天佑德酒（SZ 002646，收盘价：10.26元）8月19日晚间发布半年度业绩报告称，2025年上半年营业收 入约6.74亿元，同比减少11.24%；归属于上市公司股东的净利润约5146万元，同比减少35.37%；基本每 股收益0.108元，同比减少34.9%。 （文章来源：每日经济新闻） ...

Group 1 - The company Tianyoude Wine (002646.SZ) reported a revenue of 674 million yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders of the listed company was 51.46 million yuan, down 35.37% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 48.97 million yuan, reflecting a year-on-year decline of 35.99% [1] - The basic earnings per share were 0.1080 yuan [1]

Group 1 - The company Tianyoude Wine announced the convening of its 21st meeting of the 5th Board of Directors on August 19, 2025, in Qinghai Province, focusing on the special report regarding the management and use of raised funds for the first half of 2025 [2] - For the first half of 2025, the company's revenue composition was as follows: 85.43% from the wine and alcoholic beverage sector, 12.69% from e-commerce platform business, 1.53% from other businesses, and 0.35% from other wholesale and retail [2]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-054 青海互助天佑德青稞酒股份有限公司 2025 年半年度募集资金存放、管理与使用情况的专项报告 （二）以前年度已使用金额、本报告期使用金额及报告期末余额 1、以前年度已使用金额 截至2024年12月31日，公司累计使用募集资金金额为247,004,557.94元（含项目累计投入 金额211,605,557.94元及以前年度永久补充流动资金金额35,399,000.00元），收到的银行存 款利息、现金管理收益、扣除银行手续费净额为13,537,522.59元，报告期末余额为 171,503,968.81元（其中募集资金157,966,446.22元，收到的银行存款利息、现金管理收益、 扣除银行手续费净额为13,537,522.59元）。 2、本报告期使用金额及报告期末余额 本报告期，使用募集资金金额为24,984,695.94元，收到的银行存款利息、现金管理收益、 扣除银行手续费净额为973,359.07元。 截至2025年6月30日，公司累计使用募集资金金额为271,989,253.88元（含项目累计投入 金额236,590,253.88元及 ...

青海互助天佑德青稞酒股份有限公司 2025 年半年度财务报告 青海互助天佑德青稞酒股份有限公司 2025 年半年度财务报告 【2025 年 8 月】 1 青海互助天佑德青稞酒股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：青海互助天佑德青稞酒股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 299,248,391.21 | 363,737,716.48 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 80,288,493.15 | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 22,926,374.98 | 20,641,175.12 | | 应收款项融资 | | | | 预付款项 | 15,708,413.02 | 14,631,704.34 | | 应收保费 | | ...

- 1 - | 经营性资金占 | | 占用方与上市公司的 | 上市公司核算的 | 2025 年期初 | 2025年1-6月占用累 | 2025 年 1-6 月占用资金 | 2025 年 1-6 月偿 | 2025 年 6 月末 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | 资金占用方名称 | 关联关系 | 会计科目 | 占用资金余额 | 计发生金额 （不含利息） | 的利息 （如有） | 还累计发生金额 | 占用资金余额 | 原因 | | | | 西藏阿拉嘉宝酒业有 限责任公司 | 全资子公司 | 应收账款 | | 5,949.42 | | 3,310.94 | 2,638.48 | 业务经营 | 经营性往来 | | | 中酒时代酒业（北京） 有限公司 | 控股子公司 | 应收账款 | 757.34 | 1,707.40 | | 702.69 | 1,762.05 | 业务经营 | 经营性往来 | | | 西藏纳曲青稞酒业有 限公司 | 全资孙公司 | 应收账款 | 18.82 ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-052 青海互助天佑德青稞酒股份有限公司 第五届监事会第十八次会议（定期）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、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会召开情况 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日上午 10:00， 在青海省互助县威远镇西大街 6 号公司七楼会议室以现场和通讯相结合的方式召开了公司第 五届监事会第十八次会议（定期）。本次会议由监事会主席卢艳女士召集并主持，会议通知已 于 2025 年 8 月 8 日以书面方式送达全体监事。应出席会议监事 3 名，实际出席会议监事 3 名 （监事会主席卢艳女士、监事高剑虹先生以通讯方式出席会议），公司董事会秘书、证券事务 代表列席了会议。本次会议的召集、召开符合《公司法》《公司章程》及相关法律、法规的规 定。 二、监事会会议审议情况 经与会监事审议，本次会议一致通过如下议案： 1、审议通过《2025 年半年度报告及摘要》，表决结果为：赞成 3 票；无反对票；无弃权 票。 监事会认为：董事会编制和审核公司《20 ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-051 二、董事会会议审议情况 经与会董事审议，本次会议一致通过如下议案： 1、审议通过《2025 年半年度报告及摘要》，表决结果为：赞成 11 票；无反对票；无弃权 票。 该议案已经公司董事会审计委员会审议同意。 《2025 年半年度报告》详见指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn）。 青海互助天佑德青稞酒股份有限公司 第五届董事会第二十一次会议（定期）决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日上午 9:30， 在青海省互助县威远镇西大街 6 号公司七楼会议室以现场和通讯相结合的方式召开了公司第 五届董事会第二十一次会议（定期）。本次会议由董事长李银会先生召集并主持，会议通知已 于 2025 年 8 月 8 日以书面方式送达全体董事。会议应出席董事 11 名，实际出席董事 11 名（其 中，以通讯方式出席会议 7 人，董事万国栋、鲁水 ...

