香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA TONTINE WINES GROUP LIMITED 中國通天酒業集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：389） 有關復牌進展之季度更新； 及 繼續暫停買賣 本公佈乃由中國通天酒業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券 及期貨條例第XIVA部而作出。 茲提述(i)本公司日期為二零二四年八月二十九日之公佈，內容有關延遲發佈二零二四年 中期業績及延遲寄發二零二四年中期報告；(ii)本公司日期為二零二四年九月二日之公佈， 內容有關本公司股份暫停買賣；(iii)本公司日期為二零二四年九月三十日之公佈，內容有 關進一步延遲發佈二零二四年中期業績及進一步延遲寄發二零二四年中期報告；(iv)本公 司日期為二零二四年十二月二日之公佈，內容有關復牌指引及有關復牌進展之季度更新（ ...

Core Viewpoint - The announcement details the public disclosure and verification opinions regarding the list of incentive objects for the 2025 restricted stock incentive plan of Tonghua Grape Wine Co., Ltd. [1][2][3] Disclosure and Verification - The company publicly disclosed the list of incentive objects on the Shanghai Stock Exchange website and through internal postings [1] - The Board's Compensation and Assessment Committee verified the list of incentive objects, including their identification documents and employment contracts [2] Verification Opinions - All individuals included in the incentive object list are current employees of the company or its subsidiaries, meeting the qualifications set forth in relevant laws and regulations [2] - The basic information of the incentive objects is accurate, with no falsehoods or significant omissions [2] - None of the incentive objects fall under the disqualifications outlined in the regulations, such as being subject to market entry bans [2] - The list does not include independent directors or shareholders holding more than 5% of the company's shares [2][3]

Core Viewpoint - The 2025 Hongshibao District Fourth Wine Merchant Distribution Conference was held in Ningxia Wuzhong City, focusing on the integration of wine culture and tourism, showcasing the growth and potential of the local wine industry [1] Industry Summary - Hongshibao District is recognized as a prime area for grape production, having developed 6 leading wineries and 8 classified wineries, with a total industry output value exceeding 700 million yuan [1] - The conference featured a dual approach of "industry docking + cultural experience," promoting the innovative integration of "wine + tourism + distribution" [1] - During the event, 10 wineries from Hongshibao District signed sales agreements with 20 national distributors, amounting to 79.2 million yuan [1] Company Summary - The district has been leveraging technology to empower the wine industry, collaborating with universities and research institutions to overcome challenges in planting and brewing techniques [1] - Wine estates have been included in the self-driving tour routes of the Helan Mountain East, promoting the development of 3A-level winery scenic spots, thus expanding the "wine tourism integration" market for distributors [1] - Future plans for Hongshibao District include enhancing services and strengthening branding to further elevate its status as "China's First Wine Town" [1]

题图｜西鸽酒庄 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成的酒庄门口，身着运动装的酒庄庄主张言志正在和一 条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 2024年，西鸽酒庄年营收规模达到了几个亿。据中国酒业协会统计，西鸽在葡萄酒行业整体规模排位中位列前七。同时，西鸽用八年时间拓出近四万亩葡萄 园，规模堪比美国某些历时半个世纪的酒业巨头，是中国发展规模最大、速度最快的精品酒庄。 在中国葡萄酒行业整体承压、同质化竞争激烈的背景下，西鸽并未盲目追逐规模与声量，而是以产品力为锚点，悄然卡位"高品质国产酒"的稀缺生态位：不 刻意迎合年轻人，却坚信年龄会带来消费迁移；不做大众市场幻想，而是精准切分存量客群。 张言志坦言，"喝葡萄酒不该是一场考试，应该是一种轻松的享受，过度强调专业化会拉开和消费者的距离。"比起追逐风口、创造需求，西鸽更愿意在已有 的400亿市场存量中悄悄挪移。 西鸽酒庄俯瞰图 更有趣的是，西鸽口口声声说"国际化"，却不是要把酒卖到海外 ...

