Core Viewpoint - Zhangyu A announced that the company has no overdue external guarantees [1] Company Summary - The announcement was made on the evening of October 24 [1]

Core Viewpoint - Zhangyu A (000869.SZ) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 2.116 billion yuan, representing a year-on-year decrease of 3.70% [1] - The net profit attributable to shareholders of the listed company was 188 million yuan, down 16.27% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 168 million yuan, reflecting a year-on-year decline of 12.30% [1]

Core Viewpoint - Zhangyu A reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's revenue decreased by 3.70% to 2.116 billion yuan [1] - The net profit attributable to shareholders fell by 16.27% to 188 million yuan [1]

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025－临 43 烟台张裕葡萄酿酒股份有限公司 第十届董事会第四次会议决议公告 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、2025 年第三季度报告 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。 1 2、关于为澳大利亚 Kilikanoon Estate Pty Ltd 提供保证担保的议案 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 10 月 11 日通过电子邮件、传真、专人送达等方式告知全体董事和有关高级管 理人员。 2、召开会议的时间、地点和方式：2025 年 10 月 23 日以通讯表决方式 举行。 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：董事长周洪江先生主持了会议；公司有 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 会议逐项审议了各项议案，并 ...

Financial Performance - Q3 2025 revenue was CNY 645,394,211, a decrease of 4.38% year-over-year[5] - Net profit attributable to shareholders was CNY 1,917,154, down 30.96% compared to the same period last year[5] - Basic earnings per share decreased by 27.50% to CNY 0.0029[5] - Total operating revenue for the current period is ¥2,115,970,388, a decrease of 3.7% from ¥2,197,300,790 in the previous period[17] - Net profit for the current period is ¥191,664,937, a decline of 14.6% compared to ¥224,267,361 in the previous period[18] - Operating profit decreased to ¥274,171,927, down 13.4% from ¥316,534,976[17] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 357,912,343, an increase of 96.36%[5] - Cash flow from operating activities generated ¥357,912,343, an increase of 96.3% from ¥182,274,024[19] - Cash and cash equivalents at the end of the period increased to ¥1,799,201,184 from ¥1,537,192,234, reflecting a net increase of ¥81,473,633[19] - Investment activities generated a net cash flow of ¥90,360,318, slightly up from ¥86,572,640[20] - Financing activities resulted in a net cash outflow of ¥369,323,793, an improvement from a net outflow of ¥693,595,808 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,157,409,575, a decrease of 2.90% from the previous year[5] - Current assets decreased from CNY 5,610,357,951 to CNY 5,530,746,597, a reduction of about 1.4%[14] - Total liabilities decreased from CNY 1,747,919,655 to CNY 1,553,928,416, a decrease of about 11.1%[15] - The company's equity attributable to shareholders decreased from CNY 10,619,208,419 to CNY 10,452,926,548, a decline of approximately 1.6%[16] - The company's total non-current assets decreased from CNY 6,910,116,267 to CNY 6,626,662,978, a decline of approximately 4.1%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,530[10] - The company repurchased 12.43 million shares of B shares between June 25, 2025, and September 8, 2025[12] Income and Expenses - Total operating costs decreased to ¥1,865,903,747, down 3.0% from ¥1,924,329,373[17] - Non-operating income for the current period totaled CNY 5,685,199, with government subsidies contributing CNY 6,758,049[6] - Other comprehensive income after tax for the current period is ¥15,993,830, compared to a loss of ¥6,912,567 in the previous period[18] Inventory and Receivables - The company reported a significant decrease in accounts receivable by 35.26% due to timely collections[8] - Accounts receivable decreased from CNY 270,829,601 to CNY 175,324,873, a decline of approximately 35.3%[14] - Inventory increased from CNY 2,904,070,556 to CNY 3,007,071,014, reflecting an increase of approximately 3.6%[14] Borrowings and Investments - Long-term borrowings increased by 38.20%, attributed to new loans and currency effects[8] - The long-term equity investment increased slightly from CNY 34,864,748 to CNY 35,353,024, an increase of about 1.4%[14] - The company's weighted average return on equity was 0.02%, down 0.01% year-over-year[5]

该《授信协议》授予 Kilikanoon 公司为人民币七千万元整或等值澳元 的可循环授信，用于其流动资金周转。 二、被担保人基本情况 1、被担保人名称：Kilikanoon Estate Pty Ltd； 2、澳大利亚注册号：097283120； 证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2025-临 44 3、注册地址：Level 3,170 Frome Street,Adelaide SA 5000； 烟台张裕葡萄酿酒股份有限公司 关于对外担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性、完整性承担个别及连带责任。 一、事项概述 为了协助澳大利亚 Kilikanoon Estate Pty Ltd（以下简称"Kilikanoon 公司"），取得当前利率相对较低的人民币贷款，从而增强提款的灵活性、 降低贷款的综合成本。本公司拟继续对 Kilikanoon 公司与华美银行（中国） 有限公司（以下简称"华美银行"）签订的《授信协议》主债权提供连带责 任保证。 三、担保事项 Kilikanoon 公司于 2 ...

