面对投资者关心的国内葡萄酒市场的发展，周洪江坦言，"短期不乐观长期不悲观"，作为行业深耕多年 的龙头企业，依然看好未来的市场发展空间，公司也将坚定不移地聚焦主业谋求发展。 此外，值得注意的是，在此次投资者网上接待日活动中多位投资者对于公司管理层股权激励并没有带来 业绩增长等提出质疑。 对此，公司表示："公司2023年开始实施的限制性股票激励计划与经营业绩相挂钩，没有违反法律程 序。公司实施股权激励的初衷是为了调动骨干人员的工作积极性推动公司更快更好地发展。在实施过程 中，政策起到了一定的作用，但2024年度面对全球行业的深度调整的形势，公司的业绩也没有达到预 期。我们会认真总结本次股权激励实施的经验教训。" 《每日经济新闻·将进酒》记者也以投资者身份，围绕公司2024年业绩，提出近年来业绩持续下滑、国 内葡萄酒市场未来趋势等问题，张裕A均进行了回应。 财报数据显示，2024年张裕A实现营业收入约32.77亿元，较上年同比下降25.26%，实现归属于上市公 司股东净利润约为3.05亿元，同比下降42.68%。仅完成"2024年力争实现营收不低于47亿元"这一KPI的 约七成。 对于业绩的下滑，董事长周洪江称，公 ...

Core Viewpoint - The company acknowledges challenges in achieving expected performance due to a global industry downturn and emphasizes the need for strategic review and improvement in various aspects of its operations [1][2]. Group 1: Company Performance and Strategy - The company implemented equity incentives to motivate key personnel for better performance, but results have not met expectations due to global industry adjustments [1]. - Management is committed to regularly reviewing strategies, marketing, and positioning to identify areas for improvement, acknowledging past shortcomings that contributed to declining performance [1]. - The company is optimistic about achieving 1 billion RMB in revenue from overseas wineries, despite current challenges, and plans to enhance sales in both domestic and international markets [1]. Group 2: Market Dynamics and Product Strategy - The company has taken measures to address performance declines, including refining the sales structure, launching low-alcohol products, and focusing on key urban markets [2]. - The impact of imported wines is recognized, and the company aims to produce quality products that meet consumer preferences while ensuring effective marketing strategies [2]. - The company maintains a cautious but optimistic outlook on the domestic wine market, believing in its long-term growth potential despite current challenges [2]. Group 3: Distribution Channels - The company is actively working to improve its presence in offline retail channels and has no plans to abandon these distribution avenues [3].

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025-临 14 烟台张裕葡萄酿酒股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，烟台张裕葡萄酿酒股份有限公司（以下简 称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司 高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、融资计划、股 权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 特此公告！ 烟台张裕葡萄酿酒股份有限公司 二 ...

Core Viewpoint - Chinese wine is gaining recognition on the global stage, with the success of Zhangyu's Longyu winery at the Düsseldorf International Wine Fair marking a significant shift in the wine industry's narrative [2][4][5]. Group 1: Achievements and Recognition - Longyu's Cabernet Sauvignon, Dragon 12, was awarded the same score as Lafite and outperformed other top wines in a blind tasting, highlighting its quality [4][6]. - The "Düsseldorf Judgment" is seen as a pivotal moment, akin to the 1976 Paris Judgment, which shifted the wine industry's power dynamics [3][4]. - Longyu has won over 160 international awards, showcasing its excellence and the fusion of traditional Chinese winemaking with modern techniques [7]. Group 2: Market Position and Cultural Impact - The success of Chinese wines like Longyu is challenging the dominance of imported wines in the high-end market, aiming to change consumer perceptions that favor foreign brands [8][9]. - There is a call for establishing a unique Chinese wine culture that reflects local characteristics rather than being an extension of Western wine markets [8][9]. - The breakthrough of Longyu represents a significant step for Chinese high-end wines to assert their presence and narrative in the global wine industry [9].

证券代码：000869、200869 股票简称：张裕 A 、张裕 B 公告编号：2025-临 13 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。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开了第九届董事会第十一次会议，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》，具体内容详见公司于 2025 年 4 月 18 日披露于《中国证券报》、《证券时报》及巨潮资讯网（www.cninfo.com.cn） 的《第九届董事会第十一次会议决议公告》（公告编号：2025-临 02），以 及《关于回购公司部分境内上市外资股(B 股)股份方案》（公告编号：2025- 临 08）。 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》等法律、法规的相关规定，现将公司董事会 公告回购股份决议的前一个交易日（即 2025 年 4 月 17 日）登记在册的前 十名 B 股股东和前十名无限售条件 ...

