Core Viewpoint - ST Tongpu, a company with nearly 90 years of winemaking history, has recently experienced a five-day stock surge, reaching a one-year high, despite its ongoing ST status due to historical issues related to illegal guarantees [1][19]. Group 1: Historical Development - Tonghua Wine Co., Ltd. is a well-established brand in China's wine industry, with nearly 90 years of winemaking experience. The company underwent restructuring in 1999 and was officially listed on January 15, 2001. It has experienced multiple changes in shareholding, notably when Xinhua Group became the largest shareholder in 2004 [2][20]. Group 2: Main Business - ST Tongpu's main business is divided into two segments: wine manufacturing and sales, and e-commerce for consumer goods. The wine segment focuses on various types of wines, including dry, ice, sweet, and grape spirits, using unique mountain grapes from Changbai Mountain. The e-commerce segment operates through its subsidiary, Jiurun Yuan, and has obtained internet distribution rights from several brand owners, collaborating with platforms like JD.com, Tmall, and Pinduoduo. The company has recently decided to gradually stop selling white wine online and will focus on wine and non-white wine consumer goods in the future [3][21]. Group 3: Financial Performance (2022-2024) - ST Tongpu's financial data has shown volatility in recent years. Key indicators include: - Basic earnings per share: -0.13 yuan in 2022, -0.17 yuan in 2023, and -0.12 yuan in 2024 [5][23]. - Net asset per share: 0.78 yuan in 2022, 0.72 yuan in 2023, and 0.67 yuan in 2024 [6][24]. - Sales gross margin: 19.49% in 2022, 17.99% in 2023, and 14.54% in 2024 [7][25]. - In 2024, the company reported revenue of 869 million yuan, a year-on-year increase of 1.22%, but a net loss attributable to shareholders of 49.88 million yuan, indicating continued losses [8][26]. - As of the first half of 2025, the company's debt-to-asset ratio reached 66.8%, indicating significant financial pressure [9][27]. Group 4: Reasons for ST Status - The direct reason for ST status is historical issues related to illegal guarantees. In August 2020, the company discovered that the former actual controller had illegally used the company's seal to guarantee a loan agreement for Dalian Dinghua International Trade Co., Ltd. The arbitration involved an amount as high as 306.3 million yuan, and although the arbitration court deemed the guarantee invalid, the company was ordered to bear compensation liability of approximately 61.26 million yuan [10][28]. Additionally, the internal control audit report for 2020 received a negative opinion, contributing to the ongoing ST status [11][29]. Group 5: Current Problem Resolution Status - As of the third quarter of 2025, the core issues leading to ST status remain unresolved, and the conditions for removal have not been met. The company has filed a lawsuit against the former actual controller for losses related to the illegal guarantee but lost the first instance in July 2025 and has appealed, with the case currently in the second instance [12][30]. The company has recognized estimated liabilities for the arbitration matter and is disclosing progress monthly, indicating a commitment to using legal means to protect its rights and mitigate risks [12][31]. Group 6: Potential Speculative Themes - Despite the pressure on fundamentals, the market may focus on the following themes: 1. Business focus: The decision to stop the e-commerce white wine business and return to the core wine business is seen as a signal of strategic clarity [13][32]. 2. Equity incentives: A restricted stock incentive plan is set to be launched in 2025, proposing to grant approximately 6.26% of shares to 45 core employees, which may be interpreted as management's confidence in the future [13][32]. 3. Historical heritage: The company has nearly 90 years of winemaking history and a unique underground wine cellar, providing a foundation for brand storytelling [14][33]. 4. Active stock price: In September 2025, the stock experienced a "five consecutive boards" phenomenon, with a monthly increase of over 40%, likely attracting short-term capital attention [15][34].

