会稽山成立于1993年10月18日，于2014年8月25日在上海证券交易所上市，注册地址和办公地址均为浙江 省绍兴市。公司是中国黄酒行业的重要企业，专注于黄酒的酿造，拥有深厚的历史底蕴和独特的酿造工 艺。 会稽山主营业务为绍兴黄酒的生产、销售和研发，所属申万行业为食品饮料 - 非白酒 - 其他酒类，所属概 念板块包括白酒、融资融券、中盘核聚变、超导概念、核电。 经营业绩：营收行业第三，净利润第四 2025年三季度，会稽山营业收入达12.12亿元，在行业9家公司中排名第3，高于行业平均数8.65亿元和中位 数3.3亿元，行业第一名百润股份营收22.7亿元，第二名张裕A营收21.16亿元。当期净利润为1.16亿元，行 业排名第4，高于行业平均数1.01亿元和中位数14.25万元，行业第一名百润股份净利润5.49亿元，第二名张 裕A净利润1.92亿元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度会稽山资产负债率为16.16%，较去年同期的14.71%有所上升，但低于行业平 均的28.63%，显示出公司良好的偿债能力。从盈利能力看，2025年三季度公司毛利率为54.73%，较去年同 期 ...

证券研究报告 会稽山 (601579 CH) Q3 营收保持高增，毛利率持续提升 2025 年 10 月 30 日│中国内地 饮料 公司发布 2025 年三季报，25 年前三季度总营收/归母净利/扣非净利 12.12/1.16/1.08 亿，同比+14.12%/+3.23%/+8.28%；25Q3 总营收/归母净 利/扣非净利 3.95/0.22/0.19 亿，同比+21.09%/+2.47%/-14.37%。三季度外 部需求承压，公司坚持线上线下共同培育，收入实现亮眼增长（25Q2 营收 增速 12.4%，环比提速），利润受费用投放增加影响增速略慢。经过长期挤 压出清，当前黄酒行业竞争格局愈发明朗，龙头份额提升为行业发展创造良 好条件。会稽山近年来聚焦高端化逻辑，毛利率稳步提升；同时，公司一改 往日保守僵化的营销和管理体系，内部治理持续完善，经营势能也持续提升， 未来利润释放空间充足，"买入"。 核心大单品继续保持高增，稳步布局全国市场 产品端，25 年 Q1-Q3 公司中高端/普通酒/其他酒营收 7.51/2.73/1.50 亿（同 比 +19.64%/-16.01%/+109.20% ） ， 25Q3 ...

证券研究报告·公司点评报告·非白酒 会稽山（601579） 2025 年三季报点评：收入延续较好增势，持 续关注产业趋势 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,411 | 1,631 | 1,878 | 2,184 | 2,506 | | 同比（%） | 15.01 | 15.60 | 15.09 | 16.32 | 14.73 | | 归母净利润（百万元） | 166.63 | 196.19 | 216.62 | 264.15 | 311.68 | | 同比（%） | 15.11 | 17.74 | 10.41 | 21.94 | 17.99 | | EPS-最新摊薄（元/股） | 0.35 | 0.41 | 0.45 | 0.55 | 0.65 | | P/E（现价&最新摊薄） | 62.10 | 52.74 | 47.77 | 39.17 | 33.20 | [Table_Tag] [Tabl ...

Investment Rating - The report maintains an "Accumulate" rating for the yellow wine industry [1] Core Viewpoints - The yellow wine industry has undergone deep adjustments and is currently experiencing positive changes, with profit margins reaching a turning point and leading companies showing simultaneous growth in volume and price [5][11] - The CR2 market share of the yellow wine industry has continuously increased, with leading companies guiding industry transformation through product innovation and channel expansion [5][18] - The report draws parallels between the yellow wine industry and the beer industry, suggesting that supply-demand resonance can drive continuous upgrades in the yellow wine sector [26][31] - The success of Japan's sake industry in high-end transformation serves as a reference for the yellow wine industry, emphasizing the importance of brand culture, process innovation, and market expansion [55][60] Summary by Sections 1. Positive Changes in the Yellow Wine Industry - The yellow wine industry has seen a marginal turning point in profit margins, with leading companies like Kuaijishan and Guyuelongshan showing significant growth in both volume and price [14][18] - In 2023, the revenue of large-scale enterprises in the yellow wine industry was 8.547 billion yuan, down 15.90% year-on-year, while total profit reached 1.558 billion yuan, up 23.06% year-on-year, resulting in a profit margin increase of 5.77 percentage points to 18.23% [14][18] 2. Market Share and Industry Transformation - The CR2 market share in the yellow wine industry has risen from 14.9% in 2017 to 37.4% in 2023, with Kuaijishan and Guyuelongshan holding market shares of 20.9% and 16.5%, respectively [18][36] - The increase in market share is attributed to product innovation and channel expansion, leading to a high-end, youthful, and national effect [18][21] 3. Supply-Demand Resonance and Industry Upgrades - The report highlights the similarities between the current yellow wine industry and the beer industry, where supply-demand changes have driven industry upgrades since 2018 [26][31] - Leading companies in the yellow wine sector are adopting strategies focused on high-end, youthful, and national markets, similar to the beer industry's approach [26][27] 4. Lessons from Japan's Sake Industry - The Japanese sake industry has undergone several phases, including post-war recovery, rapid growth, economic downturns, and a focus on globalization and high-end products [55][60] - The success of the Dassai brand in Japan, which has seen its total sales increase from 4.6 billion yen in 2014 to 19.5 billion yen in 2024, serves as a model for the yellow wine industry [60][64]

Group 1 - Kuaijishan announced a price increase for key products, with a price adjustment of 4%-5% for pure series yellow wine, 6%-9% for three-year aged series, and 1%-9% for坛装 and 花雕 series, effective from April 1 [1] - The price increase is attributed to rising labor and operational costs, as well as current market supply and demand conditions, indicating a potential shift in consumer behavior and brand value in the yellow wine industry [1] - Kuaijishan needs to enhance consumer loyalty and purchasing willingness post-price increase to ensure sustainable development [1] Group 2 - Wuliangye has designated 2025 as the "Marketing Execution Improvement Year," focusing on advancing product strength, channel strength, market strength, service strength, and execution strength [2] - The company is particularly attentive to the performance of low-alcohol and fashionable products in response to the rise of younger consumer groups, aiming to align its product matrix with new generation consumption preferences [2] - The implementation of these strategies is expected to further solidify Wuliangye's leadership position in the liquor industry and inject new momentum into future market expansion and brand enhancement [2] Group 3 - Weilang Co. announced plans to mortgage assets to apply for a bank credit line of 23 million yuan from the Bank of China, using related subsidiaries' real estate as collateral [3] - This move is aimed at securing bank loans to meet the funding needs for normal production and operational activities [3] - Investors are advised to closely monitor the company's future financial status and market performance following this financial management action [3]