截至本公告披露日，肖震波先生仍持有公司股票，不存在应当履行而 未履行的承诺事项。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）董事会近日收 到公司总经理助理肖震波先生的《辞职报告》。肖震波先生因个人原因辞 去公司总经理助理职务。辞职后，肖震波先生仍在公司担任其他职务。 一、高级管理人员离任情况 姓名 离 任 职 务 离任时间 原定任期 到期日 离 任 原因 是否继续在 上市公司及 其控股子公 司任职 具体职务 是否存在 未履行完 毕的公开 承诺 肖震波 总 经 理 助理 2026 年 3 月 9 日 2028 年 6 月 10 日 个 人 原因 是 酒庄酒事业部副 总经理，兼任浙 江酒庄酒营销管 理中心总经理 （主管经理级） 否 二、离任对公司的影响 根据《中华人民共和国公司法》、《烟台张裕葡萄酿酒股份有限公司 章程》等相关规定，肖震波先生的辞职自《辞职报告》送达董事会时生效。 肖震波先生已按照公司相关制度做好交接工作，其辞职不会对公司日 常经营产生不利影响。 证券代码：000869 200869 证券简称：张裕A 张裕B 公告编号：2026－临06 烟台张裕葡萄酿酒股份有限公司 关于高级管理人员离任的公 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese beer industry is expected to see production, revenue, and profit growth of 5%, 4%, and 18% respectively in 2025, indicating a shift towards value enhancement [2] - The trend towards low-alcohol beverages is gaining momentum, with consumers preferring to drink less but of higher quality, leading to a significant increase in low-alcohol and health-oriented drinks [2] - The liquor industry is transitioning from a "quantity era" to a "quality era," focusing on high-quality development and technological innovation [5] - The Chinese wine market is undergoing structural changes, with a 26.85% decrease in imported wine volume but a 21.79% increase in average price, indicating a preference for premium and specialty wines [5] - The yellow wine industry is experiencing a nationalization and quality upgrade, with major brands increasing prices and expanding their market presence [6] Industry Environment - The report identifies four major trends in the beer industry for 2026: expansion of non-on-premise channels, growth of non-alcoholic beer, differentiation in craft beer competition, and deepening of local brand premiumization [2] - The liquor industry is seeing a shift towards rational consumption, emphasizing personalized experiences and cultural resonance [2] - The "2026-2030 Guidelines for Quality Improvement and Upgrading of the Liquor Industry" aim to foster high-quality development through technological innovation and cultural empowerment [5] - The Chinese wine market is focusing on white wine, affordable premium options, and diverse consumption scenarios, with brand operation and channel integration becoming key [5] Top Brand Dynamics - Gujing Gongjiu launched a marketing campaign centered around the theme of "going home" during the Spring Festival, enhancing its image as the "national year wine" [9] - Moutai is attracting younger consumers and women through its iMoutai platform, significantly increasing foot traffic in offline stores [9] - Moutai Wine is undergoing systematic changes to achieve growth despite market challenges, optimizing its product structure and increasing brand investment [10] - The yellow wine industry is moving towards nationalization and quality enhancement, with major brands like Guyue Longshan and Kweichow Moutai leading the charge [6][10] - Xifeng Wine is focusing on marketing reform and product upgrades to achieve breakthroughs in the high-end market [13] - Jian Nan Chun is leveraging cultural empowerment and emotional resonance in its marketing strategy to transition from promotional discounts to value enhancement [19]

Core Viewpoint - The recognition of Chinese wine, particularly Zhangyu's Longyu, by French President Macron at the Wine Paris exhibition signifies a pivotal moment for the Chinese wine industry, marking its emergence as a serious competitor in the global wine market [6][11][36]. Group 1: Event Significance - Macron's acceptance of a 6-liter Longyu wine bottle from Zhangyu's general manager, Sun Jian, highlights the growing acknowledgment of Chinese wine quality on an international stage [5][19]. - The event is described as a "historic moment," with Macron's statement that "China knows how to produce quality wine" indicating a shift in perception towards Chinese wines [4][9][12]. - The Paris Wine Exhibition serves as a global platform, where France, as the host and traditional leader in the wine industry, recognizes the capabilities of Chinese wine producers [4][7]. Group 2: Industry Transformation - Over the past two to three decades, the Chinese wine industry has undergone a significant transformation, moving from low-quality perceptions to a focus on high-end, boutique wines [12][24]. - The Ningxia region, with its favorable climate and soil conditions, has emerged as a key area for producing high-quality wines that can compete with traditional wine regions like Bordeaux [12][14]. - Zhangyu's Longyu winery has implemented rigorous vineyard selection processes, resulting in only a small fraction of land being used for high-quality wine production, which reflects a commitment to excellence [14][22]. Group 3: Competitive Landscape - Macron's comments suggest that French wine producers will face increasing competition from Chinese and Italian wines, indicating a shift in the global wine hierarchy [9][12]. - The acknowledgment of Chinese wines as serious contenders in the market represents a structural change in the global wine landscape, where quality is no longer solely defined by traditional European standards [17][36]. - The success of Chinese wines in international competitions, such as the "12 Nations Wine King Blind Tasting," further solidifies their position as emerging players in the global wine industry [28][30]. Group 4: Consumer Perception and Market Dynamics - There is a growing consumer confidence in Chinese wines, with high-end restaurants increasingly featuring them alongside imported wines, indicating a shift in consumer preferences [24][33]. - The emergence of a new narrative around Chinese wines, driven by both producers and consumers, is reshaping the market dynamics and challenging the historical dominance of European wines [25][34]. - The evolving consumer landscape is contributing to a healthier market structure, where high-end wines set quality benchmarks that influence the entire wine market [34][35].

Core Viewpoint - Zhangyu A is expected to see a significant decline in net profit for 2025, with projections indicating a drop of over 75% year-on-year due to insufficient market demand and a decrease in sales of mid-to-high-end products [1][2] Business Performance - The company forecasts a net profit attributable to shareholders of between 55 million to 75 million yuan for 2025, representing a year-on-year decline of 75.43% to 81.98%. The non-recurring net profit is expected to decrease by 69.48% to 77.11% [2] - The official annual report has not yet been released, and its disclosure progress is noteworthy [2] Stock Performance - On June 3, 2025, Zhangyu A was removed from the Shenzhen Component Index, which may affect the allocation of certain index funds [3] Business Development - On January 11, 2026, Zhangyu Group signed a strategic agreement with Guangbai Group to create an "International Famous Wine Smart Supply Chain," aimed at expanding the imported wine agency business and market channels in Guangdong. Subsequent developments from this partnership may positively impact the company's sales [4] Capital Movement - Since January 2026, there has been alternating net inflows and outflows of main capital, with a net inflow of 1.0299 million yuan on January 29 and a net outflow of 4.1917 million yuan on January 5, reflecting a divergence in short-term market sentiment [5] Industry Policy and Environment - The wine industry is facing overall challenges due to insufficient demand, with a 26.7% year-on-year decline in import volume for 2025, putting pressure on Zhangyu's mid-to-high-end products. Monitoring changes in consumer trends and the effectiveness of the company's transformation measures is essential [6]

Core Insights - The Wine Paris 2026 exhibition, the largest wine trade fair globally, showcased significant trends in the wine industry, including the rise of sparkling wines and the establishment of a dedicated non-alcoholic beverage section, reflecting changes in the global beverage market and presenting new opportunities [1][13]. Group 1: Attendance and Market Trends - The presence of Chinese importers at the exhibition was notably reduced, attributed to the timing coinciding with the Chinese New Year, a peak season for domestic wine consumption, leading importers to prioritize local market activities over international exhibitions [6][7]. - In 2025, China's wine import volume was approximately 207 million liters, a year-on-year decline of 26.85%, with an import value of about 1.418 billion USD, down 10.90%, indicating a deep market adjustment [7][8]. - Many importers are adopting a cautious approach towards new product introductions due to high inventory pressures and financial constraints, which has contributed to their absence from the exhibition [7][8]. Group 2: International Participation - Major wine producers from France, Australia, Chile, Italy, and China participated prominently, with high attendance and engagement at their booths, reflecting the strong global interest in these regions [9][12]. - The Portuguese wine sector showed remarkable growth, with over 300 producers participating, marking a 36% increase in booth size compared to the previous year, positioning Portugal as a significant player in the global wine market [12]. Group 3: Non-Alcoholic Beverages - The introduction of the Be No section for non-alcoholic beverages was a highlight of the exhibition, featuring over 250 