[Important Notice, Table of Contents, and Definitions](index=3&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice and Definitions](index=3&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E4%B8%8E%E9%87%8A%E4%B9%89) The company's management guarantees the report's authenticity and plans no profit distribution for this period - The company's management ensures the truthfulness, accuracy, and completeness of the report and states that **no cash dividends, bonus shares, or capital reserve transfers** will be issued for the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk) - This report covers the period from **January 1, 2025, to June 30, 2025**[18](index=18&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002646 Company Information | Item | Information | | :--- | :--- | | **Stock Ticker** | Tianyoude Wine | | **Stock Code** | 002646 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd | | **Legal Representative** | Li Yinhui | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit declined, but its operating cash flow significantly improved due to better working capital management Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 673,819,141.78 | 759,154,805.65 | -11.24% | | **Net Profit Attributable to Shareholders (Yuan)** | 51,460,249.67 | 79,617,531.28 | -35.37% | | **Net Profit after Non-recurring Items (Yuan)** | 48,965,919.33 | 76,493,788.71 | -35.99% | | **Net Cash Flow from Operating Activities (Yuan)** | 54,012,827.36 | 22,841,669.51 | 136.47% | | **Basic Earnings Per Share (Yuan/Share)** | 0.1080 | 0.1659 | -34.90% | | **Weighted Average ROE** | 1.81% | 2.78% | -0.97% | | **Total Assets (Yuan)** | 3,348,709,268.35 | 3,344,517,538.86 | 0.13% (vs Year-End) | | **Net Assets Attributable to Shareholders (Yuan)** | 2,889,739,860.65 | 2,814,061,051.34 | 2.69% (vs Year-End) | [Non-recurring Profit and Loss Items](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring profit and loss totaled 2.49 million Yuan, mainly from government subsidies and wealth management income Non-recurring Profit and Loss Items for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -133,530.93 | | Government Subsidies Included in Current P&L | 2,950,673.15 | | Gain/Loss from Entrusted Investments | 288,493.15 | | Other Non-operating Income and Expenses | -265,105.02 | | Less: Income Tax Impact | 347,823.23 | | Less: Minority Interest Impact (After Tax) | -1,623.22 | | **Total** | **2,494,330.34** | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Business Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on highland barley wine, implementing strategic initiatives to navigate a rationalizing market and expand its reach - The company's main business is the R&D, production, and sale of highland barley wine, featuring brands like Tianyoude and Huzhu, with a **fully self-owned production chain** and a sales model combining distribution and direct sales[32](index=32&type=chunk)[33](index=33&type=chunk) - The company is advancing its "Four-pronged" strategy (county-level penetration, internationalization, youth appeal, and terminal focus) to solidify its home market, expand nationally, and promote exports, with **Tashi highland barley wine entering Costco in the US**[36](index=36&type=chunk) - To attract younger consumers, the company launched innovative products such as a **28-proof lemon-flavored** and a **43-proof sherry-finished highland barley wine**[35](index=35&type=chunk)[53](index=53&type=chunk) [Industry and Main Business](index=10&type=section&id=%E8%A1%8C%E4%B8%9A%E4%B8%8E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The Chinese liquor industry faces rationalizing consumption, where regional brands with strong value propositions and channel control show resilience - The liquor industry is under pressure as consumers prioritize value, giving **regional brands an advantage** due to their local consumer base and channel control[32](index=32&type=chunk) - Key performance drivers include solidifying market foundations, expanding coverage, deepening rural penetration, targeting the banquet market, promoting tourism season activities, and **accelerating the national product layout**[34](index=34&type=chunk)[35](index=35&type=chunk) [Brand and Product Operation](index=11&type=section&id=%E5%93%81%E7%89%8C%E4%B8%8E%E4%BA%A7%E5%93%81%E8%BF%90%E8%90%A5) Highland barley wine remains the core revenue source, with sales evenly split between products priced above and below 100 Yuan Product Revenue Composition (Wine Manufacturing) for H1 2025 | Product Category | Operating Revenue (Yuan) | Revenue Share | | :--- | :--- | :--- | | **Highland Barley Wine** | **570,212,057.72** | **99.06%** | | Above 100 Yuan (incl)/500ml | 299,430,578.55 | 52.02% | | Below 100 Yuan/500ml | 270,781,479.17 | 47.04% | | **Other Highland Barley Spirits** | 776,774.86 | 0.13% | | **Wine** | 4,643,194.14 | 0.81% | | **Total** | **575,632,026.72** | **100.00%** | [Sales and Production