Financial Performance - The company's revenue for Q3 2025 was CNY 206,599,252.75, a decrease of 9.28% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY -29,646,243.91, down 33.73% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY -30,608,290.52, a decrease of 38.87%[5]. - The basic and diluted earnings per share were both CNY -0.0622, reflecting a decline of 30.67% compared to the previous year[5]. - The company experienced a 62.03% decline in net profit attributable to the parent company, influenced by a slowdown in macroeconomic growth and conservative consumer spending[9]. - The net profit for the current period is 21,911,554.00, a decrease of 61.9% compared to 57,557,966.17 in the previous period[22]. - The total comprehensive income for the current period is 22,639,673.46, down 61.1% from 58,128,278.32 in the previous period[23]. - The total operating profit is 40,883,640.48, down 50.7% from 83,036,722.16 in the previous period[22]. - The total profit for the current period is 39,439,253.91, a decrease of 51.5% compared to 81,375,323.47 in the previous period[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,290,446,396.62, a decrease of 1.62% from the end of the previous year[5]. - Total assets decreased from CNY 3,344,517,538.86 at the beginning of the period to CNY 3,290,446,396.62 at the end of the period, reflecting a reduction of approximately 1.6%[20]. - Total liabilities decreased from CNY 549,205,018.58 to CNY 446,819,544.79, a decline of about 18.6%[20]. - The company's total equity attributable to shareholders increased by 1.71% to CNY 2,862,277,834.65 compared to the end of the previous year[5]. - The company's total equity increased from CNY 2,795,312,520.28 to CNY 2,843,626,851.83, reflecting a growth of about 1.7%[20]. Cash Flow - The net cash flow from operating activities was CNY 53,206,603.04, an increase of 50.02% year-on-year[5]. - The operating cash flow net amount is 53,206,603.04, an increase of 50.0% compared to 35,466,784.33 in the previous period[24]. - The cash flow from investing activities showed a net outflow of CNY -86,521,476.13, primarily due to the purchase of short-term financial products[9]. - The cash flow from investment activities shows a net outflow of -86,521,476.13, worsening from -62,393,932.22 in the previous period[25]. - Cash and cash equivalents decreased from CNY 363,737,716.48 to CNY 297,608,890.82, a decline of approximately 18.2%[18]. - The cash and cash equivalents at the end of the period stand at 297,608,890.82, down from 413,279,979.25 in the previous period[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,800[11]. - Qinghai Tianyoude Technology Investment Management Group holds 41.64% of shares, totaling 199,483,040 shares, with 83,000,000 shares pledged[11]. - The top 10 shareholders include China Bank with 4.98% (23,858,066 shares) and China Construction Bank with 1.94% (9,278,400 shares)[11]. - The report indicates no known relationships among the top shareholders[12]. - The company has not engaged in any share lending or borrowing activities during the reporting period[12]. Corporate Actions - The company injected $600,000 into its wholly-owned subsidiary Oranos Group, Inc., increasing its total investment to $16 million[13]. - The company appointed Mr. Lu Shuilong as Vice General Manager, responsible for strategic planning and business development in domestic markets outside specific provinces[14]. - The company adjusted its organizational structure during the reporting period[15]. - The controlling shareholder transferred 12,000,000 unrestricted shares back to a regular securities account, lifting a margin trading business[15]. - The company has increased the number of independent directors to 5, expanding the board to 11 members[13]. - The company completed the repurchase and cancellation of 2.895 million restricted shares, accounting for 30.67% of the total granted under the 2023 incentive plan, reducing total share capital from 482,002,974 shares to 479,107,974 shares[16]. Expenses - Financial expenses rose by 177.00% to CNY 1,793,710.99, mainly due to reduced interest income[9]. - The company's net profit margin is impacted by a decrease in sales expenses, which increased from CNY 229,611,278.96 to CNY 234,739,408.60, reflecting a rise of approximately 2.6%[21]. - Research and development expenses remained relatively stable at CNY 13,182,285.27 compared to CNY 13,358,609.93 in the previous period, indicating a slight decrease of about 1.3%[21]. - The tax expenses for the current period are 17,527,699.91, a decrease of 26.4% from 23,817,357.30 in the previous period[22]. - The income from other operating activities is 825,308.77, significantly higher than 30,796.13 in the previous period[22]. - The company reported an investment income of CNY 105,128.96, contrasting with a loss of CNY 349,458.76 in the previous period, showing a significant improvement[21].

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Group 1 - The core point of the article is that Tianyoude Liquor announced the pledge of shares by its controlling shareholder, Tianyoude Group, involving 14,500,000 shares [2] Group 2 - Tianyoude Group is the controlling shareholder of Tianyoude Liquor [2] - The announcement was made on the evening of October 20 [2]

青海互助天佑德青稞酒股份有限公司 关于控股股东股份质押的公告 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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）近日收到公司控股股东青海天 佑德科技投资管理集团有限公司（以下简称"天佑德集团"）通知，天佑德集团将持有的公司 部分股份办理了质押业务，本次股份质押业务不会导致公司的实际控制权发生变更，不会对生 产经营、公司治理等方面产生实质性影响，控股股东质押的股份不存在平仓风险。具体情况如 下： 证券代码：002646 证券简称：天佑德酒 公告编号：2025-060 特此公告。 一、股东股份质押基本情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | | | | | | | 已质 | | | | | 股 | | | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 押股 | | 未质 ...

