Core Viewpoint - The liquor sector experienced a significant rally, particularly in the yellow wine segment, with companies like Kuaijishan reaching a historical high [1] Industry Summary - The yellow wine category is gaining popularity among consumers due to its low alcohol content, health benefits, and unique taste, which is helping to establish a solid foundation for attracting younger consumers [1] Company Summary - Kuaijishan's stock surged to a limit-up, marking a historical peak, alongside other companies such as Guyue Longshan, Jinfeng Liquor, Jinzongzi Liquor, and Tianyoude Liquor, which also saw notable increases in their stock prices [1]

Core Viewpoint - The yellow wine sector is experiencing a significant surge in stock prices, contrasting sharply with the declining performance of the white wine sector, which has seen a notable drop in stock values ahead of the Dragon Boat Festival [1][6]. Yellow Wine Sector - Major yellow wine companies such as Kuaijishan and Guyue Longshan have seen stock price increases of 31.37% and 13.73% respectively, while Jinfeng Wine also reported a 6.77% rise [6][8]. - Kuaijishan's market capitalization has recently surpassed that of Guyue Longshan, marking a shift in the competitive landscape of the yellow wine market [9]. White Wine Sector - The white wine sector continues to face challenges, with the WIND white wine index experiencing a weekly decline of 2.43%, underperforming compared to the Shanghai and Shenzhen indices [2][4]. - Individual stocks such as Yingjia Gongjiu and Shanxi Fenjiu have seen significant weekly declines of 5.59% and 6.34% respectively, contributing to a broader trend of falling stock prices in the sector [2][3]. - Yingjia Gongjiu's stock has dropped 22% year-to-date, with the company recently announcing a revenue target of 7.6 billion yuan and a net profit target of 2.62 billion yuan for 2025, indicating a significant slowdown compared to previous ambitious targets [4][5]. Competitive Dynamics - The competitive dynamics within the yellow wine sector are shifting, with Kuaijishan's revenue growth of 10.1% in Q1 contrasting with Guyue Longshan's revenue decline of 4.9% [9]. - The strategic focus of Guyue Longshan on national brand expansion has led to a loss of market share in key regions, while both companies are vying for appeal among younger consumers, which will be crucial for future growth [9].

Group 1 - The core opinion of the legal opinion letter is that the differentiated dividend distribution plan of Kuaijishan Shaoxing Wine Co., Ltd. complies with relevant laws and regulations, and does not harm the interests of the company and its shareholders [8] - The company plans to distribute a cash dividend of 4.0 yuan (including tax) for every 10 shares, with a total share capital of 479,463,409 shares as of December 31, 2024, resulting in a total cash dividend of 188,185,363.60 yuan (including tax) [5][6] - The company has repurchased 9,000,000 shares, which will not participate in the dividend distribution, thus the actual participating shares for the dividend distribution will be 470,463,409 shares [5][6] Group 2 - The repurchase of shares is part of a plan to incentivize employees and will not affect the dividend distribution as the repurchased shares do not have voting rights or profit distribution rights [5][6] - The differentiated dividend distribution is calculated based on the closing price of 14.68 yuan per share on May 8, 2025, leading to an adjusted ex-dividend price of 14.28 yuan per share [6][7] - The impact of the differentiated dividend distribution on the ex-dividend reference price is minimal, estimated at 0.05%, which is less than 1% [7][8]

Core Viewpoint - The company has announced a cash dividend distribution of 0.4 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 25, 2025 [1][2][3]. Dividend Distribution Details - The total profit available for distribution to shareholders as of December 31, 2024, is approximately 1.42 billion yuan, with the cash dividend amounting to about 188.19 million yuan, representing 95.92% of the net profit attributable to shareholders [2]. - The cash dividend distribution will not involve stock bonuses or capital increases, resulting in no change to the circulating shares [3]. - The record date for the dividend is May 29, 2025, with the last trading day on May 30, 2025, and the ex-dividend date also on May 30, 2025 [1][3]. Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the record date [3][4]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [3]. Taxation on Dividends - For individual shareholders, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month and a reduced rate of 10% for shares held between one month and one year [5][6]. - For qualified foreign institutional investors (QFII), a withholding tax of 10% will apply, resulting in a net dividend of 0.36 yuan per share [6]. - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to a net dividend of 0.36 yuan per share [6].

国浩律师（杭州）事务所 关 于 会稽山绍兴酒股份有限公司 差异化分红事项 之 国浩律师（杭州）事务所 专项法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 会稽山差异化分红事项法律意见书 关 于 会稽山绍兴酒股份有限公司 差异化分红事项 之 专项法律意见书 致：会稽山绍兴酒股份有限公司 国浩律师（杭州）事务所接受会稽山绍兴酒股份有限公司（以下简称"会稽 山"或"公司"）的委托，根据《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 ...

重要内容提示： 每股分配比例 证券代码：601579 证券简称：会稽山 公告编号：2025-019 会稽山绍兴酒股份有限公司2024年年度权益分派实施公告 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、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 A 股每股现金红利0.4元 2. 分派对象： 相关日期 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/29 | － | 2025/5/30 | 2025/5/30 | 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》，公司通过回购专用 证券账户所持有的股份不参与本次 ...

