黄酒行业竞争格局正呈现新的发展态势。近期资本市场对黄酒板块关注度显著提升，会稽山、古越龙 山、金枫酒业等黄酒上市公司股价连续多日攀升。截至5月27日，会稽山市值达112.5亿元，超越古越龙 山，登顶黄酒股市值榜首。 相比过去三年古越龙山的业绩增长波动，会稽山2022年至2024年业绩增长相对稳健。财报显示，过去三 年会稽山实现营收分别为12.27亿元、14.11亿元、16.31亿元，营收增速分别为-1.85%、15%、15.6%； 实现净利润分别为1.45亿元、1.67亿元、1.96亿元。 2025年一季度，古越龙山实现营收5.39亿元，同比下降4.9%，实现净利润5902万元。会稽山实现营收 4.81亿元，同比增长10.1%，实现净利润9374万元。会稽山一季度净利润已实现对古越龙山的反超。 对于行业格局的变化，古越龙山总经理马川在2025年第一季度业绩说明会上表示，一季度收入有所下降 主要是因为市场环境的变化和企业自身的调整期。当前，黄酒市场竞争激烈，行业正处于转型升级的关 键阶段。 持续发力高端化 会稽山奋起直追，面对逐渐落后的局面，古越龙山如何应对？马川表示，高端化始终是公司坚持的发展 战略。 实际上 ...

近期，黄酒板块涨势强劲。会稽山（601579）市值已超越古越龙山（600059），坐上了黄酒股市值榜 的"头把交椅"。记者以投资者身份致电会稽山、古越龙山，两家公司相关负责人表示，2024年会稽山在 高端化方面持续聚焦"兰亭"系列产品，今年春糖上新高端产品"兰亭.序"。古越龙山则在聚焦"国酿"系 列"只此青玉"等产品的基础上，在2024年对高端产品"青花醉"进行了升级。就目前高端化市场前景，上 述两家公司均表达了谨慎乐观的预期。会稽山方面表示，今年春季糖酒会上新的"兰亭"品牌高端产 品"兰亭.序"价位(750ml建议零售价299元至399元)低于"国潮"(1升装建议零售价699元)。目前公司在500 元以上的价格带没有推出新产品。"兰亭"系列的高端化也还在探索阶段。目前消费环境下，高端化SKU 大量推新不一定好卖，目前公司先夯实已有高端产品的市场基础，后续再逐渐扩展高端产品价格带。古 越龙山方面表示，"只此青玉"(500ml建议零售价599元)市场基础较好，推广也比较成功，具备了标杆效 应，但是规模有限，还需腰部产品发力，例如100元至200元价格带的产品。高端产品，两家(会稽山、 古越龙山)产品竞争差不多。 ...

5月26日，古越龙山（600059）召开2025年第一季度业绩说明会，上市公司总经理马川、总会计师李伟 萍等高管出席交流。 "在酒类行业需求收缩、竞争激烈，且黄酒自身存在局限的情况下，近年来黄酒行业规模有所萎缩，但 因其文化底蕴和产品特性，行业面临挑战的同时也有增长机会。"马川表示，品牌企业顺应酒业新趋 势，推动黄酒行业进入新阶段，高端化将始终是古越龙山坚持的发展战略。 聚焦产品优化调整 从经营业绩情况来看，2024年，古越龙山实现营业收入19.36亿元，同比增长8.55%；实现净利润2.06亿 元，同比下降48.17%；扣非后净利润则为1.98亿元，同比增加3.52%。进入2025年第一季度，古越龙山 实现营业收入5.39亿元，同比下降4.9%；实现净利润5901.87万元，同比下降4.82%；扣非后净利润为 5705.19万元，同比下降6.43%。 2025年第一季度，古越龙山收入有所下降，马川解释称，主要是因为市场环境的变化和企业自身的调整 期。当前，黄酒市场竞争激烈，行业正处于转型升级的关键阶段。古越龙山作为行业内的传统领军企 业，正在积极推进产品结构优化和高端化战略，以更好地适应消费升级的趋势。在这 ...

Core Viewpoint - The recent price increases by leading yellow wine companies, including Guyue Longshan, have not significantly improved their profitability, highlighting ongoing challenges in the industry. Group 1: Price Increases and Financial Performance - Guyue Longshan announced price increases of 2% to 12% for several products starting April 22, marking its second price hike in less than six months [1] - Despite a revenue increase of 8.55% to 1.936 billion yuan in 2024, net profit fell by 48.17% to 206 million yuan, the largest decline in recent years [1][3] - The company's non-recurring net profit has shown minimal growth over five years, increasing only 10% from 180 million yuan in 2019 to 198 million yuan in 2024 [1][3] Group 2: Profit Margins and Market Position - The gross margins for mid-to-high-end and ordinary wines were 44.32% and 18.58% respectively in 2024, both declining from the previous year [2] - The significant drop in gross margin for ordinary wine is concerning, as this category remains crucial in sales structure [2] - Guyue Longshan's ordinary wine is priced around 10 yuan, significantly lower than the white wine market, limiting the potential for price increases to enhance profitability [2] Group 3: Regional Sales and Market Challenges - The company generated 57.03% of its revenue from the Jiangsu, Zhejiang, and Shanghai regions, indicating a heavy reliance on this area [4] - The overall yellow wine market is shrinking, with the number of large-scale yellow wine enterprises decreasing from 121 to 81 between 2017 and 2023 [4] - Despite increased marketing efforts, sales performance has not improved proportionately, leading to further profit margin compression [4][6] Group 4: International Expansion and Brand Recognition - Guyue Longshan is attempting to expand into international markets, but its international sales revenue remains stagnant at 42 million yuan [5] - The lack of awareness and cultural acceptance of yellow wine in international markets poses significant challenges for global expansion [5] Group 5: High-End Market Strategy - The company has been pursuing a high-end market strategy, with mid-to-high-end wine revenue reaching 1.398 billion yuan in 2024, a 12.47% increase [7] - However, the high-end yellow wine market faces challenges due to a lack of cultural depth and consumer recognition compared to the white wine sector [7] - Seasonal and regional consumption habits further limit the frequency of high-end yellow wine purchases [7] Group 6: Future Outlook and Strategic Goals - Guyue Longshan has consistently failed to meet its growth targets for four consecutive years, reflecting the challenges of its high-end transformation strategy [8] - The company has lowered its growth targets for 2025 to 6% for sales and 3% for profits, indicating a cautious outlook on industry and company growth prospects [8] - The ongoing struggle to balance price increases, regional expansion, and high-end transformation will be critical for the future of the yellow wine industry [8]