Model](index=13&type=section&id=%E9%94%80%E5%94%AE%E4%B8%8E%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) The company primarily relies on channel distribution, which constitutes 88.9% of its wine manufacturing revenue, supplemented by direct sales Sales Model Revenue | Sales Model | Operating Revenue (Yuan) | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | | Channel Distribution | 511,711,800.19 | 66.90% | -9.52% | | Direct Sales | 63,920,226.53 | 72.67% | -21.43% | - During the period, the number of **out-of-province distributors increased from 511 to 522**, a net addition of 11, while in-province distributors remained at 77[46](index=46&type=chunk) - Online e-commerce platform sales revenue reached **24.31 million Yuan**, a year-on-year increase of 4.64%[46](index=46&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its unique "Tianniang Craft," strong brands, market dominance, and continuous product innovation - **Brand Advantage**: "Huzhu" and "Tianyoude" are **China Well-known Trademarks**, with "Huzhu" being a "China Time-honored Brand" and its craft listed as a national intangible cultural heritage[51](index=51&type=chunk) - **Market Advantage**: The company's strategy is to "Root in Qinghai, Base in the Northwest, Expand Nationally, and Deploy Globally," holding a **high market share in Qinghai** with a loyal consumer base[52](index=52&type=chunk) - **Product & Innovation**: In H1 2025, the company successfully launched three new products, including a **28-proof lemon-flavored and a 43-proof sherry-finished highland barley wine**, and upgraded five existing products[53](index=53&type=chunk) - **Talent Advantage**: The company boasts a strong technical team, including experts with the **"State Council Special Government Allowance"** and national-level liquor tasters, with the team earning honors like the national "Youth Civilization Unit"[54](index=54&type=chunk) [Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business revenue declined, with sales falling in domestic markets but showing strong growth internationally YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 673,819,141.78 | 759,154,805.65 | -11.24% | No significant change | | **Operating Cost** | 278,525,713.28 | 307,871,180.69 | -9.53% | No significant change | | **Administrative Expenses** | 66,003,119.41 | 85,616,659.79 | -22.91% | No significant change | | **Financial Expenses** | 30,607.12 | -5,429,445.06 | 100.56% | Impact of USD exchange rate fluctuations | | **Net Cash Flow from Operating Activities** | 54,012,827.36 | 22,841,669.51 | 136.47% | Reduced payments for various procurements | | **Net Cash Flow from Investing Activities** | -114,022,894.98 | -30,410,920.11 | -274.94% | Purchase of short-term wealth management products | Operating Revenue Composition | Category | Current Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Region** | | | | | Within Qinghai Province | 461,478,578.47 | 68.49% | -8.49% | | Outside Qinghai Province | 198,488,079.61 | 29.46% | -17.18% | | International | 3,517,735.81 | 0.52% | 42.87% | | **By Product** | | | | | Highland Barley Wine (≥100 Yuan) | 299,430,578.55 | 44.44% | -10.19% | | Highland Barley Wine (<100 Yuan) | 270,781,479.17 | 40.19% | -11.44% | [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total assets remained stable, with a significant shift from construction in progress to fixed assets upon project completion - **Construction in progress decreased by 941 million Yuan (95.22%)** from the beginning of the year, as the "17,300-ton high-quality highland barley raw spirit aging project" was transferred to fixed assets[62](index=62&type=chunk) - The company holds **overseas assets in the US valued at 180 million Yuan**, representing 6.22% of its net assets; these US operations generated 3.07 million Yuan in revenue and a net loss of 13.02 million Yuan in H1 2025[64](index=64&type=chunk) - During the period, the company purchased **80 million Yuan in trading financial assets** (wealth management products) and made a new 1.5 million Yuan equity investment in Hainan Jianyun Supply Chain Management Co, Ltd[62](index=62&type=chunk)[66](index=66&type=chunk) [Investment Analysis](index=21&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's primary investment is the ongoing highland barley raw spirit aging project, which has been delayed to year-end 2025 Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 17,300-ton high-quality highland barley raw spirit aging project | Self-construction | 19,828,056.72 | 117,302,238.61 | 55.86% | - Due to objective factors like the domestic economic situation, the progress of several fundraising projects has slowed, with the **"17,300-ton aging project" completion date postponed to December 31, 2025**[69](index=69&type=chunk)[78](index=78&type=chunk) - As of the end of the reporting period, **67.16% of the 405 million Yuan raised** in the 2021 private placement has been used, with 133 million Yuan remaining[73](index=73&type=chunk)[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main