会稽山绍兴酒股份有限公司（以下简称公司）于近日收到由浙江省经济和信 息化厅，浙江省财政厅，国家税务总局浙江省税务局联合颁发的《高新技术企业 证书》，证书编号 GR202533010161，发证日期为 2025 年 12 月 19 日，证书有效 期三年。 本次系公司首次获得高新技术企业的认定，根据国家相关规定，公司自通过 高新技术企业认定起连续三年（2025 年至 2027 年）可享受国家关于高新技术企 业的税收优惠政策，即按 15%的税率缴纳企业所得税。 证券代码：601579 证券简称：会稽山 公告编号：2026-004 会稽山绍兴酒股份有限公司 关于公司通过高新技术企业认定的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特此公告。 会稽山绍兴酒股份有限公司董事会 二〇二六年一月二十三日 ...

Core Insights - The yellow wine industry in China is experiencing a significant revival, with a notable increase in popularity among younger consumers and innovative product offerings [1][3][5] Industry Overview - The yellow wine sector is projected to achieve impressive results by 2025, with companies like Kuaijishan seeing a stock price increase of 90.15% in one year, making it a leader among liquor companies [1] - In 2024, there are nearly 800 yellow wine production enterprises in China, generating revenues of 20 billion yuan, a year-on-year growth of 5.26%, with a production volume of approximately 4 million tons, up 3.5% [2] Cultural and Consumer Trends - The resurgence of yellow wine is attributed to three key trends: the return of cultural value, the evolution of consumer demographics, and the explosion of the new beverage market [3][4] - The primary consumer base for yellow wine has shifted to younger generations, particularly those aged 25-30 and above, with a growing interest from the 18-24 age group [3] Product Innovation - Innovative products such as "one day one smoked sparkling yellow wine" and collaborations like "Yue Xiao Pi" between Guyue Longshan and China Resources Beer are redefining the market [5] - The introduction of low-alcohol, lightly sweet, and easy-to-drink products is aimed at attracting a broader audience, including younger consumers [5][6] Strategic Recommendations - To appeal to younger consumers, the industry must focus on brand expression, product form, and channel accessibility, utilizing modern marketing strategies and platforms [6][7] - The goal is to shift the perception of yellow wine from an "elderly drink" to a trendy beverage for all ages [6] Regional Development - The revival of yellow wine is not limited to traditional regions like Jiangsu and Zhejiang; new production hubs are emerging in Shanxi and Hubei, supported by local government policies [7] - In Shanxi, the establishment of a "yellow wine professional town" has led to a significant increase in production capacity and enterprise growth [7] Market Valuation and Future Outlook - The yellow wine industry is undergoing a value reassessment, with companies like Kuaijishan and Guyue Longshan trading at price-to-earnings ratios exceeding 35 times expected profits for 2026 [8] - The industry is expected to maintain sustainable growth if companies continue to invest in branding and focus on high-end and youthful market segments [8]

Market Performance - The non-liquor sector increased by 1.82% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Highlights - The top-performing stocks in the non-liquor sector included: - *ST Lanhua: Closed at 10.56, up 3.53% with a trading volume of 85,700 shares and a turnover of 90.20 million yuan [1] - Zhirun Co.: Closed at 22.30, up 3.19% with a trading volume of 115,800 shares and a turnover of 258 million yuan [1] - ST Xifa: Closed at 11.34, up 3.18% with a trading volume of 55,600 shares and a turnover of 62.75 million yuan [1] Capital Flow - The non-liquor sector saw a net inflow of 19.12 million yuan from institutional investors, while retail investors contributed a net inflow of 25.07 million yuan [1] - Retail investors experienced a net outflow of 44.20 million yuan from speculative funds [1] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Huaiqi Mountain: Net inflow of 13.72 million yuan from institutional investors, with a net outflow of 15.01 million yuan from speculative funds [2] - Xianjing Beer: Net inflow of 13.16 million yuan from institutional investors, with a net outflow of 29.92 million yuan from speculative funds [2] - ST Xifa: Net inflow of 12.87 million yuan from institutional investors, with a net outflow of 5.68 million yuan from speculative funds [2]

