证券代码：000869、200869 证券简称：张裕 A、张裕 B 中信证券股份有限公司 关于 烟台张裕葡萄酿酒股份有限公司 2023 年限制性股票激励计划 独立财务顾问报告 独立财务顾问 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 7 月 1 | 第一章 释义 | | 3 | | --- | --- | --- | | 第二章 声明 | | 4 | | 第三章 基本假设 | | 5 | | 第四章 2023 年限制性股票激励计划已履行的审批程序 | | 6 | | 第五章 本次回购注销相关事项的说明 | | 8 | | 一、股份回购原因及回购数量 | 8 | | | 二、回购注销的价格 | 10 | | | 三、回购资金总额与回购资金来源 | 10 | | | 四、本次回购注销完成后的股本结构情况 | 11 | | | 第六章 独立财务顾问意见 | 12 | | 第二个解除限售期未达成解除限售条件并 回购注销部分限制性股票及调整回购价格相关事项 之 第一章 释义 以下词语如无特殊说明，在本文中具有如下含义： | 张裕股份、公司、上市公 | 指 | 烟台张裕葡萄酿酒股份有限公 ...

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临30 烟台张裕葡萄酿酒股份有限公司 关于召开2025年第一次临时股东大会的通知 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、召开会议的基本情况 (一)股东大会届次：烟台张裕葡萄酿酒股份有限公司(以下简称"本公司")2025 年第 一次临时股东大会。 (二)股东大会的召集人：经本公司第十届董事会第二次会议审议通过，决定召开 2025 年第一次临时股东大会。 (三)会议召开的合法性、合规性说明 本次股东大会的召开符合法律、法规、部门规章、深圳证券交易所业务规则和《公司 章程》的有关规定，并经本公司第十届董事会第二次会议审议通过，召集人的资格合法有 效。 (四)会议召开的日期、时间： 1、现场会议召开时间：2025年8月12日下午2点，会期半天。 2、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 8 月 12 日的交 易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00； (2)通过深圳证券交易所互联网投 ...

证券代码：000869、200869 证券简称：张裕A、张裕B 公告编号：2025－临29 烟台张裕葡萄酿酒股份有限公司 第九届监事会第一次会议决议公告 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。 2、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《关于回购 一、监事会会议召开情况 1、发出会议通知的时间和方式：本次会议的会议通知和相关议案于 2025 年 7 月 14 日以专人送达和电子邮件方式发出。 2、召开时间、地点和方式：本次会议于 2025 年 7 月 25 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、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、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《关于公司 2023 年限制性股票激励计划第二个解除限售期未达成解除限售条件的议案》 监事会认为 ...

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025-临 28 烟台张裕葡萄酿酒股份有限公司 第十届董事会第二次会议决议公告 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 1、发出会议通知的时间和方式：本次会议的通知于 2025 年 7 月 14 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 7 月 25 日以通讯表决方式召 开。 2、关于回购注销公司 2023 年限制性股票激励计划部分限制性股票及调整 回购价格的议案 与会董事以 10 票赞成，0 票弃权，0 票反对的结果通过了该议案，关联董 事周洪江、孙健、李记明、姜建勋回避了本议案表决，决定将该议案提交股东 大会审议。 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。 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 ...