百 年 张 裕 传 奇 品 质 2024 社会责任报告 烟台张裕葡萄酒酿酒股份有限公司 目录 1 | 烟台张裕葡萄酒酿酒股份有限公司 | 2024 | 年度社会责任报告 | | --- | --- | --- | | 对标索引 | 63 | | | 3. | | | --- | --- | | 以人为本 携手共进 | 33 | | 雇佣与职业福利 | 33 | | 培训与发展 | 34 | | 职业健康与安全 | 36 | | 4. | | | --- | --- | | 共享价值 赋能社区 | 45 | | 产品责任 | 45 | | 行业交流 | 54 | | 可持续供应链 | 59 | | 公益及社区参与 | 61 | 2 | 关键绩效表 | 03 | | --- | --- | | 荣誉奖项 | 05 | | 关于本报告 | 07 | | 关于本公司 | 08 | | 1. 透明运营 引领行业 | 09 | | --- | --- | | 公司治理 | 09 | | ESG 管治 | 13 | | 合规经营 | 15 | | 2. | | | --- | --- | | 守护风土 绿色酿造 | 21 ...

Core Viewpoint - Zhangyu, a leading domestic wine producer, has faced significant challenges, with its performance showing minimal growth in the first quarter of this year after a substantial decline in the previous year [2][3][6]. Financial Performance - In Q1 2024, Zhangyu reported revenue of 811 million yuan, a slight increase of 0.01% year-on-year, and a net profit of 159 million yuan, up 0.21% year-on-year, indicating a stabilization after last year's declines [2][3]. - For the full year 2023, Zhangyu's revenue was 3.277 billion yuan, a decrease of 25.26%, and net profit was 305 million yuan, down 42.68%, marking the lowest performance in 16 years [2][4][5]. Sales Breakdown - The decline in revenue was primarily due to significant drops in both wine and brandy sales, with wine revenue at 2.438 billion yuan (down 22.32%) and brandy revenue at 740 million yuan (down 35.8%) [4][5]. - Sales volume for wine decreased by 12.22% to approximately 57,700 tons, while brandy sales volume fell by 31.56% to about 20,500 tons [3][4]. Market Conditions - The domestic wine market has been experiencing low demand, exacerbated by increased competition from imported wines, particularly after the removal of tariffs on Australian wines [6][7]. - In 2023, the import volume of wine rose by 13.6% to approximately 280 million liters, while domestic production fell by 14.5% [6]. Future Outlook - Despite the challenges, there are optimistic views regarding Zhangyu's potential recovery, driven by changing consumer preferences towards lower-alcohol and more casual drinking experiences [8]. - The company aims to achieve a revenue target of at least 3.4 billion yuan in 2024, reflecting a growth of approximately 3.7% from the previous year [8].

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025-临12 烟台张裕葡萄酿酒股份有限公司 《关于召开2024年度股东大会的通知》之补充及更正公告 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。 本公司于2025年4月18日披露了《关于召开2024年度股东大会的通知》（以下简称" 《通知》"）。经事后自查，我们因对国家法律法规及证券监管规章制度理解不够全面 和透彻，未对拟提交2024年度股东大会审议的《关于回购公司部分境内上市外资股 （B股）股份方案》在《通知》中列出逐项表决内容，现对《通知》中"提案名称及 主要内容"和"授权委托书"部分进行补充和更正如下： 一、补充及更正情况 1、提案名称及主要内容 补充更正前： | 提 案 编 | | 备注 | | --- | --- | --- | | 码 | 提案名称 | 该列打勾的栏目可 | | | | 以投票 | | 100 | 总议案：除累积投票提案外的所有提案 | √ | | 非累积 | | | | 投票提 | | | | 案 1.00 | 2024 年度董事会工作报告 | √ | ...

Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

每经记者 温梦华 每经编辑 肖芮冬 今年一季度，是葡萄酒卖得好还是啤酒更受青睐？ 4月24日，珠江啤酒、燕京啤酒、张裕A同天发布2025年一季度报告。虽然这三家公司一季度营收从约8亿元到约38亿元，净利润却都 在1.6亿元左右。那么三家企业具体的表现如何？ 燕京啤酒VS珠江啤酒：营收相差2倍，净利润差仅800万元 从一季报相关数据来看，燕京啤酒和珠江啤酒两家公司均实现了双增长。 其中，燕京啤酒一季度实现营收约38.27亿元，同比增长6.69%；归属于上市公司股东的净利润约为1.65亿元，同比增长61.1%。公司各 项指标稳步增长，实现啤酒销量99.5万千升（含托管企业），其中大单品燕京U8继续保持30%以上的高增速。 | | 本报告期 | ┣年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减(%) | | 营业收入(元) | 3,826,830,012.83 | 3,586,956,685.47 | 6.69% | | 归属于上市公司股东的净利润(元) | 165,275,724.04 | 102,590,178.90 | 61.10% | | 归属于 ...