一、监事会会议召开情况 第九届监事会第二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1、发出会议通知的时间和方式：本次会议的会议通知和相关议案于 2025 年 8 月 12 日以专人送达和电子邮件方式发出。 证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临36 烟台张裕葡萄酿酒股份有限公司 二、监事会会议审议情况 会议以记名表决的方式通过了以下议案： 1、2025 年半年度报告 与会监事以 3 票赞成，0 票反对和 0 票弃权的表决结果通过了该报告。 2、关于 2025 年半年度利润分配的议案 与会监事以 3 票赞成，0 票反对和 0 票弃权的表决结果通过了该议案。 1 2、召开时间、地点和方式：本次会议于 2025 年 8 月 26 日以通讯表决方式召 开。 3、监事出席会议情况：应出席会议监事 3 人，实际出席会议监事 3 人。 4、会议主持人和列席人员：本次会议由监事会主席冷斌先生主持。 5、本次监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○二五年八月二十八 ...

1、发出会议通知的时间和方式：本次会议的通知于 2025 年 8 月 12 日通过 专人送达和电子邮件的方式告知全体董事、监事和有关高管人员。 2、召开会议的时间、地点和方式：于 2025 年 8 月 26 日在上海文华东方酒 店召开。 烟台张裕葡萄酿酒股份有限公司 证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025-临 35 第十届董事会第三次会议决议公告 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、董事会会议召开情况 3、董事出席会议情况：会议应出席董事 14 人，实际出席董事 14 人。 2、关于 2025 年半年度利润分配的议案 4、会议的主持人和列席人员：董事长周洪江先生主持了会议；公司部分监 事会成员和有关高级管理人员列席了会议。 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 会议以记名投票表决方式审议通过以下议案： 1、2025 年半年度报告 与会董事以 14 票赞成，0 票弃权，0 票反对的结果通过了该报告。 与会董事以 14 票赞成，0 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 1,470,576,177, representing a decrease of 3.40% compared to CNY 1,522,309,436 in the same period last year[20]. - The net profit attributable to shareholders decreased by 16.09% to CNY 185,597,142 from CNY 221,177,382 year-on-year[20]. - The basic and diluted earnings per share both decreased by 12.50% to CNY 0.28 from CNY 0.32 in the same period last year[20]. - The weighted average return on net assets decreased to 1.73% from 2.03% year-on-year[20]. - Despite efforts, the company faced a decline in both revenue and net profit, indicating significant pressure to meet 2025 financial budget targets[45]. - Revenue for the current period was $1,470,576,177, a decrease of 3.40% compared to $1,522,309,436 in the same period last year, primarily due to a decline in product sales[48]. - The net profit margin improved, with net profit recorded at CNY 256,695,670, reflecting a margin of approximately 17.4%[134]. - The company reported a net profit contribution of CNY 116,595,828 from its subsidiary Yantai Zhangyu Wine Sales Co., Ltd., which generated revenue of CNY 960,000,861[65]. Cash Flow and Assets - The net cash flow from operating activities increased by 17.43% to CNY 239,421,128 compared to CNY 203,880,364 in the previous year[20]. - The total cash and cash equivalents increased by $61,013,083, reversing a previous decline of $400,166,503, primarily due to improved financing cash flow[49]. - The company's inventory stood at $2,959,823,407, representing 24.30% of total assets, with no significant changes reported[53]. - Cash and cash equivalents increased to CNY 1,839,091,128 from CNY 1,797,848,130, representing a growth of about 2.3%[125]. - The total equity attributable to shareholders was CNY 11,050,629,700, down from CNY 11,289,129,231, a decrease of 2.1%[131]. - The total liabilities decreased to CNY 684,760,748 from CNY 806,663,245, a decline of 15.1%[131]. Market and Sales Performance - The company operates primarily in the production of wine and brandy, maintaining a leading position in the domestic wine industry despite intense competition[27]. - The total number of distributors increased to 5,242, with a net addition of 62 distributors during the reporting period[29]. - The sales volume of wine decreased by 10.28% year-on-year to 23,336 tons, while brandy sales increased by 14.88% to 10,476 tons[36]. - The company reported a total revenue of CNY 1.47 billion for the first half of 2025, a slight decrease from CNY 1.52 billion in the same period of 2024[30]. - Domestic revenue accounted for 82.53% of total revenue, decreasing by 4.99% year-over-year, while international revenue increased by 4.92% to 17.47% of total revenue[49]. Research and Development - Research and development expenses increased by 34.43% to $9,071,966 from $6,748,675 in the previous year, indicating a focus on innovation[48]. - The company has a strong research and development system supported by a national-level wine research center, enhancing product innovation capabilities[37]. - The company aims to improve product quality management and develop new products tailored to younger consumers' tastes, such as fruit-flavored wines[46]. Risk Management - The company emphasizes the importance of investors being aware of potential risks associated with future plans and strategies[3]. - The company faces risks related to raw material price fluctuations, particularly for grapes, which are affected by weather conditions[66]. - The company is managing investment error risks by conducting thorough evaluations of investment projects to avoid exceeding budgets[69]. - The company has exposure to exchange rate risks due to significant export activities through its overseas subsidiaries[70]. - The company has a structured approach to mitigate various operational risks, ensuring strategic decision-making and resource allocation[71]. Shareholder and Dividend Information - The company plans not to distribute cash dividends or issue bonus shares[4]. - A total of 2,153,772 restricted shares will be repurchased and canceled due to unmet conditions for the second unlock period of the 2023 restricted stock incentive plan[77]. - The company has repurchased 6.79 million B shares, accounting for 1.01% of the total share capital, to protect investor interests[45]. - The company has not established a cash dividend distribution plan for the mid-term, aiming to enhance investor satisfaction[76]. Compliance and Governance - The financial report for the first half of 2025 has not been audited[123]. - The company has not disclosed any plans for mergers or acquisitions during the reporting period[90]. - There were no major litigation or arbitration matters during the reporting period[87]. - The company has not reported any violations regarding external guarantees during the reporting period[84]. - The financial statements comply with the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission[155].

