证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 48 烟台张裕葡萄酿酒股份有限公司 关于部分激励对象已获授但尚未解除限售的限制性股票回购 注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"） 本次回购注销涉及 196 名激励对 象，回购注销的限制性股票数量为 2,153,772 股，占回购注销前公司总股本的 0.32%，回购 价格为 14.65 元/股。公司用于本次回购注销的资金为公司自有资金，回购金额合计 3,155.28 万元。 本次回购的限制性股票于 2025 年 11 月 28 日在中国证券登记结算有限责任公司深圳分公 司完成回购手续。 本次回购注销完成后，公司股份总数将由 671,823,900 股变更为 669,670,128 股，公司 注册资本也将相应由 671,823,900 元减少为 669,670,128 元人民币： 一、本次激励计划已履行的决策程序和信息披露情况 1、2023 年 4 月 26 日，公司 ...

Core Insights - The wine industry in China is experiencing a significant downturn, with both beer and white liquor facing challenges, but red wine is particularly struggling, leading to a mass sell-off of French vineyards by Chinese wealthy individuals [1][3][4]. Group 1: Industry Overview - The production of white liquor is declining annually, and brand prices are continuously falling, resulting in a shrinking A-share market for related sectors [1]. - Beer production in 2024 is projected to be less than 70% of the total output in 2013, despite some manufacturers finding success with high-end or craft beer [1]. - The overall wine market in China has seen a dramatic decline, with many wealthy Chinese selling off their French vineyards, particularly in Bordeaux [3][4]. Group 2: Market Dynamics - In the past decade, Chinese buyers have purchased over 130 Bordeaux vineyards, initially viewing them as status symbols and investment opportunities [9][11]. - The peak of red wine consumption in China occurred in 2013, when 1.865 billion bottles were consumed, making China the largest red wine market globally [14]. - The trend of purchasing vineyards was driven by the belief that red wine would become a staple for the new middle class, replacing traditional white liquor [23]. Group 3: Financial Implications - Many vineyards are now being sold at significantly lower prices than their purchase prices, with some starting bids as low as €150,000, compared to previous purchases that cost millions [4][6]. - Reports indicate that 90% of the vineyards owned by Chinese buyers are currently losing money, highlighting the financial risks associated with these investments [31]. - The total revenue of leading wine companies like Zhangyu has drastically decreased, falling from one-third of Moutai's revenue to just 3% [45]. Group 4: Cultural Shifts - The younger generation in China is moving away from the complex rituals associated with wine consumption, preferring simpler drinking experiences [36][41]. - The perception of red wine has shifted, with many young consumers finding it less appealing compared to other alcoholic beverages like beer and whiskey [41][43]. - The decline in red wine's popularity is reflected in its usage scenarios, which have dropped from 45% in 2019 to less than 15% in 2025 [45].

Core Insights - The Chinese wine industry is experiencing a significant decline in production, with a reported decrease of 18.2% in September 2025 compared to the previous year [1] - Cumulatively, the wine production from January to September 2025 has fallen by 22.6%, totaling 65,000 kiloliters [1] Company Insights - Key listed companies in the Chinese wine sector include Zhangyu A (000869), Weilang Co., Ltd. (603779), Zhongpu Co., Ltd. (600084), ST Tongpu (600365), Xibu Chuangye (000557), and Huangtai Wine Industry (000995) [1] Industry Reports - The report titled "2026-2032 China Wine Industry Market Panorama Survey and Investment Potential Research Report" by Zhiyan Consulting provides insights into the market trends and investment opportunities within the wine industry [1][2]

Market Overview - The non-liquor sector experienced a decline of 0.33% on the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with Kuaijishan (601579) rising by 1.47% to a closing price of 22.76, while *ST Yedao (600238) fell by 3.60% to 6.69 [1][2] - Other notable movements included ST Xifa (000752) increasing by 1.22% and Zhangyu A (000869) rising by 0.28% [1] Trading Volume and Value - Kuaijishan recorded a trading volume of 174,100 shares, with a transaction value of approximately 3.95 million yuan [1] - The total net outflow of main funds in the non-liquor sector was 12.99 million yuan, while retail investors saw a net inflow of 9.51 million yuan [2][3] Fund Flow Analysis - Main funds showed a net outflow in several stocks, including Kuaijishan with a net outflow of 23.57 million yuan, while Zhangyu A had a net inflow of 7.98 million yuan [3] - Retail investors contributed positively to the fund flow in stocks like 百润股份 (002568), which saw a net inflow of 20.47 million yuan despite a main fund outflow [3]

Market Overview - The non-liquor sector experienced a decline of 0.95% on November 18, with Yanjing Beer leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with ST Xifa closing at 12.32, up 0.49%, while other notable declines included Caijing Beer down 2.41% to 12.14 and Huichuan Beer down 2.41% to 12.15 [2] - The trading volume and turnover for selected stocks indicated significant activity, with Chongqing Beer recording a turnover of 1.33 billion and ST Xifa at 47.48 million [1][2] Capital Flow - The non-liquor sector saw a net outflow of 109 million from major funds, while retail investors contributed a net inflow of 115 million [2] - Detailed capital flow data showed that ST Xifa had a net inflow of 671,900 from major funds, while other stocks like ST Yedao experienced significant outflows [3]

