Core Viewpoint - The non-liquor sector experienced a slight decline of 0.02% on August 12, with Mogao Co. leading the drop, while the Shanghai Composite Index rose by 0.5% and the Shenzhen Component Index increased by 0.53% [1]. Group 1: Market Performance - The non-liquor sector's performance was mixed, with individual stocks showing varied results in terms of closing prices and percentage changes [1]. - Notable gainers included CITIC Nia (up 0.87% to 5.81) and ST Lanhua (up 0.73% to 8.30), while the overall sector faced a minor decline [1]. - The trading volume and turnover for several stocks were significant, with Chongqing Beer achieving a turnover of 197 million yuan [1]. Group 2: Capital Flow - The non-liquor sector saw a net outflow of 80.95 million yuan from main funds, while retail investors contributed a net inflow of 46.07 million yuan [2]. - The overall capital flow indicates a mixed sentiment among institutional and retail investors, with retail showing a more positive stance [2]. - Specific stocks like Huichuan Beer and Zhangyu A also reflected varied capital movements, indicating differing investor interests [2].

Core Viewpoint - The company has approved a share repurchase plan to utilize its own or raised funds for employee stock ownership plans, with a total repurchase amount between RMB 20 million and RMB 30 million, and a maximum repurchase price of RMB 9.70 per share [1] Group 1: Share Repurchase Plan - The company held meetings on March 7 and March 21, 2025, to approve the share repurchase plan [1] - The repurchase period is set for 12 months from the date of shareholder approval [1] - The company will disclose the specific details of the repurchase on its official information platform [1] Group 2: Progress of Share Repurchase - As of July 31, 2025, the company repurchased 1,570,000 shares, accounting for 0.85% of the total share capital, with a total transaction amount of RMB 12,039,652 [2] - As of August 4, 2025, the company repurchased 1,857,700 shares, accounting for 1.00% of the total share capital, with a total transaction amount of RMB 14,380,854 [2] Group 3: Compliance and Regulations - The share repurchase complies with relevant laws and regulations, as well as the established repurchase plan [3] - The company has adhered to the rules regarding the timing and pricing of share repurchases [4][5] - The company will continue to implement the share repurchase plan based on market conditions and will fulfill its information disclosure obligations [6]

证券代码：000929 证券简称：*ST 兰黄 公告编号：2025（临）-53 兰州黄河企业股份有限公司 关于回购公司股份比例达到 1%暨回购进展公告 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。 兰州黄河企业股份有限公司（以下简称"公司"）分别于 2025 年 3 月 7 日、2025 年 3 月 21 日召开第十二届董事会第九次会议和 2025 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金或自筹资金以集中竞价交易方式回购公司股 份，用于股权激励或员工持股计划。本次回购股份的资金总额不低于 人民币 2,000 万元（含）且不超过人民币 3,000 万元（含），回购价 格不超过人民币 9.70 元/股。具体回购数量和金额以回购股份期限届 满或回购股份实施完毕时实际回购数量和金额为准。本次回购股份的 实施期限自公司股东大会审议通过本次回购股份方案之日起 12 个月 内。具体内容详见公司于 2025 年 3 月 10 日、2025 年 3 月 27 日在巨 潮资讯网（www.cninfo.com.cn）上披露的《关于回购 ...

Core Viewpoint - *ST Lanhuang (000929.SZ) announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Relevant Categories Share Buyback Details - The company repurchased a total of 1,857,700 shares, which represents 1.00% of the current total share capital [1] - The highest transaction price during the buyback was 8.21 yuan per share, while the lowest was 7.10 yuan per share [1] - The total amount spent on the buyback was 14,380,854.00 yuan, excluding transaction fees [1]

Core Viewpoint - *ST Lanhuang (000929.SZ) announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Relevant Categories Share Buyback Details - The company repurchased a total of 1,857,700 shares, which represents 1.00% of the current total share capital [1] - The highest transaction price during the buyback was 8.21 yuan per share, while the lowest was 7.10 yuan per share [1] - The total amount spent on the buyback was 14,380,854.00 yuan, excluding transaction fees [1]

证券代码：000929 证券简称：*ST 兰黄 公告编号：2025（临）-53 兰州黄河企业股份有限公司 关于回购公司股份比例达到 1%暨回购进展公告 二、其他说明 （一）公司回购股份的时间、回购股份数量、回购股份价格及集 中竞价交易的委托时段符合《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》的相关要求，具体 如下： 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。 兰州黄河企业股份有限公司（以下简称"公司"）分别于 2025 年 3 月 7 日、2025 年 3 月 21 日召开第十二届董事会第九次会议和 2025 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金或自筹资金以集中竞价交易方式回购公司股 份，用于股权激励或员工持股计划。本次回购股份的资金总额不低于 人民币 2,000 万元（含）且不超过人民币 3,000 万元（含），回购价 格不超过人民币 9.70 元/股。具体回购数量和金额以回购股份期限届 满或回购股份实施完毕时实际回购数量和金额为准。本次回购股份的 实施期限自公司 ...