Market Overview - On August 27, the non-liquor sector declined by 1.7% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with 会稽山 (Kuaijishan) increasing by 0.78% to close at 23.28, while *ST Lanhuang (Lanhuang) fell by 4.47% to close at 8.34 [1][2] - Other notable declines included 重庆啤酒 (Chongqing Beer) down 1.07%, 张裕A (Zhangyu A) down 1.14%, and *ST 椰岛 (Yedao) down 1.45% [1][2] Trading Volume and Capital Flow - The non-liquor sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 298 million yuan [2] - The trading volume for 会稽山 was 338,600 hands with a transaction value of 779 million yuan, while *ST 兰黄 had a trading volume of 57,300 hands and a transaction value of 48.47 million yuan [1][2] Capital Inflow Analysis - In terms of capital inflow, 张裕A had a net inflow of 5.04 million yuan from institutional investors, while *ST 兰黄 saw a significant net outflow of 10.63 million yuan [3] - The data indicates that retail investors were more active in the market, with notable inflows into stocks like *ST 椰岛 and 珠江啤酒 (Zhujiang Beer) [3]

Market Performance - The non-baijiu sector increased by 1.52% on August 25, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Highlights - Kuaijishan (601579) closed at 23.20, up 10.00% with a trading volume of 323,700 shares and a turnover of 733 million yuan [1] - Guyue Longshan (600059) closed at 10.39, up 2.57% with a trading volume of 279,700 shares and a turnover of 289 million yuan [1] - Jinfeng Wine Industry (600616) closed at 6.00, up 2.39% with a trading volume of 336,300 shares and a turnover of 200 million yuan [1] Capital Flow - The non-baijiu sector saw a net inflow of 181 million yuan from institutional investors, while retail investors experienced a net outflow of 85.13 million yuan [2] - The main stocks with significant capital inflow included Kuaijishan with a net inflow of 127 million yuan, accounting for 17.39% of its trading volume [3] Individual Stock Capital Flow - Kuaijishan had a net inflow of 127 million yuan from main funds, while retail investors saw a net outflow of 72.16 million yuan [3] - Zhirun Co. (002568) experienced a net inflow of 35.89 million yuan from main funds, but a net outflow of 5.45 million yuan from retail investors [3] - Chongqing Beer (600132) had a net inflow of 29.53 million yuan from main funds, with a net outflow of 42.03 million yuan from retail investors [3]

证券之星消息，8月22日，张 裕Ａ（000869）融资买入650.97万元，融资偿还593.69万元，融资净买入 57.27万元，融资余额2.43亿元，近3个交易日已连续净买入累计551.65万元，近20个交易日中有11个交 易日出现融资净买入。 | 交易日 | 融券净卖用(股) | | 副券会重(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-22 | | 200.0 | 3.51万 | 78.45万 | | 2025-08-21 | | -1.41万 | 3.49万 | 78.28万 | | 2025-08-20 | | 3900.0 | 4.90万 | 108.68万 | | 2025-08-19 | | 200.0 | 4.51万 | 98.23万 | | 2025-08-18 | | 0.0 | 4.49万 | 97.07万 | 融资融券余额2.44亿元，较昨日上涨0.24%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-22 | 2.4 ...

