10月12日，绍兴女儿红酿酒有限公司党委书记、董事长胡志明一行莅临新晋商酒庄集团参观考察，新晋商酒庄集团董事长侯清泉热情接待，新晋商酒庄集 团汾杏股份总经理侯青松、销售公司总经理张家升陪同并参加座谈。 新晋商酒庄集团董事长侯清泉对胡志明董事长一行的到访表示热烈欢迎。他指出，绍兴女儿红是享誉全国的"中华老字号"，其品牌故事和匠心产品具有极 强的市场感染力。新晋商酒庄集团秉承晋商勇于开拓、追求卓越的精神，致力于打造中国白酒酒庄标杆和样板企业，非常期待与女儿红这样的优秀民族品 牌携手， 在 渠道共建、文化联动、产品创新与产业链协 同等维度展开深度合作，实现资源共享、优势互补、共赢发展。 来源：新晋商酒庄 编辑：韩生龙 此次考察，标志着绍兴女儿红与新晋商酒庄建立了全新的战略沟通渠道。 双方均表示，将以此次考察为起点，积极推动具体合作项目的落地， 共同开启 两大品牌战略协同、合作共赢的新篇章。 胡志明董事长一行先后参观了万吨储酒窖、杏花村晋商酒文化体验中心、汾杏博物馆，并深入优质原酒酿造生产基地，详细了解新晋商酒庄集团的发展历 程、产业布局及在现代商业领域对"晋商精神"的传承与创新。他对新晋商酒庄坚持传统白酒酿造工艺、 ...

Investment Rating - The report recommends a positive investment rating for the Chinese yellow wine industry, indicating a revival is on the horizon [2]. Core Insights - The yellow wine industry, despite its rich cultural heritage and potential, has been undervalued and faces several challenges that need addressing for a revival [5][12]. - The industry is expected to benefit from external strategic opportunities, including a shift in consumer preferences towards milder, health-oriented beverages and increased government support [5][6]. - Key players like Gu Yue Long Shan and Kuaijishan are positioned to lead the transformation within the industry, with Kuaijishan showing proactive management and innovation [7][8]. Summary by Sections Industry Overview - Yellow wine is recognized as one of the three major ancient wines globally, with a history spanning thousands of years, yet it has seen a decline in prominence since the late Qing Dynasty [5][12]. - The total market capitalization of the yellow wine industry is approximately 787.2 billion yuan, with a circulation market value of about 698.06 billion yuan [2]. Strategic Opportunities - The industry is entering a strategic window for revival, driven by improved supply-side dynamics, changing consumer demands for health-oriented products, and increased local government support [6][7]. - The trend towards high-end consumption in the alcohol market, previously seen in white and beer categories, is expected to extend to yellow wine [5][6]. Challenges and Recommendations - The yellow wine industry faces challenges such as low consumer recognition, small scale, and pricing issues, which need to be addressed for value recovery [6][32]. - Recommendations include improving production techniques, redefining market positioning, enhancing brand narratives, and restructuring governance to attract talent and improve operational efficiency [7][8][35]. Competitive Landscape - Gu Yue Long Shan is identified as the industry leader with strong brand recognition, while Kuaijishan is noted for its agile management and innovative approaches [7][8]. - The report suggests that Kuaijishan's proactive reforms could set a precedent for the industry, while Gu Yue Long Shan may need to catch up in terms of operational efficiency [7][8].

Core Viewpoint - Gu Yue Long Shan, known as the "King of Huangjiu," has announced a price increase for some of its key products, with the highest increase reaching 12%, due to packaging and formula optimization adjustments. This marks the company's first price hike in nearly two years [1][10]. Company Performance - In 2024, Gu Yue Long Shan reported a revenue of 1.936 billion yuan, a year-on-year increase of 8.55%, while the net profit attributable to shareholders decreased by 48.17% to 206 million yuan [2][10]. - The company's gross profit margin for all liquor products declined in 2024, and it has struggled to meet operational targets for four consecutive years from 2021 to 2024 [2][12]. Price Increase Details - The price adjustments for Gu Yue Long Shan's products include increases of 2%-5% for the Cai Bao Hua Diao series, 4%-8% for the Qing Chun San Nian series, and up to 12% for some five-year aged products, effective from April 22, 2024 [5][10]. - This price increase follows a previous hike in November 2023, where the increase was between 2%-5% for certain products [1][6]. Industry Context - Gu Yue Long Shan is one of only three publicly listed Huangjiu companies in the A-share market, alongside Kuaijishan and Jin Feng Jiu Ye [4][5]. - The price hikes are part of a broader trend among leading Huangjiu companies, with Kuaijishan also announcing price increases shortly before Gu Yue Long Shan [3][5]. Challenges and Future Outlook - Despite the price increases, Gu Yue Long Shan's performance has not met expectations, with the company failing to achieve its sales and profit growth targets for several years [10][14]. - The company aims to enhance product appeal and expand its sales reach beyond its current focus on the Jiangsu, Zhejiang, and Shanghai regions, which is crucial for overcoming growth bottlenecks [12][14].