products from 12 countries, indicating a shift in consumer preferences towards non-alcoholic options in various social settings [13][15]. Group 4: Sparkling and White Wines - Sparkling wines, particularly from Italy and France, were among the most popular categories at the exhibition, with significant foot traffic and interest, reflecting a stable demand in the high-end segment [16][17]. - The white wine section also expanded, with notable participation from German and New Zealand producers, indicating a growing trend towards lighter, quality wines among consumers [17]. Group 5: Chinese Wine Industry - Chinese wine brands, particularly Zhang Yu, gained significant recognition at the exhibition, with high-quality offerings attracting international attention, contrasting with the reduced presence of Chinese baijiu brands [18][20]. - The success of Chinese wines at the exhibition highlights the industry's shift towards quality improvement and international market engagement, breaking the traditional dominance of old-world wines [21].

Summary of Key Points Core Viewpoint The recent food safety supervision sampling conducted by the Nantong Market Supervision Administration revealed that out of 203 batches of various food products tested, 200 batches were found to be compliant with safety standards, while 3 batches were deemed non-compliant. Group 1: Food Safety Supervision Results - A total of 203 batches of food products were tested, covering 14 categories including pastries, alcoholic beverages, edible oils, meat products, dairy products, and snacks [2][3]. - Out of the 203 batches, 200 were found to be compliant, resulting in a compliance rate of approximately 98.5% [2][3]. Group 2: Non-Compliant Food Products - Three batches were identified as non-compliant, with specific details provided in the attached documentation [2][3]. - The non-compliant products include items from various categories, indicating potential areas for improvement in food safety standards [2][3].

Core Viewpoint - Yantai Changyu Pioneer Wine Co., Ltd. has announced a valuation enhancement plan due to its B shares trading below the net asset value for 12 consecutive months, aiming to improve investment value and shareholder returns through various strategic measures [12][13]. Group 1: Board Meeting Details - The board meeting was notified on February 4, 2026, and held on February 11, 2026, via telecommunication [2][3]. - All 14 board members attended the meeting, which was chaired by Chairman Zhou Hongjiang [4][5]. - The meeting complied with relevant laws and regulations [6]. Group 2: Resolutions Passed - The board approved the proposal for expected daily related transactions for 2026 with a unanimous vote of 5 in favor [7]. - The board also unanimously approved the valuation enhancement plan [8]. Group 3: Valuation Enhancement Plan - The plan was triggered by the continuous trading of B shares below the net asset value, with prices ranging from 7.40 to 9.00 HKD per share [13]. - The plan includes measures for operational improvement, long-term incentive mechanisms, cash dividends, investor relations management, information disclosure, and share buybacks [12][13]. Group 4: Operational Improvement Strategies - The company aims to enhance its core business by adapting to market trends such as lower alcohol content and healthier options, optimizing production systems, and improving internal processes [14][15]. - The company will focus on expanding its market presence in both red and white wines while innovating new product categories [15]. Group 5: Long-term Incentive Mechanisms - The company plans to implement stock incentives to motivate employees and align compensation with industry standards and performance [16]. Group 6: Cash Dividend Strategy - The company aims to establish a stable and scientific profit distribution mechanism to ensure consistent cash dividends for investors [16]. Group 7: Investor Relations Management - The company will enhance investor relations through various communication channels, including strategy meetings and performance briefings [17]. Group 8: Information Disclosure - The company will improve transparency in information disclosure, ensuring that investors are well-informed about the company's performance and strategic direction [18]. Group 9: Share Buyback Strategy - The company plans to utilize share buybacks to enhance investment value and signal confidence in its future development [19]. Group 10: Related Party Transactions - The company has outlined expected related party transactions for 2026, including leasing agreements and sales of products and services, with a total estimated value of 2,260 million CNY [26][31].