Market Performance - On May 23, major market indices experienced fluctuations and closed lower, with A-shares trading volume reaching 1.18 trillion yuan, and over 1,100 stocks closing higher, including 52 stocks hitting the daily limit [1] - For the week, the Shanghai Composite Index fell by 0.57%, the ChiNext Index dropped by 0.88%, and the STAR Market 50 Index decreased by 1.47% [1] Individual Stock Performance - Over 1,600 stocks rose this week, with 22 stocks gaining over 30%. Notably, six stocks surged over 50%, with the largest increase being 99.96% for Sanofi [1][2] - Other significant gainers included Huibo Yuntong (301316) and Binhai Energy (000695), both of which saw weekly increases exceeding 60% [1][2] Sector Analysis - Among the stocks that rose over 30%, the pharmaceutical and biological sector had six representatives, followed by light industry manufacturing with three stocks [1] Historical Highs - On May 23, 17 stocks reached historical closing highs, with the pharmaceutical and biological, mechanical equipment, and automotive sectors showing a concentration of high performers [3][4] - The average increase for stocks reaching historical highs was 8.20%, with notable gainers including Xintiandi (301277) and Zhongzhou Special Materials (300963) [3] Institutional Activity - On May 23, ten stocks saw net purchases from institutions, with Yixin Tang (002727) leading at a net buy of 102 million yuan [5][6] - Conversely, institutions sold off stocks such as Hongchuang Holdings (002379) and Tianqimo (002510), each experiencing net sales exceeding 50 million yuan [5][6] Northbound Capital Flow - Northbound capital was present in nine stocks on the trading board, with net purchases in three stocks: Xue Ren Shares (002639), Huibo Yuntong, and Jinlongyu (002882) [7] - Yixin Tang faced the highest net sell-off from northbound capital, totaling 68.98 million yuan [7] Company Announcements - Zhongjin Gold (600489) plans to inject four companies, including Inner Mongolia Jintao, into the company to resolve competition issues [8] - Huakang Clean (301235) won a bid for a healthcare project with a contract value of 60.24 million yuan and a duration of 120 days [8] - Weier Shares (603501) intends to issue H-shares and list on the Hong Kong Stock Exchange [9] - Yunchongma (603130) plans to raise no more than 640 million yuan for a project to produce DTY silk and high-performance leather base fabric [9]

Core Viewpoint - The stock of Kuaijishan Shaoxing Wine Co., Ltd. experienced significant price fluctuations, with a cumulative increase of over 20% in closing prices over three consecutive trading days from May 19 to May 21, 2025, which is classified as abnormal trading behavior [1][2]. Group 1: Stock Trading Abnormalities - The company's stock price deviation exceeded 20% over three consecutive trading days, indicating abnormal trading activity [1][2]. - The company confirmed that its production and operational activities are normal, with no significant changes in market conditions or industry policies [2][3]. Group 2: Verification of Major Events - The company conducted a self-examination and confirmed that there are no undisclosed major events affecting stock prices, such as asset restructuring, share issuance, or significant business collaborations [2][4]. - There were no media reports or market rumors identified that could influence the stock price during the abnormal trading period [2][3]. Group 3: Management and Disclosure - The board of directors affirmed that there are no undisclosed matters that should have been reported according to the Shanghai Stock Exchange regulations [4]. - The company emphasizes its commitment to timely and accurate information disclosure, urging investors to be cautious in their trading decisions [4].

股票简称：会稽山 股票代码：601579 公告编号：2025-018 会稽山绍兴酒股份有限公司 股票交易异常波动公告 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）股票于 2025 年 5 月 19 日、5 月 20 日、5 月 21 日连续 3 个交易日内收盘价格涨幅偏离值累计超过 20%，属于股票交易异常波动的情形。 ●经公司自查并向控股股东、实际控制人书面征询核实，除公司已披露的事 项外，公司、控股股东及实际控制人不存在应披露而未披露的重大事项。 ●公司目前生产经营活动正常，公司所处的市场环境、行业政策未发生重大 调整，生产成本和销售等情况没有出现大幅波动；公司及全资、控股子公司生产 经营秩序一切正常，不存在影响公司股票交易价格异常波动的应披露而未披露的 重大信息。公司股票价格近期波动幅度大，敬请广大投资者注意二级市场交易风 险，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 5 月 19 日、5 月 20 日、5 月 21 ...

关于对会稽山绍兴酒股份有限公司 股票交易异常波动问询函的回复 中建信(浙江)创业投资有限公司将严格按照《上海证券交易所 股票上市规则》等有关规定,依法履行信息披露义务。 会稽山绍兴酒股份有限公司: 特此回复! 贵公司 发来的《会稽山绍兴酒股份有限公司股票交易异常波动问 询函》已收悉,作为会稽山绍兴酒股份有限公司(以下简称会稽山或 公司）的控股股东,经我们核实并回复如下: 中建信 签署日期: >025年 1 月 2/日 1、截至本回复函签署之日,除会稽山已经披露公告的事项外, 中建信(浙江)创业投资有限公司不存在涉及会稽山应披露而未披露 导致股价异常波动的事项,包括但不限于筹划涉及上市公司的重大资 产重组、股份发行、收购、债务重组、业务重组、资产剥离、资产注 入、股份回购、股权激励、重大业务合作、引进战略投资者等重大事 项。 2、会稽山股票异常波动期间,中建信(浙江)创业投资有限公 司不存在买卖会稽山股票的行为。 3、不存在其他影响公司股价的重大事项。 ...