证券日报网讯 古越龙山10月16日在互动平台回答投资者提问时表示，公司近年来积极推动黄酒文化传 播和消费场景创新，截至目前，古越龙山已在全球开设了65家品鉴馆、慢酒馆，将其打造为传播黄酒文 化、与消费者深度链接的重要阵地。同时，还通过举办古越龙山"7·9"节，深度参与音乐节、冠名体育 赛事、开展线上直播等方式，不断贴近年轻消费群体。公司推出的"国酿1959""青花醉"等高端产品获得 了不错的市场认可，推动了黄酒的整体价值回归，后续将持续优化产品结构，提升品牌价值。 （编辑 楚丽君） ...

证券日报网讯古越龙山（600059）10月16日在互动平台回答投资者提问时表示，目前公司暂无新的股份 回购及大股东增持计划，如有相关安排将及时履行信息披露义务。 ...

证券之星消息，10月16日非白酒板块较上一交易日上涨0.29%，古越龙山领涨。当日上证指数报收于 3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000752 | ST西发 | 11.34 | -2.16% | 5.88万 | 6853.05万 | | 603779 | 威龙股份 | 6.91 | -1.14% | 3.87万 | 2681.61万 | | 000729 | 咸京啤酒 | 12.70 | -0.70% | 22.35万 | 2.85 Z | | 000929 | *ST兰黄 | 8.11 | -0.37% | 7887.0 | 642.52万 | | 002461 | 珠江啤酒 | 10.34 | -0.29% | 8.23万 | 8518.53万 | | 000869 | 张 裕A | 21.88 | -0.14% | 1.14万 | 2497.69万 | | 600600 ...

21世纪经济报道记者肖夏 21世纪经济报道记者注意到，国家企业信用信息公示系统近日披露，广东省深圳市福田区人民法院前不久裁定，山东即墨黄酒厂有限公司(下称即墨黄酒)约 1575万元股权被依法冻结，冻结期限至2028年10月9日，被执行人正是两大股东新华锦集团和关联方山东鲁锦集团。 | ■ 司法协助信息 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 被执行人 | 股权数额 | 执行法院 | 执行通知书文号 | 类型 状态 | | 1 | 新华锡集团有限公司 | 2500万人民币元 | 东营市河口区人民法院 | (2025) 鲁0503民初2313 号之一 | 股权冻结冻结 | | 2 | 新华锦集团有限公司 | 50.8667万人民币元 | 青岛市市南区人民法院 | (2025) 鲁0202民初8877 를 | 股权冻结 冻结 | | ന | 新华锡集团有限公司 | 1575.007671万人民币元 | 广东省深圳市福田区人民法 院 | (2025) 粤0304民初5882 ਰੋਵੇਂ | 股权冻结 冻结 | | র্ণ | 山东鲁锦进出口集团 ...

即墨黄酒还能成功卖身吗？ST新华锦能按时收回这笔款项避免退市风险吗？ 记者以投资者身份致电青岛啤酒，欲了解详情，相关工作人员称："交易还没有完成交割，我们也没有 支付过任何钱（收购款），其他的不清楚。" 即墨黄酒累计超1亿元股权被冻结青岛啤酒：收购交易未完成交割 即墨黄酒的股权又被冻结了。 一条股权冻结信息，让即墨黄酒"卖身"青岛啤酒再添变数。 近日，山东即墨黄酒厂有限公司（以下简称即墨黄酒）约1575万元股权被冻结，冻结期限自2025年10月 10日至2028年10月9日，被执行人为新华锦集团有限公司（以下简称新华锦集团）和山东鲁锦进出口集 团有限公司（以下简称山东鲁锦集团）。今年9月至今，短短一个多月，即墨黄酒已累计被冻结超1亿元 股权。 今年5月，青岛啤酒一纸6.65亿元的收购公告，带火了即墨黄酒这家地方黄酒厂。不过，6.65亿元"卖身 钱"还没到手，这笔应收账款此前已被大股东质押给了上市公司ST新华锦。 "一般而言，股权被冻结肯定会影响收购的，但具体要看收购协议中对于可能涉及的股权冻结情况是如 何约定的，根据协议而定。"一位资深券商分析师告诉记者。 《每日经济新闻·将进酒》记者以投资者身份致电青岛啤酒 ...

