Core Viewpoint - Companies with high ESG ratings are increasingly becoming preferred partners in the supply chain and a focus of capital market attention, with Guyue Longshan being a benchmark in the yellow wine industry, achieving a BBB ESG rating and ranking first among other alcoholic beverage industries [1][2] ESG Commitment and Achievements - Guyue Longshan released its first ESG report in 2025, demonstrating its commitment to high-quality development through environmental friendliness, product service, talent cultivation, public welfare, and cultural advocacy [2] - The company has been recognized for its sustainable practices, including green brewing processes and community engagement, which reflect its dedication to sustainable development [1][2] Quality Control and Food Safety - Guyue Longshan has established a comprehensive quality control system from raw material sourcing to production, achieving a 100% compliance rate in various quality metrics and zero major food safety incidents in the year [3] - The company has implemented strict environmental management standards for its raw material production bases, ensuring compliance with pesticide and heavy metal regulations [4] Innovation and Technology - The company combines traditional brewing techniques with technological innovation, maintaining a lineage of over 362 generations of brewing skills, and has a strong talent pool including national-level artisans and masters [5][6] - In 2024, Guyue Longshan invested 30.2 million yuan in R&D, a 7.03% increase year-on-year, focusing on projects that enhance the quality and safety of yellow wine [6] Market Adaptation and Consumer Engagement - Guyue Longshan is actively pursuing a strategy to attract younger consumers, with its new business division and online channels seeing revenue growth of 22.64% and 15.31% respectively in the first half of 2025 [8] - The company has launched innovative products like coffee yellow wine and bubble yellow wine, achieving significant sales growth and appealing to modern consumer preferences [9] Digital Transformation and Sustainability - Guyue Longshan's intelligent factory was recognized as an advanced-level smart factory in Zhejiang Province, showcasing its commitment to digital transformation and sustainable practices [10] - The company is investing 2.3 billion yuan in a new industrial park, which aims to achieve smart brewing and green production [10] Shareholder Engagement and Financial Performance - The company has a history of returning value to investors, with a total dividend payout of 1.415 billion yuan since its listing, and a cash dividend of 273 million yuan in the last three years [12] - In 2025, Guyue Longshan announced a share buyback plan of 200-300 million yuan to enhance investor confidence and align interests among shareholders, investors, and employees [11] Social Responsibility and Community Engagement - Guyue Longshan is committed to social responsibility, engaging in rural revitalization and community development projects, including the establishment of a co-prosperity base for plum cultivation [13] - The company has signed contracts for the cultivation of 6,400 acres of rice, providing employment opportunities and increasing income for local farmers [13]

从基金十大重仓股角度 数据显示，兴银基金旗下1只基金重仓会稽山。兴银消费新趋势灵活配置A（004456）二季度持有股数 3.06万股，占基金净值比例为3.14%，位居第十大重仓股。根据测算，今日浮亏损失约3.58万元。 兴银消费新趋势灵活配置A（004456）成立日期2017年6月15日，最新规模983.79万。今年以来收益 30.17%，同类排名1874/8190；近一年收益69.48%，同类排名1066/7966；成立以来收益72.01%。 兴银消费新趋势灵活配置A（004456）基金经理为乔华国。 8月28日，会稽山跌5.03%，截至发稿，报22.11元/股，成交2.98亿元，换手率2.75%，总市值106.01亿 元。 资料显示，会稽山绍兴酒股份有限公司位于浙江省绍兴市柯桥区湖塘街道杨绍路2579号，成立日期1993 年10月18日，上市日期2014年8月25日，公司主营业务涉及绍兴黄酒、黄酒的生产、销售和研发。主营 业务收入构成为：黄酒75.67%，其他24.33%。 截至发稿，乔华国累计任职时间1年294天，现任基金资产总规模1.18亿元，任职期间最佳基金回报 57.79%， 任职期间最差基金回报 ...

