Core Viewpoint - The stock price of Kuaijishan, a yellow wine company, has experienced a significant decline after a series of price surges, raising concerns about the sustainability of its recent success and the performance of its flagship product, "Sparkling Yellow Wine" [2][4]. Stock Performance - Kuaijishan's stock price reached a peak of 22.07 yuan per share on June 9, 2023, down 0.14%, with a total market capitalization of 10.582 billion yuan [2][4]. - The stock had previously surged by 44.08% from May 21 to May 28, 2023, during which it briefly became the market leader in the yellow wine sector, surpassing Guyue Longshan [3][4]. Product Performance - The "Sparkling Yellow Wine" saw initial success, achieving sales of over 20 million yuan shortly after its launch, aided by celebrity endorsements [6][8]. - However, the product's popularity has sharply declined, with live stream viewership dropping from thousands to just a few dozen [5][6]. - Consumer feedback on social media has been largely negative, with many describing the taste as "bad" or "strange" [8][9]. Marketing and Sales Strategy - Kuaijishan has heavily invested in marketing, with sales expenses projected to reach 332 million yuan in 2024, a 60.25% increase from 2023 [7]. - The company is focusing on online sales channels but has faced challenges in offline distribution, with only about 30,000 retail outlets currently carrying the product [8][10]. - Kuaijishan is exploring strategies to enhance its offline presence and has initiated a recruitment plan for distributors [8][10]. Industry Context - The yellow wine industry is facing challenges in appealing to younger consumers, with Kuaijishan and its competitor, Guyue Longshan, both attempting to innovate their product offerings [10]. - The success of Kuaijishan's "Sparkling Yellow Wine" raises questions about whether it can maintain its momentum and whether other new products can support the brand's growth [10].

黄酒—龙头引领升级，行业共振机遇可期 20250606 您如何看待黄酒行业当前的市场状况和未来的发展趋势？ 黄酒行业目前正处于龙头企业引领升级的阶段，未来整体共振机遇值得期待。 短期来看，由于资金面和情绪面的推动，板块估值相对偏高。然而，从中长期 来看，我们坚定认为这是由龙头企业引领的产业结构升级，为龙头企业带来中 长期趋势性投资机会。 为什么认为黄酒行业有中长期的趋势性机会？ 我们从四个维度分析了黄酒行业的发展前景：政策变化、历史复盘、行业趋势 格局和成长空间。首先，从政策层面看，2023 年 3 月 31 日，会稽山发布提价 通知，随后古越龙山也发布了提价通知，引发市场关注。4 月 28 日，绍兴非上 市黄酒龙头塔牌也发布了提价通知。这些举措显示出龙头企业形成了一种战略 共识，而这种共识背后的推力是产业政策和上层建筑的变化。 从 2016 年起， 树立高端品牌形象需消除消费者对黄酒的低端认知，借鉴古井贡酒经验， 通过推行高端产品改变品牌形象。渠道管理水平提升将驱动主流价位升 级，实现规模和盈利增长。 龙头企业全国化面临挑战，但可借助高端产品、国潮等方式打破低端认 知。会稽山根据地市场扎实，古越龙山品牌认知 ...

再比如年轻化方面，近年推出了咖啡黄酒、低糖黄酒、气泡黄酒适应年轻人的口味，还开了慢酒馆、小 酒馆做线下场景。 今年，古越龙山股价已经涨了十几个点，会稽山股价涨了一倍多，吊打一众白酒股。 最近618，会稽山 一款气泡黄酒更是12个小时不到卖了上千万元，连吴彦祖都来带货了。 为什么今年火成这样？ 近几年黄酒的行业的供需格局明显优化，黄酒行业正在进入难得的景气周期。 一方面，市面上的黄酒企业少了。全国规上黄酒企业已经从巅峰期的110多家减少到2023年的81家。 产量也少了。比如会稽山，去年产量比2017年少了一半。 正是因为供需优化，让两大黄酒有底气双双宣布涨价。要知道现在大部分白酒价格倒挂，很多洋酒也在 去库存。 另一方面，黄酒也在积极通过高端化、全国化、年轻化、国际化拓展市场。 比如会稽山的高端系列"兰亭"最高定价2099元，比"一茅五"还高。 黄酒最近怎么这么火？ 存量、增量两手抓，给投资者带来了很大的想象空间，也让黄酒股业绩节节攀升。 去年古越龙山营收接近20亿元，连涨四年。会稽山更是加速追赶，去年营收做到16亿元，今年一季度更 是反超大哥古越龙山。 既然如此，这轮黄酒的热度还能持续多久？黄酒真的迎来复兴 ...

