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………………… ...

Yantai Changyu Pioneer Wine Co., Ltd. 2024 First Quarter Report Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Announcement No.: 2024-Final02 Yantai Changyu Pioneer Wine Co., Ltd. 2024 First Quarter Report This company and all board members guarantee the truthfulness, accuracy and completeness of disclosed contents as well as no unfaithful facts, misleading statements or significant omissions. Important Notice 1. The Company's board of directors, board of supervisors, directors, supervi ...

Financial Performance - The company's operating revenue for 2023 was CNY 4,384,764,335, representing an increase of 11.89% compared to CNY 3,918,941,160 in 2022[31]. - The net profit attributable to shareholders for 2023 was CNY 532,438,907, which is a 24.20% increase from CNY 428,681,411 in the previous year[31]. - The net cash flow from operating activities increased by 35.01% to CNY 1,173,091,743, up from CNY 868,876,647 in 2022[31]. - The basic earnings per share for 2023 rose to CNY 0.78, a 23.81% increase from CNY 0.63 in 2022[31]. - The net profit after deducting non-recurring gains and losses was CNY 464,073,693, reflecting a 12.14% increase from CNY 413,831,359 in 2022[31]. - The total assets at the end of 2023 amounted to CNY 13,336,267,204, reflecting a 1.25% increase from the previous year[47]. - The net assets attributable to shareholders of the listed company reached CNY 10,841,500,988, up by 2.48% year-on-year[47]. - The gross profit margin for the distribution model was 59.74% in 2023, compared to 57.34% in 2022[41]. - The company reported a total of CNY 68,365,214 in non-operating income for the year, significantly higher than CNY 14,850,052 in 2022[35]. - The company maintained a diluted earnings per share of CNY 0.78, up from CNY 0.63 in the previous year[47]. Market and Sales - The company continues to focus on expanding its production and sales of various alcoholic beverages, including grape wine and distilled spirits[30]. - The company’s sales in the domestic market amounted to CNY 3,761,534,794, accounting for 85.79% of total revenue, with a year-on-year increase of 13.27%[67]. - The revenue from brandy sales was CNY 1,152,841,194, which grew by 16.35% compared to the previous year[67]. - The company achieved a notable increase in the production of brandy, with production volume rising by 18.02% to 28,125 tons in 2023[87]. - The domestic revenue accounted for ¥3,761,534,794, reflecting a growth of 13.27% year-on-year, while international revenue was ¥623,229,541, up by 4.19%[86]. Research and Development - Research and development expenses increased by 12.85%, attributed to enhanced R&D efforts and increased costs for testing and materials[65]. - The company has established a strong research and development system, supported by a national-level wine research center and a skilled team of winemakers[80]. - The company has a total of 139 R&D personnel, representing 6.35% of the workforce, with no change in the number of R&D staff compared to the previous year[104]. - The proportion of R&D investment to operating income increased slightly to 0.40% from 0.39% year-on-year[104]. Operational Strategy - The company implemented a digital transformation strategy to enhance market penetration and consumer engagement[36]. - The company continues to focus on high-end products and has expanded its marketing strategies to include consumer cultivation[36]. - The company plans to expand its marketing activities, including live streaming sales and wine tasting events, to enhance customer engagement[84]. - The company aims to enhance its sales divisions by focusing on high-end products and expanding its consumer base through direct marketing methods such as wine tasting events and winery tours[121]. - The company plans to increase market share by promoting its products in community stores and higher education institutions, particularly for its Cabernet Sauvignon division[121]. Risk Management and Compliance - The company has emphasized the importance of risk management in its future development outlook[6]. - The company has committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[20]. - The company has no significant discrepancies in governance compared to regulations set by the China Securities Regulatory Commission[169]. - The company has implemented new internal management regulations to enhance food safety management and labor contract management[146]. Corporate Governance - The company has established a comprehensive performance evaluation system, linking employee income to work performance[155]. - The board of directors consists of 5 independent directors, accounting for over one-third of the total board members, ensuring compliance with legal and regulatory requirements[153]. - The company maintains an independent financial department with a complete and standardized financial accounting system, ensuring independent financial decision-making[147]. - The company has a diverse board with members holding various qualifications and experiences, enhancing its governance structure[177]. Employee Management - The total number of employees at the end of the reporting period was 2,188, with 654 in the parent company and 1,534 in major subsidiaries[196]. - The company has established a comprehensive compensation and welfare system, ensuring all employees are covered by social insurance and benefits[196]. - The company emphasizes a principle of "equal pay for equal work" and has steadily increased employee salaries and benefits in line with profitability[196]. - The company plans to enhance employee leadership and execution capabilities, with a training rate of 100% for all employees throughout the year[197]. Future Outlook - The company aims to achieve a revenue of no less than CNY 4.7 billion in 2024, with main business costs and three period expenses controlled below CNY 3.7 billion[117]. - The company anticipates challenges in the wine industry for 2024, with cautious consumer sentiment and competition from other strong alcoholic beverages[115]. - Future outlook remains positive with ongoing investments in technology and market expansion strategies planned for the upcoming fiscal year[178].

YANTAI CHANGYU PIONEER WINE COMPANY LIMITED ENGLISH TRANSLATION OF FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2023 TO 31 DECEMBER 2023 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. 2405429 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 th ...