Market Overview - On August 22, the non-liquor sector rose by 0.42% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 28.27, with a significant increase of 10.00% and a trading volume of 244,800 shares, amounting to a transaction value of 684 million [1] - Other notable stocks included: - GuanFengMingJia (600600) remained unchanged at 68.57 with a trading volume of 81,900 shares [1] - XianJing Beer (000729) also remained unchanged at 12.70 with a trading volume of 235,400 shares [1] - ST XiFa (000752) closed at 11.22, unchanged with a trading volume of 44,600 shares [1] - Chongqing Beer (600132) slightly decreased by 0.11% to 55.75 with a trading volume of 50,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 40.44 million from institutional investors and 74.53 million from retail investors, while there was a net inflow of 115 million from individual investors [2] - The capital flow for specific stocks showed: - BaiRun Co., Ltd. had a net inflow of 164 million from institutional investors, but a net outflow of 81.47 million from retail investors [3] - Zhongxin Niya (600084) had a net inflow of 1.94 million from institutional investors, with a slight outflow from retail investors [3] - ST XiFa (000752) saw a net outflow of 3.26 million from institutional investors, but a net inflow of 472.60 thousand from retail investors [3]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3725.22 points, just above the annual line, indicating a stable market performance despite a minor drop of 0.06% [1]. Group 1: Market Performance - The total trading volume of A-shares reached 15,350.35 billion yuan today [1]. - A total of 21 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1]. Group 2: Stocks with Significant Deviation Rates - ST Kaiyuan (300338) leads with a deviation rate of 12.28%, closing at 4.34 yuan after a 12.73% increase [1]. - Anjie Technology (002635) follows with a deviation rate of 8.47%, closing at 15.72 yuan with a 10.01% increase [1]. - Water Well (600779) has a deviation rate of 3.00%, closing at 45.85 yuan after a 4.09% increase [1]. Group 3: Stocks with Minor Deviation Rates - Times Electric (688187) has a minimal deviation rate of 0.04%, closing at 45.45 yuan with a 1.00% increase [2]. - Gansu Energy (000552) shows a deviation rate of 0.12%, closing at 2.53 yuan with a 0.40% increase [1].

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index above the annual line, indicating potential investment opportunities in stocks that have recently crossed this threshold [1] Group 1: Market Overview - As of 10:29 AM today, the Shanghai Composite Index is at 3733.77 points, with a slight increase of 0.17% [1] - The total trading volume in the A-share market is 1,083.946 billion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 19 A-shares have surpassed the annual line today, with notable stocks including: - Anjie Technology (002635) with a deviation rate of 8.47% and a daily increase of 10.01% [1] - Shuijingfang (600779) with a deviation rate of 3.38% and a daily increase of 4.47% [1] - Jierong Technology (002855) with a deviation rate of 2.76% and a daily increase of 4.13% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Donghua Energy (002221) and Shihua Island (*ST椰岛) [1]

Market Overview - On August 18, the non-liquor sector rose by 0.36% compared to the previous trading day, with *ST Yedao leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - The top-performing stocks in the non-liquor sector included: - *ST Yedao: Closed at 6.74, up 2.12% with a trading volume of 107,700 shares and a turnover of 72.31 million yuan [1] - Huijian Mountain: Closed at 19.36, up 2.00% with a trading volume of 107,400 shares [1] - ST Xifa: Closed at 11.14, up 1.46% with a trading volume of 89,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 97.71 million yuan [2] - The capital flow for specific stocks showed: - Huijian Mountain had a net inflow of 14.72 million yuan from institutional investors [3] - *ST Yedao experienced a net outflow of 5.91 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had notable capital movements: - *ST Yedao: Net outflow of 5.91 million yuan from institutional investors, with a retail net inflow of 2.84 million yuan [3] - Huijian Mountain: Net inflow of 14.72 million yuan from institutional investors, but a net outflow of 3.84 million yuan from retail investors [3] - ST Xifa: Net outflow of 5.61 million yuan from institutional investors, with a retail net inflow of 2.92 million yuan [3]