Core Viewpoint - The yellow wine sector is experiencing significant growth, with companies like Kuaijishan (601579) achieving remarkable stock price increases, while traditional liquor stocks are facing declines. The potential for the yellow wine industry to reach a market size of 100 billion is highlighted, driven by high-end, youthful, and nationwide strategies [1][2][12]. Group 1: Market Performance - Kuaijishan's stock surged by 90.15% in 2025, making it the top-performing liquor company, while major white liquor brands like Moutai and Wuliangye saw declines of -6.47% and -19.57% respectively [1][2]. - The yellow wine index recorded a 51.67% increase in the first five months of 2025, outperforming other liquor segments and popular concepts like humanoid robots and pet economy [1][2]. Group 2: Industry Dynamics - The market capitalization of Kuaijishan reached 9.86 billion, while Guyue Longshan (600059) was at 8.32 billion, still significantly lower than Moutai and Wuliangye [2]. - The yellow wine industry accounted for less than 2% of the total liquor market, with a production volume of approximately 4 million tons and sales of around 20 billion in 2024 [2][12]. Group 3: Strategic Changes - Kuaijishan and Guyue Longshan implemented significant price adjustments in April 2025, marking Kuaijishan's first major price increase since 2016, aimed at enhancing the industry's pricing structure [3][5]. - The sales revenue from mid-to-high-end products for Kuaijishan reached 1.065 billion in 2024, constituting 67.26% of its total revenue, while Guyue Longshan's mid-to-high-end sales were 1.398 billion, making up 73.36% [3][4]. Group 4: Consumer Trends - The consumer base for yellow wine is becoming increasingly younger, with 70% of users under 35 years old, indicating a shift in consumption patterns [4][5]. - The introduction of innovative products, such as sparkling yellow wine, has shown potential for breaking into new consumer markets, with significant sales growth during promotional events [4][6]. Group 5: Future Outlook - Analysts suggest that the yellow wine industry could realistically aim for a market size of 300 billion by 2025, with the potential for further growth if high-end products are successfully promoted [2][12]. - Despite the optimistic outlook, some analysts express caution, noting that achieving a 100 billion market size will require sustained innovation and the establishment of strong consumer scenarios [12][13].

Core Viewpoint - The article discusses the significant growth and potential of the Huangjiu (yellow wine) industry, highlighting a shift in investor interest from traditional Baijiu (white liquor) to Huangjiu, driven by successful high-end, youth-oriented, and national strategies by companies like Kuaijishan and Guyuelongshan [1][3][10]. Group 1: Market Performance - In 2025, Huangjiu stocks experienced a remarkable surge, with Kuaijishan (601579.SH) achieving a 90.15% increase, making it the top-performing liquor company for the year [2]. - The Huangjiu index saw a 51.67% increase in the first five months of 2025, outperforming other liquor segments and popular sectors like robotics and pet economy [2][3]. - As of January 16, 2026, Kuaijishan's market capitalization reached 9.86 billion, while Guyuelongshan's was 8.32 billion, still significantly lower than leading Baijiu companies [2]. Group 2: Industry Trends - The Huangjiu industry is projected to grow, with a market size expected to exceed 30 billion by 2025, up from approximately 20 billion in 2024 [3]. - The production of Huangjiu in China was around 4 million tons in 2024, with a 3.5% year-on-year increase [3]. - The market share of the top two Huangjiu companies increased from 14.9% in 2017 to 37.4% in 2023, indicating a consolidation in the industry [9]. Group 3: Strategic Shifts - Companies like Kuaijishan and Guyuelongshan have implemented price adjustments and high-end product strategies, with Kuaijishan's mid-to-high-end sales reaching 1.065 billion in 2024, accounting for 67.26% of its revenue [5][9]. - The introduction of innovative products, such as sparkling Huangjiu, has shown potential for attracting younger consumers, with 70% of buyers being under 35 years old [6][10]. - The entry of cross-industry players, such as Qingdao Beer acquiring a Huangjiu factory, indicates a growing interest in the Huangjiu market and its potential for complementary sales [7]. Group 4: Challenges and Opportunities - Despite the growth, Huangjiu faces challenges such as a limited consumer base and a lack of premium products in the mid-price range [12][13]. - Analysts suggest that for Huangjiu to reach a market size of 100 billion, it must overcome structural issues and establish strong consumer scenarios [15][16]. - The historical context shows that while Huangjiu has potential, it must innovate and create national-level products to compete effectively with Baijiu [16][17].

1月13日会稽山公开信息显示，刘勇因涉嫌违反证券法律法规,未依法履行其他职责被中国证券监督管理 委员会处罚。 公司公告汇总 会稽山绍兴酒股份有限公司董事会于2026年1月12日收到独立董事刘勇先生的书面辞呈，其因个人原因 申请辞去公司第六届董事会独立董事、审计委员会召集人、薪酬与考核委员会成员职务，辞任后不再担 任公司任何职务。刘勇先生任职期间与公司无意见分歧，未持有公司股票，不存在未履行的承诺。其辞 职将导致公司独立董事比例不足及审计委员会成员人数不足，公司将按规定尽快补选。公司对刘勇先生 任职期间的贡献表示感谢。 截至2026年1月16日收盘，会稽山（601579）报收于20.56元，较上周的20.85元下跌1.39%。本周，会稽 山1月13日盘中最高价报21.55元。1月15日盘中最低价报20.26元。会稽山当前最新总市值98.58亿元，在 非白酒板块市值排名7/16，在两市A股市值排名2075/5183。 本周关注点 违规处罚提醒 1月13日会稽山公开信息显示，刘勇因涉嫌违反证券法律法规,未依法履行其他职责被中国证券监督管理 委员会处罚。 监管公告 会稽山绍兴酒股份有限公司近日收到独立董事刘勇先生的通 ...

