Core Viewpoint - Yantai has developed into the most complete domestic wine industry chain area in China, leveraging chain thinking to promote innovation and sustainable development in the wine industry amidst a downturn and deep adjustment period [1][5]. Industry Overview - Yantai is recognized as the birthplace of modern Chinese wine industry and the only "International Grape and Wine City" in Asia, with a history dating back to 1892 when Zhang Bishi established the Zhangyu company [2][4]. - The region boasts 204 wine production enterprises, 63 renowned wineries, and over 250 supporting enterprises, with a total annual output value of 500 billion yuan, maintaining the top position in the country [2][4]. Competitive Advantages - Yantai's geographical location at 37 degrees north latitude provides optimal conditions for high-quality wine production, adhering to the "3S" principle of sunshine, gravel, and ocean [2]. - The area has received over 700 international awards in the past three years, showcasing the global competitiveness of "Chinese brewing" [3]. Achievements in the Wine Industry - In 2024, Yantai's wine production enterprises accounted for 41% of the national total output, with sales revenue and profit indicators consistently leading among major production areas [4]. - The brand value of "Yantai Wine" reached 86.231 billion yuan [4]. Chain Long System Implementation - Yantai initiated the "Chain Long System" in 2021 to enhance the wine industry's resilience, focusing on strategic planning and top-level guidance [5][6]. - The city has established a development support system, including special funds and policy measures to optimize the chain operation mechanism [6]. Industry Integration and Development - The wine industry in Yantai integrates primary, secondary, and tertiary sectors, creating a clear full industry chain that includes planting, brewing, tasting, cultural experiences, and leisure tourism [7]. - The region has developed high-standard quality bases and demonstration gardens, with 98% of wine grape bases adhering to standardized practices [7]. Cultural and Tourism Development - Yantai has formed a development pattern where wine regions are integrated with tourism, enhancing visitor experiences and attracting over 3 million tourists annually [8]. - The city is promoting wine culture through various initiatives, including cultural museums and public promotion activities [9]. Global Engagement - Yantai is expanding its international connections by hosting international summits and fostering cooperation with global wine-producing regions [10].

关于回购公司境内上市外资股（B 股）进展情况的公告 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、回购股份事项概述 烟台张裕葡萄酿酒股份有限公司(以下简称"公司"或"本公司")于 2025 年 4 月 16 日召开第九届董事会第十一次会议、于 2025 年5 月23 日召 开 2024 年度股东大会，逐项审议并通过了《关于回购公司部分境内上市外 资股（B 股）股份方案》。 证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临27 烟台张裕葡萄酿酒股份有限公司 （一）公司未在下列期间内回购公司股票： 根据上述 B 股回购方案，公司将结合自身财务状况和经营状况，在回购 资金总额不超过 1 亿元人民币，回购价格不高于 11.50 港元/股（若公司在 回购期内实施派息、送股、资本公积金转增股本、股票拆细、缩股、配股 及其他等除权除息事项，自股价除权除息之日起，按照中国证监会及深圳 证券交易所的相关规定相应调整回购价格上限）的条件下以集中竞价交易方 式实施境内上市外资股（B 股）回购，回购期限自股东大会审议通过回购股 份方案之日起 ...

Group 1 - Yantai's Zhifu District is implementing a comprehensive copyright management system to enhance copyright creation, utilization, protection, and transformation efficiency, contributing to high-quality regional economic development [1] - The establishment of a "Copyright Service Specialist" mechanism has led to the training of over 2000 employees across 30 companies, resulting in a 21% year-on-year increase in copyright conversion revenue [2][3] - A collaborative governance network involving nine functional departments and 15 industry organizations has been formed to create a community for copyright protection [2] Group 2 - The integration of intangible cultural heritage (ICH) with copyright has led to innovative cultural products, such as high-end creative watches and themed clothing, generating significant market interest [3][4] - The establishment of 12 ICH workshops and a copyright protection and development project database has created a value transformation chain for cultural resources [3] - The development of new products through copyright protection has resulted in significant visitor numbers and sales growth for various companies [4] Group 3 - The construction of a digital copyright service center in Yantai has achieved a 70% share of copyright registrations in the district, enhancing the efficiency of copyright management [5] - The integration of digital technologies like blockchain and big data into copyright management is being promoted to improve protection and enforcement [5] - A rapid review mechanism for copyright protection has been established, leading to the successful resolution of multiple infringement cases [5] Group 4 - Future plans include deepening copyright protection in the marine economy sector and establishing a collaborative mechanism for copyright protection across regions [6]