Market Overview - On August 1, the non-liquor sector rose by 0.06% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - The top-performing stock in the non-liquor sector was *ST Lanhua, which closed at 8.19 with a gain of 4.46% [1] - Other notable stocks included Huichuan Beer at 11.97 (+1.10%), Weilong Co. at 7.52 (+0.80%), and Jin Feng Wine at 5.63 (+0.72%) [1] Trading Volume and Value - The trading volume for *ST Lanhua was 60,800 shares, with a transaction value of approximately 49.09 million yuan [1] - The total net outflow of main funds in the non-liquor sector was 50.54 million yuan, while retail funds saw a net inflow of 19.91 million yuan [2] Fund Flow Analysis - The main fund inflow for *ST Lanhua was 3.99 million yuan, accounting for 8.13% of its trading volume [3] - In contrast, the main fund outflow for ST Xifa was 2.99 million yuan, representing a 6.78% decrease [3] - The overall fund flow indicates a mixed sentiment among institutional and retail investors in the non-liquor sector [2][3]

Core Insights - The Chinese beer industry is undergoing a significant leadership transition, with major companies experiencing management changes over the past nine months, reflecting challenges in performance growth and strategic transformation [1][2][4] Group 1: Leadership Changes - Zhang Yong has been appointed as the new general manager of Zhujiang Beer, marking a shift in leadership as part of a broader trend affecting major beer companies in China [1] - In 2024, Qingdao Beer and Lanzhou Yellow River also saw significant management changes, with new leadership taking over after the retirement of long-standing executives [2] - International beer companies are also adjusting their leadership in China, with Budweiser China appointing Fabio Sala as the new China president, ending a three-year vacancy in the position [2] Group 2: Industry Challenges - The beer industry is facing a transition from volume growth to a new phase where both volume and profit are stagnating or only slightly increasing, prompting companies to seek new growth avenues [3] - A significant number of beer companies are reporting declining revenues, with four out of seven major listed companies experiencing revenue drops, including Budweiser Asia Pacific and China Resources Beer, with declines of -8.9% and -0.76% respectively [4][5] - The overall beer production in China decreased by 0.6% in 2024, with major companies like China Resources Beer and Budweiser Asia Pacific also reporting declines in sales volume [5] Group 3: Market Dynamics - The beer market is witnessing a shift in consumer demand, with challenges in high-end product growth and a decline in immediate consumption channels, leading to a need for strategic adjustments [6][7] - The competition in the beer sector is evolving from channel acquisition to exploring consumer scenarios, particularly in the high-end beer segment [6] - The online penetration rate in the alcohol industry has reached 35%, with the beer instant retail market experiencing significant growth, indicating a shift towards more diverse and health-oriented products [7]

Summary of Key Points Core Viewpoint - The company anticipates a negative net profit for the first half of 2025 due to intensified market competition and insufficient sales growth despite increased marketing efforts [2][3]. Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025, with an expected net profit in negative territory [2]. - The forecast has not been pre-audited by the accounting firm [2]. Reasons for Performance Changes - Increased competition in the local market has hindered the company's ability to boost beer sales, leading to anticipated losses [3]. - The company expects non-recurring gains from securities investments to be approximately 2.66 million yuan [4]. Risk Factors - The performance forecast is based on preliminary calculations by the finance department, with detailed financial data to be disclosed in the 2025 semi-annual report [5]. - The company’s 2024 annual financial data triggered a risk warning for delisting due to negative profit figures and revenue below 300 million yuan [5]. - The company will adhere to legal requirements for timely information disclosure [5]. Other Relevant Information - The company has designated information disclosure media, including "China Securities Journal," "Securities Times," and the website www.cninfo.com.cn, for all announcements [6].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a loss for the first half of 2025, with net profit attributable to shareholders projected to be a loss of RMB 10 million to RMB 13 million, an increase in loss compared to the prior year, and operating revenue expected to decline to RMB 93.5 million to RMB 105 million 2025 Semi-Annual Performance Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Loss: -13.00 million RMB to -10.00 million RMB** | Loss: -8.20 million RMB | | Year-on-Year Change | Decrease: -58.54% to -21.96% | - | | **Net Profit After Non-Recurring Items** | **Loss: -15.00 million RMB to -12.00 million RMB** | Loss: -15.97 million RMB | | Year-on-Year Change | Increase: 6.05% to 24.84% | - | | **Basic Earnings Per Share** | **Loss: -0.0700 RMB/share to -0.0539 RMB/share** | Loss: -0.0441 RMB/share | | **Operating Revenue** | **93.50 million RMB – 105.00 million RMB** | 115.03 million RMB | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that this performance forecast has not been pre-audited by an accounting firm - This performance forecast has not been pre-audited by an accounting firm[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The primary reason for the performance loss is intensified local market competition, where increased marketing efforts did not lead to rapid beer sales growth, alongside a non-recurring net gain of approximately RMB 2.66 million from securities investments - Performance loss is primarily attributed to intensified competition in the company's local market, where increased marketing efforts did not effectively drive beer sales growth[4](index=4&type=chunk) - In the first half of 2025, the company recorded a net gain of approximately **RMB 2.66 million** from securities investments, which is classified as non-recurring profit or loss[4](index=4&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company warns that this performance forecast is a preliminary estimate, and more critically, its stock has been subject to delisting risk warning since April 30, 2025, due to 2024 financial data, potentially facing delisting if 2025 performance remains unsatisfactory - This performance forecast represents a preliminary estimate by the company's financial department, with final data subject to the 2025 semi-annual report[5](index=5&type=chunk) - The company's stock has been subject to a delisting risk warning since April 30, 2025, due to its 2024 financial data triggering relevant provisions of the Shenzhen Stock Exchange Stock Listing Rules[5](index=5&type=chunk) - Should the company's 2025 performance continue to be unsatisfactory, its stock may face the risk of delisting[5](index=5&type=chunk) [Other Relevant Information](index=2&type=section&id=V.%20Other%20Relevant%20Information) The company reiterates that its designated information disclosure media are China Securities Journal, Securities Times, and cninfo.com.cn, advising investors to rely on official announcements - The company's designated information disclosure media are China Securities Journal, Securities Times, and cninfo.com.cn, and all information should be based on these official sources[6](index=6&type=chunk)