Core Viewpoint - The potential acquisition of Hainan Yedao by Zhangyu has sparked interest in the beverage industry, with investors suggesting this move to expand into the health wine sector. However, Zhangyu's secretary did not provide a direct response to the suggestion, indicating a cautious approach [1][3]. Group 1: Hainan Yedao's Business Performance - Hainan Yedao has seen a revenue increase, achieving 178 million yuan in total revenue for the first three quarters of 2025, a year-on-year growth of 8.75%. The sales revenue for its core products, the Deer Tortoise Wine series and the Sea King Wine series, reached 36.84 million yuan and 91.84 million yuan, with growth rates of 248.13% and 24.81% respectively [3][6]. - The health wine sector has gained popularity among younger consumers, with over 9 million new users aged 18-30 for health wines in the past year, indicating a significant expansion of the young consumer base [5][6]. Group 2: Zhangyu and Qingdao Beer’s Performance - Zhangyu reported a revenue of 2.116 billion yuan for the first three quarters of 2025, a decline of 3.70% year-on-year, with a net profit attributable to shareholders of only 1.917 million yuan, down 30.96% [11][12]. - Qingdao Beer experienced a revenue of 29.367 billion yuan for the first three quarters of 2025, with a modest growth of 1.41%. However, its total revenue for 2024 showed a decline of 5.30%, indicating pressure on its main beer business [7][8]. - Both companies are facing significant performance pressures, with Zhangyu's core wine products seeing a sales decline of 10.28% and Qingdao Beer experiencing a "volume and price drop" in its beer business [10][12]. Group 3: Strategic Considerations - The fragmented shareholding structure of Hainan Yedao lowers acquisition barriers and funding costs, making it an attractive target for companies like Zhangyu and Qingdao Beer, which are seeking growth opportunities [6][7]. - Zhangyu is looking to develop new markets and diversify its product offerings, which could align well with the health wine segment, providing a complementary strategy to mitigate risks associated with its core wine business [12][13].

Group 1 - The company held its second temporary board meeting on November 13, 2025, where all 14 directors attended and the meeting was presided over by Chairman Zhou Hongjiang [3][4][6] - The board approved a proposal to change the registered capital and amend the company's articles of association with unanimous support [6][10] - The company has completed a share buyback plan, repurchasing 12,430,000 B shares, which will be canceled, reducing the total shares from 669,670,128 to 657,240,128 and the registered capital from 669,670,128 yuan to 657,240,128 yuan [11][10] Group 2 - The company announced the third temporary shareholders' meeting to be held on December 2, 2025, with a combination of on-site voting and online voting [13][15] - The meeting will allow shareholders who hold shares as of the registration date of November 26, 2025, to participate [16][17] - Detailed voting procedures and registration requirements for shareholders were provided, including the need for identification and proof of shareholding [19][21]

公司 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》（以下简称"《回购方案》"）和《关于回购股份授权的议案》。 截止至目前，《回购方案》已实施完毕，公司累计回购 B 股股份数量为 12,430,000 股。 根据《回购方案》，上述回购的 B 股将予以注销；注销完成后，公司股份总数由 669,670,128 股变更为 657,240,128 股，公司注册资本由 669,670,128 元减少至 657,240,128 元。 | 序 | | | 修改前 | | 修改后 | 说 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | | | 明 | | | 所在条目 | | 内容 | 所在条目 | 内容 | | | 1 | 第六条 | | 公司注册资本为人民币 | 第六条 | 公司注册资本为人民 | | | | | | 669,670,128 元。 | | 币 657,240,128 元。 | | | 2 | 第 二 十 | 一 | 公司已发行的股份数为 | 第二十一条 | 公司已发行的股份数 | | | | 条 | ...

关于召开 2025 年第三次临时股东会的通知 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。 证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 47 烟台张裕葡萄酿酒股份有限公司 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： (1)现场会议时间：2025 年 12 月 02 日 14:00 (2)网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 02 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 12 月 02 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 45 烟台张裕葡萄酿酒股份有限公司 2025 年第二次临时董事会决议公告 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、董事会会议召开情况 1、发出会议通知的时间和方式：本次会议的通知和议案于 2025 年 11 月 7 日通过电子邮件、传真、专人送达等方式告知全体董事和有关高级管 理人员。 2、召开会议的时间、地点和方式：2025 年 11 月 13 日以通讯表决方 式举行。 3、董事出席会议情况：会议应到会董事 14 人，实际到会董事 14 人。 4、会议的主持人和列席人员：董事长周洪江先生主持了会议；公司有 关高级管理人员列席了会议。 会议逐项审议了各项议案，并以记名表决的方式形成如下决议： 1、关于变更注册资本并修订《公司章程》的议案 与会董事以 14 票赞成，0 票弃权，0 票反对的结果通过了该议案; 详 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、董事会会议审议情况 三、备查文件 1、经与会董事签字并加盖董 ...