以下文章来源于商业弧光 ，作者李佳琪 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成的酒庄门口，身着运动装的酒庄庄主张言志正在 和一条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 2024年，西鸽酒庄年营收规模达到了几个亿。据中国酒业协会统计，西鸽在葡萄酒行业整体规模排位中位列前七。同时，西鸽用八年时间拓出近四万 亩葡萄园，规模堪比美国某些历时半个世纪的酒业巨头，是中国发展规模最大、速度最快的精品酒庄。 在中国葡萄酒行业整体承压、同质化竞争激烈的背景下，西鸽并未盲目追逐规模与声量，而是以产品力为锚点，悄然卡位"高品质国产酒"的稀缺生态 位：不刻意迎合年轻人，却坚信年龄会带来消费迁移；不做大众市场幻想，而是精准切分存量客群。 张言志坦言，"喝葡萄酒不该是一场考试，应该是一种轻松的享受，过度强调专业化会拉开和消费者的距离。"比起追逐风口、创造需求，西鸽更愿意在 已有的400亿市场存量中悄悄挪移。 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图 ...

要知道，在葡萄酒的世界里， 雷司令一直被行业内誉为"白葡萄酒之冠"！ 据说全球仅不到5%的人，有机会喝到这款雷司令！ 而今天有着迷人花果香气+绝妙清爽口感，酒体品质达到「雷司令天花板」—— 【约瑟夫德拉森雷司令】半甜白葡萄酒 前500单，送手提礼袋+送海马刀+品牌方多送一瓶！速抢！ 既然是"白葡萄酒之冠"，那肯定是跟甜度有很大关联，因为甜度决定这款雷司令是否好入口！ 早在19世纪末，雷司令可是相当辉煌的， 有些比拉菲、拉图价格来得还高些！ 1896年伦敦餐馆的酒单 雷司令（Hock）的价格比拉菲还高！ 而德国原瓶进口的"半甜白"雷司令，更是"神一般的存在"！ 据说当年18世纪中期英国女王赴德国访问时， 细品了一口佐餐雷司令葡萄酒后，立刻惊叹连连， 如获至宝！ 时至今日，英国皇室依然将雷司令半甜白葡萄酒，作为皇室用酒之一！ 而且雷司令酸度适中，有陈年潜力。 要想喝到 纯正的德国进口雷司令半 甜白 ，还有3点要注意： 1、德国莱茵瓶型； 2、报关单贸易国是德国，而不是中国； 3、原瓶进口，而不是原液进口； 抛开这款酒先不说， 光看这款雷司令的颜值就值上千吧！ 再加上"德式复古骑士"的元素， 真的是格调满满！ 不管 ...

Core Insights - The US-China trade war is currently in a temporary "truce," with unexpected beneficiaries emerging, particularly Australia, which has captured large orders originally intended for the US [1][3] - Australia's Prime Minister praised China's actions in lifting trade barriers, indicating that Australia is the actual beneficiary of the trade war [3] - The US's aggressive tariff strategy under Trump has backfired, leading to significant economic challenges for American small businesses and farmers [5][8] Group 1: Impact on Australia - Australia has seen a steady increase in its market share for iron ore, coal, and wine in China, benefiting from China's vast consumer market and manufacturing demand [9] - The trade relationship between Australia and China has rapidly recovered after previous tensions, with Australia now more reliant on the Chinese market for its economic stability [11] - The US's tariffs on goods such as coal, soybeans, and beef have allowed Australia to fill the void in these markets, as its products become more competitive due to lower transportation costs [13] Group 2: US Policy Consequences - The US's aggressive tariff policies have inadvertently opened up new market opportunities for Australia, as the US has set a relatively low baseline tariff rate of 10% for Australian goods [13] - The US's inability to effectively pressure China, contrasted with China's strong response, has highlighted a shift in economic power dynamics [6][8] - The trade war has forced the US to pause new tariffs, reflecting the internal dissatisfaction among American businesses affected by the trade conflict [8] Group 3: Long-term Considerations - Australia's current economic gains are seen as unsustainable if they continue to rely on US-China tensions, emphasizing the need for a more independent and robust national strategy [15] - The trade war, while beneficial for Australia in the short term, underscores the importance of developing a long-term economic strategy that does not depend solely on external conflicts [15]

