Market Overview - On September 22, the non-liquor sector declined by 1.06%, with ST Xifa leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Key stocks in the non-liquor sector showed mixed performance, with notable declines in several companies: - ST Xifa (code: 000752) closed at 11.56, down 2.86% with a trading volume of 48,700 shares and a turnover of 56.94 million yuan [2] - Other significant declines included: - Kweichow Moutai (code: 600238) down 2.68% - Jin Feng Wine (code: 600616) down 2.29% - Zhang Yu A (code: 000869) down 2.11% [2] Capital Flow Analysis - The non-liquor sector experienced a net outflow of 111 million yuan from institutional investors, while retail investors saw a net inflow of 87.04 million yuan [2][3] - Specific stock capital flows indicated: - Zhujiang Beer (code: 002461) had a net outflow of 8.75 million yuan from institutional investors [3] - ST Xifa (code: 000752) also faced significant outflows, totaling 6.74 million yuan from institutional investors [3] - Retail investors showed a net inflow of 3.50 million yuan in ST Xifa [3]

Market Overview - On September 19, the non-liquor sector increased by 0.45% compared to the previous trading day, with Zhangyu A leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Zhangyu A (000869) closed at 22.27, up 2.30% with a trading volume of 29,100 lots and a transaction value of 63.96 million yuan [1] - Zhirun Co. (002568) closed at 25.45, up 2.04% with a trading volume of 118,800 lots and a transaction value of 299 million yuan [1] - ST Xifa (000752) closed at 11.90, up 1.62% with a trading volume of 40,900 lots and a transaction value of 48.49 million yuan [1] - Other notable stocks include Fick Beer (000729) up 1.60% and Chongqing Beer (600132) up 0.63% [1] Capital Flow - The non-liquor sector experienced a net outflow of 29.55 million yuan from institutional investors, while retail investors saw a net inflow of 12.53 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Yanjing Beer (000729) had a net inflow of 29.85 million yuan from institutional investors, but a net outflow of 20.98 million yuan from speculative funds [3] - Zhirun Co. (002568) saw a net inflow of 20.51 million yuan from institutional investors, with a net outflow of 7.67 million yuan from speculative funds [3] - ST Xifa (000752) had a net inflow of 4.57 million yuan from institutional investors, while speculative funds showed a slight outflow [3]

Market Overview - On September 18, the non-liquor sector declined by 1.24% compared to the previous trading day, with ST Xifa leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - The following stocks in the non-liquor sector experienced notable declines: - ST Xifa: Closed at 11.71, down 4.02% with a trading volume of 85,800 shares and a turnover of 102 million yuan [1] - Huichuan Beer: Closed at 11.56, down 3.26% with a trading volume of 39,300 shares and a turnover of 45.92 million yuan [1] - Mogao Co.: Closed at 5.96, down 2.93% with a trading volume of 74,900 shares and a turnover of 45.11 million yuan [1] - Other notable declines include ST Yedao, CITIC Nia, and ST Lanhua [1] Capital Flow - The non-liquor sector saw a net outflow of 163 million yuan from institutional investors, while retail investors contributed a net inflow of 133 million yuan [1] - The following stocks had significant capital flow: - Qingfeng Wine Industry: Net inflow from retail investors of 348,580 yuan, but a net outflow from institutional investors of 3.34 million yuan [2] - CITIC Nia: Net inflow from retail investors of 527,680 yuan, with a net inflow from institutional investors of 1.38 million yuan [2] - ST Lanhua: Experienced a net outflow of 7.01 million yuan from institutional investors, but a net inflow of 195,260 yuan from retail investors [2]

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临41 烟台张裕葡萄酿酒股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决提案的情形。 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：2025年9月16日下午2点，会期半天。 网络投票时间：(1)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 2025 年 9 月 16 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 2025 年 9 月 16 日（现场股东大会 召开当日）上午 9:15，结束时间为 2025 年 9 月 16 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。 参加本次股东大会 ...

Jin Mao Partners 金 茂 凯 德 律 师 事 务 所 13F, HongKongNewWorld Tower, No.300 HuaihaiZhongRd, Shanghai, 200021,P.R.C. 中国上海淮海中路 300 号香港新世界大厦 13 层邮编：200021 Tel/电话:(8621)63872000 Fax/传真:(8621)63353272 上海金茂凯德律师事务所 关于烟台张裕葡萄酿酒股份有限公司 致：烟台张裕葡萄酿酒股份有限公司 2025 年第二次临时股东大会的法律意见书 1 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和 《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了 充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 为出具本法律意见书，本所及本所律师根据现行法律、法规和规范性文件的要求， 按照律师行业公认的业务标准、道德规范和勤勉尽责 ...

