格隆汇12月30日｜国盛证券研报指出，会稽山作为黄酒行业标杆企业，坚持"高端化、年轻化、全国 化"的战略导向，持续推进和实施黄酒主业深耕战略。新晋营收龙头，市占率稳居高位。虽整体黄酒行 业面临一定挑战，但头部企业可在行业集中化进程中优化产品结构，借低度消费与政策支持突破地域限 制，推动行业价值回归。公司作为黄酒行业新晋营收龙头，2025年前三季度营收超越古越龙山，登顶行 业第一，同时2023年营收市占率为16.51%，稳居高位，江浙沪区域根基扎实，叠加全国化布局持续推 进，非核心区域收入增加，进一步筑牢市占率稳固优势。预期公司2025-2027年归母净利润为 2.14/2.35/2.60亿元，同比+9.14%/+9.99%/+10.54%，考虑公司行业地位稳固，业绩增长较为稳健，首次 覆盖给予"买入"评级。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 ...

Group 1: Macro Insights - The report discusses the recent depreciation of the RMB against the USD, primarily due to a weaker dollar and concentrated settlement activities. It forecasts a stable to slightly appreciating RMB in 2026, with expectations of it remaining below 7 at times, but overall volatility is anticipated, making significant unilateral appreciation unlikely. The report advises a cautious optimism regarding the RMB's performance [4]. - The report highlights four significant changes in the macroeconomic landscape over the past two weeks, including the RMB's continued appreciation, improvements in land transactions, slight recovery in real estate sales, and rising prices of bulk commodities driven by a reduction in internal competition [5]. Group 2: Industry-Specific Insights Energy Sector - The report emphasizes the high demand for large-scale energy storage in both domestic and international markets, predicting a significant growth phase for the energy storage sector in 2026. It suggests focusing on domestic large-scale storage and overseas storage opportunities, particularly in AI-integrated storage solutions and residential storage in Australia and Europe [10]. - The electricity sector is expected to see a balance in supply and demand in 2026, with a projected electricity consumption growth rate of 5.2% for 2025. The report notes a restructuring of profitability models in thermal power and suggests monitoring high-dividend thermal power leaders and stable electricity price companies [11]. Food and Beverage Sector - The report outlines the historical development of Huaiqi Mountain, a leading player in the Chinese yellow wine industry, and its strategic focus on high-end, youthful, and nationwide market penetration. It reports a record revenue of 1.631 billion yuan in 2024, with a year-on-year growth of 15.6% [15]. - The company is positioned as a new revenue leader in the yellow wine sector, with a market share of 16.51% in 2023, and is expected to maintain steady profit growth in the coming years [16]. Electronics and Power Equipment - The report details the growth trajectory of Zhuhai Guanyu, a leading consumer battery supplier, which has seen a 21.2% increase in revenue to 10.321 billion yuan in the first three quarters of 2025. The company is expected to benefit from the AI-driven innovation cycle in consumer electronics [17]. - The report highlights the strategic partnership between Zhejiang Rongtai and Weichuang Electric to establish a joint venture focused on the development of key components for intelligent robots, enhancing their product offerings in the robotics sector [27]. Agriculture and Livestock - The report notes a continued low price for live pigs, with a recent price of 12 yuan/kg, indicating a potential rebound in prices leading up to the Spring Festival. It suggests that investors should consider opportunities in low-cost pig farming companies [22]. - The report also discusses the stable pricing of enoki mushrooms and the upcoming market entry of new products like winter worm summer grass, indicating strong growth potential in the mushroom sector [23]. Energy Sector (Continued) - The report mentions Jiufeng Energy's progress in its special gas business in Hainan, with expectations for steady growth in LNG and LPG businesses, projecting net profits of 1.75 billion yuan in 2025 [25].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Insights - The company, Kuaijishan, is positioned as a leader in the Chinese yellow wine industry, emphasizing high-end, youthful, and national strategies to drive growth [1][4]. - In 2024, Kuaijishan is projected to achieve a record revenue of 1.631 billion yuan, reflecting a year-on-year growth of 15.6%, with a net profit of 196 million yuan, up 17.74% [1][4]. - The yellow wine industry is experiencing a gradual transformation, with a market size of 21 billion yuan in 2023, showing a slight increase of 2.1% year-on-year [2]. Summary by Sections Company Overview - Kuaijishan has a rich history of over 280 years, evolving through three key phases: initial establishment, capital integration, and innovation transformation [1][15]. - The company is recognized as a "Chinese Time-honored Brand" and has received multiple accolades, including being the designated yellow wine for significant national events [14][19]. Industry Analysis - The yellow wine market is characterized by a high concentration, with the top three companies' market share increasing from 18.46% in 2016 to 44.08% in 2023 [2]. - The number of large-scale yellow wine enterprises has decreased from 112 to 81 between 2016 and 2023, indicating a trend towards consolidation in the industry [2]. Competitive Advantages - Kuaijishan leverages its strong brand heritage and diverse product matrix to cater to both high-end and younger consumer segments [3][4]. - The company has seen significant growth in its mid-to-high-end product lines, with revenue contributions of 1.065 billion yuan in 2024, marking a 31.29% increase year-on-year [3][4]. Financial Projections - The company is expected to maintain steady growth, with projected net profits of 214 million yuan, 235 million yuan, and 260 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 9.14%, 9.99%, and 10.54% [4][5].

