各与会代表围绕今后会议在举办地址选择、会期时间安排、如何加强宣传、提高服务水平以及主题论坛的筹划等问题展开探讨。会上大家畅所欲言，积极 建言献策，并达成一致意见。 1、山东省糖酒商品交易会春季举办地址目前仍然固定在淄博，秋季会在省内具备条件的地市举办。2025年（第91届）山东省糖酒商品交易会确定在潍坊 鲁台会展中心举办。 2、山东省糖酒商品交易会春季举办时间一般固定在4月20号左右，秋季会固定在8月中下旬。具体会期由周五、周六、周日调整为周六、周日、周一。 2025年（第91届）山东省糖酒商品交易会确定于8月16-18日举办，17日开幕式。根据工作安排，第91届山东糖酒会将于6月底、7月初开始招商、招展工 作，届时将提前发布会议正式通知。 5月13-16日，山东省糖酒商品交易会第20届座谈会在烟台召开。兰陵、泰山、国井、古贝春、趵突泉、花冠、云门、秦池、红太阳、沂蒙老区、百脉泉、 天地缘、黄河龙、百粮春、金彩山、威海颐阳、洛北春、蒙山酿酒、心酒等近20家鲁酒骨干企业和山东新星集团的代表以及大众日报、齐鲁晚报、华夏酒 报、新黄河、中国山东网、东方阅酒网、酒业报道、华夏美酒地理、智度名酒评论、名酒新说等10余家 ...

Group 1: Industry Insights - The liquor industry is facing challenges, with companies like Luzhou Laojiao and Zhangyu expressing concerns about market conditions and sales performance [1][15] - Qingdao Beer is considering the integration of quality assets to enhance its market position, indicating a strategic approach to growth [13] - The recent regulations on public reception by government agencies may impact the consumption of alcoholic beverages in official settings [2] Group 2: Company Developments - Kweichow Moutai has completed 62.46 million shares repurchase, amounting to 10.11 billion yuan, which is two-thirds of its planned buyback [3] - Yanjing Beer is expanding into the non-alcoholic beverage market, launching a new soda brand to meet consumer demand and leverage synergies with its beer business [10][11] - Zhangyu's management remains cautiously optimistic about the long-term prospects of the domestic wine market despite current challenges [15][16] Group 3: Management Changes - Tim Ford is stepping down as CEO of Treasury Wine Estates, with Sam Fischer set to take over, bringing experience from both fast-moving consumer goods and the beverage industry [8] - Chen Qi, Vice Chairman of Shanghai Guijiu, has resigned due to personal reasons, continuing to serve as a board member [9]

Core Viewpoint - The company Zhangyu expresses a short-term pessimistic and long-term optimistic outlook on the domestic wine market, indicating that there is no significant improvement currently [2]. Financial Performance - Zhangyu reported a revenue of 3.277 billion yuan and a net profit of 305 million yuan, representing a year-on-year decline of 25.26% and 42.68% respectively, marking the lowest annual performance in 16 years [3]. - The company aims to achieve a revenue of no less than 4.7 billion yuan in 2024, which would represent a growth of approximately 7% compared to 2023 [3]. Market Challenges - The domestic wine market has been experiencing a downturn for several years, exacerbated by a significant increase in imported wines, leading to intensified competition for domestic producers [4]. - Zhangyu acknowledges the presence of substantial low-end wine production capacity, which poses challenges for immediate reduction efforts [4]. Strategic Initiatives - The company is implementing various measures to address performance issues, including refining the sales department structure, launching low-alcohol products, and focusing marketing efforts on key regions and cities [3]. - Zhangyu has also engaged in acquisitions of overseas wineries, which generated approximately 500 million yuan in revenue last year, with expectations of reaching 1 billion yuan in revenue from these wineries in the future [5]. Equity Incentives - Zhangyu's equity incentive plan, initiated in June 2023, has faced scrutiny from investors due to the company's declining performance. The plan involves granting stock options to 204 individuals at a price of 15.69 yuan per share [6]. - The company asserts that the equity incentive plan is linked to performance metrics and complies with legal procedures, while acknowledging the need to learn from the implementation experience [7].

