Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which was approved at the shareholders' meeting held on May 23, 2025, detailing cash dividends to shareholders based on their holdings [1][2]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was unanimously approved at the shareholders' meeting [1]. 2024 Profit Distribution Plan - The company will distribute a cash dividend of 4.00 RMB per 10 shares to all shareholders, based on a total share capital of 671,823,900 shares, excluding repurchased shares [1]. - For A-share QFII, RQFII, and individual investors holding pre-IPO restricted shares, the net dividend after tax will be 3.60 RMB per 10 shares [1]. - Different tax rates apply for various categories of shareholders, with specific provisions for B-share non-resident enterprises and individual shareholders [1]. Tax Payment Details - Tax payment for A-share holders will vary based on the holding period, with specific amounts to be paid for different durations [2]. - The exchange rate for B-share dividends will be based on the RMB to HKD rate published by the People's Bank of China on May 26, 2025 [2]. Key Dates - The A-share equity registration date is set for June 19, 2025, with the ex-dividend date on the same day [1]. - The last trading day for B-shares is also June 19, 2025, with the ex-dividend date following [1]. Distribution Method - Cash dividends for B-share shareholders will be directly credited to their accounts on June 24, 2025 [3]. - Shareholders must ensure their accounts have sufficient shares during the distribution period to avoid any legal liabilities [3]. Additional Information - B-share shareholders who believe they have been incorrectly taxed must contact the company by August 31, 2025, to seek a refund [4]. - Contact information for inquiries is provided, including names and phone numbers of company representatives [4].

Group 1 - The company has approved a plan to repurchase its domestic listed foreign shares (B shares) at the 2024 annual general meeting, with a total repurchase fund not exceeding 100 million RMB and a maximum repurchase price of 11.50 HKD per share [1][2] - The repurchase will be conducted through centralized bidding and is set to last no more than 12 months from the date of the shareholders' meeting approval, with a target to repurchase no less than 10 million shares [1][2] - As of the latest announcement, the company has not repurchased any B shares, which accounts for 0% of the current total share capital [2] Group 2 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by relevant laws and regulations [2]

Core Viewpoint - Zhangyu A plans to repurchase 10-15 million B shares using no more than 100 million yuan of its own funds, with a maximum repurchase price of 11.50 HKD per share, aiming to enhance earnings per share and maintain company value [1] Summary by Sections Repurchase Plan - The repurchase will account for approximately 1.49% to 2.23% of the total share capital and about 4.72% to 7.08% of B shares [1] - The repurchase period is set for 12 months following the approval of the shareholders' meeting, and the purchased shares will be canceled to reduce capital [1] Market Response - The decision to repurchase shares is seen as a response to market calls and aims to alleviate concerns regarding the marginalization of B shares, which have been trading at a significant discount compared to A shares and the company's intrinsic value [1] Financial Performance - Zhangyu reported a disappointing performance in 2024, with revenue declining by 25.26% and net profit decreasing by 42.68% [1] - The management acknowledged the reality of the performance decline during the shareholders' meeting on May 23, 2024 [1] External Factors Affecting Performance - Three external factors contributing to the decline include: 1. A "cliff-like" drop in consumer sentiment, leading to reduced spending on wine [2] 2. A long-term shrinkage in consumption scenarios for wine compared to other alcoholic beverages [2] 3. A significant weakening of channel driving power due to price inversions in the white wine market, affecting wine distributors [2] Internal Challenges - Internal challenges include: 1. Lack of product innovation translating into repeat purchases 2. Ineffective channel transformation and slow development of new channels 3. Insufficient marketing effectiveness, with advertising and promotional expenses around 500 million yuan, significantly lower than leading white wine brands [2] Strategic Focus for 2025 - Zhangyu's management outlined five strategic focuses for 2025: 1. Breakthroughs in local markets, targeting specific cities for different wine products [3] 2. Enhancing marketing capabilities and consumer cultivation [4] 3. Greater innovation in product categories [4] 4. A "taste revolution" to develop wines suited to Chinese consumers, moving away from European taste dependencies [4] 5. Embracing new retail partnerships with major retailers to improve supply chain responsiveness [5] Industry Context - The company is navigating through a challenging period in the industry, and its ability to counteract the downward trend will be crucial for assessing the effectiveness of its transformation efforts [6]

Core Viewpoint - Zhangyu, a century-old wine company, is facing significant challenges with a sharp decline in revenue and net profit for 2024, raising concerns about its performance in offline retail channels [1][5][4]. Group 1: Company Performance - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year, and a net profit of 305 million yuan, down 42.68%, marking a new low in recent years [5]. - The company's core products, wine and brandy, experienced substantial declines, with wine sales down 12.22% and revenue down 22.32%, while brandy sales plummeted 31.56% with revenue dropping 35.8% [5]. - The company's sales expense ratio reached a near ten-year high of 30.91%, indicating high costs without corresponding revenue growth [6]. Group 2: Inventory and Operational Efficiency - Zhangyu's inventory reached 2.904 billion yuan, a 5% increase year-on-year, with inventory turnover days soaring to 732.8 days, the highest in nearly a decade [6]. - The company is struggling to meet its ambitious revenue targets, with a goal of at least 3.4 billion yuan for 2025, reflecting limited confidence in short-term market recovery [6]. Group 3: Market Position and Competition - The Chinese wine industry is facing a downturn, with market size shrinking from 53.4 billion yuan in 2019 to 15.9 billion yuan in 2024, highlighting the challenges Zhangyu faces [7]. - The termination of anti-dumping measures on Australian wine has led to a 13.6% increase in import volume and a 37.2% increase in import value, intensifying competition for domestic brands [7]. Group 4: Management and Strategy - Zhangyu's management has implemented a stock incentive plan, which has drawn criticism from investors due to the disconnect between management rewards and the company's poor performance [7]. - To attract younger consumers, Zhangyu launched a low-alcohol sparkling wine "Xiao Tao," which has seen limited success in a highly competitive market [9].

