会稽山：6月3日股价跌6.77%，一季度销售费增58%

Core Viewpoint - The recent surge in Huangjiu stocks, particularly Kuaijishan, has faced a significant correction, with Kuaijishan's stock price dropping by 6.77% to 23.4 yuan, resulting in a market capitalization of 11.2 billion yuan. This follows a substantial increase of over 70% since May, where the stock reached a peak market cap of over 12 billion yuan [1] Company Summary - Kuaijishan's stock price experienced a peak increase of over 70% since May, with a notable rise of 8% at one point before the recent decline [1] - The company has previously issued multiple risk warnings, stating that there have been no significant changes in its fundamentals or undisclosed major information [1] - The company underwent significant management changes in early 2023, with Fang Chaoyang becoming the chairman and Yang Gang appointed as the general manager, indicating a strategic shift towards innovation and reform [1] Industry Summary - The Huangjiu sector has seen contrasting performance compared to the white liquor sector, which has been affected by regulatory restrictions, leading some investors to shift their focus to Huangjiu [1] - The Huangjiu market remains relatively small, accounting for less than 2% of the overall market, with annual sales declining to around 20 billion yuan [1] - Despite the recent growth in Huangjiu stocks, industry experts note that the market's consumption scenarios are shrinking, and Kuaijishan's recent innovations have not yet translated into clear financial benefits, as evidenced by a 58% increase in sales expenses and a slowdown in net profit growth [1]