证券代码：601579 证券简称：会稽山 公告编号：2026-010 会稽山绍兴酒股份有限公司 关于使用闲置自有资金委托理财进展的公告 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： 基本情况 | 产品名称 | 信盈安享 001 一号 | | --- | --- | | 受托方名称 | 中信证券股份有限公司 | | 购买金额 | _2,000.00 万元 | | 产品期限 | 无固定期限,每周可申请赎回 | | 产品名称 | 中信粤湾 3 号集合资产管理计划 | | 受托方名称 | 中信证券股份有限公司 | | 购买金额 | _10,000.00 万元 | | 赎回金额 | _10,030.42 万元 | | 产品期限 | 2025.11.13-2026.1.28 | | 产品名称 | 中信证券资管财富私享投资 3819 号 FOF 单一资产管理计划 | | 受托方名称 | 中信证券股份有限公司 | | 购买金额 | _10,000.00 万元 | | 产品期限 | 无固定期限 | 风险提示 为提高资金使用效率 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company has recently obtained the recognition as a high-tech enterprise, which allows it to enjoy tax benefits at a rate of 15% from 2025 to 2027, potentially increasing reported profits by approximately 23 million [2][7] - Key products such as Lanting and sparkling yellow wine are expected to continue their iterations in 2025, with Lanting launching a 600ml specification and sparkling yellow wine introducing canned versions and other flavors, both anticipated to achieve good growth [2][7] - The sales of sparkling yellow wine are projected to expand beyond the Jiangsu, Zhejiang, and Shanghai regions into key markets like Shandong, Guangdong, and Sichuan, supporting the company's strategy for youthfulness and national expansion [2][7] Summary by Sections Recent Developments - The company has received high-tech enterprise certification, which will enhance its profit margins due to favorable tax rates [2][7] - The product lineup is set to evolve with new specifications and flavors, aiming for significant growth in 2025 [2][7] Market Strategy - The company plans to broaden the market coverage of its sparkling yellow wine in 2026, targeting a sales goal of 200 million and entering more second and third-tier cities [2][7] Financial Projections - For 2025 and 2026, the expected earnings per share (EPS) are projected to be 0.48 and 0.57 respectively, with corresponding price-to-earnings (PE) ratios of 46 and 38 [2][7]

行业研究丨深度报告丨食品、饮料与烟草 [Table_Title] 海外龙头巡礼系列报告（一）：獭祭——小而散 市场下的成功突围者 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 獭祭源于山口县曾经的一家小酒厂、旭酒造，1984 年樱井博志接手时，酒厂收入不足 1 亿日 元，2023 年獭祭销售额已达 174 亿日元，且海外销售额占比达 30%，过去 40 年旭酒造实现 突破式的跨越。但过去几十年日本清酒市场持续萎缩，在一个总量较小、集中度较低的赛道中， 獭祭依然实现成功突围，我们总结来看，其成功有赖于以下几点关键原因：①工艺上由传统"酒 师"文化向专业科学进化；②产品上持续创新，追求极致；③渠道上围绕核心市场，重视专业 渠道；④营销上在一些重大时刻获得展示机会，提升全球知名度。 分析师及联系人 [Table_Author] 朱梦兰 董思远 SAC：S0490522050003 SAC：S0490517070016 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579. ...

Core Viewpoint - The company, Kuaijishan (601579), has decided not to disclose the number of shareholders on the "E Interaction" platform due to concerns about timely information dissemination and fairness to all investors [1] Group 1: Information Disclosure - The company will adhere to the principle of cautious fairness in its information disclosure practices [1] - Shareholder numbers will be disclosed in the annual, semi-annual, and quarterly reports as per relevant information disclosure regulations [1] - Investors can inquire about the number of shareholders by sending their stockholding proof and identification to the company's investor relations email [1]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the ongoing revival of the yellow wine industry, with a clear growth logic and significant price increases for premium products [3][4] - The trend of product premiumization is effectively taking shape, with leading companies optimizing their structures and upgrading their offerings [4] - The yellow wine sector is making strides towards national expansion, although it still faces challenges in breaking regional perceptions [6] - The report anticipates sustained growth in the yellow wine industry, driven by product, channel, and marketing upgrades [7] Summary by Sections Industry Overview - The yellow wine sector has shown a remarkable price increase, with stocks like Kuaijishan rising approximately 90% in 2025, significantly outperforming other alcoholic beverages [3] - The market is expected to benefit from the upcoming national standards for prepared dishes, which may enhance market concentration [3] Product Development - The high-end product strategy is yielding results, with successful transitions from "meal wine" to "social/banquet wine" [4] - Young consumers are becoming a core growth segment, with innovative products like "one day one smoke" sparkling yellow wine gaining popularity [5] Market Expansion - The current market share of yellow wine in regions outside Jiangsu, Zhejiang, and Shanghai is low, indicating potential for growth as companies push for national penetration [6] - Leading firms are adopting a multi-faceted approach to overcome regional barriers, focusing on product innovation and cultural empowerment [6] Future Trends - The report identifies three key trends that will continue to support the yellow wine industry's revival: stable growth among leading companies, conversion of short-term hits into long-term loyalty, and cultural value integration into consumer habits [7]