一、前十名B股股东持股情况 ■ 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。 烟台张裕葡萄酿酒股份有限公司（以下简称"公司"）于 2025 年 4月 16 日召开了第九届董事会第十一次 会议，审议通过了《关于回购公司部分境内上市外资股（B股）股份方案》，具体内容详见公司于 2025 年 4 月 18 日披露于《中国证券报》、《证券时报》及巨潮资讯网（www.cninfo.com.cn）的《第九届董 事会第十一次会议决议公告》（公告编号：2025-临02），以及《关于回购公司部分境内上市外资股(B 股)股份方案》（公告编号：2025-临08）。 根据《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 号一一回购股份》等法 律、法规的相关规定，现将公司董事会公告回购股份决议的前一个交易日（即 2025年4月17日）登记在 册的前十名B股股东和前十名无限售条件B股股东的名称及持股数量、比例情况公告如下： 烟台张裕葡萄酿酒股份有限公司 董事会 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量总和，以上比例计算结果为 四舍五入，保留两位 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2400 | 0.2300 | 4.35 | 0.4000 | | 每股净资产（元） | 16.05 | 15.89 | 1.01 | 15.84 | | 每股公积金(元) | 0.72 | 0.96 | -25 | 0.76 | | 每股未分配利润(元) | 13.98 | 13.63 | 2.57 | 13.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.11 | 8.11 | 0 | 11.31 | | 净利润(亿元) | 1.59 | 1.59 | 0 | 2.77 | | 净资产收益率(%) | 1.49 | 1.46 | 2.05 | 2.58 | 数据四舍五入，查看更多财务数据>> 本次公司不分配不转赠。 前十大流通股东累计持有： 37428.06万股，累计占流通股比： 56 ...

Core Viewpoint - Zhangyu A, known as the "king of domestic wine," reported disappointing financial results for 2024, failing to meet its revenue target, with a significant decline in both revenue and net profit [1][2][3] Financial Performance - In 2024, Zhangyu A achieved revenue of approximately 3.277 billion yuan, a year-on-year decrease of 25.26%, and a net profit attributable to shareholders of about 305 million yuan, down 42.68% from the previous year [2][3] - The company's revenue performance over the past five years shows a downward trend, with 2024 marking the lowest revenue and net profit figures in this period [5] - Revenue figures from 2020 to 2024 were 3.395 billion yuan, 3.953 billion yuan, 3.919 billion yuan, 4.385 billion yuan, and 3.277 billion yuan, with corresponding year-on-year growth rates of -33.08%, 16.42%, -0.86%, 11.89%, and -25.26% [5] - Net profit figures for the same period were 471 million yuan, 500 million yuan, 429 million yuan, 532 million yuan, and 305 million yuan, with growth rates of -58.75%, 6.21%, -14.28%, 24.2%, and -42.68% [5] Revenue Breakdown - Wine and brandy are the main revenue contributors, with wine generating approximately 2.438 billion yuan in 2024, accounting for over 74% of total revenue, despite a year-on-year decline of 22.32% [7][10] - Brandy revenue in 2024 was about 740 million yuan, down 35.8%, making up 22.85% of total revenue [10] - Domestic market revenue was approximately 2.686 billion yuan, a decline of 28.6%, while international market revenue was about 591 million yuan, down 5.11% [10] Strategic Initiatives - In response to the disappointing performance, Zhangyu A announced a share buyback plan with a total amount not exceeding 100 million yuan and a cash dividend distribution of approximately 270 million yuan to boost investor confidence [2][12] - The buyback plan aims to repurchase between 10 million to 15 million shares, representing about 1.49% to 2.23% of the total share capital [12][16]

Yantai Changyu Pioneer Wine Co., Ltd. ENGLISH TRANSLATION OF FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2024 TO 31 DECEMBER 2024 IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH TRANSLATION, THE CHINESE VERSION WILL PREVAIL AUDITOR'S REPORT KPMG Huazhen Shen Zi No. 2507683 All Shareholders of Yantai Changyu Pioneer Wine Company Limited: Opinion We have audited the accompanying financial statements of Yantai Changyu Pioneer Wine Company Limited ("Yantai Changyu"), which comprise the cons ...

Yantai Changyu Pioneer Wine Co., Ltd. ENGLISH TRANSLATION OF FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2024 TO 31 DECEMBER 2024 IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH TRANSLATION, THE CHINESE VERSION WILL PREVAIL AUDITOR'S REPORT KPMG Huazhen Shen Zi No. 2507683 All Shareholders of Yantai Changyu Pioneer Wine Company Limited: Opinion We have audited the accompanying financial statements of Yantai Changyu Pioneer Wine Company Limited ("Yantai Changyu"), which comprise the cons ...

烟台张裕葡萄酿酒股份有限公司 2024 年半年度报告全文 烟台张裕葡萄酿酒股份有限公司 2024 年半年度报告 定全 2024-03 2024 年 8 月 22 日 1 烟台张裕葡萄酿酒股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 第一节 重要提示、目录和释义 | | | 第二节 公司简介和主要财务指标… | | | 第三节 管理层讨论与分析 | | | 第四节 公司治理………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 23 | | | 第五节 环境和社会责任………………… ...