Market Overview - The non-liquor sector increased by 0.1% on October 31, with *ST Yedao leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - The top performers in the non-liquor sector included: - *ST Yedao: Closed at 6.70, up 1.67% with a trading volume of 76,500 shares [1] - Zhirun Co.: Closed at 25.18, up 1.37% with a trading volume of 80,700 shares [1] - Jinfeng Wine: Closed at 5.71, up 1.24% with a trading volume of 90,100 shares [1] - Other notable stocks included: - Huichuan Beer: Closed at 11.41, up 1.06% [1] - ST Xifa: Closed at 11.25, up 0.81% [1] Capital Flow - The non-liquor sector experienced a net outflow of 44.38 million yuan from institutional investors, while retail investors saw a net inflow of 51.71 million yuan [2] - The capital flow for specific stocks showed: - *ST Yedao: Net outflow of 6.65 million yuan from institutional investors [3] - Zhujiang Beer: Net inflow of 328,580 yuan from institutional investors [3] - Huichuan Beer: Net inflow of 105,040 yuan from institutional investors [3]

Market Overview - The non-baijiu sector increased by 0.32% compared to the previous trading day, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Kuaijishan (601579) closed at 22.75, up 5.42% with a trading volume of 243,600 shares [1] - Other notable stocks include: - Jiu You Xian Jiu (000729) at 11.83, up 1.02% [1] - Chongqing Beer (600132) at 53.50, up 0.96% [1] - Gu Zhi Lang La (600600) at 65.70, up 0.20% [1] - The overall performance of the non-baijiu sector showed mixed results, with several stocks experiencing declines [1][2] Capital Flow - The non-baijiu sector saw a net outflow of 47.92 million yuan from institutional investors, while retail investors contributed a net inflow of 8.39 million yuan [2] - Notable capital flows include: - Kuaijishan had a net inflow of 77.35 million yuan from institutional investors, but a net outflow of 78.27 million yuan from retail investors [3] - Zhujiang Beer (002461) experienced a small net inflow from retail investors of 2.12 million yuan despite a net outflow from institutional and speculative investors [3]

Core Insights - *ST Lanhuang (000929.SZ) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investment in the company [1] Institutional Holdings - As of October 29, 2025, five institutional investors disclosed holdings in *ST Lanhuang A-shares, totaling 57.91 million shares, which represents 31.17% of the company's total share capital [1] - The institutional investors include Lanzhou Yellow River New Prosperity Investment Co., Ltd., Hunan Yucheng Investment Co., Ltd., Gansu Industrial Transportation Investment Co., Ltd., Xinyu High-tech Zone Yigudinyuan Enterprise Consulting Center (Limited Partnership), and Shenzhen Dehai Private Securities Fund Management Co., Ltd. - Shenzhen Dehai State-owned Enterprise Mixed Reform Value No. 1 Private Securities Investment Fund [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.89 percentage points [1]

Core Insights - *ST Lanhuang reported significant improvements in its financial performance for Q3 2025, with a revenue of approximately 2.19 billion yuan, a year-on-year increase of 23.35%, and a net profit of about 10.93 million yuan, reflecting a substantial growth of 128.25% [1][2] - The company achieved a remarkable Q3 performance with a revenue of around 1.23 billion yuan, up 94.98% year-on-year, and a net profit of approximately 22.96 million yuan, marking a 175.32% increase [1] - The growth is attributed to the expansion of online sales channels and the revenue contribution from the newly acquired juice beverage business [1] Business Strategy and Developments - *ST Lanhuang has been actively restructuring its business and upgrading its industry focus, consolidating its traditional beer and malt business while entering the emerging beverage market [1] - The company has undertaken several initiatives since 2025, including the acquisition of Wuzhong Yellow River Beverage Co., Ltd. and the establishment of a beverage subsidiary in Chongqing, enhancing its product line and regional market presence [1] - The company has significantly expanded its online sales platforms, particularly through Douyin, contributing an additional revenue of approximately 39.34 million yuan during the reporting period, which has become a key driver for overall revenue growth [1] Financial Management and Outlook - As of September 22, 2025, *ST Lanhuang completed a share repurchase plan with a total amount of 30 million yuan, indicating management's confidence in the company's future prospects [2] - The repurchased shares are intended for equity incentives or employee stock ownership plans, which may enhance team motivation and corporate cohesion [2] - Despite some pressure on operating cash flow due to business expansion and procurement models, the cash flow from investment and financing activities remains healthy, ensuring overall financial stability [2] - Analysts note that *ST Lanhuang has demonstrated strong performance elasticity and transformation determination during the reporting period, with positive progress in channel innovation and business integration [2] - The company is expected to achieve further performance recovery and growth throughout 2025 as its beverage business layout matures and online sales systems strengthen [2]

