本届博览会的主题是"向新、向实、向未来"，丰富而富有实效的安排，让各方来宾期待全方位、多 层次的合作机遇。"分享的喜悦，是双倍的喜悦。"斯洛文尼亚国民议会副议长霍特表示，愿本届博览会 点燃新的友谊，催生新的项目，携手将今天的愿景变成明天的成就。 新产品新技术最吸睛 本届博览会展览面积达8万平方米，分为中东欧展区和出口消费品展区。其中来自72个国家和地区 的境外采购商逾3000人，汇聚8000多种中东欧特色商品，为参展商提供了充分展示的舞台。 人工智能与智能制造是本届博览会的亮点之一。拟人行走、闻香识物、迎宾递水、动作捕捉……在 本届博览会重点打造的"数智中东欧"展区，机器人展示着学到的最新"技艺"，吸引了众多参展商驻足观 看。"数智中东欧"展区面积达1400平方米，共有37家企业参展，集中呈现了中国与中东欧国家在人工智 能、机器人技术、通用航空等领域的近百项前沿技术和产品。 除了人形机器人，国内人工智能与机器人企业还带来了医疗机器人、增强现实（AR）眼镜、机器 人视觉系统解决方案等创新产品和科研成果，来自奥地利的钻石飞机、来自塞尔维亚的海上安全传感 器、来自斯洛伐克的人工智能（AI）辅助医疗等中东欧国家前沿科 ...

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].

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-027 通化葡萄酒股份有限公司 关于 2022 年限制性股票激励计划 首次授予限制性股票第三个解除限售期及 预留部分授予限制性股票第二个解除限售 期解除限售条件成就的公告 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。 重要内容提示： ●本次符合解除限售条件的激励对象人数：首次授予部分共计 21 人，预留 授予部分共计 5 人。 ●本次可解除限售条件的限制性股票数量：首次授予部分为 7,560,000 股， 约占公司目前股本总额的 1.77%；预留授予部分为 1,000,000 股，约占公司目前 股本总额的 0.23%。 ●通化葡萄酒股份有限公司（以下简称"公司"）将尽快办理解除限售手续。 本次解除限售的限制性股票在上市流通前，公司将发布相关提示性公告，敬请投 资者注意。 公司于 2025 年 5 月 22 日召开第九届董事会第八次会议审议通过了《关于 授予限制性股票第二个解除限售期解除限售条件成就的议案》，《公司 2022 年 限制性股票激励计划（草案）》 ...

证券代码：600365 证券简称：ST 通葡 公告编号：2025-025 通化葡萄酒股份有限公司 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。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 22 日 (二)股东大会召开的地点：通化葡萄酒股份有限公司一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 24.6156 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场投票及网络投票相结合的方式召开，该 现场会议由公司过半数董事推举的董事长吴玉华女士主持，会议符合法律、法规、 规章和《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例 （%） 票数 比例（%） 票数 比例 （%） A股 93,531,356 88.9020 11, ...

Group 1 - The recent developments in the US-China trade war indicate significant progress, with both sides nearing an agreement to substantially reduce tariffs, leaving minor issues to be resolved in future negotiations [1] - The US has applied pressure on other countries, offering tariff reductions in exchange for reduced trade with China, creating a dilemma for nations trying to maintain balanced relations with both superpowers [1][3] - Australia has publicly stated its preference for maintaining strong trade ties with China over the US, emphasizing that trade with China is "10 times more important" than trade with the US [3][5] Group 2 - Australian officials, including Prime Minister Albanese, recognize the critical importance of trade with China, with exports to China reaching AUD 212 billion compared to only AUD 37 billion to the US in the 2023-2024 period [5] - Historical context shows that Australia faced significant economic losses when it aligned too closely with the US against China, suffering hundreds of billions in losses due to trade restrictions imposed by China [7] - Since the election of Albanese in 2022, Australia has worked to improve relations with China, leading to a favorable economic outlook, with nearly 80% of its trade surplus coming from trade with China [9]

Core Viewpoint - Qingdao Beer Group is accelerating its diversification and strategic restructuring, aiming to transform from a single beer manufacturer to a comprehensive beverage group, targeting growth in non-beer businesses [2][5]. Group 1: Acquisition and Financial Performance - Qingdao Beer announced plans to acquire 100% of Jimo Yellow Wine for 665 million yuan, a company with a 45-year history, which is expected to enhance product lines and create seasonal synergies [3][5]. - Jimo Yellow Wine is projected to achieve revenue of 166 million yuan (+13.5%) and a net profit of 30.47 million yuan (+38%) in 2024, with a net profit margin of 18.4% [3]. - Despite the acquisition, concerns arise regarding the high premium paid (over 2 times its net assets) and the lack of performance guarantees, raising questions about the investment's viability if the yellow wine market continues to shrink [3][5]. Group 2: Market Challenges and Strategic Moves - Qingdao Beer faced challenges in 2024, with total revenue declining to 32.138 billion yuan (-5.3%) and sales dropping to 7.538 million kiloliters, highlighting seasonal volatility in the beer industry [7]. - The company reported a net profit growth of 1.81% despite revenue decline, attributed to decreasing raw material costs, with procurement for 2025 already locked in [7]. - The strategic restructuring includes the transfer of Qingdao Beverage Group to Qingdao Beer Group, marking a significant step in expanding non-beer business operations [8]. Group 3: Product Line Expansion and Market Potential - Qingdao Beverage Group owns well-known brands like Laoshan Mineral Water and Qingdao Wine, valued at 44 billion yuan, with the wine segment showing strong growth [10]. - Qingdao East Wine has maintained double-digit growth since 2015, with a 13% revenue increase and a 20% profit increase in the first half of 2024 [10]. - The company is exploring opportunities in whiskey and brandy, indicating potential for further growth in the alcoholic beverage market [10][13].

