Core Points - The report indicates a decrease in total assets by 1.55% compared to the previous year, amounting to approximately 1.41 billion RMB [1] - The company reported a total profit loss of approximately 5.08 million RMB, with a net profit attributable to shareholders of the listed company showing a significant decline [1] - Operating revenue increased to approximately 69.64 million RMB, up from 66.93 million RMB in the previous year [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 600084, with the stock name "CITIC Niyah" [1] - The total number of shareholders as of the report date is 25,689 [1] - The company has a weighted average return on net assets, basic earnings per share, and diluted earnings per share reported [1] Shareholder Information - The largest shareholder, CITIC Guoan Industrial Group Co., Ltd., holds 44.93% of the shares, amounting to approximately 504.93 million shares [2] - Other notable shareholders include Sun Wei with 11.29% and Xiong Shaochun with 2.90% [2] - There are no preferred shareholders with restored voting rights as of the report date [2] Important Matters - The company is required to disclose significant changes in its operating conditions during the reporting period, as well as any events that may have a substantial impact on its future operations [3]

Core Insights - The company reported a total sales revenue of 6,036.08 million for the first half of 2025, a decrease of 3.78% compared to 6,273.22 million in the same period of 2024 [1] Sales Performance - High-end wine sales reached 3,423.53 million in the first half of 2025, showing a slight increase of 1.47% from 3,373.95 million in 2024 [1] - Mid-range and low-end wine sales decreased by 9.89%, from 2,899.27 million in 2024 to 2,612.55 million in 2025 [1] Sales Channels - Direct sales (including group purchases) surged by 144.54%, from 1,057.54 million in 2024 to 2,586.06 million in 2025 [1] - Wholesale and agency sales through distributors dropped significantly by 45.88%, from 5,059.73 million in 2024 to 2,738.46 million in 2025 [1] - Online sales experienced a remarkable increase of 356.28%, rising from 155.95 million in 2024 to 711.56 million in 2025 [1] Regional Performance - Sales in the Xinjiang region fell by 33.50%, from 2,498.27 million in 2024 to 1,661.32 million in 2025 [1] - Sales in the North China region increased by 30.72%, from 1,391.62 million in 2024 to 1,819.12 million in 2025 [1] - Other regions saw a growth of 7.23%, with sales rising from 2,383.33 million in 2024 to 2,555.64 million in 2025 [1] Distributor Changes - During the reporting period, the company added 35 new distributors while 36 exited, resulting in a total of 104 distributors at the end of the period, a decrease of 1 compared to the end of 2024 [1]

