Group 1 - Five Grain Liquid Sales Company underwent significant management changes, with Zeng Congqin stepping down as legal representative and chairman, replaced by Jiang Jia [1] - The company aims to enhance decision-making efficiency and market competitiveness through these changes, potentially solidifying its position in the high-end liquor market [1] - The restructuring may serve as a model for the liquor industry, promoting refined operations across the sector [1] Group 2 - Zhangyu's General Manager Sun Jian stated that the company aims for a revenue target of no less than 3.4 billion yuan for the year, reflecting a cautious optimism amid industry challenges [2] - The company attributed last year's revenue of 3.277 billion yuan to three external and three internal factors, highlighting significant pressures in the market [2] - Zhangyu plans to focus on market breakthroughs, enhancing marketing capabilities, product innovation, and collaboration with new retail forces [2] Group 3 - The Japanese sake industry faces a raw material shortage due to rising prices of edible rice, leading farmers to switch to more profitable crops [3] - The planting area for sake-specific rice has significantly decreased, causing supply chain pressures for sake manufacturers [3] - Manufacturers are calling for government intervention to ensure price parity and safeguard production [3]

证券代码：000869、200869 股票简称：张裕A 、张裕B 公告编号：2025-临18 烟台张裕葡萄酿酒股份有限公司 关于回购公司部分境内上市外资股(B股)回购报告书 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。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立回购专用证券账户。 4、风险提示： 本股份回购方案存在的不确定性风险具体如下： （1）本次回购经公司股东大会审议通过后，尚存在因公司股票价格持续超出回购 方案披露的价格上限，导致回购方案无法完成的风险。 （2）本次回购存在因对本公司股票交易价格产生重大影响的重大事项发生或公司 董事会决定终止本回购方案等将导致本计划受到影响的事项发生的风险。 （3）本次回购事项若发生重大变化，公司将及时披露相应进展公告，敬请投资者 注意投资风险。 1 重要内容提示： 1、烟台张裕葡萄酿酒股份有限公司（以下简称"公司"或"本公司"）拟使用自 有资金以集中竞价交易方式回购本公司股份，回购股份的种类为公司已发行的境内上市 外资股（B股），资金总额不超过人民币1亿元，股份回购价格不超过港币11.50元/股。 拟回购 ...

证券代码：000869、200869 股票简称：张裕A 、张裕B 公告编号：2025－临19 烟台张裕葡萄酿酒股份有限公司 关于回购部分境内上市外资股（B股）股份并减少注册资本 暨通知债权人的公告 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、通知债权人的原因 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"或"本公司"， 统一社会信用代码：913700002671000358；股票代码：000869、200869） 于 2025 年 5 月 23 日召开的 2024 年度股东大会审议通过了《关于回购公 司部分境内上市外资股（B 股）股份方案》。 根据上述 B 股回购方案，公司将结合自身财务状况和经营状况，在回 购资金总额不超过 1 亿元人民币，回购价格不高于 11.50 港元/股（若公 司在回购期内实施派息、送股、资本公积金转增股本、股票拆细、缩股、 配股及其他等除权除息事项，自股价除权除息之日起，按照中国证监会及 深圳证券交易所的相关规定相应调整回购价格上限）的条件下以集中竞价 交易方式实施境内上市外资股（B 股）回购，回购期限自股东大会审议通 过回购 ...

