[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key professional terms and company abbreviations used throughout the report - This chapter primarily explains professional terms and company abbreviations used in the report, such as **'the Company'** referring to **Weilong Wine Co., Ltd.**, and **'Xinghe Xirang'** referring to its controlling shareholder, **Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [Company Basic Information](index=4&type=section&id=Company%20Information) This chapter details Weilong Wine Co., Ltd.'s fundamental information, including its legal representative, contact details, and listing information - The company's legal representative is **Zhu Qiuhong**[13](index=13&type=chunk) - The company's stock abbreviation is **'Weilong Shares'**, stock code **'603779'**, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a significant decline in operating performance, with revenue down 15.27% and net profit turning to a loss, though operating cash flow improved by 70% Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27% | | Net Profit Attributable to Shareholders | -2,401,755.22 | 9,448,994.55 | Not Applicable | | Net Profit After Non-Recurring Items | -2,659,564.57 | 9,033,110.88 | Not Applicable | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00% | | Total Assets | 1,062,866,384.78 | 1,080,802,327.61 | -1.66% (vs. prior year-end) | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.01 | 0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | -0.43 | 1.67 | Decreased by 2.10 percentage points | - Total non-recurring gains and losses for the reporting period amounted to **CNY 257,809.35**, primarily from government subsidies[21](index=21&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operational performance, core competencies, key financial changes, and potential risks [Discussion and Analysis of Operations](index=6&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company focused on strategic goals, advancing brand building, market marketing, technological processes, and internal control management - Marketing Strategies: - **Product Focus**: Emphasizing **Longque series**, **Brandy series**, and **Weilong Organic series** products - **Channel Expansion**: Stabilizing mature markets, penetrating key regions, and filling market gaps - **Terminal Management**: Utilizing big data analytics to offer customized product portfolios and promotional plans - **Consumer Cultivation**: Strengthening group purchasing, banquet projects, and personalized services[25](index=25&type=chunk) - Brand Building Strategies: - **Image Shaping**: Continuously building **Weilong Organic's mid-to-high-end brand image** - **Cross-industry Collaboration**: Exploring joint promotion models, such as with film and television productions - **Sub-brand Leadership**: Vigorously advancing the 'brand leading brand' strategy by establishing **Longque high-end sub-brand** and **Weilong Ofei Brandy** as two major business units to enhance overall brand power[25](index=25&type=chunk) - Technology and Internal Control: - **Technological Process**: Optimizing winemaking processes based on market demand, introducing new technologies and materials to enhance product quality - **Internal Control Management**: Strengthening internal audits, optimizing business processes, improving management systems, and enhancing work efficiency[26](index=26&type=chunk)[27](index=27&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its 'organic' brand, advantageous raw material bases, leading organic grape technology, full-产业链 integration, experienced teams, and diverse product lines - The company's core brand image is **'organic'**, with products certified by multiple countries, aligning with modern consumer trends[28](index=28&type=chunk) - The company owns or partners with high-quality wine grape cultivation bases in **Gansu Wuwei, Australia, and Xinjiang Yili River Valley**, ensuring the supply of premium raw materials[28](index=28&type=chunk) - The company has established a **full-产业链 integrated model** from seedling selection, ecological fertilizer production, cultivation, brewing, to sales, enhancing its market responsiveness, risk defense, and cost control capabilities[29](index=29&type=chunk) [Analysis of Key Operating Conditions](index=8&type=section&id=Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) The company's main business faced pressure with declining revenue and costs, while cash flows improved despite remaining negative, and significant shifts occurred in asset and liability items Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27 | Decrease in sales revenue | | Operating Cost | 90,803,306.53 | 104,041,735.65 | -12.72 | Decrease in sales revenue | | Financial Expenses | 6,699,714.50 | 8,774,168.55 | -23.64 | Decrease in bank loans, reduced interest expense | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00 | Decrease in cash paid for goods and services | | Asset Impairment Losses | -8,491,962.86 | -1,407,465.66 | -503.35 | Inventory for which impairment provisions were reversed was used in production and sold externally | | Income Tax Expense | 817,274.05 | 4,273,794.56 | -80.88 | Decrease in sales revenue | Changes in Major Asset and Liability Items | Item Name | Current Period End Amount (CNY) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 22,095,688.13 | 36.89 | Decrease in operating expenses this period | | Receivables Financing | 1,526,336.98 | 5,199.78 | Increase in outstanding notes receivable this period | | Employee Compensation Payable | 4,791,358.61 | -46.58 | Payment of prior period employee compensation this period | | Taxes Payable | 4,427,604.19 | -75.04 | Decrease in operating revenue led to reduced taxes and fees | - As of the end of the reporting period, the company's overseas assets amounted to **CNY 266 million**, representing **25.01%** of total assets[37](index=37&type=chunk) - As of the end of the reporting period, the total book value of the company's major restricted assets was **CNY 65.49 million**, primarily consisting of fixed assets and intangible assets pledged for borrowings[38](index=38&type=chunk) [Potential Risks](index=12&type=section&id=Potential%20Risks) The company faces significant risks including wine market volatility, raw material supply and price fluctuations, and challenges in managing its new high-end sub-brand - **Market Risk**: Influenced by macroeconomic conditions, consumer habits, and the impact of imported products, the domestic wine market faces weak demand, potentially leading to significant fluctuations in the company's operating performance[42](index=42&type=chunk) - **Raw Material Supply Risk**: Grape yield and quality are susceptible to force majeure events like weather, potentially leading to increased raw material costs or shortages, with the complex and volatile international environment further adding to supply uncertainty[42](index=42&type=chunk) - **Brand Management Risk**: The company's newly established **'Longque' high-end sub-brand** faces challenges in overcoming consumer perceptions of imported premium wines and gaining market recognition; inadequate brand maintenance could adversely affect the company[43](index=43&type=chunk) [Corporate Governance, Environment, and Society](index=14&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, as well as its profit distribution plan [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company saw changes in its board and senior management, including the appointment of a new independent director and a deputy general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wang Lei | Deputy General Manager | Appointment | | Ma Zhizhong | Independent Director | Election | | Li Xin | Independent Director | Resignation | [Profit Distribution Plan](index=14&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan is to not distribute profits or convert capital reserves into share capital - The company's **2025 semi-annual profit distribution plan** is: **no distribution, no capital increase from reserves**[48](index=48&type=chunk) [Significant Matters](index=16&type=section&id=Item%205.%20Significant%20Matters) This section details the fulfillment of commitments, major litigation, alleged illegal activities by related parties, and other significant corporate events [Fulfillment of Commitments](index=16&type=section&id=Fulfillment%20of%20Commitments) Commitments made by the controlling shareholder and actual controller regarding company independence, avoiding competition, and regulating related-party transactions were strictly fulfilled - Controlling shareholder **Xinghe Xirang** and its related parties committed to ensuring the listed company's independence in **personnel, assets, finance, business, and organization**, a commitment strictly fulfilled during the reporting period[52](index=52&type=chunk)[53](index=53&type=chunk) - To avoid horizontal competition, the controlling shareholder committed not to engage in businesses that compete with the listed company and to prioritize offering relevant business opportunities to the listed company[53](index=53&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in a lawsuit with Yantai Bank Longkou Branch, where a retrial application was rejected, and the opposing party has sought procuratorial supervision - In the lawsuit between the company and **Yantai Bank