一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1200 | -0.1700 | 29.41 | -0.1300 | | 每股净资产（元） | 0.67 | 0.72 | -6.94 | 0.78 | | 每股公积金(元) | 0.95 | 0.92 | 3.26 | 0.86 | | 每股未分配利润(元) | -1.24 | -1.13 | -9.73 | -0.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.69 | 8.59 | 1.16 | 8.21 | | 净利润(亿元) | -0.5 | -0.73 | 31.51 | -0.52 | | 净资产收益率(%) | -16.99 | -23.63 | 28.1 | -14.85 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 11868.75万股，累计占流通股比： ...

Core Viewpoint - After three consecutive years of losses, Mogo Co. not only failed to turn a profit in 2024 but also saw its losses widen [1] Financial Performance - In 2024, Mogo Co. achieved revenue of approximately 329 million yuan, a year-on-year increase of 65.38% [1] - The net profit attributable to shareholders was approximately -52.08 million yuan, compared to a loss of 41.44 million yuan in the same period last year, indicating an expanded loss [1] Business Segment Analysis - Mogo's wine business, traditionally a representative of high-end Chinese wine, generated revenue of approximately 60.56 million yuan in 2024, a decline of 17.41% year-on-year, contributing less than 20% to total revenue [1][2] - The wine segment became the lowest revenue-generating business among Mogo's various operations in 2024 [2] - The decline in wine revenue was attributed to increased competition and insufficient consumer demand, exacerbated by the domestic liquor industry's pressure on the wine sector [3] - The biodegradable materials and products segment accounted for over 30% of total revenue, achieving approximately 110.81 million yuan in revenue, a significant increase of 114.56% year-on-year [3] - The pharmaceutical business generated approximately 67.12 million yuan in revenue, reflecting a year-on-year growth of 35.71% [3] Profitability Metrics - The gross margin for the wine business was 50.5% in 2024, a decrease of 5.91 percentage points compared to the previous year [6] - The pharmaceutical segment's gross margin was 48%, an increase of 14.2 percentage points year-on-year [6] - The gross margin for biodegradable materials and membrane products was negative [6] Q1 2025 Performance - In the first quarter of 2025, Mogo Co. reported revenue of 61.52 million yuan, a year-on-year decline of 24.08% [10] - The net profit attributable to shareholders was a loss of 10.01 million yuan, compared to a profit of 0.81 million yuan in the same period last year [10]

很多人爱喝 红酒， 红酒， 不仅是现代人常见的浪漫形式，也是显示格调的一种方式！ 然而，不知道大家最近有没有看news！ 爱喝干红葡萄酒的，这波福利太炸了！！ 慵懒的午后，亦或是美妙的夜晚， 一杯葡萄酒，微醺享受，静待时光。 法国正在计划预算2亿欧元，开展一项葡萄园"清除行动"，以解决葡萄酒产量过剩的问题。 ✅ 瓶身还带有雄狮浮雕工艺，手摸上去质感满满！！ 拿到这款干红的第一时间，小编就被其 瓶身的"浮雕"工艺所吸引，凹凸起伏的雄狮浮雕图案！ 预计可以清除更多的葡萄园，法国多个葡萄酒产区非常关注这一措施。 近日，针对这一影响，我们一直合作的法国供货商正在亏出几批库存，回笼资金！ 肥水不流外人田，咱就地搞链接上架！小编的心头好—— 法国 柏 翠布诺伊"珍藏"干红！ 一经推出，就背书满满： 169年历史名庄干红，第五代庄主亲签珍藏款 法国原瓶进口！来自南法产区！ 点击下图即可购买 "雄狮浮雕工艺"瞬间让这款干红的段位直接拉满！ ▼ 80年老藤葡萄酿造干红，双株混酿 14° vol黄金度数 ✅ 实打实的"高"含金量！ 还是2020年采摘年份， 这年是法国红酒大年，相同年份的各位可以随意比价！ ✅ 由第五代庄主亲酿！ ...

威龙股份（603779）公告，2025年第一季度营业收入1.01亿元，同比下降25.51%。净利润871.51万元， 同比下降52.81%。 ...

