找明星代言，气泡黄酒大卖，今年股价翻倍…..最近会稽山发的半年报，为什么股民会不买 单？ 会稽山（8月）21号披露了半年报，上半年营收超过8个亿、归母净利润9300多万元，分别同 比增长了11%和3.4%。 但22号开盘后，会稽山股价一路下跌，到收盘跌了将近六个点。 这样一份半年报，为什么市场不买单？ 会稽山今年股价基本上翻了一倍，是今年所有酒类股的涨幅第一。 市场这么追捧，原因是正是气泡黄酒。会稽山去年推出的创新黄酒"一日一熏"，今年618期间 又找来了吴彦祖"带货"，整个618期间的销售额同比增长了400%。 半年报也佐证了这个成绩。上半年会稽山的"其他酒"收入同比大涨60%，实现销售收入7000 多万元。 但是投资者们发现，今年上半年，会稽山的传统黄酒产品营收涨幅只有个位数，而且这当中 的中高端黄酒，二季度的增速也是放缓的。 会稽山超过九成的收入都是来自传统黄酒。气泡黄酒虽然这两年很出圈、增长也很快，但是 还扛不了业绩。 而且细心的投资者发现，今年二季度会稽山的净利润只有十几万元，其中扣非净利润甚至是 负数。 难道说会稽山618光赚了热度，没赚到钱？ 看上去表现并不差。因为今年上半年酒类消费其实很不乐观 ...

找明星代言，气泡黄酒大卖，今年股价翻倍…..最近会稽山发的半年报，为什么股民会不买单？ 21世纪经济报道记者肖夏 大家好，欢迎关注消费参考。 会稽山(8月)21号披露了半年报，上半年营收超过8个亿、归母净利润9300多万元，分别同比增长了11% 和3.4%。 看上去表现并不差。因为今年上半年酒类消费其实很不乐观，大家能看到的白酒、啤酒、葡萄酒，基本 上都在倒退。一家酒企还能实现两位数增长，已经是凤毛麟角了。 但22号开盘后，会稽山股价一路下跌，到收盘跌了将近六个点。 这样一份半年报，为什么市场不买单？ 会稽山今年股价基本上翻了一倍，是今年所有酒类股的涨幅第一。 市场这么追捧，原因是正是气泡黄酒。会稽山去年推出的创新黄酒"一日一熏"，今年618期间又找来了 吴彦祖"带货"，整个618期间的销售额同比增长了400%。 半年报也佐证了这个成绩。上半年会稽山的"其他酒"收入同比大涨60%，实现销售收入7000多万元。 但是投资者们发现，今年上半年，会稽山的传统黄酒产品营收涨幅只有个位数，而且这当中的中高端黄 酒，二季度的增速也是放缓的。 会稽山超过九成的收入都是来自传统黄酒。气泡黄酒虽然这两年很出圈、增长也很快，但是 ...

21世纪经济报道记者肖夏 热度爆了，市值涨了，业绩爆发却没来。 8月21日盘后，会稽山披露了2025年半年报：上半年实现营收8.17亿元，同比增长11.03%，实现归母净 利润9387.7万元，同比增长3.41%。 21世纪经济报道记者注意到，会稽山上半年的营收涨幅低于过去两年同期。2024年、2023年的上半年， 会稽山的营收同比分别增长18.24%和14.25%。扣除一季度的盈利后，二季度会稽山净利润只有十多万 元，二季度扣非净利润为亏损。在股吧、雪球等平台，不少散户投资者对该业绩表示失望。 上半年的业绩增长，也落后于会稽山今年全年的经营目标。会稽山2024年度股东大会资料显示，2025年 其力争酒类销售同比增长15%～20%——最终上半年酒类产品销售收入同比增长9.18%。 上半年的增长也低于全年机构的预期。同花顺数据显示，近半年多家机构对会稽山今年的业绩作出预 测，机构预计其2025年全年营收平均值为19.14亿元，年净利润平均额为2.41亿元。按此推算，今年会稽 山营收、净利的涨幅分别要超过17%和22%。 去年问世的气泡黄酒"一日一熏"，今年618加大了营销力度，找来吴彦祖"带货"，销售再创新高， ...

Core Viewpoint - The recent surge in the stock price of Huaiqishan is attributed to a combination of favorable market conditions, innovative product offerings, and a shift in investor sentiment towards the yellow wine sector, which is experiencing a revival due to its growth potential and appeal to younger consumers [2][3][9]. Company Performance - Huaiqishan's stock price increased by 76% from May 19 to May 28, 2025, with a year-to-date rise of 132%, outperforming other alcoholic beverage stocks [2]. - The company reported a revenue of 1.631 billion yuan in 2024, marking a 15.6% year-on-year growth, and announced a record high annual dividend, further attracting investors [6]. - In the first quarter of 2025, Huaiqishan's net profit significantly surpassed that of its competitor, Guyue Longshan, indicating strong operational performance [7][8]. Market Dynamics - The yellow wine industry is witnessing a supply-demand optimization, with leading brands like Huaiqishan and Guyue Longshan benefiting from a more concentrated market share and improved pricing power [2][7]. - The market for yellow wine is relatively small, with an annual scale of approximately 20 billion yuan, compared to the white wine industry's over 600 billion yuan, suggesting substantial growth potential [9]. Innovation and Consumer Trends - Huaiqishan's innovative product, the sparkling yellow wine "Yiri Yixun," achieved over 10 million yuan in sales within 12 hours during a promotional event, highlighting its appeal to younger consumers [4][7]. - The company has successfully positioned itself as a national yellow wine brand, capitalizing on the trend of health-conscious and low-alcohol beverages among younger demographics [9]. Competitive Landscape - Huaiqishan's market capitalization surpassed 12 billion yuan, making it the new leader in the yellow wine sector, overtaking Guyue Longshan [2]. - The company has demonstrated greater flexibility in market promotion and product innovation compared to its competitors, which has contributed to its recent success [8]. Future Outlook - Despite the current high rolling price-to-earnings ratio exceeding 60 times, which is a historical peak for Huaiqishan, the sustainability of this growth will depend on the company's ability to convert market interest into consistent sales and expand its market presence beyond its traditional regions [10][12].