Group 1: Guizhou Moutai - Guizhou Moutai announced the adjustment of the venue for the 2024 annual shareholder meeting due to the number of registered attendees exceeding the original venue capacity [1] Group 2: Zhangyu A - Zhangyu A's management acknowledged shortcomings in positioning and marketing, which contributed to the decline in performance, and emphasized the need for improvement [2] - The company aims to achieve 1 billion revenue from overseas wineries despite current challenges [2] Group 3: Huiquan Beer - Huiquan Beer discussed avoiding competition with Yanjing Beer, highlighting the importance of base market effects and sales radius in the beer industry [3] - The company plans to strengthen its market presence in Fujian and Jiangxi while expanding its overall market reach [3] Group 4: Dairy Industry - "Raising a Cow" launched a new children's brand "Moo Star" with three A2 type pure milk products targeting children aged 1-12 [4] Group 5: Food and Beverage - Qiaqia Foods clarified that it has no plans for a liquor business and is set to launch a new ice cream product next month [5] - Wahaha confirmed the termination of its contract with a co-packer due to quality issues found in some batches of bottled water [6] Group 6: Zhongju High-tech - Zhongju High-tech reported an expected improvement in sales for Q2 compared to Q1, with a decrease in inventory levels and recovery in sales across regions [7][8] Group 7: Farmer Spring - Farmer Spring introduced a new product, Chenpi White Tea beverage, on its Tmall flagship store [9] Group 8: Golden Dragon Fish - Golden Dragon Fish stated that its health products generally have higher profit margins than regular grain and oil products, which is expected to contribute to sales growth and profit [10] Group 9: Sanquan Foods - Sanquan Foods announced plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [11] Group 10: Laiyifen - Laiyifen addressed consumer concerns regarding a product issue, stating that they have taken swift action to investigate and resolve the matter [12] Group 11: Liziyuan - Liziyuan plans to focus on milk powder and dairy product production and sales while extending into the upstream supply chain [13] Group 12: Huiyuan Juice - Huiyuan Juice refuted negative online claims about its business, asserting that its operations have been improving since its restructuring in 2022 [14] Group 13: Walmart - Walmart reported Q1 2026 total revenue of $165.6 billion, with a 2.5% year-on-year increase, and a significant growth in its China e-commerce business [17]

Group 1: Company Performance and Strategy - The company has faced continuous performance decline in recent years and has implemented measures such as improving the sales department structure and launching low-alcohol products to attract younger consumers [1] - The company believes that the domestic wine market is not optimistic in the short term but remains hopeful for long-term growth, emphasizing its position as a leading enterprise in the industry [2] - The overseas winery sales are approaching 600 million, with a future target of 1 billion, although sales are expected to decline in 2024 due to global industry adjustments [2] Group 2: Product and Market Positioning - The company plans to refine its product line by increasing marketing efforts for key products while gradually reducing low-end product offerings [3] - The company acknowledges the impact of foreign imported wines on the domestic market and aims to produce quality products that meet Chinese consumer preferences [8] - There is a recognition of the need to improve product packaging, marketing, and consumer service to enhance market competitiveness [8] Group 3: Financial Management and Shareholder Relations - The company plans to repurchase B shares at a maximum price of 11.5 yuan, addressing the significant difference between share prices and net asset value [4] - Future capital expenditures will focus on safety and quality improvements, with no large-scale investments planned [5] - The company has implemented a stock incentive plan linked to performance, although it acknowledges that the plan's effectiveness has been challenged by recent performance declines [6][7] Group 4: Market Challenges and Responses - The domestic wine market has not shown significant improvement, and the company is actively working to adapt to challenges posed by reduced tariffs on imported wines [12][17] - The company has approved a market value management system to address the long-term undervaluation of B shares [9]