Core Insights - The Chinese wine industry is experiencing a transformation driven by innovation in technology, products, and design, leading to the emergence of new wine regions such as Ningxia, Xinjiang, Gansu, and Yunnan, enhancing product competitiveness and brand influence [1][2] Group 1: Market Dynamics - The acquisition of a 75% stake in the Wangyue Stone Winery by Australia's Treasury Wine Estates for 130 million yuan signifies a strategic expansion into the Chinese wine market [2] - China has developed eight major wine regions, with global wine giants like Lafite and Pernod Ricard establishing a presence, indicating a shift towards nurturing emerging consumer markets alongside global production investments [2] - The Ningxia region is highlighted as a new benchmark for global winery investments, while other regions like Shandong and Xinjiang are recognized for their unique contributions to the wine industry [2][3] Group 2: Wine Tourism and Diversification - Ningxia is not only a hub for wine investment but also integrates various industries such as education, culture, and tourism, exemplified by projects like the Tulando Wine Town, which has attracted significant investment and tourism [3] - The wine tourism model is evolving, transforming wine regions into key tourist destinations, thereby linking the wine industry with broader tourism opportunities [3] Group 3: Industry Challenges and Innovations - The Chinese wine industry is currently facing a deep market adjustment, with a reported production decline of 25,000 kiloliters year-on-year, leading to a contraction in industry scale and subdued consumer demand [4][5] - Companies are responding by launching innovative products targeting younger consumers, such as low-alcohol wines and visually appealing packaging, to stimulate demand [4][5] - The online retail market for white and semi-sweet wines has seen significant growth, with white wine retail sales increasing by 14.3% year-on-year, indicating a shift in consumer preferences [5] Group 4: Future Opportunities - The younger generation's interest in unique flavors and sustainable production presents new opportunities for the Chinese wine industry, encouraging brands to innovate beyond traditional quality metrics [6][7] - The potential for growth in wine exports, despite currently being small in scale, is highlighted, with a focus on enhancing brand development to capture international markets [7] - Companies are urged to adapt to changing consumer preferences by offering affordable wines and developing products that resonate with younger consumers, emphasizing the importance of emotional connections and innovative marketing strategies [6][7]

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临26 烟台张裕葡萄酿酒股份有限公司 关于首次回购公司境内上市外资股（B 股）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、回购股份事项概述 烟台张裕葡萄酿酒股份有限公司(以下简称"公司"或"本公司")于 2025 年 4 月 16 日召开第九届董事会第十一次会议、于 2025 年5 月23 日召开2024 年度股东大会，逐项审议并通过了《关于回购公司部分境内上市外资股（B 股） 股份方案》。 根据上述 B 股回购方案，公司将结合自身财务状况和经营状况，在回购 资金总额不超过 1 亿元人民币，回购价格不高于 11.50 港元/股（若公司在回 购期内实施派息、送股、资本公积金转增股本、股票拆细、缩股、配股及其 他等除权除息事项，自股价除权除息之日起，按照中国证监会及深圳证券交 易所的相关规定相应调整回购价格上限）的条件下以集中竞价交易方式实施 境内上市外资股（B 股）回购，回购期限自股东大会审议通过回购股份方案 之日起不超过 12 个月，拟回购股份数量为不低于 10 ...

Group 1 - The company announced a share buyback of 300,000 B-shares, representing 0.0446546% of its total share capital [1] - The buyback was conducted through a special securities account via centralized bidding, with a maximum price of 8.5 HKD per share and a minimum price of 8.36 HKD per share [1] - The total transaction amount for the buyback was 2.5262 million HKD, excluding transaction fees [1] Group 2 - The buyback complies with relevant laws, regulations, and normative documents [1] - The company plans to continue the buyback program based on market conditions and will fulfill its information disclosure obligations in a timely manner [1]

证券代码：000869、200869 股票简称：张裕A 、张裕B 公告编号：2025-临25 烟台张裕葡萄酿酒股份有限公司 关于2024年年度权益分派实施后 调整B股回购价格上限的公告 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。 重要内容提示： 调整前B股回购价格上限：不超过人民币11.50港元/股(含) 调整后B股回购价格上限：不超过人民币11.06港元/股(含) B股回购价格上限调整起始日：2025年6月24日 一、回购股份的基本情况 烟台张裕葡萄酿酒股份有限公司(以下简称"公司"或"本公司")于 2025 年 4 月 16 日召开第九届董事会第十一次会议、于 2025 年5 月 23 日 召开 2024 年度股东大会，逐项审议并通过了《关于回购公司部分境内上市 外资股（B 股）股份方案》。 根据上述 B 股回购方案，公司将结合自身财务状况和经营状况，在回 购资金总额不超过 1 亿元人民币，回购价格不高于 11.50 港元/股（若公 司在回购期内实施派息、送股、资本公积金转增股本、股票拆细、缩股、 配股及其他等除权除息事项，自股价除权除息之日起，按照中 ...

