证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 23 烟台张裕葡萄酿酒股份有限公司 高级管理人员变更公告 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。 独立董事认真审查了孙健、李记明、彭斌、姜建勋、潘建富、孔庆昆、刘 世禄、肖震波、孙鸿博、郭翠梅个人履历、教育背景、专业能力及身体状况等 个人相关情况，判定其能够胜任所聘岗位的职责要求，任职资格符合担任上市 公司高级管理人员的条件，上述人员均不是失信被执行人，不是失信责任主体 1 或失信惩戒对象；不存在不得提名为高级管理人员的情形；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 立案侦查或涉嫌违法违规被中国证监会立案稽查；均持有本公司股份；符合有 关法律、行政法规、部门规章、规范性文件、《股票上市规则》及交易所其他 相关规定等要求的任职资格。公司聘任上述人员程序规范，符合《公司法》、 《上市公司治理准则》、《公司章程》等有关法律法规的规定。 基于个人独立判断，同意董事会孙健为公司总经理；继续聘任李记明、彭 斌为公司副总经理；继续聘任 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 21 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。 烟台张裕葡萄酿酒股份有限公司 第十届董事会第一次会议决议公告 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 5 月 28 日通过电子邮件、传真、专人送达等方式告知全体董事、监事和有关高管人员。 2、召开会议的时间、地点和方式：2025 年 6 月 9 日以通讯表决方式召开。 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：周洪江先生主持了会议；公司监事会全体成 员和有关高管人员列席了会议。 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 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、审议通过了《关于选举公司董事长的议案》 举任金峰、萨玛拉·奥萨帝、王竹泉、于仁竹、郭建鸾、徐岩和苏昕为审计委 员会委员；并提名王竹泉为审计委员会召集人候选人。 3 ...

Group 1: Sales Performance - The first phase of Tmall's 618 sales event saw a 72% year-on-year growth in core liquor brands within the Taobao ecosystem, with significant increases in domestic liquor categories [2] - Notable sales growth in domestic liquor brands includes Jian Nan Chun at 284%, Luzhou Laojiao at 433%, and Langjiu at 90% [2] - Imported wine brands also performed well, with Penfolds achieving a 408% increase, ranking second among core liquor brands [2] Group 2: Industry Developments - Nine local specialty liquor industries, including Beijing Erguotou and Shanxi Fen Yang liquor, have been included in the Ministry of Industry and Information Technology's cultivation list [3] - Jiangsu's liquor market is valued at over 100 billion yuan, accounting for 10% of the national market, with white liquor sales reaching nearly 62 billion yuan [4] Group 3: Company Initiatives - Yanghe and Jinshiyuan are actively sponsoring the "Su Super" football league to engage with fans and boost brand visibility [4] - Moutai launched a series of new products at the Osaka Expo, with rapid sell-out observed on the iMoutai app [5] - Jinshiyuan's production capacity is set to exceed 80,000 tons following the completion of a technical upgrade project [10] Group 4: Financial Updates - Guizhou Moutai has repurchased shares totaling 5.1 billion yuan, with a remaining buyback amount of 900 million yuan [6][7] - Zhangyu A was removed from the Shenzhen Component Index, reporting a revenue decline of 25.26% and a net profit drop of 42.68% [13] Group 5: New Product Launches - Langjiu introduced a customized liquor product featuring 520 surnames, available exclusively at its production site [8] - Three Squirrels entered the beverage market with a new brand "Sun Wukong," achieving significant sales shortly after launch [9]

Group 1 - The company has approved a plan to repurchase its domestic listed foreign shares (B shares) at the 2024 annual general meeting, with a total repurchase fund not exceeding 100 million RMB and a maximum repurchase price of 11.50 HKD per share [1][2] - The repurchase will be conducted through centralized bidding and is set to last no more than 12 months from the date of the shareholders' meeting approval, with a target to repurchase no less than 10 million shares [1][2] - As of the latest announcement, the company has not repurchased any B shares, which accounts for 0% of the current total share capital [2] Group 2 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by relevant laws and regulations [2]

Core Viewpoint - Zhangyu A plans to repurchase 10-15 million B shares using no more than 100 million yuan of its own funds, with a maximum repurchase price of 11.50 HKD per share, aiming to enhance earnings per share and maintain company value [1] Summary by Sections Repurchase Plan - The repurchase will account for approximately 1.49% to 2.23% of the total share capital and about 4.72% to 7.08% of B shares [1] - The repurchase period is set for 12 months following the approval of the shareholders' meeting, and the purchased shares will be canceled to reduce capital [1] Market Response - The decision to repurchase shares is seen as a response to market calls and aims to alleviate concerns regarding the marginalization of B shares, which have been trading at a significant discount compared to A shares and the company's intrinsic value [1] Financial Performance - Zhangyu reported a disappointing performance in 2024, with revenue declining by 25.26% and net profit decreasing by 42.68% [1] - The management acknowledged the reality of the performance decline during the shareholders' meeting on May 23, 2024 [1] External Factors Affecting Performance - Three external factors contributing to the decline include: 1. A "cliff-like" drop in consumer sentiment, leading to reduced spending on wine [2] 2. A long-term shrinkage in consumption scenarios for wine compared to other alcoholic beverages [2] 3. A significant weakening of channel driving power due to price inversions in the white wine market, affecting wine distributors [2] Internal Challenges - Internal challenges include: 1. Lack of product innovation translating into repeat purchases 2. Ineffective channel transformation and slow development of new channels 3. Insufficient marketing effectiveness, with advertising and promotional expenses around 500 million yuan, significantly lower than leading white wine brands [2] Strategic Focus for 2025 - Zhangyu's management outlined five strategic focuses for 2025: 1. Breakthroughs in local markets, targeting specific cities for different wine products [3] 2. Enhancing marketing capabilities and consumer cultivation [4] 3. Greater innovation in product categories [4] 4. A "taste revolution" to develop wines suited to Chinese consumers, moving away from European taste dependencies [4] 5. Embracing new retail partnerships with major retailers to improve supply chain responsiveness [5] Industry Context - The company is navigating through a challenging period in the industry, and its ability to counteract the downward trend will be crucial for assessing the effectiveness of its transformation efforts [6]