Longkou Branch**, the **Shandong Provincial High People's Court** has ruled to reject the opposing party's application for retrial[56](index=56&type=chunk) - Dissatisfied with the judgment, **Yantai Bank Longkou Branch** has applied to the **Yantai Municipal People's Procuratorate** for supervision, requesting a retrial procuratorial recommendation or protest, which the procuratorate has accepted[56](index=56&type=chunk) [Alleged Illegal Activities by Related Parties](index=19&type=section&id=Alleged%20Illegal%20Activities%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's actual controller, Mr. Yan Pengfei, was placed under residential surveillance for alleged embezzlement, with no new developments reported - The company's actual controller, **Mr. Yan Pengfei**, was placed under residential surveillance by the public security bureau on **December 25, 2024**, for alleged **embezzlement**, with no latest developments reported to date[57](index=57&type=chunk) [Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder's plan to increase its shareholding, though extended, has not yet been implemented as of the report disclosure date - Controlling shareholder **Xinghe Xirang** had planned to increase its shareholding in the company and extended the plan's duration, but as of the report disclosure date, the share increase has not yet been implemented[62](index=62&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's shareholder structure and any changes in share capital during the reporting period [Shareholder Information](index=23&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 28,966 common shareholders, with the controlling shareholder holding 18.84% of shares, some pledged, and no changes in share capital - As of the end of the reporting period, the company had a total of **28,966 shareholders**[65](index=65&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd. | 62,571,880 | 18.84 | Pledged 49,280,000 shares | | Zhejiang Phoenix Enterprise Management Partnership (Limited Partnership) | 26,619,932 | 8.02 | None | | Yang Guangdi | 16,958,382 | 5.11 | None | - During the reporting period, there were **no changes** in the company's total share capital or share structure[65](index=65&type=chunk) [Bond-Related Information](index=26&type=section&id=Item%207.%20Bond-Related%20Information) This section provides information regarding the company's outstanding bonds and other debt instruments [Corporate Bonds and Other Debt Instruments](index=26&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has **no outstanding corporate bonds** (including enterprise bonds), **non-financial enterprise debt financing instruments**, or **convertible corporate bonds**[70](index=70&type=chunk) [Financial Report](index=27&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes [Financial Statements](index=27&type=section&id=Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements, showing total assets of CNY 1.063 billion, total liabilities of CNY 505 million, and a net loss - This **semi-annual financial report is unaudited**[5](index=5&type=chunk)[72](index=72&type=chunk) Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 1,062,866,384.78 | | Total Liabilities | 505,028,920.14 | | Total Equity Attributable to Parent Company Owners | 557,677,260.51 | Key Items from Consolidated Income Statement (January-June 2025) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 187,045,280.14 | | Total Profit | -1,584,481.52 | | Net Profit | -2,401,755.57 | | Net Profit Attributable to Parent Company Shareholders | -2,401,755.22 | [Notes to Consolidated Financial Statement Items](index=74&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations for major consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, and short-term borrowings - Period-end monetary funds balance was **CNY 22.10 million**, of which **CNY 14,000** was restricted[208](index=208&type=chunk)[211](index=211&type=chunk) - Period-end accounts receivable book balance was **CNY 30.05 million**, with a bad debt provision of **CNY 9.82 million**, resulting in a book value of **CNY 20.24 million**; approximately **60%** of these were within one year aging[218](index=218&type=chunk)[221](index=221&type=chunk) - Period-end inventory book value was **CNY 419 million**, comprising a book balance of **CNY 536 million** and an inventory impairment provision of **CNY 116 million**; inventory primarily consisted of raw materials, work-in-progress, and finished goods[252](index=252&type=chunk) - Period-end short-term borrowings amounted to **CNY 121 million**, primarily composed of **mortgage loans, guarantee loans, and mortgage-plus-guarantee loans**[292](index=292&type=chunk)