面对投资者关心的国内葡萄酒市场的发展，周洪江坦言，"短期不乐观长期不悲观"，作为行业深耕多年 的龙头企业，依然看好未来的市场发展空间，公司也将坚定不移地聚焦主业谋求发展。 此外，值得注意的是，在此次投资者网上接待日活动中多位投资者对于公司管理层股权激励并没有带来 业绩增长等提出质疑。 对此，公司表示："公司2023年开始实施的限制性股票激励计划与经营业绩相挂钩，没有违反法律程 序。公司实施股权激励的初衷是为了调动骨干人员的工作积极性推动公司更快更好地发展。在实施过程 中，政策起到了一定的作用，但2024年度面对全球行业的深度调整的形势，公司的业绩也没有达到预 期。我们会认真总结本次股权激励实施的经验教训。" 《每日经济新闻·将进酒》记者也以投资者身份，围绕公司2024年业绩，提出近年来业绩持续下滑、国 内葡萄酒市场未来趋势等问题，张裕A均进行了回应。 财报数据显示，2024年张裕A实现营业收入约32.77亿元，较上年同比下降25.26%，实现归属于上市公 司股东净利润约为3.05亿元，同比下降42.68%。仅完成"2024年力争实现营收不低于47亿元"这一KPI的 约七成。 对于业绩的下滑，董事长周洪江称，公 ...

Core Viewpoint - The company acknowledges challenges in achieving expected performance due to a global industry downturn and emphasizes the need for strategic review and improvement in various aspects of its operations [1][2]. Group 1: Company Performance and Strategy - The company implemented equity incentives to motivate key personnel for better performance, but results have not met expectations due to global industry adjustments [1]. - Management is committed to regularly reviewing strategies, marketing, and positioning to identify areas for improvement, acknowledging past shortcomings that contributed to declining performance [1]. - The company is optimistic about achieving 1 billion RMB in revenue from overseas wineries, despite current challenges, and plans to enhance sales in both domestic and international markets [1]. Group 2: Market Dynamics and Product Strategy - The company has taken measures to address performance declines, including refining the sales structure, launching low-alcohol products, and focusing on key urban markets [2]. - The impact of imported wines is recognized, and the company aims to produce quality products that meet consumer preferences while ensuring effective marketing strategies [2]. - The company maintains a cautious but optimistic outlook on the domestic wine market, believing in its long-term growth potential despite current challenges [2]. Group 3: Distribution Channels - The company is actively working to improve its presence in offline retail channels and has no plans to abandon these distribution avenues [3].

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025-临 14 烟台张裕葡萄酿酒股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，烟台张裕葡萄酿酒股份有限公司（以下简 称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司 高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、融资计划、股 权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 特此公告！ 烟台张裕葡萄酿酒股份有限公司 二 ...

Core Viewpoint - Chinese wine is gaining recognition on the global stage, with the success of Zhangyu's Longyu winery at the Düsseldorf International Wine Fair marking a significant shift in the wine industry's narrative [2][4][5]. Group 1: Achievements and Recognition - Longyu's Cabernet Sauvignon, Dragon 12, was awarded the same score as Lafite and outperformed other top wines in a blind tasting, highlighting its quality [4][6]. - The "Düsseldorf Judgment" is seen as a pivotal moment, akin to the 1976 Paris Judgment, which shifted the wine industry's power dynamics [3][4]. - Longyu has won over 160 international awards, showcasing its excellence and the fusion of traditional Chinese winemaking with modern techniques [7]. Group 2: Market Position and Cultural Impact - The success of Chinese wines like Longyu is challenging the dominance of imported wines in the high-end market, aiming to change consumer perceptions that favor foreign brands [8][9]. - There is a call for establishing a unique Chinese wine culture that reflects local characteristics rather than being an extension of Western wine markets [8][9]. - The breakthrough of Longyu represents a significant step for Chinese high-end wines to assert their presence and narrative in the global wine industry [9].

一、前十名B股股东持股情况 ■ 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。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）于 2025 年 4月 16 日召开了第九届董事会第十一次 会议，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》，具体内容详见公司于 2025 年 4 月 18 日披露于《中国证券报》、《证券时报》及巨潮资讯网（www.cninfo.com.cn）的《第九届董 事会第十一次会议决议公告》（公告编号：2025-临02），以及《关于回购公司部分境内上市外资股(B 股)股份方案》（公告编号：2025-临08）。 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号一一回购股份》等法 律、法规的相关规定，现将公司董事会公告回购股份决议的前一个交易日（即 2025年4月17日）登记在 册的前十名B股股东和前十名无限售条件B股股东的名称及持股数量、比例情况公告如下： 烟台张裕葡萄酿酒股份有限公司 董事会 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量总和，以上比例计算结果为 四舍五入，保留两位 ...