浙江古越龙山绍兴酒股份有限公司（以下简称公司）于 2025 年 4 月 23 日召 开第十届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟使用不低于人民币 2 亿元（含）且不超过人民币 3 亿元 （含）的自有资金或自筹资金，通过上海证券交易所交易系统以集中竞价交易方 式进行股份回购（以下简称本次回购股份），本次回购股份的价格不超过 12.83 元/股（含），本次回购的股份用于员工持股计划或股权激励。具体内容详见公 司于 2025 年 4 月 25 日披露的《浙江古越龙山绍兴酒股份有限公司关于以集中竞 价交易方式回购股份方案的公告》（公告编号：临 2025-020）。 浙江古越龙山绍兴酒股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 二、回购股份的进展情况 证券代码：600059 证券简称：古越龙山 公告编号：临 2026-003 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 1 第7号—回购股份》等相关规定，现将 ...

2月27日，古越龙山官方公众号发布黄酒集团（古越龙山）召开新春第一会的消息。当中披露，回顾 2025年，"越酒行天下"步伐不断加快，"百城共品古越龙山"主题营销活动走进全球101个城市和地区， 公司在江浙沪以外市场销售占比超40%，京津冀、山东、河南等外围市场销量逆势增长，海外新填补4 个空白国际市场。 （企业官方公众号） (编辑：林辰)关键字： 古越龙山 白酒 ...

编辑丨一凡 编审丨云顶 据古越龙山消息，2月26日，黄酒集团（古越龙山）召开新春第一会——"以变化见成效 以实绩论英雄"大会。会上透露，2025年公司在江浙沪以外市场销 售占比超40%，京津冀、山东、河南等外围市场销量逆势增长，海外新填补4个空白国际市场。 编辑丨一凡 编审丨云顶 据古越龙山消息，2月26日，黄酒集团（古越龙山）召开新春第一会——"以变化见成效 以实绩论英雄"大会。会上透露，2025年公司在江浙沪以外市场销 售占比超40%，京津冀、山东、河南等外围市场销量逆势增长，海外新填补4个空白国际市场。 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 相关研究 《AI 营销：新风口剑指千亿，服务商 乘势而进》 2026-02-11 《渠道变革大时代，优质连锁零售业 态蓬勃发展》 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 ...

Core Viewpoint - Guyue Longshan (600059) emphasizes the historical and cultural value of its core collection, including the 2500-year-old sealed wine, the centennial Xinhai commemorative wine, and the 60-year-old aged wine, which are influenced by factors such as rarity, market environment, and collecting trends [1] Group 1 - The company states that there is no unified market estimate for the value of its rare wines due to multiple influencing factors [1] - The company considers these precious wines as core cultural assets and ensures their proper preservation [1] - Plans for restarting auctions or public displays will be carefully studied in conjunction with the brand's high-end strategy, Huangjiu culture promotion, and asset protection planning [1] Group 2 - The company will also focus on the protection and value exploration of high-aged wines [1]

证券日报网讯2月13日，古越龙山（600059）在互动平台回答投资者提问时表示，公司高度重视近期相 关事件带来的品牌热度与市场机遇，将积极把握契机提升品牌影响力与产品市场渗透率。后续公司将依 托充足的老酒储备与成熟产能布局，全力保障青花醉二十年的市场供应，春节期间国酿系列、青花醉系 列等中高端产品在京东、天猫超市等平台将持续发货；并持续优化全渠道布局，严格维护产品市场价格 体系；最后也将进一步强化品牌推广与圈层拓展，深耕线上线下（300959）多元场景，稳步推进高端化 战略落地。 ...

