Core Viewpoint - Zhangyu A's performance in the previous year was adversely affected by both external and internal factors, leading to a cautious outlook for the wine industry in the short term, while maintaining a long-term optimistic perspective due to evolving consumer preferences [1][3]. Group 1: Performance Attribution - The poor performance last year was attributed to three external factors: a drastic decline in consumer sentiment towards wine, a significant reduction in consumption scenarios compared to five years ago, and weakened channel dynamics due to price inversions in the liquor market [1]. - Internal factors included insufficient product innovation to meet consumer taste demands, limited channel innovation, and ineffective marketing strategies with low sales expense efficiency [1]. Group 2: Market Situation - The wine industry is facing significant downward pressure, with 772 wine companies closing down and over 10,000 companies in abnormal or other statuses [1]. - The combined revenue of 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, indicating a narrowing of losses compared to 2022, but some leading companies have accumulated severe losses over the past decade [1]. - The first quarter sales figures suggest a conservative estimate of a 19% decline in annual revenue, with online competition leading to lower transaction prices and dissatisfaction among offline distributors [1]. Group 3: Future Outlook - The company has set a revenue target of no less than 3.4 billion yuan for this year, reflecting growth from last year's 3.277 billion yuan, while maintaining a gross margin of around 61% [2]. - To achieve growth, the company plans to implement several strategies, including targeted market breakthroughs, enhanced marketing collaborations, product innovation aimed at younger consumers, and improvements in product taste [2]. - The company remains cautious about the short-term industry outlook but is optimistic about long-term opportunities as consumer preferences shift towards elegant and healthy lifestyles [3].

External Factors - The consumption situation has sharply declined, with consumers tightening their spending, leading to a critical point where wine consumption drastically dropped in the second half of last year [1][2] - The consumption scenarios have also shrunk significantly, with both social and personal consumption needs not being met, resulting in a long-term decline in wine consumption [2] - The driving force from distribution channels has weakened, as most distributors also handle white wine, which has been under pressure, leading to a marginalization of wine sales [2] Internal Factors - Product innovation has been insufficient, with many new products not achieving the desired consumer satisfaction, limiting their contribution to sales [2][3] - Channel innovation has been lacking, with attempts to find new distributors yielding weak results [2] - Marketing efforts have been limited due to budget constraints, resulting in a vicious cycle of reduced visibility and sales [2][3] Market Analysis - In the past year, the total revenue of 10 listed wine companies was only 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight improvement but still reflecting significant losses over the past decade [4] - The wine industry is facing a severe downturn, with 772 wine companies having closed, indicating a critical state of decline [4][5] - The online and offline competition is intensifying, with major platforms engaging in price wars, negatively impacting profit margins for distributors [5] Future Outlook - The company aims to achieve a revenue target of no less than 3.4 billion yuan this year, reflecting a modest increase from last year's 3.277 billion yuan [6] - The gross profit margin from domestic operations is expected to remain around 61%, with challenges in increasing product prices due to consumer spending trends [6] - The company is focusing on localized market breakthroughs and enhancing marketing capabilities to better connect with consumers [6][7] Strategic Initiatives - The company plans to enhance its digital marketing efforts, leveraging consumer data to improve targeting and engagement [7][8] - New product categories are being explored, including low-alcohol and herbal wines, to meet emerging consumer demands [12][14] - Collaborations with new retail formats are being pursued to adapt to changing market dynamics and improve supply chain efficiency [14][15]