Group 1 - The company reported a revenue of 187 million yuan for the first half of 2025, representing a year-on-year decline of 15.27% [1] - The net profit attributable to shareholders of the listed company was -2.4018 million yuan, compared to a profit of 9.449 million yuan in the same period last year [1]

Market Overview - The Shanghai Composite Index closed at 3766.21 points, above the six-month moving average, with an increase of 1.04% [1] - The total trading volume of A-shares reached 24,484.14 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 93 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xi'an Catering (9.78%) - Fuyao Glass (9.01%) - Sunrise Orient (6.98%) [1] Stocks with Small Deviation Rates - Stocks with minor deviation rates that just crossed the six-month moving average include: - Rui Ming Technology - Fengle Seed Industry - ST Zhongdi [1] Performance of Selected Stocks - Xi'an Catering: - Price change: +10.06% - Turnover rate: 11.89% - Latest price: 9.85 yuan - Deviation rate: 9.78% [1] - Fuyao Glass: - Price change: +10.01% - Turnover rate: 2.85% - Latest price: 61.35 yuan - Deviation rate: 9.01% [1] - Sunrise Orient: - Price change: +10.02% - Turnover rate: 9.10% - Latest price: 10.76 yuan - Deviation rate: 6.98% [1]

Market Overview - On August 18, the non-liquor sector rose by 0.36% compared to the previous trading day, with *ST Yedao leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - The top-performing stocks in the non-liquor sector included: - *ST Yedao: Closed at 6.74, up 2.12% with a trading volume of 107,700 shares and a turnover of 72.31 million yuan [1] - Huijian Mountain: Closed at 19.36, up 2.00% with a trading volume of 107,400 shares [1] - ST Xifa: Closed at 11.14, up 1.46% with a trading volume of 89,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 97.71 million yuan [2] - The capital flow for specific stocks showed: - Huijian Mountain had a net inflow of 14.72 million yuan from institutional investors [3] - *ST Yedao experienced a net outflow of 5.91 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had notable capital movements: - *ST Yedao: Net outflow of 5.91 million yuan from institutional investors, with a retail net inflow of 2.84 million yuan [3] - Huijian Mountain: Net inflow of 14.72 million yuan from institutional investors, but a net outflow of 3.84 million yuan from retail investors [3] - ST Xifa: Net outflow of 5.61 million yuan from institutional investors, with a retail net inflow of 2.92 million yuan [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].

证券之星消息，8月5日非白酒板块较上一交易日上涨0.7%，金枫酒业领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600616 | 金枫酒业 | 5.85 | 3.91% | 41.69万 | | 2.43亿 | | 002568 | 自润股份 | 24.97 | 2.88% | 11.19万 | | 2.77亿 | | 601579 | 会稳山 | 19.10 | 2.80% | 9.00万 | | 1.71亿 | | 600573 | 惠泉啤酒 | 12.29 | 1.24% | ﻥ 3.14万 | | 3859.93万 | | 603779 | 威龙股份 | 7.66 | 0.92% | 5.47万 | | 4178.91万 | | 600084 | 中信尼雅 | 5.67 | 0.89% | 3.31万 | | 1872.17万 | | 00 ...

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]

Group 1 - The core point of the article indicates that Weilang Co., Ltd. is experiencing a significant decline in profitability, with an expected net loss of 2.2 million to 3.3 million yuan for the first half of 2025, compared to a profit of 9.449 million yuan in the same period last year [1] - The company's main business revenue has decreased by 15% year-on-year due to a sluggish market in the wine industry [1] - As of July 31, 2025, Weilang's stock price closed at 7.46 yuan, down 0.15 yuan or 1.97% from the previous trading day, with a trading volume of 60,673 hands and a transaction amount of 46 million yuan [1] Group 2 - Weilang Co., Ltd. operates in the wine industry, focusing on the production and sales of various types of wine, including dry red and dry white wines [1] - On July 31, 2025, the net inflow of main funds was 904,300 yuan, accounting for 0.04% of the circulating market value [1]

Group 1: Industry Overview - The wine industry is facing ongoing economic fluctuations, impacting non-essential products like wine, leading to a continuous decline in performance [1] - Major wine companies in China have reported worsening losses for the first half of the year, with companies like Weilang and ST Tongpu projecting significant net losses [2] - A survey indicated that 59.4% of domestic wine industry participants reported a decline in performance over the past three years, highlighting the industry's struggles [2] Group 2: Market Sentiment and Future Outlook - Industry participants are cautious about the market for the next two years, with many expressing a neutral to slightly optimistic outlook despite challenges [3] - Zhangyu's general manager noted a "cliff-like" decline in wine consumption due to economic conditions, leading to reduced investments from distributors [3][4] - The global wine market is also under pressure, with a projected decline in production and consumption for 2024, marking the lowest levels since 1961 [5] Group 3: Strategic Shifts and Innovations - The domestic wine market is exploring new strategies such as "popularization," "trendy drinks," and lower alcohol content products to attract consumers [7] - A significant portion of industry participants believes that white wine and low-alcohol trendy drinks represent potential growth areas [7] - Companies are launching affordable wine products to lower entry barriers for consumers, with positive market feedback for low-priced white wines [8]