Core Viewpoint - Tianyoude Liquor announced the release of stock pledges by its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group, which involved 14,500,000 shares being released from pledge [2] Summary by Relevant Sections - **Stock Pledge Release** - The number of shares released from pledge is 14,500,000 [2] - This represents 7.27% of the controlling shareholder's total holdings [2] - The released shares account for 3.03% of the company's total share capital [2]

Core Points - Qinghai Huzhu Tianyoude Qingke Liquor Co., Ltd. announced the release of 14,500,000 shares from pledge by its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co., Ltd. [1] - The released shares represent 7.27% of the controlling shareholder's holdings and 3.03% of the company's total share capital [1] - As of the announcement date, Tianyoude Group holds 199,483,040 shares, accounting for 41.64% of the company, with a total of 68,500,000 shares pledged, which is 34.34% of its holdings and 14.30% of the company's total share capital [1]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-059 关于控股股东部分股份解除质押的公告 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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）近日收到公司控股股东青海天 佑德科技投资管理集团有限公司（以下简称"天佑德集团"）通知，天佑德集团将持有的公司 部分股份办理了解除质押业务。具体情况如下： | 股东名称 | 是否为 控股股 东或第 一大股 东及其 一致行 动人 | 本次解除质押数 量（股） | 占其所 持股份 比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 天佑德集团 | 是 | 14,500,000 | 7.27% | 3.03% | 2025 年 8 月 11 日 | 2025 年 10 月 15 日 | 中国银河证券 股份有限公司 | | 合计 | -- | 14,500,000 | 7.27% | 3.03% | -- | -- | -- | 青海互助天佑 ...

Core Viewpoint - The A-share market shows a positive trend with the Shanghai Composite Index closing at 3897.56 points, above the six-month moving average, reflecting a slight increase of 0.21% [1] Group 1: Market Performance - The total trading volume of A-shares reached 1681.524 billion yuan today [1] - A total of 127 A-shares have surpassed the six-month moving average, indicating a bullish sentiment in the market [1] Group 2: Individual Stock Performance - Stocks with significant deviations from the six-month moving average include: - Ainanju (证券代: 920770) with a deviation rate of 9.77% and a daily increase of 12.36% [1] - Huifeng Diamond (证券代: 920725) with a deviation rate of 5.80% and a daily increase of 12.63% [1] - Kaitian Gas (证券代: 920010) with a deviation rate of 5.69% and a daily increase of 7.07% [1] - Other notable stocks with smaller deviations include Jiangzhong Pharmaceutical, Qingdao Port, and Ningbo Energy, which have just crossed the six-month moving average [1]

Market Overview - The liquor sector experienced a decline of 0.87% on October 13, with *ST Rock 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] Individual Stock Performance - *ST Rock (600696) closed at 5.63, down 3.10% with a trading volume of 37,400 shares and a turnover of 20.94 million yuan [1] - Other notable declines include: - Si Gu Dian (000799) down 2.30% to 59.57 with a volume of 105,200 shares [1] - Gujing Gongjiu (000596) down 2.24% to 150.83 with a volume of 18,900 shares [1] - Huangtai Liquor (000995) down 2.12% to 13.83 with a volume of 39,700 shares [1] Capital Flow Analysis - The liquor sector saw a net outflow of 1.133 billion yuan from main funds, while retail funds had a net inflow of 579 million yuan [1] - The table of capital flow indicates that major stocks like Kweichow Moutai (6150009) had a net outflow of 4.91 million yuan, while retail investors contributed a net inflow of 29,500 yuan [2] - Luzhou Laojiao (000568) experienced a net outflow of 1.74 million yuan from main funds but saw a retail net inflow of 8.366 million yuan [2]

Core Viewpoint - The company Tianyoude Liquor (002646) is providing financial assistance of up to 7 million yuan to Shanxi Yizun Supply Chain Co., Ltd. to support the establishment of a yak hot pot and Tianyoude Qingke liquor experience store in Lanzhou, marking a shift in marketing strategy from channel-centric to user-centric [1][3]. Group 1: Financial Assistance Details - The financial assistance will be used exclusively for opening the experience store, with a repayment obligation guaranteed by all shareholders of Shanxi Yizun [1][2]. - The assistance has a term of up to 42 months, with an annual interest rate of 3%, requiring quarterly settlements and year-end reconciliations [1][2]. Group 2: Strategic Collaboration - The partnership aims to leverage Shanxi Yizun's experience in the hot pot industry to integrate Qingke liquor into consumer lifestyles, thereby reducing operational risks in the restaurant business for Tianyoude [3]. - Shanxi Yizun is expected to cooperate fully with Tianyoude in product display, promotion, and marketing efforts for two years after the store opens [2][3]. Group 3: Marketing Transformation - Tianyoude is transitioning its marketing strategy to focus on "county-level, international, youthful, and terminal" approaches, emphasizing scene creation and cultural integration [4]. - The company has established a corporate culture department to enhance product and brand expression [4].