21世纪经济报道记者肖夏 实习生侯朝霞 8月28日下午，会稽山举行了2025年上半年业绩说明会，总经理杨刚、董事会秘书傅哲宇等出席，就投 资者关心的业绩表现、费用投入、加大分红、气泡黄酒产品等话题给予了回应。 由于今年热度出圈、股价连续涨停，此次会稽山业绩说明会也获得了更高的关注。全程一个小时的交流 中，管理层回答了18个问题。21世纪经济报道记者也以投资者身份向管理层提问并获得答复。 今年上半年，会稽山再次因为气泡黄酒"一日一熏"热卖出圈，并且带动股价连续涨停，年内股价翻 倍。"618"大促期间，会稽山全网GMV(商品交易总额)突破5000万元，同比增长400%。 不过这一创新产品目前尚未对收入产生决定性影响。半年报显示，会稽山上半年营收8.17亿元，同比增 长11.03%，但以气泡黄酒为主的"其他酒"收入刚过7000万元，占比仅为个位数。 线下渠道的拓展对会稽山至关重要。财报显示，今年上半年的批发代理销售收入占总销售收入的81%。 而其电商业务仍处于投入期，两家主要电商子公司上半年均录得亏损。 对于最受关注的气泡黄酒，会稽山此前曾透露已筹备开展线下招商，当前进展如何？ 会稽山回应21世纪经济报道记者称：" ...

Investment Rating - The industry rating is maintained as "Outperform" compared to the broader market [7] Core Views - The report emphasizes the potential for value realization in the consumer goods sector, particularly as Q2 earnings catalysts approach [3][5] - The report highlights the performance of various segments within the food and beverage industry, noting that snack foods and soft drinks have shown significant gains [5][22] Summary by Sections Market Performance Review - The food and beverage sector saw a weekly increase of 0.63%, while the Shanghai Composite Index rose by 1.23% [22] - Specific segments such as snacks (+3.85%), soft drinks (+2.99%), and meat products (+2.72%) performed particularly well [22] Alcoholic Beverages - The report suggests monitoring Q2 performance for the liquor sector, with a focus on potential negative impacts from seasonal sales [3] - Notable sales events include the rapid sell-out of a limited edition Guizhou Moutai product, generating sales of 179 million yuan [3] - The report indicates that the current price-to-earnings ratio for the liquor index is at a historically low level, suggesting potential for recovery in consumer spending [3] Snacks and Soft Drinks - The snack and soft drink segments are highlighted for their strong performance, with new product launches driving interest [5][16] - The report notes that companies focusing on cost reduction and market share expansion are likely to benefit in the current environment [5][16] Investment Recommendations - For the liquor sector, companies like Shanxi Fenjiu and Guizhou Moutai are recommended due to their strong market positions [21] - In the consumer goods sector, companies such as Dongpeng Beverage, Nongfu Spring, and West Wheat Food are suggested for their potential to enhance efficiency and market share [21]