Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

Core Viewpoint - The first quarter of 2025 saw significant performance differences between beer and wine companies, with Yanjing Beer and Zhujiang Beer showing strong growth in revenue and profit, while Zhangyu A experienced only marginal growth in both metrics [1][4]. Group 1: Yanjing Beer Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan, representing a year-on-year increase of 6.69% [3]. - The net profit attributable to shareholders was about 1.65 billion yuan, reflecting a substantial year-on-year growth of 61.1% [3]. - The company achieved a beer sales volume of 995,000 kiloliters, with its flagship product, Yanjing U8, maintaining a growth rate exceeding 30% [1]. Group 2: Zhujiang Beer Performance - Zhujiang Beer recorded a revenue of approximately 12.27 billion yuan, which is a year-on-year increase of 10.69% [2]. - The net profit attributable to shareholders was around 1.57 billion yuan, showing a year-on-year growth of 29.83% [2]. - Despite Yanjing Beer having over three times the revenue of Zhujiang Beer, the net profit difference was only 800 million yuan [2]. Group 3: Zhangyu A Performance - Zhangyu A reported a revenue of approximately 8.11 billion yuan, with a minimal year-on-year increase of 0.01% [4]. - The net profit attributable to shareholders was about 1.59 billion yuan, indicating a slight year-on-year growth of 0.21% [4]. - The net profit excluding non-recurring gains and losses was approximately 1.53 billion yuan, which represents a year-on-year decline of 0.82% [4]. Group 4: Shareholder Information - As of the first quarter of 2025, the total number of ordinary shareholders for Yanjing Beer, Zhujiang Beer, and Zhangyu A were approximately 43,000, 26,000, and 43,000 respectively [7]. - There was a notable decline in the number of ordinary shareholders for all three companies compared to the first quarter of 2024, with Yanjing Beer and Zhujiang Beer experiencing reductions of over 30% [7].

张裕Ａ：一季度归母净利润1.59亿元，同比增加0.21%。 ...

张裕A公告，2025年第一季度营业收入8.11亿元，同比增长0.01%。净利润1.59亿元，同比增长0.21%。 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 810,921,680, a slight increase of 0.01% compared to CNY 810,827,748 in the same period last year[5] - Net profit attributable to shareholders was CNY 159,276,876, reflecting a 0.21% increase from CNY 158,946,802 year-over-year[5] - Basic and diluted earnings per share increased by 4.35% to CNY 0.24 from CNY 0.23 in the same period last year[5] - Net profit for the current period is 163,398,472, compared to 160,368,729 in the previous period, representing an increase of about 1.3%[14] - Earnings per share (EPS) for the current period is 0.24, up from 0.23 in the previous period, showing a growth of approximately 4.35%[15] Cash Flow - The net cash flow from operating activities improved significantly to CNY 21,194,646, compared to a negative CNY 65,346,151 in the previous year[5] - Operating cash flow for the current period is 21,194,646 RMB, a significant improvement from -65,346,151 RMB in the previous period[16] - Total cash inflow from operating activities decreased to 885,590,398 RMB, down from 903,718,315 RMB year-over-year[16] - Cash outflow from operating activities decreased to 864,395,752 RMB, compared to 969,064,466 RMB in the previous period[16] - Net cash flow from investing activities improved to 89,429,204 RMB, compared to -267,715,068 RMB in the previous period[16] - Cash inflow from financing activities decreased to 103,315,242 RMB, down from 120,028,465 RMB year-over-year[16] - Net cash flow from financing activities was 6,359,813 RMB, a recovery from -61,949,580 RMB in the previous period[18] - The ending balance of cash and cash equivalents increased to 1,835,817,087 RMB from 1,567,280,669 RMB in the previous period[18] - Cash received from the sale of fixed assets and other long-term assets was 100,007,058 RMB, significantly higher than 24,000 RMB in the previous period[16] - Cash paid for the purchase of fixed assets and other long-term assets decreased to 17,088,916 RMB from 36,739,068 RMB year-over-year[16] - The company reported a cash inflow of 11,471,958 RMB from tax refunds, up from 7,477,445 RMB in the previous period[16] Assets and Liabilities - Total assets decreased by 1.08% to CNY 12,385,150,820 from CNY 12,520,474,218 at the end of the previous year[5] - Total current assets amount to ¥5,583,543,036, a decrease from ¥5,610,357,951 at the beginning of the period[12] - Non-current assets total ¥6,801,607,784, down from ¥6,910,116,267[12] - Total liabilities decreased to 1,443,083,673 from 1,747,919,655, a reduction of about 17.4%[13] - Total equity increased to 10,942,067,147 from 10,772,554,563, reflecting a growth of approximately 1.57%[13] Shareholder Information - Total number of common shareholders at the end of the reporting period is 42,990[10] - Yantai Zhangyu Group Co., Ltd. holds 51.42% of shares, totaling 345,473,856 shares[10] - The company has no preferred shareholders or significant changes in major shareholders due to securities lending[11] Operational Efficiency - Total operating costs decreased to 593,133,648 from 599,571,753, reflecting a reduction of approximately 1.5%[14] - The company reported a decrease in sales expenses to 157,682,309 from 144,836,639, a reduction of approximately 8.8%[14] - Research and development expenses rose to 5,168,649 from 4,504,684, indicating an increase of about 14.7%[14] Other Financial Metrics - Non-recurring gains and losses totaled CNY 6,503,543, primarily from government subsidies and asset disposals[6] - Other comprehensive income after tax for the current period is 6,114,112, compared to a loss of 15,251,415 in the previous period, showing a significant recovery[14] - The company recorded a decrease in accounts receivable by 27.05% to CNY 197,559,217, primarily due to the collection of prior receivables[8] - Long-term borrowings increased by 48.02% to CNY 74,952,667, indicating a strategy to leverage for growth[8] - Inventory stands at ¥2,869,896,112, slightly down from ¥2,904,070,556[12]