Core Viewpoint - The domestic wine market in China is experiencing a dichotomy, with imported brands like Penfolds thriving while domestic leaders like Zhangyu face significant challenges and declining performance [2][3][4]. Group 1: Zhangyu's Asset Sale and Financial Performance - Zhangyu has sold its 100% stake in a subsidiary in France for €4.8 million to optimize its asset structure and focus on domestic brandy business [1]. - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a year-on-year decline of 25.26%, and a net profit of 305 million yuan, down 42.64%, marking a new low [3][4]. - The company's core products, wine and brandy, saw significant sales declines of 22.32% and 35.80% respectively [3]. Group 2: Market Trends and Consumer Preferences - The Chinese wine market saw a resurgence in 2024, with wine imports reaching 280 million liters and import value at $1.59 billion, marking year-on-year increases of 13.6% and 37.2% respectively [2]. - Domestic wine production from large-scale enterprises fell to 118,000 kiloliters in 2024, a 12.5% decrease, continuing a four-year downward trend [2]. Group 3: Challenges Facing Zhangyu - Zhangyu's reliance on non-operating income, which accounted for 1.74 billion yuan in 2024, indicates unsustainable business practices as over half of its net profit came from asset sales [4]. - The company's sales expenses reached 1.013 billion yuan in 2024, with a sales expense ratio of 30.91%, highlighting inefficiencies in its sales channels [5]. - Zhangyu's management acknowledged the need to better connect with consumer preferences, indicating a failure to create appealing products and experiences [6]. Group 4: Strategic Responses and Future Outlook - Zhangyu has attempted to adapt by launching high-end product lines and acquiring overseas wineries, but these efforts have not yielded significant results [7]. - The company is encouraged to focus on localizing its offerings and enhancing its online presence to attract younger consumers [8]. - The ongoing reshaping of the wine industry presents both challenges and opportunities for Zhangyu, emphasizing the need for a strategic pivot to regain market competitiveness [8].

Core Viewpoint - Zhangyu, a century-old wine brand, is facing significant challenges, including declining revenues and profits, leading to asset sales to alleviate cash flow pressure [2][3][5]. Financial Performance - In 2024, Zhangyu reported total revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year, with net profit attributable to shareholders dropping 42.68% to 305 million yuan [3][4]. - The company's net cash flow from operating activities fell by 66.09% to 397 million yuan, indicating severe cash flow issues [4][5]. - The sales of wine, which accounted for 71.59% of total revenue, plummeted by 22.32% to 2.438 billion yuan [6][7]. Asset Sales - To manage cash flow, Zhangyu announced the sale of its 100% stake in French company ETABLISSEMENTS ROULLET FRANSAC for 2.6 million euros and related real estate for 2.2 million euros, totaling approximately 39.77 million yuan [5]. - Additionally, Zhangyu sold its Laizhou Zhuqiao grape base for 202 million yuan, with expected proceeds of around 100 million yuan [5]. Market Position and Challenges - Zhangyu's stock was removed from the Shenzhen Component Index, signaling potential concerns about its market position and performance [10]. - The company has experienced a significant decline in sales across its product lines, with both wine and brandy sales dropping by double digits [6][8]. Management and Strategy - Zhangyu's management acknowledged the challenges, attributing the poor performance to a drastic decline in market consumption and ineffective marketing strategies [8]. - The company aims to achieve a sales target of no less than 3.4 billion yuan for the current year, despite a lack of positive trends in early financial results [10][15]. - Zhangyu is focusing on product innovation and expanding distribution channels, including community stores and new retail formats, to improve sales [17][18].

Core Insights - The overall trend in the liquor industry shows a 2.0% year-on-year decline in liquor prices as reported by the National Bureau of Statistics for May [2] - Significant personnel changes have occurred in major companies such as Moutai and Yanghe, indicating potential shifts in corporate strategy [6] - The introduction of new standards for low-alcohol liquor aims to align with national trends and international consumption patterns [4] Industry Dynamics - National Bureau of Statistics reported a 0.3% month-on-month decline and a 2.0% year-on-year decline in liquor prices for May [2] - The national white liquor price index fell by 0.27% in May, with famous liquor prices decreasing by 0.35% and local liquor prices by 0.28% [2] - A new group standard for "multi-grain low-alcohol fragrant liquor" has been proposed to regulate product quality [4] Company Developments - Moutai Group announced significant personnel changes, with two executives taking on new roles within the company [6] - Yanghe Co. announced the resignation of a board member due to work relocation, indicating potential shifts in governance [6] - Luzhou Laojiao was included in the "China Archives and Document Heritage List," enhancing its cultural significance [6] Marketing Strategies - Yanjing Beer is implementing a "beer + beverage" marketing strategy to cater to younger consumers, focusing on dining scenarios [6] - The strategy aims to leverage synergies in production and supply chains between beer and soft drinks [6] - The summer season presents growth opportunities for the beer industry, encouraging companies to innovate in product and marketing approaches [6] Awards and Recognition - Five liquor brands were recognized in the fourth batch of Shanxi's "Sanjin Old Brand" list, highlighting regional brand strength [4] - Sichuan Province announced the top ten innovative marketing examples for local liquor brands, showcasing successful marketing strategies [4] Events - The fifth China (Ningxia) International Wine Culture and Tourism Expo was held, featuring various activities to promote the wine industry [5]