证券代码：000869、200869 股票简称：张裕 A 、张裕 B 公告编号：2025-临 13 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。 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——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 ...

百 年 张 裕 传 奇 品 质 2024 社会责任报告 烟台张裕葡萄酒酿酒股份有限公司 目录 1 | 烟台张裕葡萄酒酿酒股份有限公司 | 2024 | 年度社会责任报告 | | --- | --- | --- | | 对标索引 | 63 | | | 3. | | | --- | --- | | 以人为本 携手共进 | 33 | | 雇佣与职业福利 | 33 | | 培训与发展 | 34 | | 职业健康与安全 | 36 | | 4. | | | --- | --- | | 共享价值 赋能社区 | 45 | | 产品责任 | 45 | | 行业交流 | 54 | | 可持续供应链 | 59 | | 公益及社区参与 | 61 | 2 | 关键绩效表 | 03 | | --- | --- | | 荣誉奖项 | 05 | | 关于本报告 | 07 | | 关于本公司 | 08 | | 1. 透明运营 引领行业 | 09 | | --- | --- | | 公司治理 | 09 | | ESG 管治 | 13 | | 合规经营 | 15 | | 2. | | | --- | --- | | 守护风土 绿色酿造 | 21 ...

Core Viewpoint - Zhangyu, a leading domestic wine producer, has faced significant challenges, with its performance showing minimal growth in the first quarter of this year after a substantial decline in the previous year [2][3][6]. Financial Performance - In Q1 2024, Zhangyu reported revenue of 811 million yuan, a slight increase of 0.01% year-on-year, and a net profit of 159 million yuan, up 0.21% year-on-year, indicating a stabilization after last year's declines [2][3]. - For the full year 2023, Zhangyu's revenue was 3.277 billion yuan, a decrease of 25.26%, and net profit was 305 million yuan, down 42.68%, marking the lowest performance in 16 years [2][4][5]. Sales Breakdown - The decline in revenue was primarily due to significant drops in both wine and brandy sales, with wine revenue at 2.438 billion yuan (down 22.32%) and brandy revenue at 740 million yuan (down 35.8%) [4][5]. - Sales volume for wine decreased by 12.22% to approximately 57,700 tons, while brandy sales volume fell by 31.56% to about 20,500 tons [3][4]. Market Conditions - The domestic wine market has been experiencing low demand, exacerbated by increased competition from imported wines, particularly after the removal of tariffs on Australian wines [6][7]. - In 2023, the import volume of wine rose by 13.6% to approximately 280 million liters, while domestic production fell by 14.5% [6]. Future Outlook - Despite the challenges, there are optimistic views regarding Zhangyu's potential recovery, driven by changing consumer preferences towards lower-alcohol and more casual drinking experiences [8]. - The company aims to achieve a revenue target of at least 3.4 billion yuan in 2024, reflecting a growth of approximately 3.7% from the previous year [8].

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025-临12 烟台张裕葡萄酿酒股份有限公司 《关于召开2024年度股东大会的通知》之补充及更正公告 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。 本公司于2025年4月18日披露了《关于召开2024年度股东大会的通知》（以下简称" 《通知》"）。经事后自查，我们因对国家法律法规及证券监管规章制度理解不够全面 和透彻，未对拟提交2024年度股东大会审议的《关于回购公司部分境内上市外资股 （B股）股份方案》在《通知》中列出逐项表决内容，现对《通知》中"提案名称及 主要内容"和"授权委托书"部分进行补充和更正如下： 一、补充及更正情况 1、提案名称及主要内容 补充更正前： | 提 案 编 | | 备注 | | --- | --- | --- | | 码 | 提案名称 | 该列打勾的栏目可 | | | | 以投票 | | 100 | 总议案：除累积投票提案外的所有提案 | √ | | 非累积 | | | | 投票提 | | | | 案 1.00 | 2024 年度董事会工作报告 | √ | ...

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].