Core Viewpoint - The domestic wine market is increasingly competitive, leading to significant declines in Zhangyu A's financial performance, with the company acknowledging that results are unsatisfactory [1][3]. Financial Performance - In 2024, Zhangyu A reported revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year [4]. - The net profit attributable to shareholders was 305.21 million yuan, down 42.68% from the previous year [4]. - The net profit after deducting non-recurring gains and losses was 131.07 million yuan, reflecting a 71.76% decline [4]. - The net cash flow from operating activities was approximately 397.74 million yuan, a drop of 66.09% year-on-year [4]. - The basic and diluted earnings per share were both 0.45 yuan, down 42.31% [4]. Sales and Product Performance - The sales volume of wine products was approximately 57,700 tons, a year-on-year decline of 12.22% [3]. - The sales volume of brandy was about 20,500 tons, down 31.56% [3]. - The gross margin for wine was 57.32%, a decrease of 2.91% from the previous year, while the gross margin for brandy was 58.26%, down 2.99% [3]. Market Conditions - The domestic wine market is facing intense competition, exacerbated by the resurgence of Australian imported wines following the removal of anti-dumping duties [6]. - The total volume of wine imports in 2024 was approximately 280 million liters, a year-on-year increase of 13.6% [6]. - Zhangyu A anticipates that the wine market will remain competitive in 2025, but also sees potential for growth as consumer preferences evolve [9]. Cost Management and Future Outlook - The company reduced its sales expenses to 1.013 billion yuan, an 18.29% decrease from 2023, primarily due to reduced market investment [5]. - Zhangyu A plans to achieve a revenue target of no less than 3.4 billion yuan in 2025, representing a growth of approximately 3.7% from 2024 [9]. - The company has initiated a share buyback plan to boost investor confidence, with a total buyback amount not exceeding 100 million yuan [9].

我作为烟台张裕葡萄酿酒股份有限公司(以下简称"公司")的独立董事，2024年严 格按照《公司法》等法律法规、中国证监会《关于在上市公司建立独立董事制度的指导 意见》、《上市公司治理准则》、《深圳证券交易所股票上市规则》等规范性文件和《公 司章程》、《公司独立董事工作制度》的有关规定，恪尽职守，勤勉尽责，在加强公司 规范治理、推进公司经营和管理工作健康发展、维护公司和股东合法利益等方面，发挥 了独立董事的应有作用。本着对股东负责的态度，现将2024年度履行职责的情况报告如 下： 一、独立性自查情况 烟台张裕葡萄酿酒股份有限公司 独立董事王竹泉2024年度工作述职报告 2024 年度，本人没有连续两次未亲自出席董事会的情况。 三、发表独立意见情况 本人对公司 2023 年证券投资情况、对 2023 年公司控股股东及其他关联方占用公司 资金情况、关于 2024 年度日常关联交易的议案、公司 2023 年对外担保情况、聘任 2024 年度会计师事务所、公司《2023 年度内部控制自我评价报告》、公司 2023 年度利润分配 1 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及 ...