Core Insights - The unveiling of the "Brandy Capital of China - Yantai" sculpture on July 4, 2025, marks a significant turning point for the Chinese brandy industry, following the recognition of Yantai as an "International City of Grapes and Wine" in 1987 [1] - The introduction of the new national standard for Chinese brandy in 2024, which emphasizes "no added sugar" and "no added oak extract," is set to redefine the competitive landscape of the brandy market globally [2][4] Industry Changes - The new national standard for brandy in China introduces the concept of "vineyard brandy," which is the first of its kind globally, setting a high bar for quality by prohibiting sugar and oak extract additives [2] - Imported cognac brands, which traditionally added sugar and oak extracts, are now required to disclose these additives on their labels, revealing the true nature of their products [3] Quality Comparison - Vineyard brandy, which does not add sugar or oak extract, is considered to have superior quality due to its natural fermentation process, resulting in a more balanced and refined taste compared to artificially enhanced products [4] - The absence of sugar in vineyard brandy offers a healthier alternative for consumers, aligning with the growing health consciousness among buyers [4] Market Potential - The Chinese brandy market is poised to become a new growth engine in the spirits sector, with the potential to capture a share of the high-end market traditionally dominated by French cognac [5] - The appeal of Chinese vineyard brandy lies in its lower alcohol content and zero sugar, making it attractive to high-net-worth individuals who prioritize quality and health [5] Historical Context - The origins of the Chinese brandy industry trace back to 1892 with the establishment of Zhangyu, which produced China's first brandy, "Koya," in 1914, marking the beginning of modern brandy production in China [7] - The success of Koya brandy at the Panama World Expo in 1915, where it won a gold medal, highlights its early international recognition [7] - In 2019, Koya's 15-year barrel-aged XO brandy won a blind tasting competition against renowned global brands, indicating the rising prominence of Chinese brandy on the world stage [7][8]

Core Insights - The report from Brand Finance reveals that Chinese alcoholic beverage brands continue to dominate the global market, with the industry valued at $123.38 billion, reflecting a 5.2% increase from 2024 [1] Beer Segment - Snow Beer is recognized as the most valuable beer brand in China, with a brand value of $4.66 billion, marking an 8.6% year-on-year growth and ranking sixth globally [1] - Tsingtao Beer saw a significant brand value increase of 42.3%, reaching $3.63 billion, and rose three positions to ninth in the global beer brand ranking [2] - Yanjing Beer experienced a 21.5% growth in brand value, reaching $640 million, and improved its ranking by seven places to 38th [2] Spirits Segment - Six Chinese liquor brands made it to the top ten in the global spirits brand value ranking, with Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu maintaining the top four positions [3] Wine Segment - Zhangyu is the only Chinese wine brand listed, with a brand value increase of 16.1% to $820 million, solidifying its position among the top five global wine brands [4] Global Brand Leaders - Corona Extra retained its title as the most valuable beer brand globally, valued at $13.36 billion [5] - Jack Daniel's remains the most valuable whiskey brand with a value of $4.44 billion [5] - Crown Vodka's brand value grew by 33.3% to $2.93 billion, maintaining its leading position in the vodka category [5] Industry Trends - The Chinese alcoholic beverage industry is experiencing four key development trends: accelerated premiumization, deepened internationalization, innovation-driven competition, and cultural empowerment reshaping brand value [5]

半年业绩预披露季，葡萄酒上市公司表现依旧不尽如人意。 近日，多家葡萄酒上市公司发布半年业绩预告。南都湾财社-酒水新消费指数课题组记者注意到，除张 裕外，大部分葡萄酒上市公司已发布半年业绩预告，其中威龙股份、ST通葡、莫高股份均预计上半年 亏损，预亏分别超220万元、1860万元和2500万元，亏损额对比去年同期均有所放大；中信尼雅扭亏为 盈，预计盈利40万元至60万元。 在业绩预告"三亏一盈"的背景下，国产葡萄酒仍受到市场不确定性所带来的一系列挑战，尤其今年5 月"禁酒令"落地后，葡萄酒消费市场出现了新变数。南都湾财社记者留意到，部分国内上市公司为应对 市场变化展开"自救"，其中"重返民酒路径""大力推广平民化产品"成为企业"逆袭"的主要方式。 上市公司业绩预告"三亏一盈"，市场不确定性长期存在 南都湾财社记者注意到，出现预亏的葡萄酒公司基本归因于市场。 莫高股份在业绩预告中表示，上半年国内葡萄酒市场仍然低迷，公司葡萄酒业务仍为亏损；ST通葡认 为，虽然公司董事会努力改善公司经营业绩，但受复杂的内外环境影响，公司仍然出现亏损；威龙股份 则是在预告中直言，亏损是受主营业务（葡萄酒等酒类）收入同比减少15%所致。 ...

Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Core Viewpoint - The Chinese Ministry of Commerce announced a 34.9% anti-dumping tax on brandy imported from the EU, which will increase import costs and shrink profit margins for high-end brandy brands in China [1][3]. Group 1: Brandy Market Overview - Brandy has been present in China for over a century, with major imported brands like Hennessy, Martell, and Rémy Martin dominating the market, holding over 80% market share in the high-end segment [4][6]. - Domestic brands such as Zhangyu, Great Wall, Dynasty, and Weilong have emerged over the years, with Zhangyu's Koyak brand leading the domestic market, holding approximately 90% market share [6][14]. - The brandy market in China is evolving, with a shift towards localization and regionalization, as domestic brands seek to capitalize on the current market window [3][6]. Group 2: Domestic Brand Development - The introduction of a new national standard for brandy in July 2024 aims to clarify quality requirements and definitions, including aging periods for various classifications [11][12]. - Domestic brands are increasingly incorporating local cultural elements into their marketing and product design to enhance consumer recognition and acceptance [11][13]. - The concept of brandy production regions is beginning to take shape, with Yantai recognized as the "Brandy Capital of China," accounting for over 80% of domestic production [14][16]. Group 3: Challenges and Opportunities - Despite the growth of domestic brandy, consumer awareness and cultural recognition remain low, with many consumers still uncertain about the quality and value of brandy compared to other alcoholic beverages [11][18]. - The anti-dumping tax on imported brandy presents an opportunity for domestic brands to increase their market share by promoting their products more aggressively [18]. - The industry is encouraged to enhance consumer education and expand consumption scenarios to build brand confidence and recognition over time [18].

Core Viewpoint - Yantai has developed into the most complete domestic wine industry chain area in China, leveraging chain thinking to promote innovation and sustainable development in the wine industry amidst a downturn and deep adjustment period [1][5]. Industry Overview - Yantai is recognized as the birthplace of modern Chinese wine industry and the only "International Grape and Wine City" in Asia, with a history dating back to 1892 when Zhang Bishi established the Zhangyu company [2][4]. - The region boasts 204 wine production enterprises, 63 renowned wineries, and over 250 supporting enterprises, with a total annual output value of 500 billion yuan, maintaining the top position in the country [2][4]. Competitive Advantages - Yantai's geographical location at 37 degrees north latitude provides optimal conditions for high-quality wine production, adhering to the "3S" principle of sunshine, gravel, and ocean [2]. - The area has received over 700 international awards in the past three years, showcasing the global competitiveness of "Chinese brewing" [3]. Achievements in the Wine Industry - In 2024, Yantai's wine production enterprises accounted for 41% of the national total output, with sales revenue and profit indicators consistently leading among major production areas [4]. - The brand value of "Yantai Wine" reached 86.231 billion yuan [4]. Chain Long System Implementation - Yantai initiated the "Chain Long System" in 2021 to enhance the wine industry's resilience, focusing on strategic planning and top-level guidance [5][6]. - The city has established a development support system, including special funds and policy measures to optimize the chain operation mechanism [6]. Industry Integration and Development - The wine industry in Yantai integrates primary, secondary, and tertiary sectors, creating a clear full industry chain that includes planting, brewing, tasting, cultural experiences, and leisure tourism [7]. - The region has developed high-standard quality bases and demonstration gardens, with 98% of wine grape bases adhering to standardized practices [7]. Cultural and Tourism Development - Yantai has formed a development pattern where wine regions are integrated with tourism, enhancing visitor experiences and attracting over 3 million tourists annually [8]. - The city is promoting wine culture through various initiatives, including cultural museums and public promotion activities [9]. Global Engagement - Yantai is expanding its international connections by hosting international summits and fostering cooperation with global wine-producing regions [10].