Section I Definitions This section provides definitions for key terms used throughout the report, ensuring clarity and consistent understanding of the content [Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, including regulatory bodies, company names, related parties, currency units, and the reporting period, to ensure clear understanding of the report's content Definitions of Common Terms | Term | Meaning | | :--- | :--- | | China Securities Regulatory Commission (CSRC) | China Securities Regulatory Commission | | The Company, CITIC Niya | CITIC Niya Wine Co., Ltd. | | CITIC Group | CITIC Group Corporation Ltd. | | CITIC Guoan | CITIC Guoan Industrial Group Co., Ltd. | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan, the legal tender of China | | Reporting Period | January 1, 2025 to June 30, 2025 | Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance and position indicators [Company Information](index=4&type=section&id=2.1%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 中信尼雅葡萄酒股份有限公司 | | Chinese Abbreviation | 中信尼雅 | | Foreign Name | CITIC NIYA WINE CO.,LTD. | | Foreign Name Abbreviation | CITIC NIYA | | Legal Representative | 王毅 | [Contact Persons and Information](index=4&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication with investors and relevant parties Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 王爱国 | 新疆乌鲁木齐市红山路39号 | 0991-8881238 | 0991-8882439 | wangaiguo@citicwine.com | | Securities Affairs Representative | 范晓芬 | 新疆乌鲁木齐市红山路39号 | 0991-8881238 | 0991-8882439 | fanxiaofen@citicwine.com | [Overview of Basic Information Changes](index=4&type=section&id=2.3%20Overview%20of%20Basic%20Information%20Changes) This section introduces the company's registered and office addresses, postal code, website, and email, with no significant changes during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Company Registered Address | 新疆乌鲁木齐市红山路39号 | | Company Office Address | 新疆乌鲁木齐市红山路39号 | | Company Office Address Postal Code | 830002 | | Company Website | http://www.citicwine.com | | Email | zxny600084@citicwine.com | [Overview of Information Disclosure and Document Custody Location Changes](index=4&type=section&id=2.4%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's designated information disclosure newspapers, the website address for semi-annual reports, and the report's custody location, with no changes during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Company's Selected Information Disclosure Newspapers | 《上海证券报》《中国证券报》《证券时报》 | | Website Address for Semi-Annual Report Publication | www.sse.com.cn | | Company Semi-Annual Report Custody Location | 新疆乌鲁木齐市红山路39号 | [Company Stock Summary](index=4&type=section&id=2.5%20Company%20Stock%20Summary) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A股 | 上海证券交易所 | 中信尼雅 | 600084 | Not Applicable | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=2.6%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **4.05%** to **69.64 million Yuan**, and net profit attributable to shareholders turned from loss to profit, reaching **671.51 thousand Yuan**; net cash flow from operating activities significantly improved but remained negative 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 69,635,115.29 | 66,925,215.43 | 4.05 | | Total Profit | 2,486,049.80 | -5,081,380.77 | Not Applicable | | Net Profit Attributable to Listed Company Shareholders | 671,510.33 | -4,995,360.21 | Not Applicable | | Net Profit Attributable to Listed Company Shareholders after Non-Recurring Items | -2,162,011.56 | -7,654,612.24 | Not Applicable | | Net Cash Flow from Operating Activities | -7,459,067.82 | -52,821,026.73 | Not Applicable | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Listed Company Shareholders | 1,294,374,274.67 | 1,293,929,064.94 | 0.03 | | Total Assets | 1,411,998,972.98 | 1,434,177,612.29 | -1.55 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | 0.0006 | -0.0044 | Not Applicable | | Diluted EPS (Yuan/share) | 0.0006 | -0.0044 | Not Applicable | | Basic EPS after Non-Recurring Items (Yuan/share) | -0.0019 | -0.0068 | Not Applicable | | Weighted Average ROE (%) | 0.0519 | -0.3905 | Increase 0.4424 percentage points | | Weighted Average ROE after Non-Recurring Items (%) | -0.1671 | -0.5983 | Increase 0.4313 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=5&type=section&id=2.7%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the current period amounted to **2.83 million Yuan**, primarily from disposal gains/losses on non-current assets, government grants, and reversal of impairment provisions for individually assessed receivables Non-Recurring Gains and Losses Item | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 316,694.77 | | Government grants recognized in profit or loss for the current period | 610,545.89 | | Reversal of impairment provisions for individually assessed receivables | 1,550,264.00 | | Other non-operating income and expenses apart from the above | 393,522.86 | | Less: Income tax impact | 23,748.57 | | Minority interest impact (after tax) | 13,757.06 | | Total | 2,833,521.89 | Section III Management Discussion and Analysis This section analyzes the company's operational performance, core competitiveness, and financial position during the reporting period [Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business is grape cultivation, wine production, and sales, classified under manufacturing—alcoholic beverages and refined tea; its business model remained unchanged, featuring a 'company + farmers' procurement, make-to-order production, and regional distribution, forming a nationwide marketing network - The company's main business is grape cultivation, production, and sales of wine, classified under manufacturing—alcoholic beverages and refined tea; its main business remained unchanged during the reporting period[27](index=27&type=chunk) - The procurement model adopts a 'company + farmers' agricultural industrialization approach, sourcing wine grape raw materials through contractual agreements and technical guidance[27](index=27&type=chunk) - The production model is make-to-order, combining market sales and production with equipment operation, formulating a 'sales + reasonable inventory' plan, primarily including raw wine production, processing, and bottling[27](index=27&type=chunk) - The sales model is regionally segmented, primarily through wholesale agency and direct sales (including group purchases), having established a nationwide marketing network and customer service system covering provincial regions, with over a hundred distributors and key accounts[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the

1、按产品档次分类情况： 单位：万元 币种：人民币 | 产品名称 | 2025年1－6月销售收入 | 2024年1－6月销售收入 | 增减变动幅度（%） | | --- | --- | --- | --- | | 高档酒 | 3,423.53 | 3,373.95 | 1.47 | | 中低档酒 | 2,612.55 | 2,899.27 | -9.89 | | 合计 | 6,036.08 | 6,273.22 | -3.78 | | 2、按销售渠道分类情况： | | 单位：万元 | 币种：人民币 | | 渠道类型 | 2025年1－6月销售收入 | 2024年1－6月销售收入 | 增减变动幅度（%） | | 直销（含团购） | 2,586.06 | 1,057.54 | 144.54 | | 批发代理-经销商 | 2,738.46 | 5,059.73 | -45.88 | | 线上销售 | 711.56 | 155.95 | 356.28 | | 合计 | 6,036.08 | 6,273.22 | -3.78 | | 3、按地区分部分类情况： | | 单位：万元 | 币种：人民币 | | 区域名称 | ...