近日，浙江省酒业协会公布2025年协会统计工作会议相关内容。当中披露，2025年1-10月，18家直报企 业黄酒产量288971千升，同比增长17.07%；黄酒销量255588千升，同比下降3.40%；销售收入31.45亿 元，同比下降8.74%；税利总额6.97亿元，同比增长10.12%；实现税金2.57亿元，同比下降10.01%，实 现利润4.40亿元，同比增长26.67%。销量下降，但运行质量仍保持增长态势。 （协会公众号） 2025年1-10月浙江省啤酒产量2569844千升，同比下降2.11%；销售收入76.66亿元，同比增长0.49%；税 利总额19.63亿元，同比增长5.87%；实现税金10.90亿元，同比增长3.86%，实现利润8.73亿元，同比增 长8.50%。啤酒行业通过出口驱动（千岛湖啤酒出口量增幅超13%）、产能升级和产品创新实现高质量 发展。 2025年1-10月浙江省白酒产量10113千升，同比增长37.18%；白酒销量5516千升，同比下降13.62%；8家 白酒企业的销售收入7600.2万元，同比下降14.49%。白酒经济运行情况不理想，本土产业资本正通 过"科技+文化"的方式 ...

Core Insights - Shaoxing's industrial economy has shown significant growth, with a year-on-year increase of 9.8% in industrial added value from January to November 2025, ranking second in the province [1] - The city has implemented the "4151" plan to strengthen advanced manufacturing, integrating artificial intelligence with technological and industrial innovation to promote high-quality industrial development [1] - A total of 25 industries in Shaoxing reported positive growth, with a growth coverage of 71.4%, indicating a solid foundation for industrial growth [1] Group 1 - The new momentum in industrial growth is reflected in the robust performance of key sectors, with equipment manufacturing, strategic emerging industries, and high-tech manufacturing industries growing by 13.6%, 12.2%, and 11.8% respectively [1] - Key products such as industrial robots, integrated circuits, and electric motors saw production increases of 21.6%, 18.9%, and 5.4%, showcasing a strong shift towards new industrial structures [1] - Shaoxing has two out of five provincial-level future industry pilot zones, indicating a strong presence in strategic emerging industries [1] Group 2 - Manufacturing investment in Shaoxing increased by 18.7% year-on-year from January to November, with investments in digital economy core industries and high-tech industries growing by 39.9% and 19.3% respectively [2] - The completion rate of key internal projects in Shaoxing reached 124.7%, exceeding the overall average by 11.6 percentage points [2] - The integrated circuit industry is progressing towards a "hundred billion" scale, driven by new demands in artificial intelligence and smart driving [2] Group 3 - Traditional industries in Shaoxing are undergoing rapid renewal, with ten cases selected as typical examples of traditional advantageous enterprises evolving into new productive forces [2] - The modern textile industry has contributed to Shaoxing being recognized as a city with significant industrial influence in 2025 [2] - The yellow wine industry is accelerating its digital transformation to enhance lean management capabilities [2]