Group 1 - The 34th China (Guangzhou) International Famous Wine Exhibition opened on May 20, showcasing a variety of wines from both domestic and international regions, emphasizing the theme of integration and breakthrough in the globalization of the Chinese liquor industry [2][3] - The term "going global" was frequently mentioned during the opening ceremony, highlighting the necessity for Chinese liquor brands to leverage foreign distribution networks for international expansion [3][10] - The establishment of the China Baijiu Internationalization Strategy Alliance aims to provide a clear strategic direction for the internationalization of Baijiu, while the Huaxin Award recognizes outstanding contributions in this process [8][10] Group 2 - A forum on the high-quality internationalization of Chinese Baijiu emphasized the importance of adapting advertising strategies to international standards and focusing on key overseas markets, particularly within Chinese communities abroad [6][10] - The market dynamics are shifting as the domestic Baijiu market enters a saturation phase, while overseas markets, especially in Southeast Asia and among overseas Chinese communities, are expanding [10][15] - The exhibition also highlighted the emergence of new competitive dynamics among liquor-producing regions, with various regions showcasing their unique cultural and climatic advantages to differentiate their products [14][15] Group 3 - The "World Rice Brewing Brand Development Conference" discussed the future of rice liquor, focusing on cultural heritage, quality upgrades, and brand innovation to elevate its global presence [11][12] - The conference participants reached a consensus on the need for a dual-spiral development approach for the rice liquor industry, emphasizing the importance of consumer engagement and innovative marketing strategies [12][16] - The exhibition serves as a critical starting point for the Chinese liquor industry to present its cultural identity to the world, marking a transition from optional internationalization to a necessary strategy for survival [16][17]

Group 1: Beer Industry Developments - Major beer companies are reducing workforce to control costs amid increasing competition in the industry [1][3] - Budweiser APAC reduced its workforce from approximately 25,000 in 2023 to over 21,000 in 2024, a decrease of about 4,000 employees or 16% [3] - Yanjing Beer and China Resources Beer also reported reductions of over 1,000 employees each, while Qingdao Beer cut more than 800 positions [3] Group 2: Wine Industry Events - The 5th China (Ningxia) International Wine Culture and Tourism Expo will be held from June 9 to 12, showcasing over 200 domestic and international wineries [5] - The expo will feature various activities, including a national wine industry skills competition and a cultural exhibition [5] Group 3: Labor Issues in Wine Sector - Workers at LVMH's champagne house went on strike on May 13, protesting salary and job security issues [7] - The wine and spirits division of LVMH is facing financial pressure, with a reported loss of €1.5 billion in 2024, contrasting with a cash flow of €1 billion in 2019 [7] Group 4: Leadership Changes - Treasury Wine Estates appointed Sam Fischer as the new CEO, with a compensation package including a fixed salary of AUD 1.73 million and a signing bonus of AUD 4 million [10][11] Group 5: Company Responses and Strategies - Luzhou Laojiao addressed concerns about halting orders, stating that it is maintaining normal supply channels and preparing for the upcoming Dragon Boat Festival [12][13] - Luzhou Laojiao plans to launch innovative products targeting younger consumers, including a collaboration with the sci-fi series "The Three-Body Problem" [12] Group 6: Share Buybacks and Financial Confidence - Kweichow Moutai announced a share buyback of 624,600 shares for a total of CNY 10.11 billion, completing two-thirds of its buyback plan [15] - The company plans to spend between CNY 3 billion and CNY 6 billion on share repurchases within the next 12 months [15] Group 7: Ningxia Wine Export Growth - Ningxia's wine exports reached CNY 13.75 million in 2024, supported by the development of 30 well-known wine import and export enterprises [17] - The brand value of Ningxia's Helan Mountain wine exceeded CNY 34 billion, ranking 8th in the regional brand value list [17]

Meeting Overview - The annual general meeting was held on May 19, 2025, at the conference room of Wuling Wine Co., Ltd [1] - The meeting was chaired by the company's chairman, Ms. Zhu Qiuhong, and utilized a combination of on-site and online voting methods [1] - A total of 8 out of 9 current directors attended the meeting, with 3 supervisors present and the board secretary also in attendance [1] Resolutions Passed - The following resolutions were approved during the meeting: 1. 2024 Annual Work Report of the Board of Directors [2] 2. 2024 Annual Work Report of the Supervisory Board [2] 3. 2024 Annual Report and Summary [3] 4. 2024 Financial Settlement Report [3] 5. Proposal for Profit Distribution for 2024 [3] 6. Proposal for Reappointing the Audit Firm for 2025 [3] 7. Proposal for Remuneration of Directors, Supervisors, and Senior Management for 2025 [3] 8. Proposal for Bank Credit Application for 2025 [3] 9. Proposal for Mutual Guarantees among the Company and Subsidiaries for 2025 [3] Voting and Legal Compliance - All resolutions were passed with more than half of the voting rights held by attending shareholders or their representatives [4] - The election of independent director candidates was approved prior to the meeting, having passed the qualification review by the Shanghai Stock Exchange [4] - The meeting was witnessed by Shanghai Zechang Law Firm, confirming that all procedures and results complied with relevant laws and regulations [4]

证券代码：603779 证券简称：威龙股份 公告编号：2025-034 威龙葡萄酒股份有限公司 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，公司董事长朱秋红女士主持。本次会议以现场和网 络投票相结合的方式对股东大会通知中列明的事项进行了投票表决，表决方式符 合《公司法》及《公司章程》的规定。 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。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：威龙葡萄酒股份有限公司三楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 20.5846 | 股东类型 | | 同意 | | 反对 | | 弃权 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 票数 | | 比例 | | | | | | | | | | （ ...