Core Viewpoint - The yellow wine sector is experiencing a surge in stock prices ahead of the Dragon Boat Festival in 2025, driven by collective price increases and a shift towards high-end products among leading companies [1][2][4]. Group 1: Stock Performance - Three A-share listed companies in the yellow wine sector are Gu Yue Long Shan, Kuaiji Mountain, and Jin Feng Wine, with Kuaiji Mountain's stock price increasing over 70% in May and more than 126% year-to-date, raising its market value from approximately 5 billion to 12 billion [1]. - Gu Yue Long Shan and Jin Feng Wine also saw stock price increases of 11.3% and 7.7% respectively in May [1]. Group 2: Price Increases and Market Strategy - Since 2025, yellow wine companies have collectively raised prices, with Kuaiji Mountain increasing prices by 4%-9% across various product lines [2]. - Gu Yue Long Shan adjusted prices for key products by 2%-12%, citing the need for yellow wine to reclaim its value amid intense competition in the beverage market [2][4]. Group 3: Market Dynamics and Competition - The yellow wine industry is benefiting from a shift in consumer preferences as the white wine market shows signs of weakness, allowing yellow wine to gain market share [3][4]. - Kuaiji Mountain is challenging Gu Yue Long Shan's leading position, with Kuaiji Mountain reporting a 10.1% increase in revenue in Q1 2025, while Gu Yue Long Shan's revenue declined by 4.9% [6][7]. Group 4: Financial Performance - In Q1 2025, Kuaiji Mountain's revenue reached 481 million, while Gu Yue Long Shan's revenue was approximately 539 million, indicating Kuaiji Mountain's stronger growth trajectory [6]. - Kuaiji Mountain's mid-to-high-end products achieved a revenue of 1.065 billion with a gross margin exceeding 61%, while Gu Yue Long Shan's mid-to-high-end revenue was 1.398 billion with a gross margin of 44.3% [6][8]. Group 5: Future Outlook - The yellow wine market is expected to stabilize and grow, with projections indicating that the revenue of regulated enterprises could expand from 8.5 billion in 2023 to approximately 12.5 billion to 14 billion by 2027 [8].

古越龙山 20250602 摘要 古越龙山采取集体涨价和市场反转策略，并凭借中央酒库 IP、历史沉淀 和国酿优势巩固市场地位，吸引投资者关注，但需关注新产能释放延期 风险。 古越龙山通过推广国学文化、国酿文化和美酒加美食文化，并推出青玉 系列等高端产品，旨在提升黄酒品类形象，培养年轻消费群体。 古越龙山积极推动全国化进程，将资源投入非成熟黄酒市场，旨在扩大 黄酒普及率，培育新的消费者群体，提升行业发展潜力。 黄酒以其低度数、健康和适合搭配美食的特点，在全球低度数饮料受欢 迎的趋势下，面临良好的发展机遇，应积极推广以迎合消费需求。 高端化战略通过推出青玉系列等产品，改变消费者对黄酒的认知，树立 高价值、高品质的品牌形象，获得市场认可。 企业黄酒产品战略分为高端化和年轻化，高端化旨在改变黄酒的负面标 签，年轻化则通过线上投放和美食美酒传播吸引年轻消费者。 新智能化酿造园区预计降低生产成本 5%以上，类似于集中管理模式， 有助于减少物流费用和管理开支，提升竞争力，优化资源配置，但新产 能释放调试期可能延期。 Q&A 今年以来黄酒市场的表现如何？古越龙山在其中扮演了什么角色？ 今年以来，黄酒市场表现出较高的关注度，尤 ...

文 | 酒讯 子煜 编辑 | 方圆 沉寂多年的黄酒板块突然成为资本市场焦点。 5月，黄酒股涨势迅猛。会稽山5月26日、27日、28日连续3天涨停，古越龙山、金枫酒业股价同样攀 升，5月以来累计涨幅分别为17.36%、18.13%。 这一轮上涨背后，是黄酒行业从产品革新到营销破圈的深层变革。会稽山、古越龙山接连提价，黄酒特 色餐馆、咖啡和文创零售场景上新，高端化和年轻化双轮驱动，黄酒正在撕掉"包邮圈""中老年"的标 签，试图在白酒、啤酒、洋酒的夹击中开辟新赛道。 01 个股集体飙升 就之前的涨势来看，黄酒股的出色表现甚至超过白酒股。万得数据显示，白酒股20日内仅天佑德酒、皇 台酒业、金种子酒、口子窖、伊力特实现上涨，涨幅最高为7.17%，而会稽山、古越龙山、金枫酒业近 20日内涨幅分别为88.66%、16.31%、20.15%。 5月29日，会稽山尾盘拉升，报收26.45元/股，全天股价高点为26.69元/股，日涨幅为2.48%，实现4日连 涨。而经历多日上涨后，古越龙山、金枫酒业这两日有所回调，5月29日分别报收10.41元/股、6.32元/ 股，日跌幅达4.76%、5.39%。 其中，会稽山涨势如虹，也带动 ...

