证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2024－临23 烟台张裕葡萄酿酒股份有限公司 二○二三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。 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：2024年5月17日(星期五)上午9点，会期半天；网络投票时间：2024 年 5 月 17 日；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 2024 年 5 月 17 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 2024 年 5 月 17 日（现场股东大会召开当日）上午 9:15，结束时间为 2024 年 5 月 17 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、会议主持人： ...

关于烟台张裕葡萄酿酒股份有限公司 2023 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"）2023 年度股东大会（以下 简称"本次股东大会"）于 2024 年 5 月 17 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"）经公司聘请委派李志强律师、游广 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《上市公司股东大会规则》（以下简称"《股东大会规则》"）、 《深圳证券交易所上市公司股东大会网络投票实施细则》等相关法律、法规和规范性文 件以及《烟台张裕葡萄酿酒股份有限公司章程》（以下简称"《公司章程》"），就本 次股东大会的召集、召开程序、出席会议人员的资格及股东大会表决程序等发表法律意 见。 在本法律意见书中，本所律师根据《股东大会规则》的规定，仅对公司本次股东大 会的召集、召开程序、出席会议人员的资格、召集人资格、会议的表决程序和表决结果 事项发表法律意见，并不对本次股东大会审议 ...

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2024－临22 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。 烟台张裕葡萄酿酒股份有限公司 关于召开2023年度股东大会的通知的更正公告 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）于 2024 年 4 月 12 日在《中国证券报》、《证券时报》及巨潮资讯网上发布了《关于召开 2023 年度股东大会的通知》（以下简称"股东大会通知"）。披露完成后，经再次 审核发现，股东大会通知中附件 1"《参加网络投票的具体操作流程》"中 的"通过深交所交易系统投票的程序"之"投票时间"有误。现对相关内 容更正如下： 更正前： "二、通过深交所交易系统投票的程序 1、投票时间：2024 年 3 月 11 日的交易时间，即 9:15—9:25，9:30— 11:30 和 13:00—15:00。 2、股东可以登录证券公司交易客户端通过交易系统投票。" 更正后： "二、通过深交所交易系统投票的程序 1、投票时间：2024 年 5 月 17 日的交易时间，即 9:15—9:25，9:30— 11:30 ...

证券代码：000869、200869 股票简称：张裕 A 、张裕 B 公告编号：2024-临 21 烟台张裕葡萄酿酒股份有限公司 监事变更公告 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、公司监事变动情况 近日，本公司召开了职工代表大会，大会采取无记名投票表决方式，一 致同意免去郑文萍职工代表监事；重新选举于锦凤担任公司职工代表监事，任 期三年。 于锦凤简历如下： 于锦凤，女，1990 年出生，中国国籍，大学本科学历，自 2013 年起就职于 本公司法律事务部至今；目前不在公司 5%以上股东、实际控制人等单位工作， 最近五年亦不在其他机构担任董事、监事、高级管理人员；与持有公司 5%以上 股份的股东、实际控制人、公司其他董事、监事、高级管理人员不存在关联关 系；没有持有本公司股票；没有受过中国证监会及其他有关部门的处罚和证券 交易所纪律处分，没有因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中 国证监会立案稽查；没有被中国证监会在证券期货市场违法失信信息公开查询 平台公示或者被人民法院纳入失信被执行人名单。 1 2 二、备查文件 1、烟台张裕葡萄酿酒股份有 ...

证券代码：000869 、200869 证券简称：张裕A、张裕B 公告编号：2024-临20 烟台张裕葡萄酿酒股份有限公司 关于举办2023年度网上业绩说明会的公告 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、说明会召开的时间、地点和方式 会议召开时间：2024 年 5 月 15 日（星期三）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 重要内容提示： 会议召开时间：2024 年 5 月 15 日（星期三）15:00-16:00 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2024 年 5 月 15 日 前访问网址 https://eseb.cn/157HyxoLwYg 或扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会上，在信息披露允许范围内就投资者普遍关注 的问题进行回答。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）已于 2024 年 4 月 12 日在巨潮资讯网上披露了《2023 年年 ...

