Industry Dynamics - In the first half of 2023, the revenue from tobacco and alcohol increased by 5.5% year-on-year, totaling 331.6 billion yuan, while June's revenue was 51.6 billion yuan, showing a decline of 0.7% year-on-year [4] - The added value of the beverage and tea manufacturing industry grew by 3.4% year-on-year in June, with a 4.7% increase in the first half of the year [4] - Four industry standards related to fermented rice wine and fruit wines were officially released, set to be implemented on February 1, 2026 [4] - A national standard for the carbon footprint quantification of liquor was included in the 2025 national standard plan [5] - The China Chain Store & Franchise Association issued a proposal to resist "involution" competition in instant retail, emphasizing the need for fair market practices and sustainable development [5] Company Dynamics - Multiple liquor companies released their performance forecasts for the first half of 2023, showing a significant divergence in results. The white liquor sector generally performed poorly, with Shui Jing Fang's net profit dropping by 56.52% and other companies like Jiu Gui Jiu and Shun Xin Agriculture also reporting substantial declines [7] - Some companies, such as Chuan Jiu Group and Qinghai Spring, reported growth in revenue and profits, while the beer sector, led by Yan Jing Beer, saw a net profit increase of 40%-50% [7] - The wine and yellow wine sectors faced losses, attributed to rising costs and inadequate market expansion [7] - The chairman of Shui Jing Fang Group was replaced, marking a significant change in leadership [10] - Hengshui Laobaigan plans to focus on three key areas in the second half of the year: deepening core market channels, enhancing differentiated operations for banquet scenarios, and accelerating the implementation of a digital marketing system [10]

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -27.9 million yuan and -18.6 million yuan [1] - The expected net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is projected to be between -22 million yuan and -14.67 million yuan [1] - The previous year's net profit attributable to shareholders of the parent company was -27.09 million yuan, indicating a similar trend of losses [1][2] Group 2 - The company reported a total profit of -22.29 million yuan in the same period last year [2] - The company has faced challenges in improving its operating performance due to complex internal and external environments [2] - The earnings forecast has not been audited by a registered accountant [2]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company projects a net loss for H1 2025, with attributable net profit expected between **-27.9 million and -18.6 million CNY** 2025 Semi-Annual Performance Forecast (Jan 1 - Jun 30, 2025) | Indicator | Estimated Amount (Million CNY) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -27.9 to -18.6 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -22.0 to -14.67 | - This performance forecast has not been audited by a certified public accountant[2](index=2&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) The company reported a net loss of **-27.0889 million CNY** attributable to parent company shareholders in H1 2024, similar to current forecasts 2024 Semi-Annual Performance (Prior Period) | Indicator | 2024 Semi-Annual Amount (Million CNY) | | :--- | :--- | | Total Profit | -22.2955 | | Net Profit Attributable to Parent Company Shareholders | -27.0889 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -20.9689 | | Earnings Per Share | -0.06 CNY | [Analysis of Pre-Loss Reasons](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Pre-Loss) The company attributes the projected loss to complex internal and external operating environments, without providing specific details - The company attributes the loss to 'complex internal and external environmental impacts,' despite the board's efforts to improve operating performance[4](index=4&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states no significant uncertainties affect this forecast, but emphasizes the inherent accuracy risks of unaudited data - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[5](index=5&type=chunk) - It is re-emphasized that this performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) The company advises investors that disclosed data is preliminary, with final figures in the 2025 semi-annual report, and warns of investment risks - The forecast data is preliminary, and the final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report[6](index=6&type=chunk) - Investors are reminded to be aware of investment risks[6](index=6&type=chunk)

Group 1: Yanjing Beer - Yanjing Beer expects a net profit of 1.062 billion to 1.137 billion yuan for the first half of 2025, representing a year-on-year growth of 40% to 50% [1] - The net profit excluding non-recurring gains and losses is projected to be 0.926 billion to 1 billion yuan, reflecting a growth of 25% to 35% compared to the same period last year [1] - Despite facing intensified market competition and slowing growth, Yanjing Beer has achieved revenue and net profit growth through product structure optimization, cost control, and market expansion [1] Group 2: Langjiu Group - Langjiu Group's chairman, Wang Junlin, emphasized the company's commitment to maintaining price stability and not participating in price wars during a recent national dealer conference [2] - The company outlined "Eight Persistences" and "Four Ensures" to guide its strategy, focusing on high-end positioning and brand strength [2] - The avoidance of price wars by leading liquor companies could help maintain healthy profit margins in the liquor sector and prevent value erosion [2] Group 3: ST Tongpu - ST Tongpu's lawsuit request was rejected by the first-instance court, and the company is required to bear costs of approximately 395,600 yuan for the case [3] - The company stated that the court's decision would not impact its current or future profits [3] - However, such negative events may affect investor confidence and raise concerns about the company's governance or operational risks [3]

Group 1 - The company is involved in a lawsuit where it is the plaintiff, and the case is currently at the first-instance judgment stage [1] - The amount involved in the lawsuit is 70.7543 million yuan [1] - The judgment has rejected the company's claims, and the company will bear the litigation costs amounting to 395,571 yuan and announcement fees of 2,600 yuan [1] Group 2 - The lawsuit has not had any impact on the company's current or future profits [2] - As of the announcement date, the company and its subsidiaries do not have any undisclosed significant litigation or arbitration matters [2]