Core Viewpoint - *ST Lanhua (000929.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance despite a negative adjusted net profit [1] Financial Performance - The company achieved an operating revenue of 219 million yuan, representing a year-on-year increase of 23.35% [1] - The net profit attributable to shareholders reached 10.93 million yuan, showing a substantial year-on-year increase of 128.25% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -37.97 million yuan [1] - The basic earnings per share stood at 0.0591 yuan [1]

证券代码：000929 证券简称：*ST 兰黄 公告编号：2025（临）-76 兰州黄河企业股份有限公司 2.本次会议于 2025 年 10 月 29 日上午 9 点 30 分以现场表决方式召开。 3.本次会议应出席董事 9 名，实际出席董事 9 名。公司高级管理人员 列席本次会议。 4.本次会议由董事长谭岳鑫先生召集和主持。 5.本次会议的召集、召开和表决程序符合《中华人民共和国公司法》 《公司章程》等的相关规定。 二、董事会会议审议情况 1.审议通过《关于 2025 年第三季度报告的议案》 具体内容详见与本公告同日披露于《中国证券报》《证券时报》和巨 潮资讯网（http://www.cninfo.com.cn）上的《2025 年第三季度报告》（公 告编号：2025-6）。 第十二届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 1.兰州黄河企业股份有限公司（以下简称"公司"）第十二届董事会第 十六次会议通知于 2025 年 10 月 19 日以书面、电子通信等方式发出。 具体内容详见与本公告同日披露于《中 ...

Core Viewpoint - *ST Lanhua (000929.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance despite a loss in net profit after excluding non-recurring items [1] Financial Performance - The company achieved an operating revenue of 219 million yuan, representing a year-on-year increase of 23.35% [1] - The net profit attributable to shareholders reached 10.93 million yuan, showing a substantial year-on-year increase of 128.25% [1] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was -37.97 million yuan [1] - Basic earnings per share were reported at 0.0591 yuan [1]