Investment Rating - The report maintains a "Buy" investment rating for Zhangyu A (000869.SZ) [16][19]. Core Views - The company is experiencing significant pressure on profits, with expectations for marginal improvement in performance [5][7]. - The first quarter of 2024 saw total revenue of 811 million yuan, a year-on-year decrease of 28.34%, and a net profit attributable to shareholders of 159 million yuan, down 42.57% year-on-year [7]. - The company aims to achieve no less than 4.7 billion yuan in revenue for 2024, controlling main costs and three expenses below 3.7 billion yuan [8]. Financial Performance Summary - In Q1 2024, the gross margin was 59.18%, an increase of 0.43 percentage points year-on-year, while the net margin was 19.78%, a decrease of 3.48 percentage points year-on-year [7]. - The company's management expense ratio increased, contributing to the decline in net profit margin [7]. - The operating cash flow for Q1 2024 was -65 million yuan, compared to 334 million yuan in the same period last year, indicating a healthy cash flow despite the revenue decline [7]. Strategic Initiatives - The company is focusing on upgrading its product structure and expanding its coverage by promoting low-alcohol wines to attract a broader consumer base [8]. - There will be an increase in recruitment for marketing personnel to enhance marketing capabilities and product exposure [8]. - The integration of the "Zhangyu" parent brand with its sub-brands is aimed at leveraging brand influence [8]. Earnings Forecast - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.84, 0.94, and 1.05 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 28, and 25 times [19][32].

Financial Performance - The company's operating revenue for Q1 2024 was ¥810,827,748, a decrease of 28.34% compared to ¥1,131,459,036 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 was ¥158,946,802, down 42.57% from ¥276,778,987 in the previous year[4] - Basic and diluted earnings per share for Q1 2024 were both ¥0.23, representing a decrease of 42.50% from ¥0.40 in the previous year[4] - Total operating revenue for Q1 2024 was ¥810,827,748, a decrease of 28.3% compared to ¥1,131,459,036 in the same period last year[40] - Net profit for Q1 2024 was ¥160,368,729, a decline of 39.1% from ¥263,108,475 in Q1 2023[40] - The total profit for Q1 2024 was ¥221,158,008, a decrease of 38.1% from ¥356,971,493 in the same period last year[40] Cash Flow and Assets - The net cash flow from operating activities was -¥65,346,151, a decline of 119.59% compared to ¥333,578,090 in the same period last year[4] - Cash flow from operating activities showed a net outflow of ¥65,346,151, compared to a net inflow of ¥333,578,090 in the same period last year[42] - Cash and cash equivalents at the end of Q1 2024 were ¥1,567,280,669, down from ¥1,827,782,775 at the end of Q1 2023[43] - Total assets at the end of Q1 2024 were ¥12,887,332,951, a decrease of 3.37% from ¥13,336,267,204 at the end of the previous year[4] - Total liabilities decreased to ¥1,738,205,503 from ¥2,345,741,409, showing a significant reduction in financial obligations[29] Shareholder Equity and Structure - Shareholders' equity attributable to the parent company increased to ¥11,001,428,198, up 1.48% from ¥10,841,500,988 at the end of the previous year[4] - The largest shareholder, Yantai Zhangyu Group Co., Ltd., holds 49.91% of the shares[22] - The company has not reported any significant changes in its shareholder structure or participation in margin trading activities[23] Expenses and Costs - Total operating costs decreased to ¥599,571,753, down 24.3% from ¥791,450,971 in the previous year[40] - Research and development expenses increased to ¥4,504,684, up 22.5% from ¥3,678,897 in the previous year[40] - The company reported a decrease in sales expenses to ¥144,836,639, down 29.4% from ¥204,946,919 in the previous year[40] - The company incurred a financial expense of ¥4,818,490, compared to a financial income of ¥3,107,791 in the previous year[40] Comprehensive Income - Total comprehensive income amounted to 145,117,314.00, a decrease from 266,811,456.00 in the previous period[46] - Net comprehensive income attributable to the parent company was 145,340,216.00, down from 279,923,982.00[46] - Other comprehensive income showed a significant decline of 92.03%, moving to -$28,391,263 from -$14,784,677, attributed to foreign currency translation differences[25] - Other comprehensive income with reclassification to profit or loss showed a loss of 13,606,586.00, contrasting with a gain of 3,144,995.00 previously[46] - The total comprehensive income attributable to minority shareholders was -222,902.00, indicating a significant decline[46] Strategic Focus - The company reported non-operating income of ¥4,913,396 for the quarter, after accounting for tax and minority interests[18] - The company experienced a decline in comprehensive income, reflecting challenges in the market environment[46] - The financial results indicate a need for strategic adjustments to improve future performance[46] - The company is focusing on enhancing user data and market expansion strategies to drive growth[46]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [1][2][9] Core Insights - The company reported a revenue of 4.38 billion yuan for 2023, representing a year-on-year increase of 11.9%, and a net profit attributable to the parent company of 530 million yuan, up 24.2% year-on-year [2][8] - The fourth quarter of 2023 saw a significant revenue increase of 42.9% year-on-year, reaching 1.58 billion yuan, with a net profit of 110 million yuan, recovering from a loss in the same quarter of the previous year [2][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a payout ratio of approximately 65% [2] Financial Performance Summary - Revenue projections for 2024 to 2026 are estimated at 4.74 billion yuan, 5.12 billion yuan, and 5.47 billion yuan respectively, with net profits of 600 million yuan, 670 million yuan, and 730 million yuan [2][9] - The company achieved a gross margin of 59.3% in 2023, an increase of 2.1 percentage points year-on-year, with wine and brandy gross margins at 59.0% and 60.1% respectively [2][6] - The net profit margin improved to 12.1%, up 1.2 percentage points year-on-year [2][6] Market Position and Strategy - The company maintains a leading position in the wine industry, with a focus on high-end products and targeted marketing strategies [2][8] - The number of distributors increased by 146 to 5,059, indicating a strengthening distribution network [2] - The company is committed to enhancing its high-end strategy and expanding its brandy offerings in key regions [2][8]

