国浩律师（杭州）事务所 国浩律师（杭州）事务所 法律意见书 本所律师仅根据本法律意见书出具日以前发生或存在的事实及有关法律、 行政法规、规范性文件及《公司章程》的规定发表法律意见。在本法律意见书 中，本所律师仅对本次股东大会表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确 性发表意见。 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2025年第一次临时股东大 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 ...

证券代码：601579 证券简称：会稽山 公告编号：2025-035 会稽山绍兴酒股份有限公司 2025年第一次临时股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 360 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 253,290,450 | | 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（%） | 53.8385 | (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。会议由公司董事会召集， 副董事长傅祖康先生主持会议。 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：《关于公司取消监事会、调整董事会人数并修订<公司章 程>的议案》 审议结果：通过 表决情况： (一 ...

Market Overview - The non-liquor sector increased by 0.52% on December 2, with Huichuan Beer leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Huichuan Beer (600573) closed at 12.95, up 6.15% with a trading volume of 403,000 shares and a turnover of 527 million yuan [1] - Wujing Beer (000729) closed at 12.47, up 2.55% with a trading volume of 223,800 shares and a turnover of 278 million yuan [1] - Zhujiang Beer (002461) closed at 9.56, up 1.27% with a trading volume of 130,400 shares and a turnover of 125 million yuan [1] - ST Xifa (000752) closed at 12.59, up 1.21% with a trading volume of 57,600 shares and a turnover of 72.34 million yuan [1] - Chongqing Beer (600132) closed at 54.25, up 0.65% with a trading volume of 21,300 shares and a turnover of 115 million yuan [1] Capital Flow Analysis - The non-liquor sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 94.81 million yuan [2][3] - Huichuan Beer had a net inflow of 191.1 million yuan from institutional investors, but a net outflow of 64.7 million yuan from retail investors [3] - Wujing Beer experienced a net inflow of 24.35 million yuan from institutional investors, with a net outflow of 42.18 million yuan from retail investors [3]

Market Performance - The non-liquor sector increased by 0.81% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - ST Xifa (000752) closed at 12.44, rising by 4.71% with a trading volume of 68,400 shares and a transaction value of 83.76 million yuan [1] - Other notable stocks include Chongqing Beer (600132) at 53.90, up 1.39%, and Baijiu Co. (002568) at 23.78, up 1.15% [1] Capital Flow - The non-liquor sector experienced a net outflow of 26.11 million yuan from institutional investors, while retail investors saw a net inflow of 40.03 million yuan [2] - The detailed capital flow indicates that ST Xifa had a net inflow of 8.10 million yuan from institutional investors, despite a net outflow from retail investors [3]

Core Viewpoint - The non-baijiu sector experienced a slight decline of 0.01% on November 28, with Qingdao Beer leading the drop, while the overall market indices showed positive movements [1] Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1] Non-Baijiu Sector Stock Performance - Notable gainers in the non-baijiu sector included: - Mogao Co., Ltd. (600543) with a closing price of 6.29, up 2.11% - Huichuan Beer (600573) at 12.15, up 2.10% - ST Lanhua (000929) at 8.54, up 1.91% - Weilang Co., Ltd. (603779) at 7.02, up 1.15% - Jinfeng Wine Industry (600616) at 5.65, up 1.07% [1] Capital Flow Analysis - The non-baijiu sector saw a net outflow of 121 million yuan from institutional investors - Retail investors contributed a net inflow of 78.65 million yuan, while speculative funds saw a net inflow of 42.59 million yuan [1]

Market Overview - The non-baijiu sector experienced a slight increase of 0.0% on the trading day, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Kuaijishan (601579) closed at 21.27, up 2.16% with a trading volume of 114,200 shares and a turnover of 242 million yuan [1] - ST Xifa (000752) closed at 11.94, up 1.96% with a trading volume of 45,500 shares and a turnover of 53.97 million yuan [1] - Cangliang Beer (000729) closed at 12.00, up 0.50% with a trading volume of 131,000 shares and a turnover of 158 million yuan [1] - Other notable stocks include Zhujiang Beer (002461) with a slight increase of 0.11% and Huichuan Beer (600573) with a minor decrease of 0.17% [1] Capital Flow - The non-baijiu sector saw a net inflow of 14.35 million yuan from institutional investors, while retail investors experienced a net outflow of 62.28 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional and speculative funds showing net inflows while retail investors withdrew funds [2][3] Individual Stock Capital Flow - Kuaijishan had a net inflow of 6.97 million yuan from institutional investors, while retail investors had a net outflow of 11.81 million yuan [3] - Chongqing Beer (600132) saw a net inflow of 5.78 million yuan from institutional investors but a significant outflow of 15.45 million yuan from retail investors [3] - ST Xifa (000752) had a net inflow of 4.64 million yuan from institutional investors, with retail investors also withdrawing funds [3]

11月25日，会稽山盘中上涨2.01%，截至13:49，报20.83元/股，成交1.31亿元，换手率1.33%，总市值 99.87亿元。 机构持仓方面，截止2025年9月30日，会稽山十大流通股东中，酒ETF（512690）位居第五大流通股 东，持股740.86万股，相比上期增加245.53万股。香港中央结算有限公司位居第八大流通股东，持股 495.80万股，相比上期减少97.99万股。 资金流向方面，主力资金净流入276.21万元，特大单买入103.73万元，占比0.79%，卖出310.46万元，占 比2.37%；大单买入2308.39万元，占比17.59%，卖出1825.46万元，占比13.91%。 会稽山今年以来股价涨95.26%，近5个交易日跌7.13%，近20日跌5.79%，近60日跌10.22%。 今年以来会稽山已经3次登上龙虎榜，最近一次登上龙虎榜为5月27日。 截至9月30日，会稽山股东户数2.99万，较上期增加14.94%；人均流通股16025股，较上期减少13.00%。 2025年1月-9月，会稽山实现营业收入12.12亿元，同比增长14.12%；归母净利润1.16亿元，同比增长 3.23 ...