在构建产业新生态方面，烟台着力打造三大片区，丘山谷游客服务中心启用，逃牛岭、仙岛等精品酒庄 陆续投运，蓬莱"一带三谷"核心集聚效应持续增强；黄渤海新区柳林河谷建成中国首座收藏级酒庄—— 丁洛特酒庄，可雅酒庄获评"中国白兰地第一庄"，中国首座专业化酒庄——卡斯特酒庄生态游、张裕工 业游广受市场欢迎；深化文旅融合发展，成立全市葡萄酒文旅产业发展联盟，特色酒庄游融入全域旅游 格局；张裕酒文化博物馆晋升国家一级博物馆，张裕旧址列入国家工业遗产名录；配套产业加速发展， 举办产业链供需对接活动，认定10家"配套产业链领军企业"；以帝伯仕公司为代表的酿酒设备达到国际 先进水平，蒸馏、脱醇等智能装备国产化进程加快，全产业链综合产值突破500亿元，烟台成为全国首 个"中国葡萄酒产业配套中心"。3年来，全产业链新增规模以上企业4家、总量达23家，葡萄酒产量占全 国比重从2021年的33%提升至2024年的41%，销售收入、利润等核心指标稳居全国产区首位。目前，烟 台5所高校开设葡萄酒专业，年培养专业人才300余名。 同时，烟台坚持国内国际双轮驱动，持续提升产区影响力。3年来，赴16个重点消费城市开展推介，年 均参展巡展超10场， ...

Core Viewpoint - The comparison between Moutai and 1982 Lafite reveals significant differences in cultural attributes, market structure, and consumption logic, indicating that while Moutai is unlikely to "fall from grace" in the short term, structural risks should be monitored in the long term [1][9]. Group 1: Brand Analysis - Moutai is a high-end Chinese liquor with strong cultural and social significance, particularly in business and government contexts, while 1982 Lafite is a luxury wine primarily associated with wealth and investment [3][5]. - Moutai's demand is mainly driven by the domestic market, especially for business banquets and gifts, whereas Lafite's appeal is more international but has been largely fueled by domestic speculation [5][7]. Group 2: Cultural and Market Dynamics - Moutai's cultural roots and its status as a representative of Chinese liquor provide it with a strong market position, while Lafite faces intense competition from other wine brands [7][11]. - Moutai benefits from government support and limited production capacity, whereas Lafite's market is more susceptible to economic fluctuations due to its reliance on investment and collection demand [5][13]. Group 3: Supply and Investment Characteristics - Moutai maintains its price stability through supply control and direct sales reforms, with a production volume of only 66,000 tons in 2022, making it relatively scarce [13][14]. - The investment characteristics of Moutai are closely tied to its physical asset value, while Lafite's financialization is more pronounced, with its price fluctuations correlating with other asset classes like art and cryptocurrencies [14][21]. Group 4: Potential Risks - Moutai faces challenges from a generational consumption gap, as younger consumers show less interest in traditional liquor, necessitating innovative marketing strategies [16][17]. - Economic slowdowns and changes in government-business relationships could shrink Moutai's core consumption scenarios, while counterfeit products pose a significant threat to its brand integrity [17][18]. Group 5: Historical Insights and Future Outlook - The decline of 1982 Lafite was primarily due to over-financialization, market saturation from alternative wines, and a trust crisis stemming from counterfeit products [21][22]. - Moutai's current strong position is supported by its essential demand and cultural significance, but it must adapt to changing consumer preferences and technological innovations to sustain its market leadership in the long term [22][23].

Group 1: Yanjing Beer - Yanjing Beer reported a Q1 revenue of 3.827 billion yuan, a year-on-year increase of 6.69% [1] - The net profit attributable to shareholders was 165 million yuan, up 61.10% year-on-year, indicating a strong start to 2025 [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Zhujiang Beer - Zhujiang Beer disclosed a Q1 revenue of 1.227 billion yuan, reflecting a year-on-year growth of 10.69% [2] - The net profit attributable to shareholders was 157 million yuan, an increase of 29.83% year-on-year, showcasing strong market competitiveness [2] - The company reported beer sales of 294,600 tons, up 11.66% year-on-year [2] Group 3: Guyue Longshan - Guyue Longshan's Q1 revenue was 539 million yuan, a decline of 4.9% year-on-year [3] - The net profit was approximately 59.02 million yuan, down 4.82% year-on-year, indicating challenges in financial performance [3] - The company announced a share buyback plan of 200 to 300 million yuan to enhance employee motivation and long-term competitiveness [3] Group 4: Zhangyu A - Zhangyu A reported Q1 revenue of about 811 million yuan, a slight increase of 0.01% year-on-year [4] - The net profit attributable to shareholders was approximately 159 million yuan, up 0.21% year-on-year, reflecting stability in a challenging market [4] - The company needs to focus on optimizing product structure and enhancing brand influence to address long-term industry challenges [4]