Core Insights - The yellow wine industry in China is experiencing a structural turning point driven by five key factors: technological breakthroughs, brand value reassessment, channel reconstruction, policy empowerment, and generational change [1] Brand Development - The company leverages its core area advantages as "China's Yellow Wine Capital" to build a strong competitive barrier through a five-brand collaborative matrix, with "Guyue Longshan" as the high-end benchmark brand [1] - "Guyue Longshan" is the only yellow wine brand that holds the titles of "China Famous Trademark," "Chinese Time-honored Brand," and "Asia's Top 500 Brands," continuously supplying the state banquet at Diaoyutai since 1988 [1] - The brand system has undergone three advancements in the past decade, enhancing communication models, optimizing cross-border strategies, and deepening international operations [1] Product Strategy - The company is advancing both high-end and youth-oriented product lines, creating a diversified product matrix [2] - High-end products include "Guoniang 1959" and "Qinghua Zui" series, with successful launches like "Only This Green" leveraging popular cultural IPs [2] - Youth-oriented innovations include yellow wine ice cream, tea-wine fusion, and trendy experiences like coffee yellow wine and sparkling yellow wine [2] Channel Strategy - The company has restructured its channel system to create an efficient network, moving from a fragmented offline channel to a more organized structure [3] - The channel strategy focuses on the restaurant sector as the lead, with supermarkets and distribution channels as core drivers, while also exploring diverse channels like group buying and online sales [3] - The company is transitioning its marketing model from B2B to B2C, enhancing digital marketing and integrating online and offline sales [3] Market Outlook - The yellow wine market is expected to benefit from generational shifts and cultural changes that reshape alcohol consumption patterns [3] - The company aims to capture part of the social demand traditionally dominated by white liquor, leveraging its historical and cultural significance [3] Financial Projections - The company is currently in a critical phase of "quality investment for long-term premium," with expectations for gross margin improvement as national and high-end strategies progress [4] - Revenue projections for 2025 and 2026 are estimated at 2.05 billion and 2.21 billion yuan, respectively, with year-on-year growth rates of 5.7% and 7.8% [4] - Net profit forecasts for the same years are 223 million and 243 million yuan, with growth rates of 8.6% and 9.1% [4]

（编辑 楚丽君） 证券日报网讯 9月30日晚间，古越龙山发布公告称，截至2025年9月30日，公司通过上海证券交易所交 易系统以集中竞价交易方式回购公司A股股份1375.21万股，已回购股份占公司总股本的比例为1.51%。 ...

Summary of Huangjiu Industry Conference Call Industry Overview - The Huangjiu industry benefits from a favorable tax policy, with net profit margins superior to Baijiu under similar gross margins. Leading companies like Kuaijishan have achieved gross margins exceeding 60%, while Jimo Laojiu and Wuzhanmao have net profit margins of 18% and 15% respectively. If product structures stabilize and gross margins approach 70%-80%, net margins could easily reach 20% [1][2] Key Points and Arguments - **Market Size and Consumption Habits**: The Huangjiu market is relatively small, with consumption habits being regionally strong, primarily concentrated in Jiangsu, Zhejiang, and Shanghai. The lack of clear consumption scenarios, as Huangjiu is often viewed as a staple or cooking ingredient, poses a significant challenge for consumer education [1][4] - **High-End Development Strategies**: Leading companies are pushing for high-end development through product innovation and channel reform. For instance, Kuaijishan has launched the Benniang series, while both Kuaijishan and Guyuelongshan are actively promoting high-end strategies, achieving significant results through consumer engagement and high-end cultivation [1][5] - **Kuaijishan's Strategic Moves**: Since the shareholder change in 2022, Kuaijishan has restructured its organization, enhanced its sales team, and refined its product structure. The company has established a dual-brand strategy with Kuaijishan and Lanting, focusing on nationalization, high-end, and youth-oriented development [1][6] - **Current Policy Environment**: The current policy environment has a limited impact on Huangjiu, particularly high-end products like Lanting, which are not significantly affected by policy restrictions. However, the overall cautious consumption environment may slow the speed of new partnerships, although growth potential remains in the second half of the year [1][8] Challenges Facing the Industry - The Huangjiu industry faces challenges such as a small market size, strong regional consumption habits, and a lack of distinct consumption scenarios compared to Baijiu and beer, which have much larger market scales [4] Company Performance and Future Expectations - Kuaijishan's sales volume has reached last year's total, with the Lanting series benefiting from a high-profile strategy that provides profit margins for group buyers, leading to high channel enthusiasm. The 1,743 series has a clear positioning and good sales rhythm, expected to become a major profit source [3][9] - Guyuelongshan is integrating dispersed production facilities to reduce costs and improve efficiency. The company is also innovating products to attract younger consumers and expanding brand influence through platforms like Douyin [3][12] Future Growth Prospects - The Huangjiu industry shows a trend of upward development, with potential for significant improvement in net profit margins. If net profit margins gradually reach 20% or higher by 2026-2027, the industry could see a doubling of current profit levels [15][16] - New consumption attributes are emerging in the Huangjiu industry, with recent reforms attracting market attention. The upcoming peak season, especially around the Spring Festival, is expected to accelerate growth, supported by channel expansion and improved consumer demand [17]

