Market Overview - On October 23, the internet e-commerce sector declined by 0.48%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Xinjinda (300518) with a closing price of 13.52, up 3.84% on a trading volume of 109,600 shares and a turnover of 146 million yuan [1] - Jiaodian Technology (002315) closed at 44.40, up 2.94% with a trading volume of 58,500 shares and a turnover of 255 million yuan [1] - Conversely, significant decliners included: - Yumu Technology (301110) which fell by 6.88% to a closing price of 70.49 with a trading volume of 55,000 shares and a turnover of 38.7 million yuan [2] - Yiwan Yichuang (300792) decreased by 3.52% to 29.34, with a trading volume of 129,700 shares and a turnover of 379 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 28.67 million yuan from institutional investors and 45.72 million yuan from speculative funds, while retail investors saw a net inflow of 74.39 million yuan [2] - Detailed capital flow for selected stocks showed: - Xinjinda (300518) had a net outflow of 21.82 million yuan from institutional investors [3] - Jiaodian Technology (002315) saw a net inflow of 18.16 million yuan from institutional investors [3] - Qingmu Technology (301110) had a net inflow of 14.98 million yuan from institutional investors [3]

Core Insights - The traditional liquor market in China is facing significant challenges, with high-end liquor experiencing inventory issues and price discrepancies, while other categories like yellow wine and red wine are also struggling to sell [1][6] Group 1: Yellow Wine Market - "Yellow wine king" Guyue Longshan is collaborating with "beer king" China Resources Beer to develop a cross-border product combining yellow wine and beer, expected to launch within the year [2] - Guyue Longshan's performance has deteriorated, with a 48.17% year-on-year decline in net profit for 2024 and nearly a 5% drop in the first half of the year [4] - The company has failed to meet its sales and profit growth targets set for 2021, 2022, and 2023, indicating a struggle to maintain its market position [4][5] Group 2: Red Wine Market - The red wine market is also experiencing a downturn, with domestic leader Zhangyu A reporting a 3.4% decline in revenue and a 16.09% drop in net profit for the first half of 2025 [8] - Zhangyu A's wine sales fell by 10.28% year-on-year, while the company is diversifying into brandy, which has shown growth [8] - Imported wine volumes have decreased, with a 12.67% drop in imports during the first half of 2025 [8] Group 3: Changing Consumer Trends - The consumption landscape for alcoholic beverages in China is shifting from large banquets to smaller, lifestyle-oriented gatherings, with younger consumers redefining drinking occasions [9] - New consumption scenarios include casual settings like late-night snacks and camping, as well as intimate gatherings, posing a challenge for traditional liquor brands [9]

Core Insights - The internet e-commerce sector experienced a significant increase of 3.44% on October 15, with Ruoyuchen leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Ruoyuchen (003010) saw a closing price of 46.18, with a rise of 10.00% and a trading volume of 185,600 shares, amounting to a transaction value of 830 million [1] - Yiwang Yichuang (300792) closed at 34.42, up 7.80%, with a trading volume of 199,000 shares and a transaction value of 676 million [1] - Qingmu Technology (301110) closed at 82.89, increasing by 6.07%, with a trading volume of 52,400 shares and a transaction value of 431 million [1] - Other notable performers include Guolian Co. (603613) with a 4.86% increase and Liren Lizhuang (605136) with a 4.44% increase [1] Capital Flow - The internet e-commerce sector saw a net inflow of 101 million in main funds, while retail funds experienced a net outflow of 132.17 million [2] - Main funds showed a significant net inflow in Ruoyuchen, amounting to 75.8 million, while retail funds had a net outflow of 1.32 million [3] - Other companies like Kuaijingtong (002640) and Shitou Co. (600539) also experienced varying levels of net inflow and outflow in their respective funds [3]

Core Insights - The Chinese wine industry is experiencing a significant decline in production, with a reported 37.5% year-on-year decrease in April 2025 [1] - Cumulative wine production from January to April 2025 has also dropped by 27.5%, totaling 29,000 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 industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [2]

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-054 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 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，公司披露了《ST 通葡关于违规担保自查公告》（公告编 号：临 2021-044），公司披露了截至 2021 年 4 月 29 日相关公司违规担保的解 决进展及影响。 2021 年 8 月 31 日，公司披露了《通化葡萄酒股份有限公司关于违 ...

