新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 转自：北京日报客户端 一杯杯白酒，正沿着"一带一路"的轨迹，在全球范围内编织中国品牌的营销网络。随着国内白酒市场进 入存量竞争阶段，出海已成为众多酒企的战略选择。12月25日，北京商报记者统计发现，目前包括贵州 茅台、五粮液、泸州老窖等白酒企业均已布局海外市场。此外，包括古越龙山、会稽山等黄酒企业也在 用"传统文化+产品"组合拳方式征战海外市场。 世界的"新面孔" 产品先行似乎成为酒企国际化第一步。尽管看似都是将旗下产品在海外销售，但细化来看实则不尽相 同。 中国酒业协会发布的《2025中国白酒市场中期研究报告》显示，2025年已有63.9%的白酒企业布局或正 在拓展海外市场。这串数字不仅意味着出海企业数量庞大，同时也代表着白酒产业寻求新增长极的集体 转向。如今，当产品出海逐渐向文化出海转变时，未来酒企国际化也将开启新征程。 据北京商报记者不完全统计，2025年包括五粮液、山西汾酒、洋河股份、古越龙山等企业以一系列高规 格、体系化文化活动，向世界讲述中国酒故事。 面对广阔的海外蓝海市场，酒企采取两种截然不同却又相互补充的战略，试探国外市场深浅，一种是从 ...

Core Viewpoint - The Chinese liquor industry is increasingly focusing on international markets as domestic competition intensifies, with a significant number of companies expanding overseas to seek new growth opportunities [1][8]. Group 1: Market Expansion - As of December 25, 2023, 63.9% of Chinese liquor companies are either expanding or have already established a presence in overseas markets, indicating a collective shift towards internationalization [1]. - Major brands like Moutai, Wuliangye, and Luzhou Laojiao are actively entering global markets, while Huangjiu brands such as Guyue Longshan and Kuaijishan are also leveraging traditional culture alongside their products [1][3]. Group 2: Product Strategy - Companies are adopting two distinct strategies for internationalization: "cultural integration" with tailored products for foreign markets, and "value output" by exporting established domestic products [3]. - Moutai has launched a series of products specifically designed for international markets, while other brands like Luzhou Laojiao and Wuliangye are exporting their star products that have already gained traction in China [3][4]. Group 3: Cultural Integration - The cultural aspect of product export is becoming increasingly important, with companies recognizing that successful internationalization involves not just product sales but also cultural storytelling [6]. - Initiatives such as Wuliangye's "He Mei Global Tour" and various cultural exchange activities by other brands aim to promote Chinese liquor culture globally [6][7]. Group 4: Market Challenges - Despite the enthusiasm for international expansion, challenges remain, including the need for localization and the predominance of Chinese consumers in overseas markets [8][9]. - The Southeast Asian market is currently the primary focus for many companies, supported by a significant Chinese diaspora, but broader acceptance among local consumers is still a hurdle [8][9]. Group 5: Future Directions - To penetrate mainstream overseas markets, companies must innovate and adapt their products to local tastes, particularly through the integration of liquor with Chinese cuisine [9].

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。 近日，古越龙山（600059）正式聘任90后张磊光担任公司董事会秘书，公司官方公众号以推文肯定其丰 富的资本市场履历，将推动公司以更前沿的金融思维、更灵活的沟通方式和更开阔的产业视野，与新一 代投资者及市场伙伴构建对话。 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"， 引发市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的 潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花 顺（300033）网络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公 司董事、董事会秘书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大 健康、大消费四大核心赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产 融结合及投资者关系管理注入全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025 ...

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。（AI制图） 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"，引发 市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花顺网 络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公司董事、董事会秘 书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大健康、大消费四大核心 赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产融结合及投资者关系管理注入 全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025年前三 季度，古越龙山实现营业收入11.86亿元，同比下降8.10%；归母净利润为1.35亿元，同比仅增长0.17%。特别 是会稽山以12.12亿元营收首度超越古越龙山，成为前三季度黄酒行业营收冠军，其同比增幅高达14.12%。 ...

