Market Overview - On September 18, the non-liquor sector declined by 1.24% compared to the previous trading day, with ST Xifa leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - The following stocks in the non-liquor sector experienced notable declines: - ST Xifa: Closed at 11.71, down 4.02% with a trading volume of 85,800 shares and a turnover of 102 million yuan [1] - Huichuan Beer: Closed at 11.56, down 3.26% with a trading volume of 39,300 shares and a turnover of 45.92 million yuan [1] - Mogao Co.: Closed at 5.96, down 2.93% with a trading volume of 74,900 shares and a turnover of 45.11 million yuan [1] - Other notable declines include ST Yedao, CITIC Nia, and ST Lanhua [1] Capital Flow - The non-liquor sector saw a net outflow of 163 million yuan from institutional investors, while retail investors contributed a net inflow of 133 million yuan [1] - The following stocks had significant capital flow: - Qingfeng Wine Industry: Net inflow from retail investors of 348,580 yuan, but a net outflow from institutional investors of 3.34 million yuan [2] - CITIC Nia: Net inflow from retail investors of 527,680 yuan, with a net inflow from institutional investors of 1.38 million yuan [2] - ST Lanhua: Experienced a net outflow of 7.01 million yuan from institutional investors, but a net inflow of 195,260 yuan from retail investors [2]

Market Overview - On September 10, the non-liquor sector declined by 0.27% compared to the previous trading day, with *ST Lanhua leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the non-liquor sector included *ST Yedao, which rose by 3.22% to close at 6.74, and ST Xifa, which increased by 1.76% to 11.57 [1] - Conversely, *ST Lanhua fell by 2.18% to 8.51, and Zhujiang Beer decreased by 1.22% to 10.53 [2] Trading Volume and Value - The trading volume and value for selected stocks in the non-liquor sector showed significant activity, with Gu Yue Long Shan recording a trading volume of 113,300 hands and a transaction value of 114 million yuan [1] - The total net outflow of funds in the non-liquor sector was 8.89 million yuan from main funds, while retail investors saw a net inflow of 28.12 million yuan [2] Fund Flow Analysis - Ba Run Co. had a main fund net inflow of 26.84 million yuan, while retail investors experienced a net outflow of 4.98 million yuan [3] - The fund flow analysis indicates that while main funds were withdrawing, retail investors were actively buying into certain stocks, such as Huaiqian Beer, which saw a net inflow of 2.76 million yuan from retail investors [3]

Group 1 - The core viewpoint of the article highlights the financial performance of Zhongxin Niya (600084) for the first half of 2025, showing an increase in revenue and net profit compared to the previous year [1] - The total operating revenue reached 69.6351 million yuan, a year-on-year increase of 4.05%, while the net profit attributable to shareholders was 671,500 yuan, up 113.44% year-on-year [1] - In Q2, the operating revenue was 33.8784 million yuan, reflecting a 14.66% increase year-on-year, although the net profit for the quarter was -118,260 yuan, which still represented an 80.61% improvement year-on-year [1] Group 2 - The company's gross margin improved by 11.66% year-on-year, reaching 61.42%, while the net margin increased by 112.31% to 0.94% [1] - Total selling, administrative, and financial expenses amounted to 35.4971 million yuan, accounting for 50.98% of revenue, which is a 10.3% decrease year-on-year [1] - The earnings per share was reported at 0.0 yuan, with a year-on-year increase of 113.64%, and the operating cash flow per share was -0.01 yuan, up 85.88% year-on-year [1] Group 3 - The company's return on invested capital (ROIC) was 0.98% last year, indicating weak capital returns, with a historical median ROIC of 0.46% over the past decade [2] - The company has experienced cyclical performance, with a net profit margin of 7.56% last year, suggesting average added value for its products or services [2] - Historical financial reports indicate that the company has had nine years of losses out of 27 annual reports since its listing, raising concerns for value investors [2] Group 4 - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 67.94%, and the average operating cash flow over the past three years being -8.15% of current liabilities [2] - Financial expenses have been a point of concern, as the average net cash flow from operating activities over the past three years has been negative [2] - Accounts receivable have reached 300.35% of profit, and inventory has reached 559.75% of revenue, indicating potential liquidity issues [2]

Group 1 - The core viewpoint of the news is that CITIC Neya has experienced a slight decrease in the number of shareholders and is below the industry average in terms of shareholder metrics as of June 30, 2025 [1][2] - As of June 30, 2025, CITIC Neya had 25,689 shareholders, a decrease of 129 shareholders or 0.5% compared to March 31, 2025 [1][2] - The average shareholding value per shareholder for CITIC Neya is 243,200 yuan, which is lower than the non-white liquor industry average of 365,400 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, CITIC Neya's stock price increased by 1.46%, while the number of shareholders decreased [1][2] - During the same period, the net outflow of main funds was 60.1 million yuan, while retail investors contributed a net inflow of 31.89 million yuan [2]

Group 1 - The company reported a total operating revenue of 69.6351 million yuan for the first half of 2025, representing a year-on-year increase of 4.05% [1] - The net profit attributable to shareholders of the parent company was 671,500 yuan, compared to a loss of 4.9954 million yuan in the same period last year [1] - The basic earnings per share were 0.0006 yuan [1]

Core Viewpoint - CITIC Niya Wine Co., Ltd. reported a revenue increase of 4.05% in the first half of 2025 compared to the same period last year, achieving a total revenue of approximately 69.64 million yuan, while net profit turned positive at 671,510.33 yuan, recovering from a loss in the previous year [2][3]. Company Overview and Financial Indicators - The company operates in the wine manufacturing sector, focusing on grape planting, production, and sales, with a procurement model that integrates company and farmer operations [3][4]. - As of June 30, 2025, the total assets of the company were approximately 1.41 billion yuan, a decrease of 1.55% from the previous year, while net assets slightly increased by 0.03% to approximately 1.29 billion yuan [2][3]. Financial Performance - The main financial data for the first half of 2025 includes: - Revenue: 69,635,115.29 yuan, up 4.05% from 66,925,215.43 yuan in the previous year - Total profit: 2,486,049.80 yuan, a significant recovery from a loss of 5,081,380.77 yuan - Net profit attributable to shareholders: 671,510.33 yuan, compared to a loss of 4,995,360.21 yuan [2][3]. - The company reported a basic earnings per share of 0.0006 yuan, an improvement from a loss of 0.0044 yuan per share in the previous year [2][3]. Operational Analysis - The company has enhanced its marketing efforts, particularly through e-commerce, resulting in a 356.28% increase in online sales [3][4]. - The company has focused on technological innovation, obtaining several patents and establishing national-level research platforms to support its development [4][5]. - The company emphasizes food safety and product quality, having established a comprehensive food quality safety system and receiving multiple industry awards [5][6]. Competitive Advantages - CITIC Niya Wine is recognized as a leading wine producer in China, leveraging unique ecological resources from the Tianshan region to enhance its brand reputation [3][4]. - The company has developed a robust marketing network across China, with over a hundred distributors and partners, primarily focusing on the Xinjiang region and key economic circles [3][4]. Main Business Analysis - The company reported a significant increase in revenue driven by higher sales of high-margin products, while operating costs decreased by 10.78% [6][7]. - The company has optimized its product structure and reduced procurement costs, contributing to improved operational efficiency [3][4].

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 | ...