Core Viewpoint - The yellow wine industry has seen a surge in stock prices recently, but the performance improvements have not been clearly reflected in the financial results of companies like Kuaijishan, Guyue Longshan, and Jinfeng Wine Industry [1][3][4] Group 1: Stock Performance - Kuaijishan's stock price increased by 78.5% from 15 yuan to a peak of 26.78 yuan since May, but it experienced a significant drop of over 8% recently [1] - Other yellow wine stocks, such as Guyue Longshan and Jinfeng Wine Industry, also saw stock price increases of over 32% and 37.9% respectively since May, but have recently faced declines [1][3] Group 2: Financial Performance - In 2024, Kuaijishan, Guyue Longshan, and Jinfeng Wine Industry reported revenue growth of 15.6%, 8.6%, and 1% respectively, while net profit growth varied significantly, with Jinfeng reporting a decline of 94.5% [3] - The first quarter of 2025 showed a slowdown in performance growth for these companies due to pre-Spring Festival inventory preparations [3] Group 3: Market Dynamics - The recent rise in yellow wine stocks is attributed to investor sentiment shifting from the white wine sector, influenced by regulatory news, and the appeal of younger, innovative products in the yellow wine market [4] - Innovations aimed at younger consumers, such as sparkling yellow wine, have seen significant growth, with one product increasing by 476%, although overall financial results have not yet reflected these changes [5]

作 者丨肖夏 编 辑丨巫燕玲 江佩佩 A股黄酒板块市值"一哥"正式易主！ 会稽山在一个月时间内，市值从50亿跃升至100亿，自5月26日起，其股价连续三日涨停，截 至5月30日，年初以来累计涨幅达130%，市值突破120亿元，超越古越龙山，登顶A股黄酒企 业市值榜首。值得关注的是，其旗下由吴彦祖代言的"气泡黄酒"，最近在互联网平台上也销售 火爆。 | | WP | | 25.10 -0.96 -3.68% | | | | XD会稽山 1 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 601579 交易 | | 2024/11/05-2025/05/30(138日)▼ * ★★ ★★ | | SSE CNY 15:00:02 闭市 | | | | | | 通融入口円 | | 26.39- | | 委比 | -68.82% 委差 | -1298 | Wind ESG评级 | B | | 详情 | | | | 卖五 | 25.14 | 361 | 交生 | 130.34% 120日 | | 117.5 ...

黄酒长期萎靡不振，主要是两方面原因。 一是无法起量。黄酒的受众范围和影响力一直局限于江浙沪，没有像白酒和啤酒那样实现大规模的全国性扩张。数据显示，2024年古越龙山、会稽山、金枫酒业等三家酒企总收入中江浙沪的占 二是无法提价。黄酒行业格局分散，由此导致产品售价低且长期恶性内卷，到目前黄酒主流价格带也只有20-50元。 01 迟来的补涨 在中国酒类市场，黄酒一直是个弃儿。 根据华泰证券的数据，2023年黄酒行业收入约210亿，其中全国规上黄酒生产企业完成销售收入仅剩85亿元。2017-2023年，规上企业的营收和利润总额CAGR分别为-13%和-9%。作为对比， 以白酒为例，2017年-2023年规上企业总收入从5654亿元增长至7563亿元，增幅34%，利润总额则从1028亿元增长至2328亿元，增幅126%，与此同时白酒的吨价也实现了翻倍提升。所有这些 ▲图源 超乎所有人的想象，黄酒燃爆了整个资本市场。 不到十个交易日的时间，古越龙山的股价从大约9块钱最高涨到近12块钱，涨幅超30%；会稽山更夸张，十天内有六天摸到涨停，股价从15直线拉到25以上，涨幅高达70%。 在整个酒类市场继续加压的当下，黄酒为什么能 ...

很多股民都没想到，会稽山清明节前后的几次涨停，仅仅是一波大行情的预热。 5月下旬以来，会稽山进入了连涨模式，5月19日至5月28日八个交易日内有6天摸到涨停，股价涨了 76%。2025年开年以来，会稽山股价已经上涨132%，让所有白酒股、啤酒股都望尘莫及。 不仅是会稽山，古越龙山、金枫酒业两家老牌黄酒股也受其带动，今年股价分别上涨18%、11%。 一向被认为走不出江浙沪的黄酒，为何突然受到资本市场的追捧？ 21世纪经济报道此前分析过，随着竞争格局稳定并且份额进一步向两强集中，规模领先的会稽山、古越 龙山开始逐渐享受到黄酒品类供需优化的利好，迎来难得的行业景气周期窗口。也正因如此，今年两大 黄酒有了底气双双提价。 而同样是黄酒股，为什么会稽山更受资本市场追捧？5月26日再次涨停后，会稽山市值成功超越做"大 哥"多年的古越龙山，截至5月28日市值突破120亿元，成为黄酒市值新龙头。 接受21世纪经济报道记者采访的酒业观察人士多认为，近期黄酒股持续上涨主要是政策预期与资本情绪 主导的结果，一方面白酒承压让一些投资者转向了基数低的黄酒行业，而这一行业规模较小有很大增长 空间，另一方面创新产品引起年轻人争相尝试，为黄酒 ...