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 4 月 15 日 买入 原评级：买入 市场价格:人民币 24.40 板块评级:强于大市 (%) 今年 至今 1 个月 3 个月 12 个月 (33%) (24%) (15%) (7%) 2% 11% Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24 张裕A 深圳成指 绝对 2.5 4.5 5.7 (22.7) 相对深圳成指 4.4 8.7 3.1 (0.4) 相关研究报告 《张裕 A》20231103 《张裕 A》20230911 《张裕 A》20230504 中银国际证券股份有限公司 具备证券投资咨询业务资格 食品饮料：非白酒 证券分析师：邓天娇 (8610)66229391 tianjiao.deng@bocichina.com 证券投资咨询业务证书编号：S1300519080002 (86755)82560506 weiliang.tang@bocichina.com 证券投资咨询业务证书编号：S1300517040002 4 季度业绩超预期，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [11][24]. Core Views - The company has exceeded performance expectations, achieving profitability after a turnaround, with total revenue of 4.385 billion yuan in 2023, a year-on-year increase of 11.89% [11][24]. - The company aims for a revenue target of no less than 4.7 billion yuan in 2024, with a focus on controlling costs and expenses below 3.7 billion yuan [11]. - The report highlights the successful implementation of a high-end product strategy, resulting in improved product structure and profitability [11][24]. Financial Performance Summary - In 2023, the company reported a net profit of 2.351 billion yuan, marking a significant recovery from previous losses [11]. - The gross margin and net margin for 2023 were 59.25% and 12.00%, respectively, reflecting year-on-year increases of 2.13 and 0.99 percentage points [11]. - The operating cash flow for 2023 was 1.173 billion yuan, an increase of 35.01% year-on-year, indicating strong cash generation capabilities [11]. Revenue Breakdown - The company's revenue from wine, brandy, and tourism in 2023 was 3.139 billion yuan, 1.153 billion yuan, and 83 million yuan, respectively, with year-on-year growth rates of 10.48%, 16.35%, and 8.59% [11][12]. - Domestic revenue growth outpaced international revenue, with domestic revenue reaching 3.762 billion yuan, a 13.27% increase, while international revenue was 623 million yuan, a 4.19% increase [12]. Future Projections - The company forecasts revenue growth rates of 10.8%, 10.6%, and 9.7% for 2024, 2025, and 2026, respectively [25]. - Projected net profits for 2024, 2025, and 2026 are 589 million yuan, 653 million yuan, and 732 million yuan, with growth rates of 10.6%, 10.8%, and 12.2% [25].