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-036 通化葡萄酒股份有限公司关于涉及诉讼进展的公告 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法律责任。 重要内容提示: 是否会对上市公司损益产生负面影响：上述已判决的案件对公司本期利 润或者期后利润等未产生影响。 通化葡萄酒股份有限公司（以下简称"公司"）于近日收到（2024）吉 01 民 初 273 号民事判决书。现将有关情况公告如下： 一、本次诉讼基本情况 1、起诉时间：2024 年 4 月 1 日 2、受理时间：2024 年 7 月 30 日 3、诉讼机构：吉林省长春市中级人民法院 4、诉讼各方当事人 1、判令被告向原告赔偿损失人民币 70,754,300 元（大写：柒仟零柒拾伍万 肆仟叁佰元）； 2、本案诉讼费、保全费由被告承担。 具体内容详见公司于 2024 年 8 月 2 日披露的《通化葡萄酒股份有限公司关 于涉及诉讼进展的公告》（公告编号：临 2024-045）。 1 案件所处的诉讼阶段：一审判决 上市公司所处的当事人地位：原告 涉案的金额：7, ...

● 通化葡萄酒股份有限公司（以下简称"公司"）因触及《上海证券交易所 股票上市规则》（2019 年 4 月修订）13.4.1 第（五）项规定，公司股票被实施 "其 他风险警示"。 ● 根据《上海证券交易所股票上市规则》（2025 年 4 月修订）第 9.8.4 条 规定，公司将每月披露一次其他风险警示相关事项的进展情况，提示相关风险。 一、公司被实施其他风险警示的基本情况及进展 证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-035 通化葡萄酒股份有限公司 关于股票被实施其他风险警示相关事项的进展公告 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法律责任。 重要内容提示： 二、其他说明及相关风险提示 截至本公告披露日，公司生产经营正常，根据《上海证券交易所股票上市规 则》的相关规定，公司将每月发布一次提示性公告，及时披露上述事项的进展情 况。 公司指定信息披露媒体为上海证券交易所网站（http://www.sse.com.cn）、 《上海证券报》、《中国证券报》，公司所有信息均以在上述指定媒体刊登的信 息为准。敬 ...

Core Viewpoint - The announcement details the third unlock period of the restricted stock incentive plan for Tonghua Grape Wine Co., Ltd., allowing 7,560,000 shares to be listed and circulated on July 2, 2025, following the fulfillment of specific performance conditions [1][6]. Group 1: Stock Incentive Plan Overview - The stock type for this listing is equity incentive shares, with a total of 7,560,000 shares to be listed [1]. - The stock subscription method is offline, and the listing date is set for July 2, 2025 [1]. - The 2022 restricted stock incentive plan has undergone necessary approval procedures, including independent opinions from the board and verification by the supervisory board [2][3]. Group 2: Unlock Conditions and Performance Metrics - The first grant of restricted stock was made on June 23, 2022, at a price of 2.27 yuan per share, totaling 25,400,000 shares for 22 recipients [6]. - The unlock conditions for the third period require that the company does not receive negative audit opinions and meets specific performance targets, including a revenue growth rate of at least 25% for 2024 [6][7]. - The performance assessment for the incentive objects is categorized into four levels: excellent, good, qualified, and unqualified, affecting their ability to unlock shares [8]. Group 3: Stock Unlocking and Share Structure Changes - A total of 21 incentive objects are eligible to unlock shares, representing 1.77% of the total share capital, with 7,560,000 shares to be released [6][8]. - Following the unlocking, the number of restricted shares will decrease to zero, while the number of unrestricted shares will increase to 427,280,000 [8]. - The legal opinion confirms that the company has fulfilled necessary approvals and authorizations in compliance with relevant laws and regulations [8].

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-034 通化葡萄酒股份有限公司 关于 2022 年限制性股票激励计划 首次授予限制性股票第三个解除限售期解除限售 暨上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 7,560,000股。 6、2023 年 4 月 27 日，公司召开了第八届董事会第十五次会议和第八届监事 会第十二次会议，审议通过《关于向激励对象授予公司 2022 年限制性股票激励计 划预留部分限制性股票的议案》。公司独立董事就本激励计划是否有利于公司的持 续发展及是否存在损害公司及全体股东利益的情形发表了独立意见。公司监事会 对本激励计划相关事项进行核实并出具了相关核查意见。 本次股票上市流通总数为7,560,000股。 本次股票上市流通日期为2025 年 7 月 2 日。 一、股权激励计划限制性股票批准及实施情况 （一）2022 年限制性股票激励计划已履行的相关审批程序 1、2022 年 5 ...

功承瀛泰(长春)律师事务所 上海功承瀛泰(长春)律师事务所 关于 通化葡萄酒股份有限公司 2022 年限制性股票激励计划首次授予限制性股票第三个解 除限售期及预留部分授予限制性股票第二个解除限售期解 除限售条件成就 之 法律意见书 中国,吉林省长春市净月开发区银杏路 500 号伟峰领袖领地 1 号 楼 2/4 层 电话:(+86431) 89154888 传真:(+86431) 89154999 刀序漏泰(长春)律师事务所 | | | | 释 义 | | --- | | 第一节 律师声明事项 | | 第二节 正文 | | 一、本次解除限售的批准与授权 | | (一) 2022年限制性股票激励计划已履行的相关审批程序 | | (二) 2022年限制性股票激励计划历次授予情况 . | | (三)2022年限制性股票激励计划历次限制性股票解锁情况 . | | 二、本次解除限售条件成就情况 7 | | 三、结论意见 | Vintell 功承瀛泰(长春)律师事务所 释 义 以下词语如无特殊说明,在本文中具有如下含义: | 通化葡萄酒、本公司、公 | 指 | 通化葡萄酒股份有限公司 | | --- | --- | --- ...