出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜西鸽 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成 的酒庄门口，身着运动装的酒庄庄主张言志正在和一条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 很多人说葡萄酒是一门慢生意，但张言志似乎走得更激进：用八年时间拓出近四万亩葡萄园，规模堪比 美国某些历时半个世纪的酒业巨头。但他却说快不是目的，扎根才是。"这种扎根，不仅是把葡萄种进 地里，也是把品牌种进人心。"张言志告诉虎嗅。 在中国葡萄酒市场的"低迷叙事"里，西鸽的策略近乎反直觉：不刻意迎合年轻人，却坚信年龄会带来消 费迁移；不做大众市场幻想，而是精准切分存量客群。张言志笑称："我们只是认真酿一瓶好喝的酒， 然后等消费者自然走向我们。" 他坦言，葡萄酒行业最大的问题不是缺市场，而是"人太专业，酒太陌生"。所谓专家林立、术语泛滥， 反而把普通消费者推得更远。"喝葡萄酒不该是一场考试，应该是一种轻松的享受。"于是西鸽选择了一 条"去专业化"的路：不说教、不装腔。比起追逐风口、创造需求，西鸽更愿 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Zhongxin Niya (600084) for the first half of 2025, showing an increase in revenue and net profit compared to the previous year [1] - The total operating revenue reached 69.6351 million yuan, a year-on-year increase of 4.05%, while the net profit attributable to shareholders was 671,500 yuan, up 113.44% year-on-year [1] - In Q2, the operating revenue was 33.8784 million yuan, reflecting a 14.66% increase year-on-year, although the net profit for the quarter was -118,260 yuan, which still represented an 80.61% improvement year-on-year [1] Group 2 - The company's gross margin improved by 11.66% year-on-year, reaching 61.42%, while the net margin increased by 112.31% to 0.94% [1] - Total selling, administrative, and financial expenses amounted to 35.4971 million yuan, accounting for 50.98% of revenue, which is a 10.3% decrease year-on-year [1] - The earnings per share was reported at 0.0 yuan, with a year-on-year increase of 113.64%, and the operating cash flow per share was -0.01 yuan, up 85.88% year-on-year [1] Group 3 - The company's return on invested capital (ROIC) was 0.98% last year, indicating weak capital returns, with a historical median ROIC of 0.46% over the past decade [2] - The company has experienced cyclical performance, with a net profit margin of 7.56% last year, suggesting average added value for its products or services [2] - Historical financial reports indicate that the company has had nine years of losses out of 27 annual reports since its listing, raising concerns for value investors [2] Group 4 - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 67.94%, and the average operating cash flow over the past three years being -8.15% of current liabilities [2] - Financial expenses have been a point of concern, as the average net cash flow from operating activities over the past three years has been negative [2] - Accounts receivable have reached 300.35% of profit, and inventory has reached 559.75% of revenue, indicating potential liquidity issues [2]

央广网吴忠8月30日消息（记者齐平）8月29日，2025红寺堡葡萄酒经销大会暨文化之宴落下帷幕。活动期间，宁 夏吴忠市红寺堡区10家酒庄与全国20家经销商企业，签订销售协议7920万元。 舞台上的精彩表演（央广网发 红寺堡区委宣传部供图） 作为贺兰山东麓葡萄产业带的黄金产区，红寺堡区坐拥"中国葡萄酒第一镇"美誉，万亩葡园连绵在贺兰山脚下， 培育出自治区龙头酒庄6家、列级酒庄8家，产业综合产值突破7亿元。近年来，红寺堡区持续以科技赋能葡萄酒 产业，深化与高校院所合作攻克种植、酿造技术难题；同时将酒庄纳入贺兰山东麓自驾游路线，推动3A级酒庄景 区建设，为经销商开拓"酒旅融合"市场提供广阔空间。 本次大会以"产业对接+文化体验"双线并行。活动现场，经销商们不仅参与精准的产销对接会，敲定合作订单； 还可漫步葡园品鉴年份佳酿，走进酒庄感受酿造工艺，在七夕的星空下体验"葡萄架下话合作"的独特氛围。此次 经销大会的举办，既为经销商搭建了高效合作平台，也借助传统节日流量，让红寺堡葡萄酒成为七夕消费市场 的"浪漫新选择"，助力品牌影响力向消费端深度渗透。"这既是红寺堡争当宁夏国家葡萄及葡萄酒产业开放发展综 合试验区排头兵的关键 ...