Core Insights - The traditional yellow wine industry is at a transformative crossroads, with leading brands exploring cross-industry collaborations to expand their consumer market [1][3] - The industry faces multiple challenges, including limited consumption regions and scenarios, prompting companies to seek new growth opportunities through innovative partnerships [1][6] Group 1: Industry Trends - Major yellow wine brands like Guyue Longshan and Kuaijishan are actively engaging in cross-industry collaborations, such as the launch of "Yue Xiao Pi" in partnership with China Resources Beer [3][4] - Guyue Longshan has introduced various innovative products, including coffee-infused yellow wine and a whiskey variant, indicating a shift towards younger consumer preferences [4][10] - The yellow wine market is experiencing a trend towards diversification, with brands exploring new consumption scenarios beyond traditional settings [4][9] Group 2: Market Dynamics - The yellow wine market is highly concentrated, with the Jiangsu, Zhejiang, and Shanghai regions accounting for over 70% of sales, leading to intense competition [6][7] - Financial reports reveal that Guyue Longshan and Kuaijishan derive a significant portion of their revenue from these regions, highlighting the geographical limitations of the market [6][7] - Despite the challenges, the yellow wine industry is projected to grow, with sales expected to exceed 300 billion yuan by 2025, driven by a shift in consumer preferences towards lower-alcohol beverages [9][10] Group 3: Consumer Engagement - Marketing experts suggest that yellow wine brands should enhance their appeal to younger consumers through innovative marketing strategies, including social media and influencer collaborations [5][11] - The emergence of "slow bars" and other experiential venues is seen as a way to engage consumers and gather valuable data on preferences and behaviors [10][11] - The industry must address the perception issues surrounding yellow wine, which has been labeled as "cooking wine," to improve brand recognition and value [7][8]

Core Insights - The consumption of yellow wine is experiencing a surge alongside the peak season for hairy crabs, with traditional products being complemented by younger, innovative offerings [1][2] - The market is characterized by intense competition among brands, both traditional and new entrants, as they seek to capitalize on the growing demand for yellow wine during the crab season [1][6] Market Trends - The introduction of youthful yellow wine products by leading brands such as Kuaijishan and Guyuelongshan is reshaping the traditional pairing of yellow wine with hairy crabs [2][11] - Sales data indicates that Kuaijishan's 8-degree sparkling yellow wine has surpassed 6,000 sales, while Guyuelongshan's similar product has exceeded 400 sales, highlighting a shift in consumer preferences towards innovative products [2][11] Industry Growth - The hairy crab market has shown significant growth, with production reaching a historical high of over 7 billion crabs in 2023, indicating a robust demand that supports the yellow wine market [7][11] - The yellow wine industry is projected to grow, with sales revenue reaching 21 billion yuan in 2023, a 2.1% increase year-on-year, and expected to exceed 30 billion yuan by 2025, maintaining a compound annual growth rate of over 5% [11][12] Consumer Behavior - The younger demographic is increasingly drawn to low-alcohol beverages, making yellow wine appealing due to its lower alcohol content and palatable taste [11][12] - Brands are focusing on expanding consumption scenarios beyond traditional dining, aiming to position yellow wine as a cultural lifestyle product through innovative venues like "slow wine bars" [12][13] Strategic Initiatives - Companies are encouraged to enhance their brand's appeal to younger consumers through innovative marketing strategies, including social media engagement and collaborations with influencers [13][14] - The establishment of experiential consumption spaces, such as slow wine bars, allows brands to gather consumer data and preferences, facilitating a deeper connection with the target audience [12][13]

Group 1: Market Competition - The competition among the three listed yellow wine companies is intensifying, with Gu Yue Long Shan's revenue lead over Kuaiji Mountain narrowing year by year [2][3] - In the first half of this year, Gu Yue Long Shan achieved a revenue of 0.76 billion yuan more than Kuaiji Mountain, but Kuaiji Mountain surpassed Gu Yue Long Shan in net profit [2][3] - Kuaiji Mountain's revenue grew by 11.03% year-on-year in the first half of this year, marking three consecutive years of double-digit growth, although its net profit growth slowed to 3.41% [2][6] Group 2: Financial Performance - Gu Yue Long Shan reported a revenue of 0.893 billion yuan, a slight increase of 0.40%, while its net profit decreased by 4.72% to 90.31 million yuan [3][4] - Kuaiji Mountain's net profit growth has been affected by a significant increase in sales expenses, which reached 0.215 billion yuan, up 53.69% year-on-year [6][7] - Jin Feng Wine's revenue declined by 9.04% to 0.216 billion yuan, with a loss of 7.136 million yuan, although the loss has narrowed compared to previous periods [5] Group 3: Strategic Initiatives - The yellow wine industry is focusing on high-end, youthful, and national strategies to capture market share, with both Gu Yue Long Shan and Kuaiji Mountain launching products aimed at younger consumers [8][9] - Kuaiji Mountain has increased its marketing efforts, including collaborations with celebrities to promote its products, which has led to significant sales during promotional events [6][7] - Jin Feng Wine is also pursuing a high-end and youthful brand strategy but acknowledges that the full effects of these initiatives will take time to materialize [9] Group 4: Regional Sales Dynamics - In the competitive Jiangsu and Zhejiang markets, Gu Yue Long Shan and Kuaiji Mountain are experiencing fluctuating sales, with Gu Yue Long Shan's revenue in Zhejiang at 0.259 billion yuan and Kuaiji Mountain's at 0.518 billion yuan [10] - Jin Feng Wine's performance in its home market of Shanghai has seen a decline, with a revenue drop of 6.38% [10] Group 5: Future Outlook - Analysts believe that the push for high-end and youthful products, along with national expansion, will require sustained investment and time to cultivate new markets and consumers [11] - The current price range of yellow wine is around 20 yuan, indicating potential for product upgrades, but there are uncertainties regarding market acceptance of high-end products [11]

