葡萄酒行业2025年触底未见反弹，但新机会已经在孕育。 近日，国内葡萄酒龙头企业张裕公布了2025年业绩预告，净利润同比大幅下滑75%到82%，这一数据令 业内震动。 龙头企业尚且如此，也在一定程度上折射出国内葡萄酒行业的尴尬——在反复探底数年之后，行业仍未 找到反弹的支点。 不过记者注意到，在经历深刻反思后，国内葡萄酒消费的新增长正在萌芽。 酒商哀叹6年生意少了一半 接到记者电话时，北京酒商李亮正在赶往酒局的路上。他告诉记者，进入腊月初十（1月28日）之后， 原本不温不火的酒水市场才突然有了一点春节旺季的感觉。 趁着行业热度回升，近几天李亮每天都安排得满满当当，晚上尤其忙碌，各种酒局应接不暇。他打算多 见客户，争取在春节前多销售一些葡萄酒。 新增长正在萌芽 葡萄酒行业已深度调整多年，却迟迟未能走出周期。过去几年中，行业内部虽然对以往在消费者认知、 行业推广、品牌建设等方面存在的问题进行了反复而深刻地反思，但大多数酒企依然沿着原有惯性前 行。但在2025年，越来越多葡萄酒企业开始拿起望远镜，寻找新大陆。 近日，新崛起的葡萄酒企业代表西鸽集团公布了2025年业务进展，全年销售收入实现超过10%的增长。 同时，西 ...

Group 1 - The non-white liquor sector increased by 0.96% compared to the previous trading day, with CITIC Niyah leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key stocks in the non-white liquor sector showed varied performance, with CITIC Niyah closing at 7.85, up 7.83%, and Chongqing Beer at 53.88, up 3.40% [1] Group 2 - The non-white liquor sector experienced a net outflow of 51.09 million yuan from institutional investors, while retail investors saw a net outflow of 7.08 million yuan [2] - The main capital flow data indicates that Kuaijishan had a net inflow of 22.89 million yuan from institutional investors, while CITIC Niyah had a net outflow of 4.01 million yuan [3] - Retail investors showed a significant net outflow in several stocks, including Baorun Co., which had a net outflow of 22.42 million yuan [3]

Core Viewpoint - Zhangyu A, a leading domestic wine company, is expected to report a significant decline in net profit for 2025, reflecting a broader downturn in the domestic wine industry due to shrinking market demand and a drop in non-recurring income [1][5]. Financial Performance - For 2025, Zhangyu A's net profit is projected to be between 55 million and 75 million yuan, representing a year-on-year decline of 75.43% to 81.98% [1][5]. - The company's non-recurring net profit is expected to fall to between 30 million and 40 million yuan, with a year-on-year decrease of 69.48% to 77.11% [1][5]. - In the first three quarters of 2025, Zhangyu A reported revenue of 2.116 billion yuan, a slight decrease of 3.7% year-on-year, and a net profit of 188 million yuan, down 16.27% year-on-year [6][7]. - The third quarter alone saw revenue of 645 million yuan, a decline of 4.38% year-on-year, with net profit plummeting to 1.9172 million yuan, down 30.96% year-on-year [6][7]. Industry Context - The overall demand for wine in the domestic market remains weak, significantly impacting Zhangyu A's revenue, particularly in the mid-to-high-end product segment, which is crucial for profitability [2][6]. - The decline in non-recurring income, such as the absence of significant asset disposal gains seen in 2024, has exacerbated the drop in net profit for 2025 [2][7]. - The challenges faced by Zhangyu A are indicative of a broader trend within the domestic wine industry, where other listed companies are also experiencing revenue declines and profitability issues [3][7]. Market Dynamics - Data from customs indicates a contraction in the wine market, with imports of bottled wine under 2 liters dropping by 15% in value and 3.4% in volume during the first nine months of 2025 [3][8]. - The economic environment has led to a sharp decline in wine consumption, particularly in key consumption scenarios like large banquets, which has directly contributed to reduced market demand [4][8]. - Domestic wine companies are struggling with insufficient investment in product innovation, channel development, and brand marketing, making it difficult to adapt to changing consumer preferences and increasing the risk of marginalization [4][8].