Core Viewpoint - Zhangyu, a century-old wine company, is facing significant challenges with a sharp decline in revenue and net profit for 2024, raising concerns about its performance in offline retail channels [1][5][4]. Group 1: Company Performance - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year, and a net profit of 305 million yuan, down 42.68%, marking a new low in recent years [5]. - The company's core products, wine and brandy, experienced substantial declines, with wine sales down 12.22% and revenue down 22.32%, while brandy sales plummeted 31.56% with revenue dropping 35.8% [5]. - The company's sales expense ratio reached a near ten-year high of 30.91%, indicating high costs without corresponding revenue growth [6]. Group 2: Inventory and Operational Efficiency - Zhangyu's inventory reached 2.904 billion yuan, a 5% increase year-on-year, with inventory turnover days soaring to 732.8 days, the highest in nearly a decade [6]. - The company is struggling to meet its ambitious revenue targets, with a goal of at least 3.4 billion yuan for 2025, reflecting limited confidence in short-term market recovery [6]. Group 3: Market Position and Competition - The Chinese wine industry is facing a downturn, with market size shrinking from 53.4 billion yuan in 2019 to 15.9 billion yuan in 2024, highlighting the challenges Zhangyu faces [7]. - The termination of anti-dumping measures on Australian wine has led to a 13.6% increase in import volume and a 37.2% increase in import value, intensifying competition for domestic brands [7]. Group 4: Management and Strategy - Zhangyu's management has implemented a stock incentive plan, which has drawn criticism from investors due to the disconnect between management rewards and the company's poor performance [7]. - To attract younger consumers, Zhangyu launched a low-alcohol sparkling wine "Xiao Tao," which has seen limited success in a highly competitive market [9].

证券代码：000869 200869 证券简称：张裕A 张裕B 公告编号：2025－临17 烟台张裕葡萄酿酒股份有限公司 关于董事、独立董事、监事变动的公告 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。 目前，烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）第九届董 事会由 14 名董事组成，分别为刘勋章先生、马克·乔瓦尼·法拉利先生、 Stefano Battioni 先生、恩里科• 西维利先生、张昀女士、周洪江先生、孙 健先生、李记明先生、姜建勋先生、刘庆林先生、段长青先生、刘惠荣女士、 于仁竹先生和王竹泉先生，上述人员后 5 位为独立董事；第八届监事会由三 名监事组成，分别为冷斌先生、刘志军先生和于锦凤女士，其中于锦凤女士 为职工代表监事。 经 2025 年 5 月 23 日召开的 2024 年度股东大会审议通过，任金峰先生、 马克·乔瓦尼·法拉利先生、克劳迪奥･ 米凯莱･ 达戈斯蒂诺先生、萨玛拉·奥 萨帝女士、张昀女士、周洪江先生、孙健先生、李记明先生、姜建勋先生、 王竹泉先生、于仁竹先生、郭建鸾先生、徐岩先生和苏昕女士当选公司第十 届董事会董事，上 ...

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临16 烟台张裕葡萄酿酒股份有限公司 二○二四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。 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5月23日(星期五)上午9点，会期半天。 网络投票时间：2025年5月23日，其中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5月23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5月23 日（现场股东大会召开当日）上午9:15，结束时间为2025年5月23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 ...

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 Jin Mao Partners 金 茂 凯 德 律 师 事 务 所 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 2024 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"）2024年度股东大会（以下简称 "本次股东大会"）于 2025 年 5 月 23 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"）经公司聘请委派欧龙律师、张博文律师（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《上市公司股东会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上 市公司股东会网 ...

证券代码：000869、200869 股票简称：张裕 A 、张裕 B 公告编号：2025-临 15 烟台张裕葡萄酿酒股份有限公司 关于回购股份事项前十名股东 及前十名无限售条件股东持股情况的公告 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、前十名 B 股股东持股情况 | 股东名称 | 数量(股） | 占公司 B 股数比例 | 股总 | | --- | --- | --- | --- | | | | （%） | | | VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 3,446,137 | | 1.63 | | VANGUARD EMERGING MARKETS STOCK INDEX FUND | 3,087,201 | | 1.46 | | NORGES BANK | 2,464,119 | | 1.16 | | 招商证券（香港）有限公司 | 2,463,297 | | 1.16 | | Haitong International Securities Company | 2,461,494 | | 1.1 ...

Group 1: Industry Insights - The liquor industry is facing challenges, with companies like Luzhou Laojiao and Zhangyu expressing concerns about market conditions and sales performance [1][15] - Qingdao Beer is considering the integration of quality assets to enhance its market position, indicating a strategic approach to growth [13] - The recent regulations on public reception by government agencies may impact the consumption of alcoholic beverages in official settings [2] Group 2: Company Developments - Kweichow Moutai has completed 62.46 million shares repurchase, amounting to 10.11 billion yuan, which is two-thirds of its planned buyback [3] - Yanjing Beer is expanding into the non-alcoholic beverage market, launching a new soda brand to meet consumer demand and leverage synergies with its beer business [10][11] - Zhangyu's management remains cautiously optimistic about the long-term prospects of the domestic wine market despite current challenges [15][16] Group 3: Management Changes - Tim Ford is stepping down as CEO of Treasury Wine Estates, with Sam Fischer set to take over, bringing experience from both fast-moving consumer goods and the beverage industry [8] - Chen Qi, Vice Chairman of Shanghai Guijiu, has resigned due to personal reasons, continuing to serve as a board member [9]