Market Overview - On September 10, the non-liquor sector declined by 0.27% compared to the previous trading day, with *ST Lanhua leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the non-liquor sector included *ST Yedao, which rose by 3.22% to close at 6.74, and ST Xifa, which increased by 1.76% to 11.57 [1] - Conversely, *ST Lanhua fell by 2.18% to 8.51, and Zhujiang Beer decreased by 1.22% to 10.53 [2] Trading Volume and Value - The trading volume and value for selected stocks in the non-liquor sector showed significant activity, with Gu Yue Long Shan recording a trading volume of 113,300 hands and a transaction value of 114 million yuan [1] - The total net outflow of funds in the non-liquor sector was 8.89 million yuan from main funds, while retail investors saw a net inflow of 28.12 million yuan [2] Fund Flow Analysis - Ba Run Co. had a main fund net inflow of 26.84 million yuan, while retail investors experienced a net outflow of 4.98 million yuan [3] - The fund flow analysis indicates that while main funds were withdrawing, retail investors were actively buying into certain stocks, such as Huaiqian Beer, which saw a net inflow of 2.76 million yuan from retail investors [3]

Core Insights - The 2025 Global Wine Tourism Conference was held in Yantai, showcasing the city's innovative approach to integrating wine and tourism to overcome industry challenges [1][3] - Yantai has established the first national wine tourism development alliance, effectively integrating resources from both the wine and tourism sectors to promote collaboration and resource sharing [3][5] Industry Developments - The alliance has created four premium travel routes and organized promotional events in key regions, significantly increasing tourist engagement with Yantai's wine culture [5][6] - International visitor numbers to Yantai's wineries have increased from 10% to 25%, indicating a growing interest in wine tourism [6] Cultural Integration - Yantai's wine industry is deeply embedded in the city's culture, with various attractions and events designed to enhance the visitor experience and promote local wine heritage [7][9] - The city has developed 22 wine-themed tourist attractions, receiving approximately 3 million visitors annually, highlighting the successful transformation of wine tourism into a cultural experience [9] Economic Impact - The "company + cooperative + farmer" model in rural areas has led to significant employment opportunities, with local farmers earning increased incomes through wine-related activities [9] - The wine tourism sector has become a vital driver for the integration of primary, secondary, and tertiary industries in Yantai [9] Consumer Experience - Yantai's wineries are offering diverse cultural experiences, including music festivals and gourmet dining, to attract younger consumers and enhance the overall visitor experience [10][12] - Innovative product offerings, such as the "Long Tail Cat" white wine, are specifically designed to appeal to the Z generation, reflecting a shift towards younger consumer preferences [13]

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临40 烟台张裕葡萄酿酒股份有限公司 关于回购公司境内上市外资股（B 股）方案 实施完毕暨回购实施结果的公告 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。 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》。 截至 2025 年 9 月 8 日，本次回购公司境内上市外资股份（B 股）的 方案已实施完毕。 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》（以下简称"《回购指引》"）等相关规定， 现将公司回购实施结果公告如下： 一、回购公司股份的实施情况 (一）公司于 2025 年 6 月 25 日，首次通过股份回购专用证券账户以集 中竞价方式回购公司境内上市外资股(B 股)300,000 股，占公司当时总股本 的 0.0446546% ...

Summary of Key Points Core Viewpoint - The company, Yantai Changyu Pioneer Wine Co., Ltd., has approved a share repurchase plan for its B-shares, with a total repurchase amount not exceeding 1 billion RMB and a maximum price of 11.50 HKD per share, subject to adjustments based on corporate actions [2][3]. Group 1: Share Repurchase Plan - The company will repurchase B-shares through centralized bidding, with a repurchase period of up to 12 months from the approval date [2]. - The planned repurchase quantity is between 10 million and 15 million shares, with the final number determined at the end of the repurchase period [2]. - The repurchased shares will be canceled, leading to a reduction in the company's registered capital [2]. Group 2: Adjustments to Repurchase Price - Following a dividend distribution of 4 RMB per 10 shares in June 2025, the maximum repurchase price was adjusted from 11.50 HKD to 11.06 HKD per share [3]. - The adjusted repurchase price limit took effect on June 24, 2025 [3]. Group 3: Progress of Share Repurchase - As of August 31, 2025, the company has repurchased a total of 8,860,000 B-shares, representing approximately 1.32% of the total share capital [5]. - The highest transaction price during the repurchase was 9.00 HKD per share, while the lowest was 8.20 HKD per share, with a total transaction amount of 77,455,523 HKD [5]. Group 4: Compliance and Regulations - The company has adhered to the relevant regulations regarding the timing, quantity, and pricing of the share repurchase [6][8]. - The company has not repurchased shares during periods that could significantly impact the stock price or during other restricted periods as defined by regulatory authorities [7].

Group 1 - The company Zhangyu A announced the progress of its share repurchase of domestic listed foreign shares (B shares) as of September 2 [2] - As of August 31, 2025, the company has repurchased a total of 8.86 million B shares, accounting for approximately 1.32% of the total share capital, with a total transaction amount of about 77.45 million Hong Kong dollars [2] - The highest transaction price was 9 HKD per share, while the lowest was 8.2 HKD per share [2] Group 2 - In the first half of the year, the company reported revenue of approximately 1.47 billion yuan, a year-on-year decline of 3.4% [2] - The net profit attributable to shareholders of the listed company was about 186 million yuan, representing a year-on-year decrease of 16.09% [2]