【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 ...

Core Viewpoint - The recent price increases by leading yellow wine companies, including Guyue Longshan, have not significantly improved their profitability, highlighting ongoing challenges in the industry. Group 1: Price Increases and Financial Performance - Guyue Longshan announced price increases of 2% to 12% for several products starting April 22, marking its second price hike in less than six months [1] - Despite a revenue increase of 8.55% to 1.936 billion yuan in 2024, net profit fell by 48.17% to 206 million yuan, the largest decline in recent years [1][3] - The company's non-recurring net profit has shown minimal growth over five years, increasing only 10% from 180 million yuan in 2019 to 198 million yuan in 2024 [1][3] Group 2: Profit Margins and Market Position - The gross margins for mid-to-high-end and ordinary wines were 44.32% and 18.58% respectively in 2024, both declining from the previous year [2] - The significant drop in gross margin for ordinary wine is concerning, as this category remains crucial in sales structure [2] - Guyue Longshan's ordinary wine is priced around 10 yuan, significantly lower than the white wine market, limiting the potential for price increases to enhance profitability [2] Group 3: Regional Sales and Market Challenges - The company generated 57.03% of its revenue from the Jiangsu, Zhejiang, and Shanghai regions, indicating a heavy reliance on this area [4] - The overall yellow wine market is shrinking, with the number of large-scale yellow wine enterprises decreasing from 121 to 81 between 2017 and 2023 [4] - Despite increased marketing efforts, sales performance has not improved proportionately, leading to further profit margin compression [4][6] Group 4: International Expansion and Brand Recognition - Guyue Longshan is attempting to expand into international markets, but its international sales revenue remains stagnant at 42 million yuan [5] - The lack of awareness and cultural acceptance of yellow wine in international markets poses significant challenges for global expansion [5] Group 5: High-End Market Strategy - The company has been pursuing a high-end market strategy, with mid-to-high-end wine revenue reaching 1.398 billion yuan in 2024, a 12.47% increase [7] - However, the high-end yellow wine market faces challenges due to a lack of cultural depth and consumer recognition compared to the white wine sector [7] - Seasonal and regional consumption habits further limit the frequency of high-end yellow wine purchases [7] Group 6: Future Outlook and Strategic Goals - Guyue Longshan has consistently failed to meet its growth targets for four consecutive years, reflecting the challenges of its high-end transformation strategy [8] - The company has lowered its growth targets for 2025 to 6% for sales and 3% for profits, indicating a cautious outlook on industry and company growth prospects [8] - The ongoing struggle to balance price increases, regional expansion, and high-end transformation will be critical for the future of the yellow wine industry [8]

长江商报消息 ●长江商报记者 沈右荣 "黄酒一哥"古越龙山（600059.SH）又宣布提价。 4月1日晚间，古越龙山发布部分产品提价公告，上调部分重点产品的销售价格，提价幅度最高达到 12%，原因是部分产品包装及配方优化调整。 这是古越龙山时隔近两年后再度提价。上一次，是2023年11月，公司对部分五年陈及以下普通产品提 价，幅度为2%—5%。 古越龙山主要从事黄酒的制造、销售及研发，知名黄酒女儿红就是该公司产品。 根据年报，2024年，古越龙山的酒类产品毛利率全部下降。当年，公司实现营业收入19.36亿元，同比 增长8.55%；归属母公司股东的净利润（以下简称"归母净利润"）为2.06亿元，同比下降48.17%。 长江商报记者发现，2020年至2024年，剔除非经常性损益影响，公司利润基本上止步不前。其中，2021 年至2024年，公司连续四年未达到经营目标。 再度提价，古越龙山能突破增长瓶颈吗？ 两大黄酒企业均宣布提价 黄酒头部企业纷纷宣告提价。 目前，在A股市场上，黄酒企业只有3家，即古越龙山、会稽山、金枫酒业。 古越龙山于1997年5月登陆A股市场，被称为黄酒第一股，也是黄酒龙头。 最先宣布提价的是会 ...

Core Viewpoint - The recent price increases by Gu Yue Long Shan and Kuaiji Mountain reflect a broader trend in the yellow wine industry, driven by rising operational costs and market demand adjustments [1][6][7]. Price Adjustments - Gu Yue Long Shan announced price increases for several key products, with adjustments ranging from 2% to 12% depending on the product category, effective from April 22 [1]. - Specific price increases include: - Cai Bao Hua Diao (Jia Fan) series: 2% to 5% - Qing Chun San Nian series: 4% to 8% - Certain Tan Jiu series: 8% to 9% - Certain Wu Nian Chen series: 5% to 12% - Certain Qing Hua Zui products: 2% to 5% - Nu Er Hong barrel series: 3% to 5% - Nu Er Hong old wine series: 2% to 5% [1]. Market Context - Kuaiji Mountain also raised prices for its products, with increases of 1% to 9% across various series, effective from April 1 [6]. - The price of Kuaiji Mountain's strategic product "Pure Five Year" is expected to increase by approximately 1 yuan per bottle [6]. Historical Context - This marks the first price increase for both Gu Yue Long Shan and Kuaiji Mountain in several years, with Gu Yue Long Shan's last increase in May 2019 and Kuaiji Mountain's in December 2016 [7]. - In 2018, Gu Yue Long Shan had a price increase of 10% for certain products, which generated significant sales revenue [7]. Market Reaction - Following the price adjustments, Kuaiji Mountain's stock saw a maximum intraday increase of 8.7%, closing up 5.83%, while Gu Yue Long Shan's stock closed up 1.93% [8].

Core Viewpoint - The financial performance of Kuaijishan in 2024 shows significant growth, but the effectiveness of the recent price increase strategy remains uncertain [1][7]. Group 1: Financial Performance - Kuaijishan reported total revenue of 1.631 billion yuan in 2024, representing a year-on-year increase of 15.60% [1]. - The net profit attributable to shareholders reached 196 million yuan, marking a year-on-year growth of 17.74% [1]. - The gross profit for 2024 was 850 million yuan, with a gross margin of 52.10%, an increase from 46.90% in 2023, yet still below the industry average [4]. Group 2: Management and Cost Efficiency - The company has implemented comprehensive management reforms to enhance operational efficiency, including a process-driven management model and a budget management system [4]. - Despite improvements in management, Kuaijishan faces significant cost pressures, primarily due to rising labor and operational costs [4]. Group 3: Brand Development and Market Expansion - Kuaijishan has made progress in brand building, enhancing the recognition and reputation of the Lanting brand through high-end collaborations and events [5]. - However, market expansion remains a challenge, as the consumption of yellow wine is concentrated in the Jiangsu, Zhejiang, and Shanghai regions, with external markets facing issues such as business closures and shrinking market size [5][6]. Group 4: Pricing Strategy - The company has announced price increases for key products, with increases ranging from 1-9% depending on the product line [7]. - The impact of this pricing strategy on sales volume and future performance is uncertain, as historical data shows mixed results from previous price increases [7].