Core Viewpoint - The article emphasizes the growing recognition and consumption of domestic Chinese wines, highlighting their quality and the changing consumer preferences towards lighter, more accessible wine options [2][4][5]. Industry Overview - Domestic wine has a long history in China, dating back to 7000 BC, with significant modern developments marked by the establishment of Zhangyu in 1892 and the influence of international wine culture in the 1970s [3]. - In 2022, imported wines accounted for 60.39% of total wine consumption in China, while domestic wines made up 39.61%. However, overall wine consumption remains a small segment of the alcohol market, dominated by baijiu and beer [4]. - The per capita wine consumption in China is only 0.5 liters, ranking 20th globally, and the country has seen a 19% decline in wine consumption among the top 20 wine-consuming nations [4]. Consumer Trends - There is a noticeable shift in wine consumption patterns, with younger generations moving away from traditional social drinking to more personal enjoyment, leading to an increase in the popularity of lower-alcohol wines [6][5]. - The rise of small boutique wineries and the emergence of new wine styles, such as orange wine, reflect a diversification in the domestic wine market [24][25]. Quality and Terroir - The quality of domestic wines is increasingly recognized, with various regions in China, such as Ningxia and Yunnan, showing potential for producing high-quality grapes due to favorable climatic conditions [7][9][12]. - The concept of "terroir" plays a crucial role in wine quality, encompassing factors like soil, climate, and cultivation practices, which vary significantly across China's wine-producing regions [6][7]. Emerging Varietals - The introduction of new grape varieties, such as Marselan, is seen as a potential flagship for Chinese wines, offering unique characteristics that can distinguish them in the global market [17][20]. - Marselan has gained traction in China, with over 50,000 acres planted, and is being promoted through events like "World Marselan Day" to enhance consumer awareness [20][21]. Challenges and Opportunities - Despite the potential for high-quality domestic wines, there are challenges related to consumer perceptions of value and pricing, as many still associate domestic wines with lower quality [22][23]. - The production costs for domestic wines are higher due to the relatively recent establishment of boutique wineries, but there is a growing trend towards more affordable and diverse wine options [23][24].

Core Insights - The traditional liquor market in China is facing significant challenges, with high-end liquor experiencing inventory issues and price discrepancies, while other categories like yellow wine and red wine are also struggling to sell [1][6] Group 1: Yellow Wine Market - "Yellow wine king" Guyue Longshan is collaborating with "beer king" China Resources Beer to develop a cross-border product combining yellow wine and beer, expected to launch within the year [2] - Guyue Longshan's performance has deteriorated, with a 48.17% year-on-year decline in net profit for 2024 and nearly a 5% drop in the first half of the year [4] - The company has failed to meet its sales and profit growth targets set for 2021, 2022, and 2023, indicating a struggle to maintain its market position [4][5] Group 2: Red Wine Market - The red wine market is also experiencing a downturn, with domestic leader Zhangyu A reporting a 3.4% decline in revenue and a 16.09% drop in net profit for the first half of 2025 [8] - Zhangyu A's wine sales fell by 10.28% year-on-year, while the company is diversifying into brandy, which has shown growth [8] - Imported wine volumes have decreased, with a 12.67% drop in imports during the first half of 2025 [8] Group 3: Changing Consumer Trends - The consumption landscape for alcoholic beverages in China is shifting from large banquets to smaller, lifestyle-oriented gatherings, with younger consumers redefining drinking occasions [9] - New consumption scenarios include casual settings like late-night snacks and camping, as well as intimate gatherings, posing a challenge for traditional liquor brands [9]

Core Insights - The Chinese wine industry is experiencing a significant decline in production, with a reported 37.5% year-on-year decrease in April 2025 [1] - Cumulative wine production from January to April 2025 has also dropped by 27.5%, totaling 29,000 kiloliters [1] Company Insights - Key listed companies in the Chinese wine sector include Zhangyu A (000869), Weilang Co., Ltd. (603779), Zhongpu Co., Ltd. (600084), ST Tongpu (600365), Xibu Chuangye (000557), and Huangtai Wine Industry (000995) [1] Industry Reports - The report titled "2026-2032 China Wine Industry Market Panorama Survey and Investment Potential Research Report" by Zhiyan Consulting provides insights into the market trends and investment opportunities within the industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [2]

Market Overview - The non-liquor sector experienced a decline of 0.43% on the previous trading day, with *ST Lanhuang leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Key stocks in the non-liquor sector showed mixed performance, with Kuaijishan (601579) rising by 1.83% to a closing price of 21.13, while *ST Lanhuang (000929) fell by 1.56% to 8.23 [1][2] - Other notable performers included Zhujiang Beer (002461) with a 0.69% increase and Chongqing Beer (600132) with a 1.07% decrease [2] Trading Volume and Value - The trading volume and value for key stocks were significant, with Kuaijishan recording a volume of 163,300 hands and a transaction value of 344 million yuan [1] - The overall non-liquor sector saw a net outflow of 52.84 million yuan from main funds, while retail investors contributed a net inflow of 18.41 million yuan [2][3] Fund Flow Analysis - Main funds showed a net inflow in Kuaijishan of 32.02 million yuan, while *ST Lanhuang experienced a significant net outflow of 2.71 million yuan [3] - Retail investors favored stocks like Kuaijishan and Zhujiang Beer, with net inflows of 30.26 million yuan and 2.25 million yuan respectively [3]