Core Viewpoint - Zhangyu A's performance in the previous year was adversely affected by both external and internal factors, leading to a cautious outlook for the wine industry in the short term, while maintaining a long-term optimistic perspective due to evolving consumer preferences [1][3]. Group 1: Performance Attribution - The poor performance last year was attributed to three external factors: a drastic decline in consumer sentiment towards wine, a significant reduction in consumption scenarios compared to five years ago, and weakened channel dynamics due to price inversions in the liquor market [1]. - Internal factors included insufficient product innovation to meet consumer taste demands, limited channel innovation, and ineffective marketing strategies with low sales expense efficiency [1]. Group 2: Market Situation - The wine industry is facing significant downward pressure, with 772 wine companies closing down and over 10,000 companies in abnormal or other statuses [1]. - The combined revenue of 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, indicating a narrowing of losses compared to 2022, but some leading companies have accumulated severe losses over the past decade [1]. - The first quarter sales figures suggest a conservative estimate of a 19% decline in annual revenue, with online competition leading to lower transaction prices and dissatisfaction among offline distributors [1]. Group 3: Future Outlook - The company has set a revenue target of no less than 3.4 billion yuan for this year, reflecting growth from last year's 3.277 billion yuan, while maintaining a gross margin of around 61% [2]. - To achieve growth, the company plans to implement several strategies, including targeted market breakthroughs, enhanced marketing collaborations, product innovation aimed at younger consumers, and improvements in product taste [2]. - The company remains cautious about the short-term industry outlook but is optimistic about long-term opportunities as consumer preferences shift towards elegant and healthy lifestyles [3].

External Factors - The consumption situation has sharply declined, with consumers tightening their spending, leading to a critical point where wine consumption drastically dropped in the second half of last year [1][2] - The consumption scenarios have also shrunk significantly, with both social and personal consumption needs not being met, resulting in a long-term decline in wine consumption [2] - The driving force from distribution channels has weakened, as most distributors also handle white wine, which has been under pressure, leading to a marginalization of wine sales [2] Internal Factors - Product innovation has been insufficient, with many new products not achieving the desired consumer satisfaction, limiting their contribution to sales [2][3] - Channel innovation has been lacking, with attempts to find new distributors yielding weak results [2] - Marketing efforts have been limited due to budget constraints, resulting in a vicious cycle of reduced visibility and sales [2][3] Market Analysis - In the past year, the total revenue of 10 listed wine companies was only 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight improvement but still reflecting significant losses over the past decade [4] - The wine industry is facing a severe downturn, with 772 wine companies having closed, indicating a critical state of decline [4][5] - The online and offline competition is intensifying, with major platforms engaging in price wars, negatively impacting profit margins for distributors [5] Future Outlook - The company aims to achieve a revenue target of no less than 3.4 billion yuan this year, reflecting a modest increase from last year's 3.277 billion yuan [6] - The gross profit margin from domestic operations is expected to remain around 61%, with challenges in increasing product prices due to consumer spending trends [6] - The company is focusing on localized market breakthroughs and enhancing marketing capabilities to better connect with consumers [6][7] Strategic Initiatives - The company plans to enhance its digital marketing efforts, leveraging consumer data to improve targeting and engagement [7][8] - New product categories are being explored, including low-alcohol and herbal wines, to meet emerging consumer demands [12][14] - Collaborations with new retail formats are being pursued to adapt to changing market dynamics and improve supply chain efficiency [14][15]

Core Viewpoint - Zhangyu, a century-old wine company, is facing significant challenges with a sharp decline in revenue and net profit for 2024, raising concerns about its performance in offline retail channels [1][5][4]. Group 1: Company Performance - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year, and a net profit of 305 million yuan, down 42.68%, marking a new low in recent years [5]. - The company's core products, wine and brandy, experienced substantial declines, with wine sales down 12.22% and revenue down 22.32%, while brandy sales plummeted 31.56% with revenue dropping 35.8% [5]. - The company's sales expense ratio reached a near ten-year high of 30.91%, indicating high costs without corresponding revenue growth [6]. Group 2: Inventory and Operational Efficiency - Zhangyu's inventory reached 2.904 billion yuan, a 5% increase year-on-year, with inventory turnover days soaring to 732.8 days, the highest in nearly a decade [6]. - The company is struggling to meet its ambitious revenue targets, with a goal of at least 3.4 billion yuan for 2025, reflecting limited confidence in short-term market recovery [6]. Group 3: Market Position and Competition - The Chinese wine industry is facing a downturn, with market size shrinking from 53.4 billion yuan in 2019 to 15.9 billion yuan in 2024, highlighting the challenges Zhangyu faces [7]. - The termination of anti-dumping measures on Australian wine has led to a 13.6% increase in import volume and a 37.2% increase in import value, intensifying competition for domestic brands [7]. Group 4: Management and Strategy - Zhangyu's management has implemented a stock incentive plan, which has drawn criticism from investors due to the disconnect between management rewards and the company's poor performance [7]. - To attract younger consumers, Zhangyu launched a low-alcohol sparkling wine "Xiao Tao," which has seen limited success in a highly competitive market [9].