Core Viewpoint - Xinhua Jin (600735.SH) is facing significant financial challenges, including a large amount of non-operating fund occupation by its controlling shareholder, Xinhua Jin Group, totaling 406 million yuan [2][3]. Financial Situation - As of the latest report, Xinhua Jin's revenue for 2024 was 1.637 billion yuan, a decrease of 30.97% year-on-year, with a net profit of -134 million yuan, down 354.59% [7]. - In the first half of 2025, the company reported revenue of 669 million yuan, a decline of 24.92% year-on-year, and a net profit of 12.87 million yuan, down 39.45% [7]. Fund Occupation and Regulatory Actions - Xinhua Jin Group and its affiliates have not returned the occupied funds, leading to regulatory scrutiny and potential administrative measures, including stock suspension and delisting warnings if the funds are not recovered within six months [3][4]. - The company is actively pursuing the recovery of these funds and is urging Xinhua Jin Group to expedite the disposal of other assets to raise the necessary capital [4]. Shareholder Actions and Agreements - Qingdao Beer announced a share transfer agreement with Xinhua Jin Group and Lu Jin Group for 100% equity of Jimo Yellow Wine, with a total consideration of 665 million yuan [2][6]. - However, four months after the announcement, there has been no update on the progress of the share transfer [2][6]. Business Operations - Xinhua Jin's business primarily focuses on "new trade and new materials," including the export of hair products and textiles, as well as graphite processing [7]. - The company has faced challenges in its operations, particularly in the second-hand car segment, which was divested in late 2024, impacting revenue [7].

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The yellow wine industry has seen a significant improvement in market concentration, with the top three companies (CR3) exceeding 40% in 2023, up from approximately 18% in 2016, indicating a more stable industry structure [3][7]. - The leading companies are actively exploring new consumption scenarios, demographics, and regions for yellow wine, which is expected to expand future market potential [3][7]. - The company is positioned to benefit from the activation of its system and the gradual release of brand potential, with anticipated growth contributions from the national market [9]. Company Overview - Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd. is a leading player in the Chinese yellow wine industry and the first listed company in this sector. It owns several well-known brands, including Guyue Longshan, Shen Yonghe, and Daughter Red [6][19]. - The company has experienced various development phases since its establishment, with significant revenue growth expected as it activates its internal systems and enhances brand potential [6][20]. Industry Analysis - The yellow wine industry has not fully capitalized on the branding cycle over the past decade, with the average ex-factory price of yellow wine increasing from 10.4 yuan/liter in 2016 to 12.8 yuan/liter in 2024, reflecting a compound annual growth rate (CAGR) of only 2.7% [7][41]. - The industry is now stabilizing, with leading companies achieving strategic synergies and entering a new price increase cycle for traditional flagship products by 2025 [7][51]. Company Strategy - The company has established a development strategy focused on "premiumization, youthfulness, globalization, and digitalization" [8][55]. - It has enhanced its product offerings through collaborations with Jiangnan University, improving the health and flavor quality of its yellow wine [56]. - The company is expanding its sales network across major cities in China, with a focus on refined management and regional breakthroughs planned for 2025 [8][55]. Financial Forecast and Valuation - The company is projected to achieve earnings per share (EPS) of 0.24 yuan and 0.26 yuan for the years 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 40 and 37 times [9].