登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600365 证券简称：ST通葡 公告编号：临2025-038 通化葡萄酒股份有限公司 关于股票被实施其他风险警示相关事项的进展公告 2021年4月30日，公司披露了《ST通葡关于违规担保自查公告》（公告编号：临2021-044），公司披露 了截至2021年4月29日相关公司违规担保的解决进展及影响。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2021年8月31日，公司披露了《通化葡萄酒股份有限公司关于违规担保事项解除进展公告》（公告编 号：临2021-077），公司对相关公司的相关担保、还款等责任已经解除。 重要内容提示： ● 通化葡萄酒股份有限公司（以下简称"公司"）因触及《上海证券交易所股票上市规则》（2019年4月 修订）13.4.1第（五）项规定，公司股票被实施 "其他风险警示"。 ● 根据《上海证券交易所股票上市规则》（2025年4月修订）第9.8.4条规定，公司将每月披露一次其他 风险警示相关事项的进展情况，提示相关风险。 一、公司被实施其他风险警 ...

Core Viewpoint - The Ningxia wine industry has transformed barren land into a thriving sector, providing significant employment and income opportunities for local farmers, while also focusing on ecological restoration and cultural integration [1][2][4]. Group 1: Industry Development - The Ningxia Helan Mountain region is recognized as a prime area for wine grape cultivation, with over 600,000 acres dedicated to wine grape planting and an annual production of 140 million bottles of wine [2][4]. - The wine industry in Ningxia has created approximately 130,000 jobs and generated a wage income of 1.22 billion yuan for local farmers [1][4]. - The comprehensive output value of the Ningxia wine industry has reached 45 billion yuan, with the establishment of a national comprehensive experimental zone for the grape and wine industry in 2021 [4][5]. Group 2: Economic Impact - The source stone winery has seen its annual visitor numbers exceed 400,000, with wine sales increasing from over 20 million yuan to 50 million yuan in five years, where over 50% of sales are driven by tourism [3][4]. - The export value of Ningxia wine reached 13.75 million yuan in 2024, marking a year-on-year growth of approximately 42% [5]. Group 3: Ecological and Cultural Integration - The Ningxia wine industry is integrating ecological restoration efforts, having transformed over 400,000 acres of barren land into green oases, while also focusing on cultural tourism [4][5]. - The industry emphasizes the importance of wine tourism, allowing consumers to engage with the wine culture and the unique terroir of the region [2][3].

Core Points - The U.S. has confirmed a 15% tariff on all EU goods entering the U.S. market, significantly impacting the EU wine and alcoholic beverage industry [2] - This new tariff replaces a previously proposed 30% punitive tariff, which was seen as a compromise but still worse than expected [2][8] - European producers had hoped for exemptions or a lower rate of 10%, but negotiations for a "zero-for-zero" tariff agreement are ongoing [2][9] Tariff Details - The agreement, finalized on July 27, includes a commitment from the EU to purchase a large volume of U.S. products in exchange for the 15% tariff on most EU goods [5] - Notably, wine and alcoholic beverages are excluded from these exemptions, posing a significant challenge for major producers in France, Italy, and Spain [5][8] - In 2024, the EU's export of alcoholic beverages to the U.S. is projected to reach €9 billion, with wine accounting for nearly €5 billion [5] Economic Impact - The increase in tariffs from 10% to 15% is viewed by many economists as a greater concession from Europe than the benefits gained [8] - The new tariff structure is expected to raise costs significantly, with estimates suggesting a potential 30% increase when factoring in currency fluctuations [11] - Italian wine producers anticipate a loss of €317 million over the next 12 months, with U.S. partners facing potential losses of nearly $1.7 billion [11] Market Challenges - The 15% tariff is likely to lead to higher shelf prices, reduced competitiveness, and a shift in consumer preference towards non-European products [13] - With the sales season approaching, exporters are reassessing pricing, logistics, and marketing strategies to adapt to the new tariff environment [13] - The European Wine Companies Committee (CEEV) is advocating for the inclusion of wine in the ongoing tariff negotiations, emphasizing its importance to both sides [9]