Core Viewpoint - Shunxin Agriculture's stock price dropped by 6.6% on January 30, following the announcement of a projected net loss of 116 million to 188 million yuan for 2025, marking a significant decline of 150.18% to 181.33% year-on-year due to intensified competition and a downturn in the liquor industry [1]. Company Summary - Shunxin Agriculture attributes its performance decline to a deep adjustment in the liquor industry and increased market competition, particularly affecting its core product, the "Niulanshan" series, which saw a decrease in sales [1]. - The company launched a new product, the "36% Jinbiao Niulanshan" white liquor, priced at 78 yuan per bottle, aiming to enter the high-end market [2]. - The "Niulanshan" brand, known for its affordable products, has struggled to maintain its previous sales levels, with the flagship product "Bai Niu Er" experiencing over a 40% decline in sales since being reclassified as a flavored liquor under new national standards [4]. Industry Summary - The low-end liquor market is becoming increasingly competitive, with major brands like Fenjiu and Wuliangye entering the light bottle liquor segment, leveraging their brand strength and distribution channels to capture market share [6]. - Young consumers are shifting towards more cost-effective and health-oriented alternatives, such as domestic red wine and yellow wine, which are gaining popularity in the market [7]. - The liquor industry is transitioning from a focus on scale expansion to value cultivation, with the low-end market now requiring a comprehensive approach to consumer psychology, scene adaptation, and brand storytelling [7].

公司简称：会稽山 公司代码：601579 会稽山绍兴酒股份有限公司 2026 年第一次临时股东会会议资料 二○二六年二月九日 会稽山绍兴酒股份有限公司 2026 第一次临时股东会资料 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：《关于调整公司经营范围并修订<公司章程>的议案》……………5 | | 议案二：《关于选举公司第七届董事会非独立董事的议案》………………7 | | 议案三：《关于选举公司第七届董事会独立董事的议案》…………………10 | 1 会稽山绍兴酒股份有限公司 2026 第一次临时股东会资料 会稽山绍兴酒股份有限公司 2026 年第一次临时股东会会议议程 会议召开及表决方式：本次股东会采用现场投票和网络投票相结合的方式， 公司将通过上海证券交易所股东会网络投票系统向公司股东提供网络形式的投 票平台。公司股东在网络投票时间内既可以登陆交易系统投票平台（通过指定交 易的证券公司交易终端）进行投票，也可以登陆互联网投 ...