Core Insights - The internet e-commerce sector experienced a 0.7% increase on December 2, with ST Tongpu leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - ST Tongpu (600365) closed at 3.54, up 5.04% with a trading volume of 156,300 shares and a transaction value of 54.55 million yuan [1] - Jihong Co. (002803) closed at 16.47, up 3.72% with a trading volume of 176,500 shares and a transaction value of 288 million yuan [1] - Guolian Co. (603613) closed at 28.53, up 3.63% with a trading volume of 177,300 shares and a transaction value of 497 million yuan [1] - Other notable performers include ST Yigou (002024) up 3.51% and Xinghui Co. (300464) up 3.20% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 39.01 million yuan from institutional investors, while retail investors experienced a net outflow of 55.12 million yuan [2] - Major stocks like Liren Lizhuang (605136) had a net inflow of 49.53 million yuan from institutional investors, indicating strong interest [3] - Jihong Co. (002803) also saw significant institutional interest with a net inflow of 45.69 million yuan [3]

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-060 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： ● 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 2020 年 8 月 25 日，公司因为原实际控制人违规担保，根据《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,触发了"上市公 司股票被实施其他风险警示"的相应情形，被实施其他风险警示。具体内容详见 公司于 2020 年 8 月 24 日披露的《关于公司股票实施其他风险警示暨公司股票停 牌的提示性公告》（公告编号：临 2020-038）。 2021 年 4 月 30 日 ...

Core Insights - The Chinese wine industry is experiencing a significant decline in production, with a reported decrease of 18.2% in September 2025 compared to the previous year [1] - Cumulatively, the wine production from January to September 2025 has fallen by 22.6%, totaling 65,000 kiloliters [1] Company Insights - Key listed companies in the Chinese wine sector include Zhangyu A (000869), Weilang Co., Ltd. (603779), Zhongpu Co., Ltd. (600084), ST Tongpu (600365), Xibu Chuangye (000557), and Huangtai Wine Industry (000995) [1] Industry Reports - The report titled "2026-2032 China Wine Industry Market Panorama Survey and Investment Potential Research Report" by Zhiyan Consulting provides insights into the market trends and investment opportunities within the wine industry [1][2]

Market Overview - On November 7, the internet e-commerce sector declined by 0.8%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.77, up 6.68% and a trading volume of 143,700 shares, totaling 236 million yuan [1] - Guolian Co. (603613) closed at 28.49, up 0.99% with a trading volume of 128,300 shares [1] - Significant decliners included: - Qingmu Technology (301110) closed at 72.92, down 4.07% with a trading volume of 44,300 shares, totaling 328 million yuan [2] - JiaoDian Technology (002315) closed at 44.88, down 3.79% with a trading volume of 72,600 shares [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 60.73 million yuan from institutional investors, while retail investors saw a net inflow of 72.48 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks [2] Individual Stock Capital Flow - Xinxunda (300518) had a net inflow of 25.59 million yuan from institutional investors, while retail investors had a net outflow of 27.37 million yuan [3] - Qingmu Technology (301110) saw a net inflow of 25.37 million yuan from institutional investors, but a net outflow of 37.90 million yuan from retail investors [3] - Guolian Co. (603613) had a net inflow of 23.83 million yuan from institutional investors, with retail investors experiencing a net outflow of 35.19 million yuan [3]

Core Insights - The internet e-commerce sector experienced a slight decline of 0.15% on November 5, with New Xunda leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Yumu Technology (301110) with a closing price of 75.00, up 2.88% [1] - Liren Lizhuang (605136) at 66.6, up 1.73% [1] - Ruoyuchen (003010) at 37.71, up 1.37% [1] - Major decliners included: - New Xunda (300518) at 15.98, down 3.68% [2] - Jihong Co. (002803) at 16.66, down 2.00% [2] - Focus Technology (002315) at 47.37, down 1.74% [2] Capital Flow - The internet e-commerce sector saw a net outflow of 65.06 million yuan from institutional investors, while retail investors contributed a net inflow of 50.17 million yuan [2] - The detailed capital flow for selected stocks showed: - Yumu Technology had a net outflow of 20.05 million yuan from institutional investors [3] - Star徽股份 (300464) saw a net inflow of 14.16 million yuan from institutional investors [3] - ST Yigou (002024) had a net inflow of 1.38 million yuan from retail investors [3]