Financial Performance - The company's revenue for the third quarter reached ¥122,610,651.54, representing a year-on-year increase of 94.98%[5] - Net profit attributable to shareholders was ¥22,961,590.93, a significant increase of 175.32% compared to the same period last year[5] - Total operating revenue for the period reached ¥219,446,400.41, an increase of 23.3% compared to ¥177,910,871.82 in the previous period[25] - The net profit for the current period is -22,182,784.48, compared to -58,846,104.36 in the previous period, showing an improvement[28] - The total operating income for the current period is 226,016,058.21, up from 206,162,660.18 in the previous period, reflecting a growth of approximately 9.0%[29] - The total profit for the current period is -22,185,609.70, an improvement from -46,967,846.68 in the previous period[28] - Basic and diluted earnings per share for the current period are both 0.0591, compared to -0.2082 in the previous period[28] - The company's net profit margin was impacted by rising costs, with total operating costs exceeding total revenue[25] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥133,802,830.14, indicating a cash outflow increase due to expanded online sales and advertising expenses[5] - The company's cash and cash equivalents decreased to ¥42,341,959.50 from ¥120,054,863.07, reflecting a decline of 64.8%[22] - The net cash flow from operating activities is -133,802,830.14, worsening from -22,058,785.11 in the previous period[30] - The cash flow from investment activities shows a net inflow of 155,923,458.76, compared to 35,783,732.52 in the previous period, indicating a significant increase[30] - Total assets at the end of the reporting period were ¥1,118,559,588.84, up 16.16% from the end of the previous year[5] - Total assets increased to ¥1,118,559,588.84 from ¥962,921,879.35, representing a growth of 16.2%[23] Liabilities and Shareholder Information - The company’s total liabilities increased due to higher short-term borrowings to support daily operations[10] - Total liabilities rose to ¥337,061,866.88, up from ¥155,767,490.13, reflecting a 116.3% increase[24] - The total number of common shareholders at the end of the reporting period is 11,760[14] - The largest shareholder, Lanzhou Huanghe Xinseng Investment Co., Ltd., holds 21.50% of shares, totaling 39,931,229 shares[14] - The top ten shareholders hold a significant portion of shares, with the second-largest shareholder holding 5.00%[14] Sales and Marketing - The company expanded its online sales channels, resulting in an increase in sales revenue by ¥39,340,000 from platforms like Douyin[11] - The acquisition of the juice beverage business contributed ¥17,300,000 in revenue since its consolidation[11] - The company increased its advertising and promotional expenses to support online sales, leading to a rise in sales expenses compared to the previous year[11] - The company has seen an increase in sales revenue from 211,965,150.00 in the current period compared to 199,482,203.72 in the previous period, reflecting a growth of approximately 6.9%[29] Strategic Initiatives - The company implemented a share buyback program, resulting in an increase in treasury stock[10] - The company has repurchased 3,764,300 shares, accounting for 2.03% of the total share capital, with a total expenditure of 30 million RMB[17] - The maximum repurchase price was 9.70 RMB per share, with a trading range between 7.10 RMB and 8.30 RMB per share[17] - A new subsidiary, Huanghe (Chongqing) Beverage Co., Ltd., was established in partnership with Chongqing Chengbiao Agricultural Development Co., Ltd.[18] - The company acquired 50.6329% equity in Yiwang Juice Co., Ltd. for 0 RMB, with a total capital contribution of 26,917,521.60 RMB[19] - The company plans to establish a branch in Shenzhen, which was approved in the board meeting on August 25, 2025[17] Other Financial Metrics - The company recognized a non-recurring gain of ¥289,508.40 from the acquisition of Wu Zhong Huang He, where the investment cost was less than the fair value of identifiable net assets[6] - The company reported a decrease in retained earnings to ¥103,026,133.80 from ¥92,097,766.05, an increase of 11.1%[24] - The total operating costs amounted to ¥288,440,205.32, up 27.3% from ¥226,594,915.83 in the prior period[25] - Accounts receivable surged to ¥77,532,906.60, a significant increase from ¥1,390,573.35, indicating a growth of 5,474.5%[22] - Inventory levels rose to ¥189,649,645.42, compared to ¥108,673,182.60, marking a 74.5% increase[22] - The total operating profit is -17,873,680.90, an improvement from -45,580,046.51 in the previous period[28] - The total comprehensive income attributable to the parent company is 10,928,367.75, compared to -38,683,793.74 in the previous period, marking a substantial recovery[28]

本次会计估计变更事项按照财政部相关会计准则变更会计 估计，符合相关法律、法规及《企业会计准则》的规定，能够客 观、公允地反映公司的财务状况和经营成果，为投资者提供更可 靠、更准确的会计信息，不存在损害公司及股东尤其是中小股东 利益的情形。 兰州黄河企业股份有限公司董事会 2025 年 10 月 29 日 兰州黄河企业股份有限公司 董事会关于会计估计变更合理性的说明 兰州黄河企业股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第十二届董事会第十六次会议审议通过《关于会 计估计变更的议案》，同意本次会计估计变更事项，并就本次会 计估计变更的合理性说明如下： ...

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。 特别提示： 1. 根据《企业会计准则第 28 号—会计政策、会计估计变更和差错更 正》的规定，本次会计估计变更事项采用未来适用法进行相应的会计处理， 无需对兰州黄河企业股份有限公司（以下简称"公司"）已披露的财务报 表进行追溯调整，对以往各期财务状况和经营成果不会产生影响。 2. 2025 年 10 月 29 日，公司召开第十二届董事会第十六次会议以 9 票同意、0 票弃权、0 票反对的表决结果审议通过了《关于会计估计变更 的议案》，本次会计估计变更无需提交股东会审议。 一、会计估计变更概述 （一）会计估计变更原因 公司于 2025 年 9 月完成对吴忠市义旺果汁有限公司（后更名为"黄 河（吴忠）饮品有限公司"，以下简称"吴忠黄河"）的股权收购及工商 变更登记工作，并将吴忠黄河纳入公司合并报表范围，具体内容详见公司 在《中国证券报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 上披露的《关于购买股权的公告》（公告编号：2025（临）-64）、《关 于购买股权完成工商变更登记的公告》 ...