1月15日，会稽山跌2.25%，成交额1.75亿元。两融数据显示，当日会稽山获融资买入额1165.98万元， 融资偿还1102.84万元，融资净买入63.14万元。截至1月15日，会稽山融资融券余额合计5.74亿元。 融资方面，会稽山当日融资买入1165.98万元。当前融资余额5.74亿元，占流通市值的5.86%，融资余额 低于近一年40%分位水平，处于较低位。 融券方面，会稽山1月15日融券偿还200.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1.43万股，融券余额29.19万元，超过近一年90%分位水平，处于高位。 资料显示，会稽山绍兴酒股份有限公司位于浙江省绍兴市柯桥区湖塘街道杨绍路2579号，成立日期1993 年10月18日，上市日期2014年8月25日，公司主营业务涉及绍兴黄酒、黄酒的生产、销售和研发。主营 业务收入构成为：黄酒75.67%，其他24.33%。 截至9月30日，会稽山股东户数2.99万，较上期增加14.94%；人均流通股16025股，较上期减少13.00%。 2025年1月-9月，会稽山实现营业收入12.12亿元，同比增长14.12%；归母净利润1. ...

Market Overview - The non-white liquor sector experienced a decline of 0.45% on January 15, with Kuaijishan leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] Stock Performance - Notable gainers in the non-white liquor sector included: - *ST Yedao: Closed at 6.44, up 3.21% with a trading volume of 86,100 shares and a turnover of 54.65 million yuan [1] - ST Xifa: Closed at 10.83, up 2.75% with a trading volume of 54,700 shares and a turnover of 58.89 million yuan [1] - *ST Lanhong: Closed at 9.71, up 1.68% with a trading volume of 31,700 shares and a turnover of 30.79 million yuan [1] - Conversely, Kuaijishan saw a decline of 2.25%, closing at 20.41 with a trading volume of 85,300 shares and a turnover of 175 million yuan [2] Capital Flow Analysis - The non-white liquor sector experienced a net outflow of 5.02 million yuan from institutional investors and 10.70 million yuan from retail investors, while retail investors saw a net inflow of 15.72 million yuan [2] - Key capital flows for selected stocks included: - Jinfeng Wine Industry: Net inflow of 11.50 million yuan from institutional investors, but a net outflow of 6.69 million yuan from retail investors [3] - *ST Yedao: Net inflow of 10.16 million yuan from institutional investors, with a net outflow of 6.46 million yuan from retail investors [3] - ST Xifa: Net inflow of 0.94 million yuan from retail investors, but a net outflow of 0.42 million yuan from institutional investors [3]

Group 1: Company Leadership Changes - Zhang Yong has returned to the CEO position of Haidilao, effective January 13, 2026, following the resignation of Guo Yiqun as CEO [1] - Zhang Yong previously handed over the CEO role to Yang Lijuan in March 2022, and Guo Yiqun took over in June 2024 [1] - The leadership change comes as Haidilao faces performance challenges, with a 3.0% year-on-year revenue decline to 20.703 billion yuan and a 13.7% drop in net profit to 1.755 billion yuan in the first half of 2025 [1] Group 2: Industry Context - The Chinese restaurant industry is experiencing a slowdown, with revenue growth decelerating, profits declining, and competition intensifying, as reported by the China Cuisine Association [1] - Competitors like Xiaobai Xiaobai reported an 18.88% revenue decline to 1.942 billion yuan and a net loss of 84 million yuan in the same period [1] Group 3: Strategic Initiatives - Zhang Yong's return is linked to the "Pomegranate Plan," a multi-brand incubation strategy launched in August 2024, aimed at creating a second growth curve for Haidilao [2] - As of June 2025, the "Pomegranate Plan" has incubated 14 restaurant brands, generating a 227% year-on-year revenue increase to 600 million yuan from related businesses [2] - The company is at a critical transformation juncture, with Zhang Yong becoming more involved in operational details [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601579 | 会稽山 | 20.74 | -2.35% | 11.49万 | 2.42亿 | | 002568 | 自润股份 | 22.00 | -1.79% | 8.69万 | 1.93亿 | | 600238 | *ST椰岛 | 6.27 | -1.26% | 6.84万 | 4307.04万 | | 000752 | ST西发 | 10.58 | -1.12% | 3.67万 | 3878.56万 | | 600573 | 惠泉啤酒 | 12.03 | -0.91% | 10.40万 | 1.26 Z | | 600059 | 古越龙山 | 9.32 | -0.85% | 12.00万 | 1.12亿 | | 600616 | 全枫酒业 | 5.45 | -0.73% | 13.79万 | 7583.65万 | | 600600 | 顾思明如 | 62.66 | -0.68% | 5.00万 | 3.14亿 | | 600132 | 重庆 ...