Group 1: Guizhou Moutai - Guizhou Moutai announced the adjustment of the venue for the 2024 annual shareholder meeting due to the number of registered attendees exceeding the original venue capacity [1] Group 2: Zhangyu A - Zhangyu A's management acknowledged shortcomings in positioning and marketing, which contributed to the decline in performance, and emphasized the need for improvement [2] - The company aims to achieve 1 billion revenue from overseas wineries despite current challenges [2] Group 3: Huiquan Beer - Huiquan Beer discussed avoiding competition with Yanjing Beer, highlighting the importance of base market effects and sales radius in the beer industry [3] - The company plans to strengthen its market presence in Fujian and Jiangxi while expanding its overall market reach [3] Group 4: Dairy Industry - "Raising a Cow" launched a new children's brand "Moo Star" with three A2 type pure milk products targeting children aged 1-12 [4] Group 5: Food and Beverage - Qiaqia Foods clarified that it has no plans for a liquor business and is set to launch a new ice cream product next month [5] - Wahaha confirmed the termination of its contract with a co-packer due to quality issues found in some batches of bottled water [6] Group 6: Zhongju High-tech - Zhongju High-tech reported an expected improvement in sales for Q2 compared to Q1, with a decrease in inventory levels and recovery in sales across regions [7][8] Group 7: Farmer Spring - Farmer Spring introduced a new product, Chenpi White Tea beverage, on its Tmall flagship store [9] Group 8: Golden Dragon Fish - Golden Dragon Fish stated that its health products generally have higher profit margins than regular grain and oil products, which is expected to contribute to sales growth and profit [10] Group 9: Sanquan Foods - Sanquan Foods announced plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [11] Group 10: Laiyifen - Laiyifen addressed consumer concerns regarding a product issue, stating that they have taken swift action to investigate and resolve the matter [12] Group 11: Liziyuan - Liziyuan plans to focus on milk powder and dairy product production and sales while extending into the upstream supply chain [13] Group 12: Huiyuan Juice - Huiyuan Juice refuted negative online claims about its business, asserting that its operations have been improving since its restructuring in 2022 [14] Group 13: Walmart - Walmart reported Q1 2026 total revenue of $165.6 billion, with a 2.5% year-on-year increase, and a significant growth in its China e-commerce business [17]

Group 1: Company Performance and Strategy - The company has faced continuous performance decline in recent years and has implemented measures such as improving the sales department structure and launching low-alcohol products to attract younger consumers [1] - The company believes that the domestic wine market is not optimistic in the short term but remains hopeful for long-term growth, emphasizing its position as a leading enterprise in the industry [2] - The overseas winery sales are approaching 600 million, with a future target of 1 billion, although sales are expected to decline in 2024 due to global industry adjustments [2] Group 2: Product and Market Positioning - The company plans to refine its product line by increasing marketing efforts for key products while gradually reducing low-end product offerings [3] - The company acknowledges the impact of foreign imported wines on the domestic market and aims to produce quality products that meet Chinese consumer preferences [8] - There is a recognition of the need to improve product packaging, marketing, and consumer service to enhance market competitiveness [8] Group 3: Financial Management and Shareholder Relations - The company plans to repurchase B shares at a maximum price of 11.5 yuan, addressing the significant difference between share prices and net asset value [4] - Future capital expenditures will focus on safety and quality improvements, with no large-scale investments planned [5] - The company has implemented a stock incentive plan linked to performance, although it acknowledges that the plan's effectiveness has been challenged by recent performance declines [6][7] Group 4: Market Challenges and Responses - The domestic wine market has not shown significant improvement, and the company is actively working to adapt to challenges posed by reduced tariffs on imported wines [12][17] - The company has approved a market value management system to address the long-term undervaluation of B shares [9]