Core Viewpoint - Zhangyu A, known as the "king of domestic wine," reported disappointing financial results for 2024, failing to meet its revenue target, with a significant decline in both revenue and net profit [1][2][3] Financial Performance - In 2024, Zhangyu A achieved revenue of approximately 3.277 billion yuan, a year-on-year decrease of 25.26%, and a net profit attributable to shareholders of about 305 million yuan, down 42.68% from the previous year [2][3] - The company's revenue performance over the past five years shows a downward trend, with 2024 marking the lowest revenue and net profit figures in this period [5] - Revenue figures from 2020 to 2024 were 3.395 billion yuan, 3.953 billion yuan, 3.919 billion yuan, 4.385 billion yuan, and 3.277 billion yuan, with corresponding year-on-year growth rates of -33.08%, 16.42%, -0.86%, 11.89%, and -25.26% [5] - Net profit figures for the same period were 471 million yuan, 500 million yuan, 429 million yuan, 532 million yuan, and 305 million yuan, with growth rates of -58.75%, 6.21%, -14.28%, 24.2%, and -42.68% [5] Revenue Breakdown - Wine and brandy are the main revenue contributors, with wine generating approximately 2.438 billion yuan in 2024, accounting for over 74% of total revenue, despite a year-on-year decline of 22.32% [7][10] - Brandy revenue in 2024 was about 740 million yuan, down 35.8%, making up 22.85% of total revenue [10] - Domestic market revenue was approximately 2.686 billion yuan, a decline of 28.6%, while international market revenue was about 591 million yuan, down 5.11% [10] Strategic Initiatives - In response to the disappointing performance, Zhangyu A announced a share buyback plan with a total amount not exceeding 100 million yuan and a cash dividend distribution of approximately 270 million yuan to boost investor confidence [2][12] - The buyback plan aims to repurchase between 10 million to 15 million shares, representing about 1.49% to 2.23% of the total share capital [12][16]

二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任公司董事的情形。 烟台张裕葡萄酿酒股份有限公司 独立董事候选人声明与承诺 声明人于仁竹作为烟台张裕葡萄酿酒股份有限公司第 10 届董事会独立董事候选人，已充分了解并同意由提名 人烟台张裕葡萄酿酒股份有限公司提名为烟台张裕葡萄酿酒股份有限公司（以下简称该公司）第 10 届董事会 独立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、 行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具 体声明并承诺如下事项： 一、本人已经通过烟台张裕葡萄酿酒股份有限公司第 10 届董事会提名委员会或者独立董事专门会议资格审查， 提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切关系。 √是 □否 √是 □否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所业务规则规定的独立董事任职资格 和条件。 √是 □否 四、本人符合该公司章程规定的独立董事任职条件。 √是 □否 五、本人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 √是 □否 ...

烟台张裕葡萄酿酒股份有限公司 独立董事候选人声明与承诺 声明人王竹泉作为烟台张裕葡萄酿酒股份有限公司第 10 届董事会独立董事候选人，已充分了解并同意由提名 人烟台张裕葡萄酿酒股份有限公司提名为烟台张裕葡萄酿酒股份有限公司（以下简称该公司）第 10 届董事会 独立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、 行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具 体声明并承诺如下事项： 一、本人已经通过烟台张裕葡萄酿酒股份有限公司第 10 届董事会提名委员会或者独立董事专门会议资格审查， 提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切关系。 √是 □否 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任公司董事的情形。 √是 □否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所业务规则规定的独立董事任职资格 和条件。 √是 □否 四、本人符合该公司章程规定的独立董事任职条件。 √是 □否 五、本人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 √是 □否 ...