(二)预计日常关联交易类别和金额 证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号： 2026-临 04 烟台张裕葡萄酿酒股份有限公司 2026 年度日常关联交易预计公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 | 关联交易 | | | 预计 2026 年 | 2025 年度 实际发生 | 董事会审议 | 是否须 | | --- | --- | --- | --- | --- | --- | --- | | 类别 | 交易事项 | 关联人名称 | 度总金额 | 金额 | 情况 | 股东大 | | | | | （万元） | （万元） | | 会批准 | | 租赁 | 租赁场地 | 烟台张裕集团有限公司 | 560 | 549 | | 否 | | 资产 | 租赁房屋及设施 | 烟台张裕集团有限公司 | 900 | 751 | | 否 | | | 出租房屋及设施 | 烟台中亚至宝药业有限公司 | 93 | | 93 | 否 | | 出租资产 | 出租房屋及设施 | 烟台神马包装有限公司 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2026－临 05 烟台张裕葡萄酿酒股份有限公司 估值提升计划 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: 烟台张裕葡萄酿酒股份有限公司（以下简称"本公司"或"公司"） 张裕 B 股股票连续 12 个月每个交易日收盘价均低于最近一个会计年度经 审计的每股归属于公司普通股股东的净资产，根据《上市公司监管指引第 10 号——市值管理》的相关规定，本公司制定估值提升计划。公司估值提 升计划已经公司 2026 年第一次临时董事会审议通过。 公司估值提升计划将围绕经营提升、中长期激励机制、现金分红、投 资者关系管理、信息披露以及股份回购几方面，提升公司投资价值和股东 回报能力，推动公司投资价值合理反映公司质量，增强投资者信心、维护 全体股东利益，促进公司高质量发展。 相关风险提示：本估值提升计划是基于目前公司的实际情况而做出的 计划方案，不构成公司对业绩、股价、重大事件等任何指标或事项的承诺。 公司业绩及二级市场表现受到宏观形势、行业政策、 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2026－临 03 烟台张裕葡萄酿酒股份有限公司 2026 年第一次临时董事会决议公告 公司及董事会全体成员保证公告内容的真实、准确和完整,没有虚假记载、误导性陈 述或者重大遗漏。 1、审议通过了《关于 2026 年度日常关联交易预计的议案》 与会董事以 5 票赞成，0 票反对和 0 票弃权的表决结果通过了本议案; 关 联董事任金峰、马克·乔瓦尼·法拉利、克劳迪奥･米凯莱･达戈斯蒂诺、 一、董事会会议召开情况 1、发出会议通知的时间和方式：本次会议的通知和议案于 2026 年 2 月 4 日通过电子邮件、传真、专人送达等方式告知全体董事和有关高级管 理人员。 2、召开会议的时间、地点和方式：2026 年 2 月 11 日以通讯表决方式 举行。 3、董事出席会议情况：会议应到会董事 14 人，实际到会董事 14 人。 4、会议的主持人和列席人员：董事长周洪江先生主持了会议；公司有 关高级管理人员列席了会议。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、董事会会议审议情况 会议逐项审议了 ...