Core Insights - Ulaanbaatar's unique geographical conditions contribute to its reputation as a "hometown of grapes," with favorable climate for high-quality grape production [1] Industry Development - Ulaanbaatar has transitioned from traditional grape cultivation to a full industry chain, with a grape planting area of 18,600 acres and a production volume of 7,600 tons last year [1] - The city has established four full industry chain enterprises capable of grape wine processing, with an annual production capacity of 14,300 tons and nearly 20 types of wine [1] - Over 30 agricultural leisure and sightseeing parks themed around grapes have been developed, along with four desert ecological wineries, attracting over 400,000 tourists annually [1] Standardization and Awards - Ulaanbaatar has developed over 20 local standards for grape production and storage, along with more than 10 enterprise standards, resulting in 59 utility model patents [2] - The local wine industry has won over 200 awards in various competitions, including 52 gold medals [2] Tourism and Visitor Experience - The Jiayoni Winery has established a 1,000-acre standard demonstration vineyard, producing 300 tons of quality wine annually and attracting 30,000 visitors each year [2] - Visitors enjoy a unique tasting experience at the winery, highlighting the region's distinctive wine flavors [2] Value Chain and Processing - The launch of a new production line marks a significant advancement in Ulaanbaatar's grape deep processing sector, enhancing the value chain of local agricultural products [3] - The entire grape processing, from crushing to bottling, is conducted in a sterile environment to preserve the original flavor and nutrients [3] - The integration of grape cultivation, processing, and tourism is seen as a key driver for rural revitalization [3]

文 | 酒讯 方圆 编辑 | 念祎 "59.4%企业近三年利润持续下滑""20%企业现金流仅能维持≤6个月""45.1%企业面临周转难题"……葡萄酒酒商业绩下 滑、现金流压力、库存积压，这些数字是葡萄酒行业发展困境的具象表达。 酒商的困境在葡萄酒企业身上同样存在。2024年，国产葡萄酒"一哥"张裕公司交出了"20年来最差财报"，期内录得归母 净利润3.05亿元，比2005年还要低，走到了20年来新低。 从时间线上来看，自2012年营收、净利润增速结束长年狂奔"转绿"之后，张裕公司的净利润走入了跌得多、涨得少的惯 性，2013年、2020年、2024年几个特殊节点，跌幅更是达到了38.38%、58.75%、42.68%。威龙股份、莫高股份等业绩 走势也基本遵循这一特征。 | 报告期 | 每股 | 每股收 | | 营业总收入 | | | 净利润 | | 每时 | 是原炭 收益率 | 每股经 营机金 | 第14 | | 股息率 | 首次 | 反射 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - In May 2025, China's wine import volume was 0.21 million liters, representing a year-on-year decrease of 10.2% [1] - The import value of wine in May 2025 was 1.33 million USD, showing a year-on-year decline of 10.8% [1] - The data is sourced from China Customs and organized by Zhiyan Consulting [3]

Group 1 - The U.S. government has secured $1.9 trillion in investments and contracts from Japan and the EU, with Japan committing $550 billion and the EU signing a $750 billion energy deal along with $600 billion in investments [1][3] - The tariffs imposed by the Trump administration have led to significant financial strain on American companies, exemplified by General Motors reporting a quarterly loss of $1.1 billion and a net profit drop of over one-third [3][6] - The impact of tariffs is felt most acutely by low-income families, who are experiencing a loss in disposable income three times greater than that of wealthier households [5][6] Group 2 - The trade war has resulted in retaliatory tariffs from the EU and other countries, with the EU imposing a 25% tariff on American bourbon and motorcycles, and Brazil imposing a 50% tariff on U.S. machinery [5][6] - Companies are relocating their operations to avoid U.S. tariffs, with Apple moving production to India and Delta Electronics receiving numerous inquiries for operations in India [5][6] - The International Monetary Fund has warned that global GDP will shrink by 0.5% due to tariffs, with the U.S. expected to bear 60% of the economic burden [6][7] Group 3 - The inflationary pressures resulting from tariffs are leading to increased prices for everyday goods, as seen with Walmart and Amazon raising prices on essential items [5][6] - The agricultural sector is suffering, with coffee farmers facing 50% tariffs and unable to fulfill orders, leading to a significant downturn in production and sales [5][6] - The overall economic growth rate in the U.S. has slowed to around 1%, indicating a significant downturn in economic activity as a result of the trade policies [7][8]