Core Viewpoint - The goal of the Huangjiu industry is to transform Huangjiu from a "drink of the older generation" to a "trendy drink for young people" Group 1: Management Changes - Gu Yue Long Shan appointed 90s-born Zhang Leiguang as the company secretary, aiming to bring fresh financial thinking and communication methods to engage with a new generation of investors [1] - The appointment has sparked debate among shareholders, with some expressing skepticism about whether a young executive can attract younger consumers [1] Group 2: Financial Performance - In the first three quarters of 2025, Gu Yue Long Shan reported revenue of 1.186 billion yuan, a year-on-year decline of 8.10%, while net profit grew only 0.17% to 135 million yuan [2] - Competitor Kuaijishan surpassed Gu Yue Long Shan with revenue of 1.212 billion yuan, marking a year-on-year increase of 14.12% [2] Group 3: Product Innovation - Gu Yue Long Shan launched innovative products like coffee Huangjiu and low-sugar variants, targeting young consumers' preferences for novelty and social drinking [3] - The "No High Low" product sold over 3.3 million bottles and topped sales charts on Douyin, although consumer reviews were polarized [3] - A strategic partnership with China Resources Beer led to the co-launch of "Yue Xiao Pi," a product aimed at young consumers, although its availability on major platforms was not found [3] Group 4: Industry Challenges - Industry experts noted that Gu Yue Long Shan faces challenges such as a lack of standout products, stagnant brand recognition, and delayed market impact [4] - The company must balance scale expansion with refined operations to overcome these hurdles and establish a strong market presence [4] Group 5: Competitive Landscape - Kuaijishan successfully marketed its sparkling Huangjiu, achieving sales of 50 million yuan during the 618 shopping festival and diversifying its presence across various social and entertainment platforms [5][6] - Kuaijishan's dual strategy of "premiumization + youthfulness" aims to reshape the Huangjiu industry, focusing on cultural branding and quality enhancement [6] Group 6: Learning from International Examples - The success of Japan's Dassai sake brand offers insights for Huangjiu's youth-oriented development, emphasizing the importance of brand storytelling and long-term strategic commitment [7] - Analysts suggest that the Huangjiu industry should focus on enhancing brand recognition and creating distinctive narratives, similar to Dassai's approach [7]

Group 1 - The core objective of the Huangjiu industry is to transform Huangjiu from a "drink of the older generation" to a "trendy drink for young people" [2] - The appointment of 90s-born Zhang Leiguang as the secretary of the board at Guyue Longshan has sparked discussions, with some investors skeptical about whether a younger executive can attract young consumers [2][3] - Guyue Longshan's revenue for the first three quarters of 2025 was 1.186 billion yuan, a decrease of 8.10% year-on-year, while its net profit only grew by 0.17% to 135 million yuan [3] Group 2 - Guyue Longshan has launched innovative products like coffee Huangjiu and bubble ice sculpture, targeting young consumers' preferences for novelty and social drinking [4] - The "Wugao Di" product has sold over 3.3 million bottles and topped the Douyin sales charts, indicating a positive reception among young consumers [4][5] - However, consumer feedback on the "Wugao Di" product is polarized, with some praising its quality while others find it unpalatable [5] Group 3 - Competitor Kuaijishan has successfully marketed its sparkling Huangjiu, achieving sales of 50 million yuan during the 618 shopping festival and implementing a dual strategy of high-end and youth-oriented products [6] - Kuaijishan's approach includes cultural empowerment and quality upgrades, aiming to establish itself as a leader in the high-end Huangjiu market [6] Group 4 - The experience of Japan's Dassai sake brand offers insights for the Huangjiu industry, highlighting the importance of brand storytelling and long-term strategic development [7] - Dassai's sales increased from 4.6 billion yen in 2014 to 19.5 billion yen by 2024, demonstrating the potential for growth through strategic branding and market positioning [7]

本文源自：市场资讯 有投资者在互动平台向金枫酒业提问："消费复苏背景下，黄酒行业迎来发展机遇，公司在产能升级、 品牌营销方面有哪些新的投入计划？" 针对上述提问，金枫酒业回应称："您好。产能升级方面：公司优化产线布局，推动产线自动化智能化 升级。加快能源中心建设，提升冷冻、空压、锅炉、污水、给水等设备自动化程度，实现能源数据自动 化采集。品牌营销上，树立石库门'国际化'、金色年华'国潮化'、和酒'国学化'品牌形象。聚焦抖音与视 频号核心阵地，实现品牌声量与销售转化双向赋能。推动OEM定制业务，目前相关产品已顺利进驻奥 乐齐、京东、清美、叮咚等主流零售与电商平台。布局料酒赛道，在稳固基本盘的基础上，切入中高端 瓶装料酒市场。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：公告君 ...

格隆汇12月23日丨会稽山(601579.SH)在投资者互动平台表示，公司暂无规划进入文旅产业，此黄酒艺 术街区是我司与迪荡街道的合作项目，本项目不仅呼应了街道推动文创园区特色化、专业化发展的整体 规划，也为绍兴黄酒文化的当代传承提供了可持续的实践空间。后续公司会考虑和优质文旅地标、服务 区合作，打造黄酒地标性景点。 ...

证券日报网讯 12月18日晚间，古越龙山发布公告称，公司第十届董事会第十二次会议审议通过《选举 代表公司执行公司事务的董事的议案》《选举公司副董事长的议案》《关于选举董事会专门委员会成员 的议案》等多项议案。 （文章来源：证券日报） ...