张裕A业绩预告大幅下滑，与广百集团合作拓展渠道

Core Viewpoint - Zhangyu A is expected to see a significant decline in net profit for 2025, with projections indicating a drop of over 75% year-on-year due to insufficient market demand and a decrease in sales of mid-to-high-end products [1][2] Business Performance - The company forecasts a net profit attributable to shareholders of between 55 million to 75 million yuan for 2025, representing a year-on-year decline of 75.43% to 81.98%. The non-recurring net profit is expected to decrease by 69.48% to 77.11% [2] - The official annual report has not yet been released, and its disclosure progress is noteworthy [2] Stock Performance - On June 3, 2025, Zhangyu A was removed from the Shenzhen Component Index, which may affect the allocation of certain index funds [3] Business Development - On January 11, 2026, Zhangyu Group signed a strategic agreement with Guangbai Group to create an "International Famous Wine Smart Supply Chain," aimed at expanding the imported wine agency business and market channels in Guangdong. Subsequent developments from this partnership may positively impact the company's sales [4] Capital Movement - Since January 2026, there has been alternating net inflows and outflows of main capital, with a net inflow of 1.0299 million yuan on January 29 and a net outflow of 4.1917 million yuan on January 5, reflecting a divergence in short-term market sentiment [5] Industry Policy and Environment - The wine industry is facing overall challenges due to insufficient demand, with a 26.7% year-on-year decline in import volume for 2025, putting pressure on Zhangyu's mid-to-high-end products. Monitoring changes in consumer trends and the effectiveness of the company's transformation measures is essential [6]