Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has optimized its product structure, leading to improved gross margins and increased investment in terminal expenses [5] - In Q1 2025, the company reported revenue of 481 million yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 94 million yuan, up 2% year-on-year [4] - The company is focusing on high-end brand recognition through targeted marketing strategies and product innovation to attract younger consumers [5] Summary by Sections Financial Performance - Q1 2025 gross margin increased by 7 percentage points to 60.71%, driven by accelerated revenue growth in mid-to-high-end yellow wine [5] - Revenue from mid-to-high-end yellow wine reached 336 million yuan, a 12% increase, while ordinary yellow wine revenue was 105 million yuan, up 1% [5] - The company’s net profit margin decreased by 2 percentage points to 19.46% due to increased promotional expenses [5] Market Strategy - The company is enhancing its market presence in Zhejiang, with Q1 2025 revenue of 286 million yuan, a 17% increase, by strengthening its distribution network [5] - New product development includes lemon-flavored and canned yellow wine, aimed at cultivating consumer habits [5] Earnings Forecast - The company’s EPS for 2025-2027 is adjusted to 0.50, 0.60, and 0.71 yuan respectively, with corresponding PE ratios of 29, 24, and 21 times [6] - Revenue projections for 2025-2027 are 1.884 billion, 2.141 billion, and 2.387 billion yuan, with growth rates of 15.5%, 13.6%, and 11.5% respectively [9]

| 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%。 ...

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 ...

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]

SFC 南方财经全媒体集团 Southern Finance Onninedia Corp. 21世纪经济报道 21 21财经 2151 CENTURY BUSINESS HERALD 21世纪资本研究院推出"21世纪ESG热搜榜"产品。 每周、每月综合全媒体平台用户检索数据及宣传报道, 在环境、社会和公司治理三个维度, 跟踪全球头部机构ESG投资动态、 中国上市公司ESG表现, 开展中国 ESG 持续评价研究。 可能理亮 2 11 02 2 11 02 2 11 0 2 11 2 11 2 11 2 11 12 11 11 2 11 12 11 11 2 11 11 2 11 11 2 11 11 2 11 11 2 11 11 2 11 1 本期看点 总第170期 会稽山更换董秘,副董事长之子"90 傳哲宇接任 4月2日晚间，重庆啤酒（600132）(600132.SH)发布2024年ESG报告。报告显示，2024年重庆啤酒温室气体排放量范围1为 79059.78吨二氧化碳当量，温室气体排放量范围2为22111.35吨二氧化碳当量，温室气体排放总量(范围1+2)为101,171.13吨二氧化 碳当量，温室 ...

【4月10日晚间会稽山诸多财经动态】会稽山公司近日收到副总经理、秘书金雪泉先生递交的辞去第六 届秘书职务报告，因工作调整其不再担任该职。此外，同意聘任傅哲宇先生为公司第六届秘书，任期自 审议通过之日起至第六届任期届满换届之日为止。傅哲宇出生于1990年12月，毕业于伦敦国王学院，学 士学位，曾历任多家公司相关职务。值得注意的是，傅哲宇与公司第六届董事、副董事长傅祖康先生系 父子关系。傅祖康为会稽山"元老"，曾任职会稽山第一届到第五届副董事长、总经理，2023年2月辞任 总经理。2024年，会稽山营业收入为16.31亿元，同比增长15.6%；实现归属于上市公司股东的净利润 1.96亿元，同比增长17.74%。同报告期，古越龙山、金枫酒业净利润同比分别下滑48.17%、94.49%。会 稽山总经理杨刚表示，公司秉持"高端化、年轻化"战略，近几年在多方面发力，业绩持续增长，盈利水 平提高，将继续努力提高产品市场占有率。近期，会稽山引领黄酒行业新一轮涨价，3月31日晚间公告 称，基于成本上涨等因素，结合产品市场供需状况，对部分重点产品销售价格进行调整。杨刚称，调价 集中在中端产品与普通酒产品，适度调价有助于产品价值回 ...