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临20 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）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》。 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 ...

Core Viewpoint - The wine industry is facing significant challenges, with Zhangyu A's performance falling short of expectations, leading to a decline in both revenue and net profit, raising concerns about consumer demand for wine [1][2][3] Group 1: Company Performance - Zhangyu A reported a revenue of approximately 32.77 billion yuan for 2024, a year-on-year decline of 25.26%, and a net profit of about 3.05 billion yuan, down 42.68% [2] - The wine business, which contributes over 70% of the company's revenue, saw a revenue decline of 22.32% in 2024, with a gross margin of 57.32%, also down from the previous year [2][3] - The company set a revenue target of no less than 34 billion yuan for 2025, which is significantly lower than the previous year's target of 47 billion yuan [4][5] Group 2: Industry Challenges - The wine industry is experiencing a "cliff-like" decline in consumer sentiment, shrinking consumption scenarios, and weakened channel dynamics [2][3] - A total of 772 wine companies have closed, with 11,354 others in abnormal states, indicating a severe industry contraction [6] - The overall revenue for 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight decline compared to the previous year [6] Group 3: Future Outlook - The company anticipates a challenging year ahead, with a higher probability of continued industry decline [7] - Increased competition between online platforms and offline channels is leading to price wars, affecting profit margins and creating challenges for distributors [7] - The company plans to focus on targeted market breakthroughs and enhance marketing capabilities to better engage consumers [7]

每经记者｜熊嘉楠 每经编辑｜叶峰 丨2025年5月27日 星期二丨 NO.1 五粮液酒类销售公司高管工商变更：曾从钦等退出该公司高管团队 5月22日，宜宾五粮液酒类销售有限责任公司（以下简称五粮液酒类销售公司或该公司）发生多项工商 变更。其中，曾从钦不再担任该公司法定代表人、董事长，由蒋佳接任。此外，蒋琳、蒋文格退出该公 司高管团队，新增刘敏、陈翀、杨韵霞、钟道远、李小波为该公司董事。 资料显示，五粮液酒类销售公司成立于2009年6月18日，注册资本2亿元，上市公司五粮液持股95%，五 粮液集团持股5%。 今年3月，五粮液将原五粮液品牌事业部整体划入五粮液酒类销售公司。五粮液副总经理蒋佳出任五粮 液酒类销售公司董事长，五粮液股份公司副总经理、进出口公司董事长陈翀已任五粮液酒类销售公司总 经理。 孙健表示，在去年完成32.77亿元营收的基础上，公司今年提出来不低于34亿元。这个预算水平，与张 裕目前面临的行业态势，正常情况下张裕年内能够组织起来的现实运营水平，还是比较相称的，并不算 保守。 此外，孙健指出，公司今年要做的突破工作主要有：一是局部市场突破；二是提升自身的营销水平，提 高培育消费者的能力；三是在创新 ...

证券代码：000869、200869 股票简称：张裕A 、张裕B 公告编号：2025-临18 烟台张裕葡萄酿酒股份有限公司 关于回购公司部分境内上市外资股(B股)回购报告书 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。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立回购专用证券账户。 4、风险提示： 本股份回购方案存在的不确定性风险具体如下： （1）本次回购经公司股东大会审议通过后，尚存在因公司股票价格持续超出回购 方案披露的价格上限，导致回购方案无法完成的风险。 （2）本次回购存在因对本公司股票交易价格产生重大影响的重大事项发生或公司 董事会决定终止本回购方案等将导致本计划受到影响的事项发生的风险。 （3）本次回购事项若发生重大变化，公司将及时披露相应进展公告，敬请投资者 注意投资风险。 1 重要内容提示： 1、烟台张裕葡萄酿酒股份有限公司（以下简称"公司"或"本公司"）拟使用自 有资金以集中竞价交易方式回购本公司股份，回购股份的种类为公司已发行的境内上市 外资股（B股），资金总额不超过人民币1亿元，股份回购价格不超过港币11.50元/股。 拟回购 ...

证券代码：000869、200869 股票简称：张裕A 、张裕B 公告编号：2025－临19 烟台张裕葡萄酿酒股份有限公司 关于回购部分境内上市外资股（B股）股份并减少注册资本 暨通知债权人的公告 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、通知债权人的原因 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"或"本公司"， 统一社会信用代码：913700002671000358；股票代码：000869、200869） 于 2025 年 5 月 23 日召开的 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》。 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 ...