purchase premium liquor at a discounted price when buying new vehicles priced between 100,000 to 1,000,000 yuan, with a minimum of 12 bottles and a maximum of 66 bottles available for purchase [1] Group 2 - Kuaijishan aims for a sales growth of 15% to 20% in 2025, with significant growth in high-end products and younger demographics, indicating a successful strategy in premiumization and market expansion [2] - The company reported over 100% growth for its high-end product "Lanting" and 80% growth for "Gan Chun 18," while younger brands like "1743" and "Yi Ri Yi Xun" saw growth rates of over 70% and 476%, respectively [2] Group 3 - Jinhui Wine announced a "Quality Improvement and Efficiency Enhancement" plan for 2025, highlighting its commitment to returning value to investors through high cash dividends and share buybacks [3] - The company has executed nine cash dividend distributions totaling 1.168 billion yuan since its listing, with dividend payouts representing 54.3%, 60%, and 64% of net profit over the last three years [3] - Jinhui Wine's actions, including stock buybacks and equity incentives, are expected to bolster investor confidence and contribute to market stability and high-quality development [3]