意大利锡耶纳大学经济学教授保罗·宾7月29日在《中国日报》撰文，以中美欧葡萄酒贸易为例阐述加征关税只会适得其反，并不能起到保护本 土产业的作用。有鉴于此，决策者应当审时度势，顺应贸易发展大势。 漫画作者：中国日报 金鼎 加征关税只会适得其反 文章分析称，同生态系统一样，国际贸易是一个复杂体系，由诸多相互关联的部分组成，即使是细微变化也可能对其产生巨大影响。许多人将 关税视为简单的调节手段，以为对进口商品加征关税就能保护本土产业。然而，贸易往来错综复杂，不仅涉及国家间一对一的贸易，也囊括了 由企业和政府决策组成的网络。这些选择相互影响，改变某个部分，就会导致整个系统发生变化。 鉴于当今世界紧密相连，一国关税政策的细微调整可能引发一系列连锁反应，最终损害其本欲惠及的群体的利益。对于许多美国企业及其客户 而言，这种情况已经发生或者即将出现。这个事例清晰表明，某些政策可能产生意想不到的后果。 作者以葡萄酒贸易中的三个参与者为例进一步阐述上述观点：一是生产葡萄酒的欧盟，二是生产和消费葡萄酒的美国，三是日益成为葡萄酒消 费大国的中国。 在国际贸易顺利进行的情况下，欧盟以较低的成本生产葡萄酒并销往美国，而美国也向中国出售葡 ...

Core Insights - The global wine trade is undergoing significant changes, with Russian wine emerging strongly, particularly in the Asian market, especially China [1][2] - Russian wine exports to China saw a notable increase in the first half of 2025, with a 19% rise in export value and a 16% increase in export volume compared to the same period in 2024 [1] - The average price of Russian wine in China is approximately $1.4 per liter, indicating a focus on affordable options rather than high-end products [1] Export Data - In the first half of 2025, Russia exported 1,800 tons of wine to China, valued at $2.6 million, compared to over 1,500 tons and approximately $2.2 million in the same period last year [1] - Russian sparkling wine exports to China reached about 262,000 liters, valued at nearly $730,000, marking a nearly 27-fold increase in volume and a 16-fold increase in value year-on-year [2] - Among the top five countries exporting sparkling wine to China in the first half of 2025, Russia ranked fourth but had the largest increase in both volume and value [4] Market Dynamics - The Russian wine industry is actively working to enhance brand recognition in Asia through product diversification, quality improvement, and increased marketing efforts [2] - The Abrau-Durso brand is investing significantly in raising awareness of Russian wine in China, participating in exhibitions and tasting events to boost its market presence [6] - In the first quarter of 2025, Russian wine exports to China reached nearly 700 tons, a 2.2-fold increase year-on-year, with China accounting for over 70% of Russia's total wine exports [6]

Core Insights - The global wine trade is undergoing significant changes, with Russian wine showing strong growth, particularly in the Asian market, especially China [1][3] - In the first half of 2025, Russian wine exports to China saw a remarkable increase, with sparkling wine being a standout performer [1][3] Export Performance - In the first half of 2025, Russian wine exports reached 1,800 tons valued at $2.6 million, marking a 19% increase in export value and a 16% increase in export volume compared to the same period in 2024 [1] - The average export price of Russian wine was approximately $1.4 per liter, indicating a focus on lower-priced wines rather than premium products [1] Market Dynamics - China, Kazakhstan, and Turkey are the top three importers of Russian wine, with China increasingly becoming a crucial market despite challenges such as fierce competition and limited brand recognition among Chinese consumers [3] - The export of Russian sparkling wine has surged, with a notable increase in demand from international markets, particularly China, where imports of sparkling wine from Russia grew nearly 27 times in volume and 16 times in value year-on-year [3][8] Competitive Landscape - In the first half of 2025, Russia ranked fourth among the top five countries exporting sparkling wine to China, with the highest growth rates in both volume and value, despite a 38.3% drop in average price [6] - The Russian sparkling wine brand Abrau-Durso is actively participating in exports to China, investing significantly to enhance product quality and brand recognition [8] Strategic Outlook - The Russian wine industry is striving to improve its brand influence in Asia and other markets by diversifying product lines, enhancing quality standards, and increasing marketing efforts [3]