Group 1: Industry Overview - The competition in the yellow wine market is intensifying, with leading companies like Guyue Longshan and Kuaijishan narrowing the revenue gap [1][2] - Yellow wine accounts for less than 2% of the total alcoholic beverage market, indicating significant future growth potential [1] - The industry is currently in a market cultivation phase, with major players seeking to break through through nationalization, youth-oriented strategies, and premiumization [1][7] Group 2: Company Performance - Guyue Longshan reported a revenue of 8.93 billion yuan in the first half of the year, a slight increase of 0.40%, but its net profit decreased by 4.72% to 903.07 million yuan [2][3] - Kuaijishan achieved a revenue of 8.17 billion yuan, marking an 11.03% year-on-year growth, while its net profit increased by 3.41% to 938.77 million yuan [2][5] - Jinfeng Winery experienced a revenue decline of 9.04% to 2.16 billion yuan and reported a loss of 7.14 million yuan, although the loss has narrowed compared to previous periods [3][4] Group 3: Financial Analysis - Kuaijishan's sales expenses surged by 53.69% to 2.15 billion yuan, significantly outpacing its revenue growth, which raises concerns about profit margins [5][6] - Jinfeng Winery's cash flow from operating activities was negative 43.92 million yuan, indicating ongoing financial challenges [4] - The financial performance of Kuaijishan's online subsidiaries showed losses, highlighting the risks associated with aggressive marketing strategies [6] Group 4: Market Strategies - Both Guyue Longshan and Kuaijishan are focusing on product innovation aimed at younger consumers, with new product lines introduced to attract this demographic [7][9] - The companies are also pursuing national expansion, but face challenges in penetrating markets outside their traditional strongholds in Jiangsu, Zhejiang, and Shanghai [8][9] - The current pricing strategy positions yellow wine as a more affordable option compared to other alcoholic beverages, suggesting room for product upgrades [9]

Group 1: Industry Overview - The competition in the yellow wine market is intensifying, with the revenue gap between the leading company, Guyue Longshan, and the second-ranked company, Kuaijishan, narrowing year by year [1][2] - The yellow wine industry has a small market size, accounting for less than 2% of the total alcoholic beverage market, indicating significant future market potential [1] Group 2: Company Performance - Guyue Longshan reported a revenue of 893 million yuan in the first half of the year, a year-on-year increase of 0.40%, while its net profit decreased by 4.72% to 90.31 million yuan [2][3] - Kuaijishan achieved a revenue of 817 million yuan, a year-on-year growth of 11.03%, and a net profit of 93.88 million yuan, up 3.41% [2][3] - Jinfeng Wine experienced a revenue decline of 9.04% to 216 million yuan and reported a loss of 7.14 million yuan, although the loss has narrowed compared to previous periods [3][4] Group 3: Financial Dynamics - Kuaijishan's sales expenses reached 215 million yuan, a significant increase of 53.69%, which has impacted its profit margins despite revenue growth [6][7] - The company has been investing in advertising and promotions, including collaborations with celebrities, which has led to increased sales but also higher costs [6][7] Group 4: Market Strategies - Both Guyue Longshan and Kuaijishan are focusing on product innovation aimed at younger consumers, with new product lines being introduced to capture this demographic [8][10] - The companies are also pursuing national expansion strategies, although they face challenges in penetrating markets outside their traditional strongholds in Jiangsu, Zhejiang, and Shanghai [9][10] Group 5: Consumer Trends - The yellow wine industry is experiencing a shift towards high-end and younger consumer segments, but the transition is proving challenging and requires time for market acceptance [11] - The current main price range for yellow wine is around 20 yuan, which is significantly lower than that of white wine, suggesting room for product upgrades [11]

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]