登录新浪财经APP 搜索【信披】查看更多考评等级 三、业绩变动原因说明 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降50%以上情形 （1）以区间数进行业绩预告的 单位：万元 ■ 二、与会计师事务所沟通情况 本次业绩预告的相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。公司已就业绩预告 有关事项与会计师事务所进行了初步沟通，双方不存在重大分歧。 烟台张裕葡萄酿酒股份有限公司 董事会 2025年度公司归属于上市公司股东的净利润、扣除非经常性损益后的净利润和每股收益与2024年度同比 下降的主要原因如下： 1、2025年度，葡萄酒市场需求仍然不足，导致公司营业收入同比出现较大幅度下滑，尤其是中高端产 品销售的大幅下滑，削弱了盈利能力。 2、2024年本公司处置了莱州葡萄基地，本次交易确认资产处置收益人民币127,400,859 元；而2025年度 资产处置收益较上年度下降较大。 基于上述原因，20 ...

葡萄酒的年轻化，不是简单地把酒瓶做小、酒标做潮，而是一场从文化叙事到消费场景的彻底革新。 "偶尔撸个猫 立马不紧绷"，当张裕长尾猫白葡萄酒遇见新生代演员林允，一场葡萄酒消费变革正在悄然发生。 张裕长尾猫品牌代言人、松弛生活发言人——林允。 数据显示，长尾猫白葡萄酒上市不足一年，却在2025年拿下中国电商平台19个畅销榜榜单第一。在传统葡萄酒市场增长放缓的背景下，这只"长尾猫"究竟触 动了年轻消费者哪根神经？ 值得关注的是，此次林允不仅是张裕长尾猫品牌代言人，也是长尾猫"松弛生活发言人"，这一特殊身份背后又藏着张裕与年轻消费群体对话时怎样的巧思？ 市场破局：长尾猫的"反传统"策略 在业内人士看来，2025年是中国葡萄酒市场的转型年。一方面，传统红葡萄酒消费持续收缩，另一方面，白葡萄酒消费呈现较迅猛的增长趋势。 中国葡萄酒领军者张裕敏锐地捕捉到这一趋势，在2025年3月率先推出专为年轻人打造的长尾猫白葡萄酒。 长尾猫的出现，打破了行业对葡萄酒年轻化的肤浅理解。它不是简单地在包装上做减法，而是重构产品与消费者的关系。 百年张裕全新推出的白葡萄酒品牌——长尾猫。 与白酒行业相似，长期以来，葡萄酒行业也是以传统的商务宴 ...

Core Insights - The article discusses the transformation of the Chinese wine market, particularly focusing on the younger demographic and the launch of Zhangyu's "Long Tail Cat" white wine brand as a response to changing consumer preferences [1][2]. Group 1: Market Trends - The Chinese wine market is expected to undergo a significant transformation by 2025, with traditional red wine consumption declining while white wine consumption is rapidly increasing [1]. - The characteristics of the current wine market include "youthful, self-indulgent, low-alcohol, and scenario-based" consumption [1]. Group 2: Product Features - Long Tail Cat white wine features a low alcohol content of 11°, a refreshing taste, and a price range of 30 to 50 yuan, catering to different consumer preferences with semi-sweet (C39) and semi-dry (C59) options [1]. - The product design eliminates traditional barriers to wine consumption, such as complicated opening procedures and high-pressure consumption environments, by using a screw cap for easy access [1]. Group 3: Marketing Strategy - The branding of Long Tail Cat incorporates a cute cat design and connects with the popular "cat petting" culture among young people, aligning with their desire for a relaxed and low-pressure drinking experience [2]. - Long Tail Cat actively targets non-traditional wine consumption scenarios, such as hot pot, barbecue, and seafood, addressing the needs of Chinese dining experiences [2]. - The brand has adopted a non-traditional marketing approach by focusing on e-commerce platforms, achieving top rankings in various wine categories on these platforms [2].