Core Viewpoint - The first quarter of 2025 saw significant performance differences between beer and wine companies, with Yanjing Beer and Zhujiang Beer showing strong growth in revenue and profit, while Zhangyu A experienced only marginal growth in both metrics [1][4]. Group 1: Yanjing Beer Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan, representing a year-on-year increase of 6.69% [3]. - The net profit attributable to shareholders was about 1.65 billion yuan, reflecting a substantial year-on-year growth of 61.1% [3]. - The company achieved a beer sales volume of 995,000 kiloliters, with its flagship product, Yanjing U8, maintaining a growth rate exceeding 30% [1]. Group 2: Zhujiang Beer Performance - Zhujiang Beer recorded a revenue of approximately 12.27 billion yuan, which is a year-on-year increase of 10.69% [2]. - The net profit attributable to shareholders was around 1.57 billion yuan, showing a year-on-year growth of 29.83% [2]. - Despite Yanjing Beer having over three times the revenue of Zhujiang Beer, the net profit difference was only 800 million yuan [2]. Group 3: Zhangyu A Performance - Zhangyu A reported a revenue of approximately 8.11 billion yuan, with a minimal year-on-year increase of 0.01% [4]. - The net profit attributable to shareholders was about 1.59 billion yuan, indicating a slight year-on-year growth of 0.21% [4]. - The net profit excluding non-recurring gains and losses was approximately 1.53 billion yuan, which represents a year-on-year decline of 0.82% [4]. Group 4: Shareholder Information - As of the first quarter of 2025, the total number of ordinary shareholders for Yanjing Beer, Zhujiang Beer, and Zhangyu A were approximately 43,000, 26,000, and 43,000 respectively [7]. - There was a notable decline in the number of ordinary shareholders for all three companies compared to the first quarter of 2024, with Yanjing Beer and Zhujiang Beer experiencing reductions of over 30% [7].

Core Viewpoint - The case highlights the protection of an unregistered well-known trademark, specifically the "奔富" (Penfolds) brand, against malicious registration attempts by other companies [1][2][3]. Summary by Sections Basic Case Facts - 南某公司 is the rights holder of the well-known wine brand "Penfolds" and has used "奔富" as its Chinese name since the 1990s, achieving significant recognition among consumers [2]. - The brand "奔富" has been widely recognized and reported in various media, establishing a strong association with "Penfolds" [2]. Trademark Registration Attempts - Due to the commercial value of the "奔富" trademark, there were attempts by third parties to maliciously register similar trademarks, leading to a legal dispute [3]. - 南某公司 faced rejection from the trademark office when attempting to register "奔富" due to similarities with existing trademarks, prompting a series of legal actions that ultimately led to a favorable ruling from the Supreme People's Court [3]. Infringement Actions - 淮安华某公司 attempted to register similar trademarks and used them in their products, which led to a lawsuit from 南某公司 for trademark infringement [4]. - The court ruled in favor of 南某公司, ordering the defendants to cease their infringing activities and to compensate for damages [5]. Legal Reasoning - The court identified three main issues: whether "奔富" qualifies as an unregistered well-known trademark, whether the defendants' actions constituted trademark infringement, and the civil liabilities of the defendants if infringement was established [7]. - The court concluded that "奔富" could be recognized as an unregistered well-known trademark due to its established market presence and consumer recognition [8]. - The defendants' actions were deemed to constitute trademark infringement, as they knowingly used similar trademarks to benefit from the established reputation of "奔富" [9]. Legal Responsibilities - The court mandated the defendants to stop their infringing activities and to compensate 南某公司 for economic losses, affirming the legal rights of unregistered well-known trademarks [10]. Judicial Principles - The court established that unregistered trademarks widely known but not registered due to malicious attempts can be recognized and protected based on various factors, including duration of use and promotional efforts [12]. - It emphasized that actions taken in bad faith to register similar trademarks can lead to legal consequences, including the obligation to cease use and compensate the rightful trademark owner [12].

Core Viewpoint - The article discusses the legal framework and standards for the protection of unregistered well-known trademarks in China, emphasizing the importance of recognizing such trademarks based on their actual use and reputation in the market [4][5][6]. Group 1: Legal Basis for Protection - The establishment of the unregistered well-known trademark protection system is a necessary response to the globalization of trade, reflecting the need for trademark rights to adapt to international market dynamics [5]. - The essence of protecting unregistered well-known trademarks lies in the legal recognition of goodwill, which is an important intangible asset for businesses, representing consumer recognition and loyalty [5]. - The protection system aims to safeguard three legal interests: protecting the innovative investments of businesses, maintaining consumer trust, and ensuring fair market competition [6]. Group 2: Standards for Recognition - The rights to unregistered well-known trademarks are based on the principle of "rights arising from use," granting similar protections to those of registered trademarks [7]. - The court case involving "Penfolds" wine illustrates the criteria for recognizing an unregistered well-known trademark, including the duration of use, promotional investment, and public awareness [8]. Group 3: Liability for Infringement - The principle of good faith is crucial in trademark registration and use, aiming to prevent malicious registration and maintain order in trademark rights [9]. - The court emphasized that infringers who knowingly exploit unregistered well-known trademarks for unjust gains violate the principle of good faith, highlighting the need for accountability [9]. - The case established that infringers must not only cease their infringing activities but also bear compensation responsibilities, reinforcing the legal rights of unregistered well-known trademark holders [10].