sales subsidiary remains the core profit contributor, while the US subsidiary continues to operate at a loss Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Qinghai Huzhu Highland Barley Wine Sales Co, Ltd | 446,147,263.34 | 52,371,035.06 | | Oranos Group, Inc. | 3,073,637.28 | -13,022,757.48 | | Beijing Huzhu Tianyoude Highland Barley Wine Sales Co, Ltd | 1,831,739.69 | -7,982,207.95 | [Company's Risks and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from shifting consumer preferences toward value and uncertainty in US tariff policies - **Risk 1**: A shift in liquor consumption towards private consumption and value-for-money; the company will respond by **enhancing market research, promoting its "Four-pronged" strategy, and increasing the supply of high-value products** like plain bottle liquor[85](index=85&type=chunk) - **Risk 2**: Uncertainty in US tariff policies; the company will **closely monitor tariff changes** and make adaptive adjustments[85](index=85&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Corporate Governance](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) The company adjusted its board composition, appointed a new deputy general manager, and is proceeding with a restricted stock buyback - The company elected **Wang Yancai and Chen Bin as new independent directors** and appointed Lu Shuilong as Deputy General Manager[87](index=87&type=chunk)[88](index=88&type=chunk) - The company plans to **buy back and cancel a total of 2.895 million restricted shares** from its 2023 incentive plan due to unmet vesting conditions[90](index=90&type=chunk)[91](index=91&type=chunk) - The company's H1 2025 plan includes **no cash dividends, no bonus shares, and no capitalization of public reserves**[89](index=89&type=chunk) [Environmental and Social Responsibility](index=27&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company is listed for mandatory environmental information disclosure and actively engages in rural revitalization and public welfare - The company and its subsidiaries are included in the list of enterprises **legally required to disclose environmental information**[92](index=92&type=chunk) - The company actively fulfilled its social responsibilities through various public welfare activities, including **poverty alleviation support, the "Highland Barley Student Aid Action" for rural education, and donating supplies to earthquake-stricken areas**[93](index=93&type=chunk)[94](index=94&type=chunk) [Important Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Related-Party Transactions](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) All routine related-party transactions were conducted within approved limits and based on market prices Major Routine Related-Party Transactions in H1 2025 | Related Party | Transaction Type | Transaction Content | Transaction Amount (10k Yuan) | | :--- | :--- | :--- | :--- | | Tianyoude Group and its controlled companies | Purchase/Receive Services | Purchase of goods, receiving services (incl leasing) | 343.47 | | Zhongjiu (Beijing) Chain Commerce Management Co, Ltd | Sale of Goods | Sale of goods | 439.16 | [Major Contracts and Their Performance](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided a 100 million Yuan guarantee for a subsidiary and approved a total guarantee limit of 250 million Yuan - The company provided a **100 million Yuan joint liability guarantee** for its wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, for a one-year term[118](index=118&type=chunk) - During the period, the company used **80 million Yuan of its own funds to purchase brokerage wealth management products**[120](index=120&type=chunk) [Other Important Matters](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company increased its investment in its US subsidiary, while another subsidiary plans a major winery expansion - The company continued to increase its capital in the US subsidiary Oranos Group, Inc to support its business development, completing a **capital injection of 650,000 USD** during the period[121](index=121&type=chunk) - The wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, plans to use **160 million Yuan of self-raised funds for a winery renovation and expansion project**[124](index=124&type=chunk) [Share Capital Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged during the reporting period, with a stock buyback plan in progress - The company's **total share capital remained unchanged at 482,002,974 shares** during the reporting period[127](index=127&type=chunk) [Shareholder Information](index=38&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The controlling shareholder holds a 41.39% stake, with a portion of its shares pledged, while index funds are among the top ten shareholders Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Qinghai Tianyoude Technology Investment Management Group Co, Ltd | 41.39% | 199,483,040 | | China Merchants CSI Liquor Index Fund | 4.95% | 23,858,066 | | Penghua CSI