证券代码：000869 200869 证券简称：张裕A 张裕B 公告编号：2025－临17 烟台张裕葡萄酿酒股份有限公司 关于董事、独立董事、监事变动的公告 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。 目前，烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）第九届董 事会由 14 名董事组成，分别为刘勋章先生、马克·乔瓦尼·法拉利先生、 Stefano Battioni 先生、恩里科• 西维利先生、张昀女士、周洪江先生、孙 健先生、李记明先生、姜建勋先生、刘庆林先生、段长青先生、刘惠荣女士、 于仁竹先生和王竹泉先生，上述人员后 5 位为独立董事；第八届监事会由三 名监事组成，分别为冷斌先生、刘志军先生和于锦凤女士，其中于锦凤女士 为职工代表监事。 经 2025 年 5 月 23 日召开的 2024 年度股东大会审议通过，任金峰先生、 马克·乔瓦尼·法拉利先生、克劳迪奥･ 米凯莱･ 达戈斯蒂诺先生、萨玛拉·奥 萨帝女士、张昀女士、周洪江先生、孙健先生、李记明先生、姜建勋先生、 王竹泉先生、于仁竹先生、郭建鸾先生、徐岩先生和苏昕女士当选公司第十 届董事会董事，上 ...

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临16 烟台张裕葡萄酿酒股份有限公司 二○二四年度股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决提案的情形。 2、本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开及出席情况 （一）会议召开情况 1、会议召开时间 现场会议召开时间：2025年5月23日(星期五)上午9点，会期半天。 网络投票时间：2025年5月23日，其中通过深圳证券交易所交易系统进行网络投 票的具体时间为2025年5月23日的交易时间，即9:15—9:25,9:30—11:30 和13:00— 15:00；通过深圳证券交易所互联网投票的具体时间为：开始投票的时间为2025年5月23 日（现场股东大会召开当日）上午9:15，结束时间为2025年5月23日（现场股东大会结 束当日）下午3:00。 2、现场会议召开地点：烟台市大马路56号本公司会议室。 3、会议召开方式：现场投票与网络投票相结合的方式。 4、会议召集人：本公司董事会。 5、会 ...

13F, HongKongNewWorld Tower, No.300 HuaihaiZhongRd, Shanghai, 200021,P.R.C. 中国上海淮海中路 300 号香港新世界大厦 13 层邮编：200021 Tel/电话:(8621)63872000 Fax/传真:(8621)63353272 Jin Mao Partners 金 茂 凯 德 律 师 事 务 所 上海金茂凯德律师事务所 关于烟台张裕葡萄酿酒股份有限公司 2024 年度股东大会的法律意见书 致：烟台张裕葡萄酿酒股份有限公司 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）2024年度股东大会（以下简称 "本次股东大会"）于 2025 年 5 月 23 日上午在烟台市大马路 56 号公司会议室召开。上海 金茂凯德律师事务所（以下简称"本所"）经公司聘请委派欧龙律师、张博文律师（以下 简称"本所律师"）出席会议，并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理 委员会《上市公司股东会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上 市公司股东会网 ...

证券代码：000869、200869 股票简称：张裕 A 、张裕 B 公告编号：2025-临 15 烟台张裕葡萄酿酒股份有限公司 关于回购股份事项前十名股东 及前十名无限售条件股东持股情况的公告 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。 一、前十名 B 股股东持股情况 | 股东名称 | 数量(股） | 占公司 B 股数比例 | 股总 | | --- | --- | --- | --- | | | | （%） | | | VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 3,446,137 | | 1.63 | | VANGUARD EMERGING MARKETS STOCK INDEX FUND | 3,087,201 | | 1.46 | | NORGES BANK | 2,464,119 | | 1.16 | | 招商证券（香港）有限公司 | 2,463,297 | | 1.16 | | Haitong International Securities Company | 2,461,494 | | 1.1 ...