Core Viewpoint - The leading advantage of Guyue Longshan, the top player in the yellow wine market, is gradually diminishing, as its revenue has been surpassed by its competitor, Kuaijishan, in the first three quarters of this year [1][2]. Financial Performance - In the first three quarters, Guyue Longshan reported revenue of 1.186 billion yuan, a year-on-year decline of 8.1%, while net profit was 135 million yuan, a slight increase of 0.17% [2]. - The third quarter revenue was 293 million yuan, down nearly 27% year-on-year, with net profit at 40 million yuan, an increase of 11.78%. However, the non-recurring net profit dropped to 582,000 yuan, a decrease of 85.26% [2][3]. - The cash flow from operating activities was negative 189 million yuan, reflecting a significant decrease in contract liabilities by 68.16% [2]. Market Competition - Guyue Longshan's sales in its home market of Zhejiang fell by over 10%, while Kuaijishan's sales in the same region increased by 17.89% [3]. - The competition between Guyue Longshan and Kuaijishan has intensified, with analysts noting that the gap in revenue and net profit between the two companies has been narrowing in recent years [5][6]. Product Strategy and Challenges - The company faces challenges in upgrading its product structure and has not fully capitalized on the high-end market, with the gross margin for mid-to-high-end products only slightly increasing [4][5]. - The mainstream price range for yellow wine has not significantly increased compared to other alcoholic beverages, limiting the company's ability to enhance brand value [4][5]. Innovation and Collaboration - Guyue Longshan has partnered with China Resources Beer to launch a cross-border product combining yellow wine and beer, aiming to leverage the extensive distribution network of China Resources [7][8]. - The effectiveness of this collaboration in expanding the market for yellow wine outside its traditional regions remains to be seen [8]. Product Line and Brand Positioning - Investors have raised concerns about the complexity and unclear positioning of Guyue Longshan's product line, suggesting a need for a more focused approach to enhance consumer loyalty [9][10]. - The recent change in indirect controlling shareholder may lead to potential brand enhancement and market growth opportunities for the company [10].

11月24日，会稽山盘中下跌2.01%，截至10:23，报20.52元/股，成交1.07亿元，换手率1.07%，总市值 98.39亿元。 分红方面，会稽山A股上市后累计派现7.93亿元。近三年，累计派现4.31亿元。 机构持仓方面，截止2025年9月30日，会稽山十大流通股东中，酒ETF（512690）位居第五大流通股 东，持股740.86万股，相比上期增加245.53万股。香港中央结算有限公司位居第八大流通股东，持股 495.80万股，相比上期减少97.99万股。 责任编辑：小浪快报 今年以来会稽山已经3次登上龙虎榜，最近一次登上龙虎榜为5月27日。 资料显示，会稽山绍兴酒股份有限公司位于浙江省绍兴市柯桥区湖塘街道杨绍路2579号，成立日期1993 年10月18日，上市日期2014年8月25日，公司主营业务涉及绍兴黄酒、黄酒的生产、销售和研发。主营 业务收入构成为：黄酒75.67%，其他24.33%。 会稽山所属申万行业为：食品饮料-非白酒-其他酒类。所属概念板块包括：白酒、中盘、融资融券等。 截至9月30日，会稽山股东户数2.99万，较上期增加14.94%；人均流通股16025股，较上期减少13.00%。 ...

Core Insights - The report analyzes the current state, market environment, consumer characteristics, and future direction of the Huangjiu industry in China, highlighting its transition period between tradition and innovation, facing both challenges and opportunities from policies and market dynamics [1][2]. Industry Overview - Huangjiu production is widespread across China, with a concentration in the Jiangsu, Zhejiang, and Shanghai regions, particularly in Shaoxing, which is recognized as the "Hometown of Huangjiu" [15]. - Leading companies such as Guyue Longshan and Kuaijishan are driving industry development, with a focus on high-end and innovative products to attract younger consumers [15][2]. Market Performance (2024-2025) - The Huangjiu industry is expected to see a rise in both volume and price, with total revenue projected to reach 20 billion yuan in 2024, reflecting a 5.26% increase year-on-year [21]. - The three A-share Huangjiu listed companies reported a combined revenue of 4.146 billion yuan in 2024, marking a 10% increase from the previous year [22]. - Online sales for the top three companies surged by 42.3% year-on-year, indicating a strong shift towards e-commerce channels [26]. Market Environment - Continuous policy support has been observed, with Huangjiu being recognized as a classic industry, leading to various local governments implementing supportive measures [2]. - Major companies have collectively raised prices, enhancing the revenue share of mid-to-high-end products [2]. Consumer Insights - Male consumers dominate the market, accounting for 68.7%, with the primary age group being over 25 years old [2]. - Consumption scenarios primarily include social gatherings and family meals, with health and wellness being key motivators for purchasing decisions [2]. Future Development Suggestions - The report suggests several strategies for the Huangjiu industry, including leveraging traditional techniques for product innovation, enhancing brand culture, and promoting national and international expansion [2]. - The industry faces challenges in internationalization, particularly in cultural differences and channel development, necessitating a collaborative effort across the sector [2].