Liquor ETF | 1.27% | 6,142,300 | | Wang Shen | 1.21% | 5,808,808 | | Peking University Education Foundation | 0.94% | 4,510,400 | - The controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co, Ltd, holds **41.39% of the company's shares**, of which 90,730,000 shares are pledged[130](index=130&type=chunk) [Bond-Related Matters](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Matters](index=42&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to disclose for the reporting period - The company did not issue, trade, or hold any bonds during this reporting period, and there are **no related matters to disclose**[137](index=137&type=chunk) [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Opinion](index=43&type=section&id=%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81) The company's semi-annual financial report for 2025 has not been audited - This semi-annual financial report is **unaudited**[139](index=139&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements provide a comprehensive overview of the company's financial position, performance, and cash flows for H1 2025 [Consolidated Balance Sheet](index=43&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company maintained a stable balance sheet with total assets of 3.35 billion Yuan Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **3,348,709,268.35** | | Total Current Assets | 1,911,233,501.64 | | Total Non-current Assets | 1,437,475,766.71 | | **Total Liabilities** | **477,625,115.54** | | Total Current Liabilities | 437,557,034.76 | | Total Non-current Liabilities | 40,068,080.78 | | **Total Equity** | **2,871,084,152.81** | | Equity Attributable to Parent Company | 2,889,739,860.65 | [Consolidated Income Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the company generated total revenue of 674 million Yuan and net profit attributable to shareholders of 51.46 million Yuan Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | **673,819,141.78** | | **Total Operating Cost** | **613,289,421.76** | | Operating Cost | 278,525,713.28 | | Taxes and Surcharges | 101,809,877.16 | | Selling Expenses | 158,361,898.36 | | Administrative Expenses | 66,003,119.41 | | **Total Profit** | **72,577,510.74** | | **Net Profit** | **51,553,072.89** | | Net Profit Attributable to Parent Company Shareholders | 51,460,249.67 | [Consolidated Cash Flow Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The company's operating cash flow increased significantly, while investing activities resulted in a net outflow due to asset purchases Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | **54,012,827.36** | | **Net Cash Flow from Investing Activities** | **-114,022,894.98** | | **Net Cash Flow from Financing Activities** | **-4,447,476.28** | | Effect of Exchange Rate Changes on Cash | -31,781.37 | | **Net Increase in Cash and Cash Equivalents** | **-64,489,325.27** | | Cash and Cash Equivalents at End of Period | 299,248,391.21 | [Notes to the Financial Statements](index=61&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes detail the company's accounting policies, including revenue recognition, inventory valuation, and R&D expenditure treatment - **Revenue Recognition Policy**: Revenue is recognized when the customer obtains control of the goods, typically upon customer acceptance[228](index=228&type=chunk) - **Inventory Valuation Method**: Inventories are recorded at actual cost upon acquisition and valued using the weighted average method upon dispatch, measured at the lower of cost or net realizable value at period-end[201](index=201&type=chunk) - **R&D Expenditure**: Research-phase expenditures are expensed as incurred, while development-phase expenditures meeting capitalization criteria are recognized as intangible assets[215](index=215&type=chunk)[216](index=216&type=chunk) [Other Submitted Data](index=152&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Other Important Matters and Investor Relations Activities](index=152&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E4%B8%8E%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E6%B4%BB%E5%8A%A8) The company received a minor administrative penalty for environmental monitoring issues and actively engaged with investors - In January 2025, the company was fined **50,000 Yuan** for issues with its pollution source automatic monitoring equipment and has since completed rectification[529](index=529&type=chunk) - During the reporting period, the company held **multiple online earnings calls and investor reception events** to communicate with institutional and individual investors[530](index=530&type=chunk)

10:04 A股三大指数集体翻绿 沪指下跌翻绿，此前一度涨超0.45%，深证成指跌0.34%，创业板指跌0.23%。 10:04 深证成指失守11800点整数关口 酒鬼酒涨停，皇台酒业、舍得酒业涨超4%，水井坊、泸州老窖等跟涨。 | 名称 | 张幅� | | --- | --- | | 酒鬼酒 | +10.01% | | *ST岩石 | 45.08% | | 皇台酒业 | +4.71% | | 舍得酒业 | +4.48% | | 洋河股份 | +3.99% | | 水井坊 | +3.22% | | 金种子酒 | +3.21% | | 金徽酒 | +2.58% | | 泸州老窖 | +2.46% | | 天佑德酒 | +2.28% | 09:48 沪深两市成交额突破5000亿元 深证成指失守11800点整数关口，跌0.31% 09:59 白酒股拉升 酒鬼酒涨停 ...