Market Performance - The internet e-commerce sector rose by 0.53% on November 3, with Guolian Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Guolian Co., Ltd. (603613) closed at 29.39, with a gain of 3.49% and a trading volume of 159,500 shares, amounting to 467 million yuan [1] - Other notable performers included: - Shitou Co., Ltd. (600539) at 10.93, up 2.15% [1] - ST Tongpu (600365) at 3.36, up 2.13% [1] - Liren Lizhuang (605136) at 9.84, up 2.07% [1] - Jiao Dian Technology (002315) at 48.20, up 1.80% [1] Capital Flow - The internet e-commerce sector experienced a net outflow of 66.54 million yuan from institutional investors and 52.86 million yuan from retail investors, while individual investors saw a net inflow of 119 million yuan [2] - The capital flow for key stocks included: - Guolian Co., Ltd. had a net inflow of 55.05 million yuan from institutional investors [3] - Jiao Dian Technology saw a net inflow of 14.74 million yuan from institutional investors [3] - Star徽股份 (300464) had a net inflow of 12.41 million yuan from institutional investors [3]

Core Viewpoint - The company has announced the granting of 2.75 million restricted stocks to a qualified incentive object at a price of 2.82 yuan per share as part of its 2025 stock incentive plan [15][20][27] Financial Data - The financial report for the third quarter is unaudited, and the company has confirmed the accuracy and completeness of the financial information [3][13] - The company has reported significant legal disputes that may impact its financial position, including a judgment requiring payment of 32.5 million yuan and 6.5 million yuan to different parties [6][8][10] Shareholder Information - The company has provided details on the number of shareholders and the status of major shareholders, although specific numbers are not disclosed in the provided documents [5] Legal Disputes - The company is involved in multiple legal disputes, including a ruling that requires it to pay back certain amounts to partners and the freezing of some assets due to these disputes [7][9][11] - The company has acknowledged the legal obligations arising from these disputes and has accounted for them in its financial statements [7][9][11] Stock Incentive Plan - The stock incentive plan includes specific conditions for the granting and lifting of restrictions on the stocks, with performance assessments required for the release of restrictions [19][22][29] - The plan aims to enhance employee motivation and improve operational efficiency, with the expectation that the benefits will outweigh the associated costs [31]

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-059 是否会对上市公司损益产生负面影响：由于本案法院裁定准许原告撤诉， 本次裁定不会对公司本期利润和期后利润产生不利影响。公司将保持对相关诉讼 事项的关注并及时履行信息披露义务，敬请广大投资者理性投资，注意投资风险。 通化葡萄酒股份有限公司（以下简称"公司"）于近日收到（2025）苏 0105 民初 9913 号民事裁定书。现将有关情况公告如下： 2、诉讼各方当事人 原告：严智 通化葡萄酒股份有限公司关于涉及诉讼的结果公告 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: 一、本次诉讼的基本情况 1、诉讼机构：江苏省南京市建邺区人民法院 被告：通化葡萄酒股份有限公司 三、一审裁定情况 二、诉讼的案件事实及请求 1、本案原告起诉状记载的主要事实与理由为： 本公司在 2017 年 10 月 10 日发布的《关于签署设立产业基金合作框架协议 的公告》(公告编号：临 2017-020),公告内容为：2017 年 10 月 9 日，本公司第 六届董事会 ...

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-057 通化葡萄酒股份有限公司 单位：万元 币种：人民币 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 相关规定，现将公司酒制造行业 2025 年前三季度主要经营数据（未经审计）公 告如下： 一、公司 2025 年前三季度经营情况： 1、酒类产品按产品档次分类情况： 单位：万元 币种：人民币 | 产品档次 | | 年 2025 销售收入 | 1-9 | 月 | 年 2024 1-9 销售收入 | 月 | 增减变动幅度（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 低档（单价低于 | 元） 40 | | | 3,788 | | 4,254 | -10.95 | | 中高档（单价 40 | 元以上） | | | 2,878 | | 2,200 | 30.80 | | 合计 | | | | ...