Core Viewpoint - The stock price of Huangjiu company Kuaijishan has reached a historical high, with significant short-term gains, but the industry faces long-term growth challenges due to market limitations and competition from other alcoholic beverages [2][3][4]. Stock Performance - Kuaijishan's stock price hit 25.81 yuan per share on May 28, marking a 143% increase from 10.64 yuan on March 27, with a market capitalization of 123.75 billion yuan, surpassing Guyue Longshan's 99.63 billion yuan [2][3]. - The company experienced four trading halts in six days, indicating strong market interest [3]. Financial Performance - In 2024, Kuaijishan reported revenue of 1.631 billion yuan, a 15.6% increase, and a net profit of 196 million yuan, up 17.74%. In contrast, Guyue Longshan's revenue grew by 8.55% to 1.936 billion yuan, but its net profit fell by 48.17% [4]. - For Q1 2025, Kuaijishan's revenue increased by 10.1% to 481 million yuan, while Guyue Longshan's revenue decreased by 4.9% to 539 million yuan [4]. Market Dynamics - Kuaijishan and Guyue Longshan are engaged in a competitive struggle for market leadership, with both companies announcing price increases in late March and early April 2025 [5]. - Kuaijishan's sales expenses surged by 58.43% in Q1 2025, reaching a sales expense ratio of 22.1%, indicating increased investment in marketing and promotions [5][6]. Industry Challenges - The Huangjiu industry is facing growth challenges, with a market primarily concentrated in the Jiangsu, Zhejiang, and Shanghai regions, and low product premium due to limited social value [6][7]. - Kuaijishan's attempts to innovate and attract younger consumers through products like "Yiri Yixun" have shown mixed results, with a 9.95% decline in revenue from other alcoholic beverages in Q1 2025 [7].

Group 1 - Guizhou will launch a promotional event for liquor, vehicles, and food from April 2025 to March 2026, aiming to stimulate liquor consumption and boost sales in both the liquor and automotive sectors [1] - The promotional activity allows consumers to purchase premium liquor at a discounted price when buying new vehicles priced between 100,000 to 1,000,000 yuan, with a minimum of 12 bottles and a maximum of 66 bottles available for purchase [1] Group 2 - Kuaijishan aims for a sales growth of 15% to 20% in 2025, with significant growth in high-end products and younger demographics, indicating a successful strategy in premiumization and market expansion [2] - The company reported over 100% growth for its high-end product "Lanting" and 80% growth for "Gan Chun 18," while younger brands like "1743" and "Yi Ri Yi Xun" saw growth rates of over 70% and 476%, respectively [2] Group 3 - Jinhui Wine announced a "Quality Improvement and Efficiency Enhancement" plan for 2025, highlighting its commitment to returning value to investors through high cash dividends and share buybacks [3] - The company has executed nine cash dividend distributions totaling 1.168 billion yuan since its listing, with dividend payouts representing 54.3%, 60%, and 64% of net profit over the last three years [3] - Jinhui Wine's actions, including stock buybacks and equity incentives, are expected to bolster investor confidence and contribute to market stability and high-quality development [3]

Core Viewpoint - The recent price increases by Huangjiu companies Kuaijishan and Guyuelongshan have drawn significant attention, with Kuaijishan's management stating that moderate price adjustments will help restore product value and enhance profitability [1] Group 1: Industry Challenges - The Huangjiu industry is facing development challenges, including a trend towards lower-end products and difficulty in expanding beyond the Jiangsu, Zhejiang, and Shanghai markets [1] - Companies are focusing on high-end and youth-oriented strategies to break through these challenges, but achieving high-end market aspirations remains distant [1] Group 2: Company Performance - Kuaijishan reported a revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.6%, and a net profit of 196 million yuan, up 17.74% [2] - In contrast, competitors Guyuelongshan and Jinfeng Liquor experienced significant declines in net profit, down 48.17% and 94.49% respectively [2] Group 3: Strategic Initiatives - Kuaijishan is implementing a dual-brand strategy with Kuaijishan and Lanting, focusing on high-end products, particularly the Lanting series [2] - The company has increased marketing expenditures significantly, with sales expenses rising by 46.54% in 2023 and 60.25% in 2024, particularly in advertising and promotional costs [4] Group 4: Pricing Strategies - Kuaijishan announced price increases for several product lines, with adjustments ranging from 4% to 9%, effective April 1 [5] - Guyuelongshan also implemented price increases of 2% to 12% for select products, aiming to enhance brand strength and competitiveness [6] Group 5: Youth Market Focus - Kuaijishan is targeting the youth market through collaborations with social media influencers and product redesigns, while Guyuelongshan is developing new products like coffee Huangjiu [6] - Despite these efforts, the success of youth-oriented strategies in revitalizing the Huangjiu market remains uncertain, with Kuaijishan's revenue from ordinary Huangjiu products declining by 7.94% in 2024 [6][7]