Core Viewpoint - The leadership change at Kuaijishan, a leading Huangjiu producer, aims to leverage the marketing expertise of its new general manager, Tang Guijiang, from the beer industry to address the challenges of regional consumption limitations and to attract younger consumers [3][4][5]. Group 1: Leadership Change - Kuaijishan appointed Tang Guijiang as the new general manager, replacing Yang Gang, with a term of three years [4]. - Tang Guijiang has extensive marketing experience in the beer industry, having held various senior positions at major companies like Budweiser and China Resources Snow Beer [4]. - The appointment is seen as a strategic move to enhance Kuaijishan's market presence and operational capabilities [4][6]. Group 2: Industry Challenges - Huangjiu, represented by Shaoxing Huangjiu, has a long history of about 2,500 years but faces significant regional consumption limitations, with 83% of Kuaijishan's revenue coming from the Jiangsu, Zhejiang, and Shanghai regions as of the first three quarters of 2025 [5][6]. - The industry is characterized by a need for modernization and a shift towards younger demographics, which has become a critical focus for Huangjiu companies [6][7]. Group 3: Strategic Initiatives - Kuaijishan's strategy includes high-end, youth-oriented, and nationwide expansion, addressing the traditional challenges of the Huangjiu market [4][6]. - The company has engaged in cross-industry collaborations, such as partnering with popular influencers and launching new products to attract younger consumers [6][7]. - Despite these efforts, Kuaijishan's revenue growth remains slow, with a revenue of approximately 12.12 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 14.12% [6][7]. Group 4: Comparative Analysis - Kuaijishan and another leading Huangjiu producer, Guyue Longshan, are both attempting to leverage beer industry expertise to overcome similar market challenges, albeit through different strategies [7]. - Kuaijishan focuses on internal transformation by integrating beer industry marketing practices, while Guyue Longshan opts for external partnerships to innovate products and reach new consumer segments [7].

Core Viewpoint - The company has received positive market feedback for its innovative product launches, indicating that cross-industry integration and innovation align with the consumption needs of younger demographics [2] Group 1: Product Innovation - The company’s glutinous rice whiskey, which is aged in wine barrels, showcases a successful attempt at flavor fusion, incorporating wine characteristics into the spirit [2] - The company plans to continue exploring flavor and scenario innovations while maintaining the core culture and quality of yellow wine [2] Group 2: Market Strategy - The company aims to optimize its product matrix based on consumer demand, leveraging its heritage in yellow wine brewing and the unique characteristics of its products [2]

Core Viewpoint - The leadership change at Kuaijishan, a leading Huangjiu producer, aims to leverage the experience of new General Manager Tang Guijiang from the beer industry to address the challenges of regional consumption limitations and to attract younger consumers [2][3] Group 1: Leadership Change - Kuaijishan appointed Tang Guijiang as the new General Manager, replacing Yang Gang, with a three-year term starting from February 9 [3] - Tang Guijiang has extensive marketing experience in the beer industry, having held various senior positions at companies like Budweiser and China Resources Snow Beer [3] Group 2: Industry Challenges - Huangjiu, a traditional liquor with a history of about 2,500 years, faces significant regional consumption limitations, primarily concentrated in the Jiangsu, Zhejiang, and Shanghai areas [5] - In the first three quarters of 2025, 83% of Kuaijishan's revenue came from the Jiangsu, Zhejiang, and Shanghai regions [5] Group 3: Strategic Directions - The core strategy for Kuaijishan includes high-end positioning, youth engagement, and national expansion, addressing the traditional challenges of the Huangjiu industry [3][6] - Kuaijishan's marketing expenses have significantly increased, with sales expenses reaching 3.32 billion yuan in 2024, a 60.2% year-on-year increase, and 3.34 billion yuan in the first three quarters of 2025, a 54.7% increase [5] Group 4: Market Response - Kuaijishan's attempts to attract younger consumers through collaborations and product innovations have gained some visibility but have not yet resulted in a decisive market breakthrough [6] - The company's revenue growth remains slow, with a less than 20% increase in both revenue and net profit in 2024, and a revenue of 12.12 billion yuan in the first three quarters of 2025, a 14.12% year-on-year increase [6] Group 5: Comparative Strategies - Kuaijishan and Guyue Longshan are both exploring ways to leverage beer industry expertise to overcome Huangjiu's challenges, but they are taking different approaches: Kuaijishan focuses on internal management transformation, while Guyue Longshan emphasizes external product innovation and partnerships [7]