Core Viewpoint - The company reported a stable revenue growth in the first half of 2025, driven by innovative marketing strategies and product upgrades, particularly in the high-end yellow wine segment [1][2][3] Revenue Performance - In H1 2025, the company achieved revenue of 820 million yuan, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 90 million yuan, up 3.3% year-on-year [1] - In Q2 2025, the company generated revenue of 340 million yuan, a year-on-year increase of 12.4%, with a net profit of 134,000 yuan, recovering from a loss of 1.397 million yuan in the same period last year [1] - Revenue from mid-to-high-end yellow wine, ordinary wine, and other wines in H1 2025 was 520 million yuan, 200 million yuan, and 70 million yuan respectively, with year-on-year growth rates of 7.2%, 2.5%, and 60.5% [1] Market and Product Strategy - The company focused on online business during the off-season, promoting its sparkling yellow wine products through collaborations with popular influencers and celebrities, targeting the younger demographic [1] - Revenue by region in H1 2025 showed significant growth in Zhejiang (520 million yuan, +19.3%) while other regions like Jiangsu and Shanghai experienced declines [1] Profitability and Cash Flow - The gross margin in H1 2025 increased by 5.4 percentage points to 55.4%, attributed to the rising proportion of mid-to-high-end yellow wine [2] - The overall expense ratio rose by 3.7 percentage points to 34.5%, with sales expense ratio increasing due to heightened brand investment [2] - Cash flow remained stable, with cash receipts in Q2 2025 amounting to 900 million yuan, a year-on-year increase of 22.1% [2] Industry Outlook - The yellow wine industry is witnessing a trend towards brand premiumization and product structure upgrades, presenting historical opportunities for brand and value recovery [3] - The company is leveraging cultural elements of yellow wine and pursuing breakthroughs in both youth-oriented and high-end markets, aiming for sustained growth [3] - Profit forecasts for the company indicate net profits of 240 million yuan, 300 million yuan, and 380 million yuan for 2025-2027, with corresponding dynamic P/E ratios of 42x, 33x, and 27x [3]

产品结构升级，毛利率显著提升：公司高端化、年轻化战略成效显著。高端 "兰亭"系列与次高端"1743"系列延续高增态势，带动公司 2025H1 毛利率高 增 5.4pct 至 55.4%（25Q2 毛利率+3.1pct 至 47.9%）。25H1 中高端/普通/ 其他黄酒收入同比分别+7.2%/+2.5%/+60.5%至 5.2/2.0/0.7 亿元（25Q2 上 述 3 档黄酒营收同比分别-0.7%/+5%/+147.4%至 1.9/0.9/0.5 亿元）。 品宣成本拉高销售费用率，管理费用有所优化：25H1 公司销售/管理/研发/ 财务费用率同比分别+7.3pct/-3.4pct/-0.6pct/+0.3pct。销售费用同比大增 53.7%至 2.2 亿元，主因广宣费高增 87%至 1.2 亿元；管理费用率节约主要 来自折旧费、排污检验费、职工薪酬等。25Q2 销售/管理/财务费用率同比分 别+8pct/-5.2pct/-3.2pct/+0.7pct。 公司点评 | 会稽山 高端化驱动毛利率抬升，全国化拓展初见成效 会稽山（601579.SH）2025 年半年报点评 事件：公司发布 25 年半年报，25H1 ...

8月25日，会稽山盘中10.0%涨停，截至09:41，报23.2元/股，成交2.29亿元，换手率2.17%，总市值 111.24亿元。 2025年1月-3月，会稽山实现营业收入4.81亿元，同比增长10.10%；归属净利润9374.32万元，同比增长 1.70%。 来源：金融界 资料显示，会稽山绍兴酒股份有限公司位于浙江省绍兴市柯桥区湖塘街道杨绍路2579号，公司专注于高 品质绍兴黄酒的酿造，持守绍兴黄酒传统技艺，是黄酒产业的领先企业并为绍兴黄酒的国际誉声贡献力 量。公司严选原料，并结合现代科技创新以及非物质文化遗产传承，旨在打造绿色健康的国粹黄酒，并 拥有多项荣誉和国际认证，体现了其作为中华老字号的市场地位和品牌影响力。 截至3月31日，会稽山股东户数2.64万，人均流通股1.82万股。 ...

Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

葛卫东家族新进会稽山 会稽山 2025年半年报显示，截至二季度末，混沌投资董事长葛卫东以个人名义现身该股的股 东名单，持有497.15万股，期末参考市值为9900万元，位列第八大流通股东；同时他的妹妹 葛贵莲也成为新晋股东，位列第四名，持有1380.20万股，期末参考市值为2.75亿元。 | | 会稽山 601579.SH 21.09 -5.97% 十大流通股东 | | | | | | --- | --- | --- | --- | --- | --- | | 2025 中报 | | | | | | | 序号 | 股东名称 | 持股数量(股) | 占流通A股比例(%) | 期末参考市值(亿元) 方向 ② | 持股数量变动(股) | | 1 | 中建信(浙江)创业投资有限公司 关联方(1) | 149.158,200 | 31.11 | 29.70 不变 | 0 | | 2 | 浙江中国轻纺城集团股份有限公司 关联方(1) | 102.000.000 | 21.27 | 20.31 不变 | 0 | | 3 | 绍兴市柯桥区小城镇建设投资有限公司 | 30.000.000 | 6.26 | 5.97 不变 | ...

热衷科技成长股的葛卫东，突然"喝起了"黄酒。 会稽山（601579）半年报显示，截至6月30日，葛卫东新进为会稽山前十大流通股东。此外，葛贵莲也新进成为公司前十大流通股东，二者合计持股数量 超过1800万股。从会稽山股价走势看，从今年3月底到5月底，区间最大涨幅一度超过150%。 大手笔买入 会稽山半年报显示，截至6月30日，葛卫东成为会稽山新进前十大流通股东，持股数量为497.15万股。值得注意的是，葛贵莲同样大手笔买入会稽山，持 股数量为1380.2万股。梳理发现，葛卫东与葛贵莲是亲属关系。天眼查数据显示，葛卫东、葛贵莲均是上海混沌投资有限公司的股东。 除了大举增持会稽山以外，梳理目前已披露的上市公司半年报来看，截至二季度末，葛卫东也位列臻镭科技、移远通信前十大流通股东，持股数量和一季 度末保持一致。 白酒板块关注度升温 葛卫东大举买入黄酒股，同黄酒股相关的是，白酒股的投资价值如何？过去几年来，白酒板块遭遇深度调整，依然有很多投资人坚守其中。 | 股东名称 | 股票配货 | 持股数量(股) | 占总股本比 | 占无限售流通股 | 较上期待股变动 | | --- | --- | --- | --- | -- ...

热衷科技成长股的葛卫东，突然"喝起了"黄酒。 会稽山（601579）半年报显示，截至6月30日，葛卫东新进为会稽山前十大流通股东。此外，葛贵莲也新进成为公司前十大流通股东，二者合计持股数量 超过1800万股。从会稽山股价走势看，从今年3月底到5月底，区间最大涨幅一度超过150%。 大手笔买入 会稽山半年报显示，截至6月30日，葛卫东成为会稽山新进前十大流通股东，持股数量为497.15万股。值得注意的是，葛贵莲同样大手笔买入会稽山，持 股数量为1380.2万股。梳理发现，葛卫东与葛贵莲是亲属关系。天眼查数据显示，葛卫东、葛贵莲均是上海混沌投资有限公司的股东。 | 股东名称 | 股东 股 | 持股数量(股) | 占息股本比 | 占无限售流通股 | 较上期持股变动 | | --- | --- | --- | --- | --- | --- | | | | | 例(%) | 比例(%) | 数(股) | | 中建信(浙江)创业投资有限公司 | 投资公司 | 149.158.200 | 31.11 | 31.11 | 不变 | | 浙江中国轻纺城集团股份有限公司 | 其它 | 102.000.000 | 21.27 | ...