Group 1 - The liquor sector experienced a significant surge on January 29, with stocks rising across the board, led by Kweichow Moutai, which closed at 1437.72 yuan, up 8.61% from the previous trading day, marking the highest single-day increase in nearly 16 months [1] - Kweichow Moutai's market capitalization returned to 1.8 trillion yuan, indicating a strong recovery in investor confidence [1] - More than ten A-share listed liquor companies, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, reached their daily price limits, while Hong Kong-listed liquor company Zhenjiu Lidu saw a single-day increase of over 12% [1] Group 2 - The liquor industry is currently in an adjustment phase, with a bottoming process being the norm, and signs of recovery are not yet evident [3] - The upcoming Spring Festival holiday presents a significant opportunity for liquor consumption, and the industry is encouraged to leverage this key consumption period to enhance market investment and brand promotion [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese liquor industry**, focusing on **Moutai** and the **huangjiu (yellow wine)** sector, highlighting market dynamics and future expectations. Core Insights and Arguments - **Moutai Pricing Dynamics**: Moutai's direct sales platform launched a price of **1,499 RMB**, which has been well-received by consumers, contributing to a positive market outlook. The price is seen as a significant driver for Moutai's performance, with expectations that it will serve as a price floor for 2027 [1][7]. - **Sales Performance**: During the Spring Festival, Moutai's sales are expected to increase, although a post-holiday demand drop is anticipated but deemed manageable due to the established price support [1][4]. - **Market Sentiment**: The market is optimistic about Moutai's pricing strategy, with many believing that the **1,499 RMB** price point will bolster confidence in the brand and the overall sector [1][7]. - **White Liquor Sector Trends**: The white liquor sector's performance is influenced by inventory levels, consumer demand, and channel dynamics. The current inventory is reported to be around **20%-30%** of the annual target, indicating a manageable situation [1][8]. - **Huangjiu Sector Growth**: The huangjiu sector is performing well, with companies like **Kuaijishan** and **Guyue Longshan** actively expanding their product lines and undergoing organizational reforms to enhance market competitiveness [1][12][14]. Additional Important Insights - **Risk Factors**: The primary risks in the white liquor industry include potential policy disruptions and inventory issues. However, recent policy changes have eased concerns, and inventory levels are currently stable [1][8]. - **Consumer Behavior**: There is a notable increase in consumer demand for Moutai, driven by gifting needs and a favorable perception of price-to-value ratio [2][3]. - **Future Market Outlook**: The white liquor market is expected to experience a rebound similar to post-pandemic trends, with a focus on both Moutai and other strong regional brands like **Gujing Gongjiu** and **Yingjia** [1][10]. - **Investment Strategy**: Investors are advised to focus on leading companies like Moutai and those with strong brand power and financial health for stable returns [1][5]. Company-Specific Developments - **Kuaijishan**: The company has seen significant growth in its product lines, achieving over **50%** growth in key series, and plans to enhance product quality and marketing strategies in the coming years [12][13]. - **Guyue Longshan**: The company is undergoing significant organizational changes aimed at improving operational efficiency and market adaptability, which could enhance its future performance [12][14]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future expectations of the liquor industry, particularly focusing on Moutai and the huangjiu sector.

Summary of Key Points from Conference Call Records Industry Overview: Baijiu (Chinese Liquor) - **Strong Sales Performance**: Moutai's sales velocity is robust, with prices recovering to over 1,600 RMB, exceeding market expectations. From January 1 to January 9, over 400,000 transactions occurred, with an average daily supply exceeding 50 tons, indicating strong market demand [1][2]. - **Market Bottom Indicators**: The baijiu industry is showing signs of bottoming out, with the 1,499 RMB Moutai indicating clear volume and price bottom characteristics. Historical data suggests that Moutai and Wuliangye's volume increases signal industry recovery [1][6]. - **Investment Recommendation**: Guizhou Moutai is the preferred investment target, historically outperforming in price, stock performance, and earnings when the industry enters a recovery phase. Revenue growth rates exceeded 20% in 2016 and over 50% in 2017 [1][7]. - **Valuation of Other Baijiu Companies**: Leading baijiu companies like Wuliangye, Luzhou Laojiao, Fenjiu, and Gujing Gongjiu are currently undervalued, with valuations around 15 times earnings or lower. These companies also have high dividend yields, making them attractive for investment [1][10]. Yellow Wine Sector - **Market Expansion**: The yellow wine sector is expanding through price increases, new product launches, and innovative marketing strategies. Leading companies like Kuaijishan are performing well, and Guolongshan is actively pursuing high-end, youth-oriented, and national strategies [1][12]. Beer Industry Insights - **Resilience in Sales**: The beer industry is showing resilience with positive sales growth, particularly as the restaurant sector recovers, which is expected to positively impact beer consumption. Yanjing Beer has high expectations for operational improvement, with significant profit contributions from its health product line [1][4][14]. - **Investment Opportunities**: Yanjing Beer is recommended due to its improving operational metrics and expansion into health products, with projected profit growth. Qingdao Beer and China Resources Beer are also noteworthy, with attractive dividend yields and low valuations [1][15]. Cost Factors - **Cost Management**: The cost of aluminum cans is under control, and there are signs of improvement in malt costs. The overall impact on ton costs is minimal, suggesting a focus on revenue recovery and price increases is essential [1][16]. Conclusion - **Overall Market Sentiment**: The baijiu industry is at a critical juncture, with Moutai leading the recovery. Other sectors like yellow wine and beer are also showing potential for growth, driven by strategic initiatives and market recovery trends. Investors are encouraged to consider both Moutai and other leading brands for their strong fundamentals and growth prospects [1][9][10].