Core Insights - The internet e-commerce sector experienced a decline of 0.9% on September 29, with Jihong Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Market Performance - Jihong Co., Ltd. saw a significant drop of 9.94%, closing at 18.76, with a trading volume of 590,500 shares and a transaction value of 1.12 billion [2] - Other notable declines included Liren Lizhuang at -5.00% and Saiwei Times at -2.21% [2] - In contrast, Xinghui Co. and Yiwang Yichuang had increases of 6.09% and 3.28%, respectively [1][2] Capital Flow - The internet e-commerce sector experienced a net outflow of 66.26 million from institutional investors, while retail investors saw a net inflow of 0.98 million [2][3] - Yiwang Yichuang attracted the most institutional investment with a net inflow of 75.84 million, despite a total net outflow from retail investors of 86.94 million [3] - Other companies like Ruoyuchen and Qingmu Technology also saw mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Group 1: Research Summary - Reported industry: Brewing industry [2] - Research object: ST Tongpu [17] - Reception time: September 26, 2025 [17] - Listed company reception staff: Chairman Wu Yuhua, Deputy General Manager and Board Secretary Huang Lifan, Financial Controller Jia Xu, Independent Director Wei Liangshu [17] Group 2: Detailed Research Institutions - Reception object: Investors' online questions, others [20] Group 3: Main Content - The lawsuit against the former actual controller of the company is in the second - instance stage, and information will be disclosed in a timely manner if there is progress [24] - The company has nearly 90 years of wine - brewing experience and a cellar of over 10,000 square meters. It uses unique mountain grapes from the Changbai Mountains as raw materials, has a scientific brewing process, and produces high - quality characteristic wines. Its "underground cellar" was built in 1937 and has formed a "Chinese terroir" wine culture [24] - The company's products are not directly exported at present, and it will explore suitable export channels and products through scientific market research in the future [24]

Market Overview - On September 26, the internet e-commerce sector declined by 1.17% compared to the previous trading day, with Liren Lizhuang leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Jihong Co., Ltd. (002803) with a closing price of 20.83, up 9.98% and a trading volume of 236,000 shares, totaling 491 million yuan [1] - Xinghui Co., Ltd. (300464) with a closing price of 6.08, up 7.23% and a trading volume of 501,200 shares, totaling 302 million yuan [1] - Major decliners included: - Liren Lizhuang (605136) with a closing price of 10.80, down 5.51% and a trading volume of 311,600 shares, totaling 341 million yuan [2] - Jiyuan Technology (002315) with a closing price of 46.28, down 4.50% and a trading volume of 82,300 shares, totaling 386 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 179 million yuan from institutional investors, while retail investors saw a net inflow of 203 million yuan [2] - The capital flow for specific stocks showed: - Jihong Co., Ltd. had a net outflow of 32.91 million yuan from institutional investors [3] - San Tai Co., Ltd. (301558) had a net inflow of 11.11 million yuan from institutional investors [3] - ST Tongpu (600365) had a net inflow of 1.48 million yuan from institutional investors [3]

2023 年 5 月 4 日，大连仲裁委员会作出[2021]大仲字第 519 号裁决书，具体 内容详见公司于 2023 年 5 月 18 日披露的《通化葡萄酒股份有限公司关于公司涉 及仲裁的结果公告》（公告编号：临 2023-018）。根据生效仲裁裁决，公司应就 大连嘉得商贸有限公司不能清偿的 20%向大连鼎华国际贸易有限公司承担赔偿 责任，截至 2023 年 6 月公司已全额计提预计负债 7,075.43 万元。针对上述裁决 可能给公司带来的损失，公司于 2024 年 4 月 1 日向吉林省长春市中级人民法院 提交起诉状和相关材料，向原实际控制人进行追偿。2024 年 7 月 30 日，吉林省 长春市中级人民法院受理了该案件。 二、诉讼的请求内容及案件事实 诉讼请求： 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）； 证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-053 通化葡萄酒股份有限公司（以下简称"公司"）于近日收到吉林省高级人民法 院送达的相关材料。现将有关情况公告如下： 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 ...

关于 2025 年股权激励计划限制性股票 首次授予结果公告 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： 通化葡萄酒股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日收到中 国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公司完 成了 2025 年限制性股票激励计划首次授予登记工作，根据中国证券监督管理委 员会《上市公司股权激励管理办法》、上海证券交易所相关规则的规定，现将有 关情况公告如下： 一、限制性股票授予情况 证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-052 通化葡萄酒股份有限公司 （一）限制性股票的首次授予情况 2025 年 9 月 8 日，公司召开第九届董事会第十次会议，审议通过了《关于 调整 2025 年限制性股票激励计划首次授予激励对象名单和授予数量的议案》《关 于向 2025 年限制性股票激励计划激励对象首次授予限制性股票的议案》。公司 董事会薪酬与考核委员会对首次授予激励对象名单（授予日）进行了核查。上海 功承瀛泰（长春）律师事务 ...