Market Overview - On August 27, the non-liquor sector declined by 1.7% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with 会稽山 (Kuaijishan) increasing by 0.78% to close at 23.28, while *ST Lanhuang (Lanhuang) fell by 4.47% to close at 8.34 [1][2] - Other notable declines included 重庆啤酒 (Chongqing Beer) down 1.07%, 张裕A (Zhangyu A) down 1.14%, and *ST 椰岛 (Yedao) down 1.45% [1][2] Trading Volume and Capital Flow - The non-liquor sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 298 million yuan [2] - The trading volume for 会稽山 was 338,600 hands with a transaction value of 779 million yuan, while *ST 兰黄 had a trading volume of 57,300 hands and a transaction value of 48.47 million yuan [1][2] Capital Inflow Analysis - In terms of capital inflow, 张裕A had a net inflow of 5.04 million yuan from institutional investors, while *ST 兰黄 saw a significant net outflow of 10.63 million yuan [3] - The data indicates that retail investors were more active in the market, with notable inflows into stocks like *ST 椰岛 and 珠江啤酒 (Zhujiang Beer) [3]

Market Overview - On August 22, the non-liquor sector rose by 0.42% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 28.27, with a significant increase of 10.00% and a trading volume of 244,800 shares, amounting to a transaction value of 684 million [1] - Other notable stocks included: - GuanFengMingJia (600600) remained unchanged at 68.57 with a trading volume of 81,900 shares [1] - XianJing Beer (000729) also remained unchanged at 12.70 with a trading volume of 235,400 shares [1] - ST XiFa (000752) closed at 11.22, unchanged with a trading volume of 44,600 shares [1] - Chongqing Beer (600132) slightly decreased by 0.11% to 55.75 with a trading volume of 50,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 40.44 million from institutional investors and 74.53 million from retail investors, while there was a net inflow of 115 million from individual investors [2] - The capital flow for specific stocks showed: - BaiRun Co., Ltd. had a net inflow of 164 million from institutional investors, but a net outflow of 81.47 million from retail investors [3] - Zhongxin Niya (600084) had a net inflow of 1.94 million from institutional investors, with a slight outflow from retail investors [3] - ST XiFa (000752) saw a net outflow of 3.26 million from institutional investors, but a net inflow of 472.60 thousand from retail investors [3]

Market Performance - On August 15, the non-liquor sector rose by 0.03% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - ST Xifa (000752) closed at 10.98, with a gain of 4.97% and a trading volume of 82,300 shares, amounting to a transaction value of 89.11 million yuan [1] - Other notable stocks included Huaiwei Mountain (601579) with a closing price of 18.98, up 1.33%, and Bai Run Co. (002568) at 24.96, up 1.18% [1] Capital Flow - The non-liquor sector experienced a net outflow of 53.08 million yuan from institutional investors, while retail investors saw a net outflow of 35.11 million yuan [2] - Conversely, speculative funds recorded a net inflow of 88.19 million yuan [2] Individual Stock Capital Flow - Aoqin Wen (600573) had a net inflow of 6.63 million yuan from institutional investors, representing 20.52% of its total capital flow [3] - ST Xifa (000752) saw a net inflow of 2.85 million yuan from institutional investors, but a net outflow of 6.10% from retail investors [3]

Core Viewpoint - The non-liquor sector experienced a slight decline of 0.02% on August 12, with Mogao Co. leading the drop, while the Shanghai Composite Index rose by 0.5% and the Shenzhen Component Index increased by 0.53% [1]. Group 1: Market Performance - The non-liquor sector's performance was mixed, with individual stocks showing varied results in terms of closing prices and percentage changes [1]. - Notable gainers included CITIC Nia (up 0.87% to 5.81) and ST Lanhua (up 0.73% to 8.30), while the overall sector faced a minor decline [1]. - The trading volume and turnover for several stocks were significant, with Chongqing Beer achieving a turnover of 197 million yuan [1]. Group 2: Capital Flow - The non-liquor sector saw a net outflow of 80.95 million yuan from main funds, while retail investors contributed a net inflow of 46.07 million yuan [2]. - The overall capital flow indicates a mixed sentiment among institutional and retail investors, with retail showing a more positive stance [2]. - Specific stocks like Huichuan Beer and Zhangyu A also reflected varied capital movements, indicating differing investor interests [2].

Group 1 - The company stated that it does not engage in the mentioned business activities and emphasized that important matters related to the company should be based on publicly disclosed information [1] - An investor inquired whether the company holds equity in Leju Robotics [2]

Market Overview - On August 1, the non-liquor sector rose by 0.06% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - The top-performing stock in the non-liquor sector was *ST Lanhua, which closed at 8.19 with a gain of 4.46% [1] - Other notable stocks included Huichuan Beer at 11.97 (+1.10%), Weilong Co. at 7.52 (+0.80%), and Jin Feng Wine at 5.63 (+0.72%) [1] Trading Volume and Value - The trading volume for *ST Lanhua was 60,800 shares, with a transaction value of approximately 49.09 million yuan [1] - The total net outflow of main funds in the non-liquor sector was 50.54 million yuan, while retail funds saw a net inflow of 19.91 million yuan [2] Fund Flow Analysis - The main fund inflow for *ST Lanhua was 3.99 million yuan, accounting for 8.13% of its trading volume [3] - In contrast, the main fund outflow for ST Xifa was 2.99 million yuan, representing a 6.78% decrease [3] - The overall fund flow indicates a mixed sentiment among institutional and retail investors in the non-liquor sector [2][3]