Earnings Forecasts - Shengyi Electronics expects a net profit of 1.431 billion to 1.513 billion yuan in 2025, an increase of 331.03% to 355.88% year-on-year [1] - Tigermed anticipates a net profit of 830 million to 1.23 billion yuan in 2025, representing a growth of 105% to 204% year-on-year [2] - Shunbo Alloy forecasts a net profit of 210 million to 270 million yuan in 2025, with an increase of 222.96% to 315.23% year-on-year [3] - Jinkong Electric expects a net profit of 155 million to 195 million yuan in 2025, reflecting a growth of 383.21% to 507.9% year-on-year [9] - Baiao Saitu anticipates a net profit of 162 million to 182 million yuan in 2025, with a year-on-year increase of 384.26% to 443.88% [18] - Panjiang Co. expects a net profit of 318 million to 380 million yuan in 2025, representing a growth of 205.30% to 264.83% year-on-year [38] Loss Forecasts - Liaoning Energy predicts a net loss of 273 million to 410 million yuan in 2025, compared to a profit of 202 million yuan in the previous year [5] - Anbotong anticipates a net loss of 114 million to 165 million yuan in 2025, with a revenue decrease of 19.65% to 27.25% [7] - Wantai Bio forecasts a net loss of 330 million to 410 million yuan in 2025, compared to a profit of 106 million yuan in the previous year [12] - Xingyun Co. expects a net loss of 155 million to 230 million yuan in 2025, compared to a loss of 82.44 million yuan in the previous year [20] - Huaxing Co. anticipates a net loss of 800 million to 1.2 billion yuan in 2025, with a reduction in loss compared to 1.67 billion yuan in the previous year [46] New Product Approvals - Hengrui Medicine received acceptance for a new indication application for its innovative drug, combining Carrelizumab and Apatinib for treating unresectable liver cancer [4] - Tianen Kang's subsidiary received a drug registration acceptance notice for Lidocaine and Prilocaine aerosol [31] - Lisheng Pharmaceutical announced that its Aminophylline tablets passed the consistency evaluation for generic drugs [40] Share Buyback Plans - Hengyuan Coal Power plans to repurchase shares with a total amount not less than 200 million yuan and not exceeding 250 million yuan [13] Contract Wins - China Communication Signal Co. won contracts totaling approximately 5.26 billion yuan for 21 important projects in the railway and urban rail transit markets [37]

Group 1 - The non-white liquor sector increased by 5.18% on January 29, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Kuaijishan's stock price rose to 22.98, marking a 10.00% increase, with a trading volume of 316,900 shares [1] Group 2 - The non-white liquor sector saw a net inflow of 351 million yuan from main funds, while retail investors experienced a net outflow of 253 million yuan [2] - The stock of Guhua Longshan also increased by 10.00%, closing at 10.89, with a trading volume of 830,600 shares [1][2] - The trading data indicates that Kuaijishan had a main fund net inflow of 91.30 million yuan, representing 13.06% of its total trading [3]

南财智讯1月29日电，张裕Ａ发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为5500 万元—7500万元，同比预减75.43%—81.98%；预计2025年全年归属于上市公司股东的扣除非经常性损 益的净利润为3000万元—4000万元，同比预减69.48%—77.11%。2025年度公司归属于上市公司股东的 净利润、扣除非经常性损益后的净利润和每股收益与2024年度同比下降的主要原因如下：1、2025年 度，葡萄酒市场需求仍然不足，导致公司营业收入同比出现较大幅度下滑，尤其是中高端产品销售的大 幅下滑，削弱了盈利能力。2、2024年本公司处置了莱州葡萄基地，本次交易确认资产处置收益人民币 127,400,859元；而2025年度资产处置收益较上年度下降较大。 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2026－临 02 烟台张裕葡萄酿酒股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上情形 2025 年度公司归属于上市公司股东的净利润、扣除非经常性损益后的 净利润和每股收益与 2024 年度同比下降的主要原因如下： 1、2025 年度，葡萄酒市场需求仍然不足，导致公司营业收入同比出现 较大幅度下滑，尤其是中高端产品销售的大幅下滑，削弱了盈利能力。 （1）以区间数进行业绩预告的 二、与会计师事务所沟通情况 本次业绩预告的相关数据是公司财务部门初步测算的结果，未经会计 师事务所审计。公司已就业绩预告有关事项与会计师事务所进行了初步沟 通，双方不存在重大分歧。 单位：万元 项 目 本报告期 上年同期 归属于上市公司 股东的净利润 5,500 ～ 7,500 30,521 比上年同期下降 ...