Core Insights - The event held in Beijing showcased nearly 200 agricultural specialty products from Yinchuan, including goji berries and wine, attracting 52,000 visitors and generating total sales exceeding 118,000 yuan, with a signed contract amount of 33.4 million yuan [1][2]. Group 1: Event Overview - The event took place from May 31 to June 2 during the Dragon Boat Festival, featuring a variety of local products and cultural items from Yinchuan [1]. - The exhibition highlighted the unique agricultural and culinary offerings of Yinchuan, including wines from the Helan Mountain region and traditional dishes [1][2]. Group 2: Business Collaborations - Ningxia Nabairun Wine Industry and Ningmo Xingyao reached a procurement cooperation to expand the sales channels for agricultural products [2]. - The Yinchuan Cultural Tourism Group signed an agreement with China Travel Service to enhance tourism consumption through increased visitor flow [2]. - Zhihuiyuanshi Winery collaborated with a Beijing-based agricultural company to create an immersive wine experience space, combining sales, tasting, and experiential activities [2]. Group 3: Strategic Goals - The event aimed to promote Yinchuan's unique products to consumers in the capital, facilitating a mutual benefit between production areas and markets [2]. - Yinchuan's officials emphasized the importance of this collaboration in showcasing the region's rich agricultural heritage and enhancing its brand as a "beautiful and rich" city [2].

新华社银川6月2日电 题：聚人气拓市场共奋进——"塞上江南"经济焕发新活力 新华社记者刘紫凌、张宋红、马丽娟 贺兰黛色青，塞上云天阔。 地处中国大陆版图几何中心的宁夏，发展热潮涌动。 今年一季度，宁夏地区生产总值同比增长6%，增速位列全国第五，这是宁夏连续11个季度超过全国平 均水平。起势有力的宁夏跑出"加速度"：重大项目满弓劲发、文旅融合创新出圈、特色产业奋楫扬帆、 闽宁协作共促振兴……"塞上江南"正展现出向上、向好、向新的发展景象。 聚人气：文旅引流激发新活力 "来宁夏，给心灵放个假。"近年来，集黄河之灵秀、大漠之雄浑、高山之壮美于一体的宁夏，成为国内 长线游热门目的地。携程数据显示，今年端午假期，宁夏旅游订单同比增长17%、机票订单增长21%， 接续"五一"假期的火热。 在宁夏银川市，"滚钟口日出之约"和"览山落日大合唱"成为许多游客必打卡的网红项目。在贺兰山巅， 观云海翻涌，看绝美日出；在览山公园，览湖光山色，赏落日晚霞，与舞台乐队激情大合唱。现场视频 频频登上网络热搜，不少人感叹："没想到，原来你是这样的宁夏！" "当前旅游不再是单纯的景观消费，游客更期待场景体验和情感共鸣，这两年来，我们精心策划一 ...

更远处，索道环线如银链串起层层叠叠的葡萄园。游客乘坐缆车俯瞰时，既能看见村民在田间疏果 的身影，也能望见山脚下的红酒主题街区。在这里，酒桶改造的咖啡座、葡萄藤编织的拱门与青石板路 相映成趣，村民摆着竹筐售卖刚摘下的蔬菜，筐沿还挂着"扫码溯源"的二维码。"周末单日能卖上百斤 青菜，比从前挑着担子赶场轻松多了。"菜农王大叔笑着说。 "套袋防虫、生物肥料、立体种植……这些绿色技术让荒山变成了'聚宝盆'。"基地负责人蹲下身， 扒开草丛露出底下的三叶草——这种兼具固氮和抑制杂草作用的植物，让园区每年减少农药使用量 60%。 日前，在重庆涪陵美心红酒小镇的梯田式葡萄园内，村民腰挎竹篮，指尖在翠绿藤蔓间翻飞——断 尖、疏果、除草，每一个动作都精准如舞蹈。阳光穿过叶隙，在串串幼果上洒下斑驳光影，与远处索道 缆车的金属光泽相映成趣，勾勒出一幅现代田园的立体画卷。 "断尖要选新梢顶端3厘米处，像这样斜着掐断。"种植户李大姐示范着掐掉一根新梢，"这样能让养 分集中供给果实，下个月就能看到明显膨大。"正值葡萄浆果生育关键期，园区技术人员每天带着湿度 检测仪穿梭其间，根据物联网系统传回的数据调整滴灌频率。"我们引进的赤霞珠、西拉子等1 ...

去年，Bain Capital Special Situations（贝恩资本特殊机会基金）与其他四家投资者通过债转股方式，接 管了澳大利亚第二大葡萄酒生产商 Accolade Wines（艾格雷葡萄酒）。如今，他们正希望通过贷款市场 为公司的重组计划提供资金支持。 尽管如此，对于 Accolade 来说，能以仅3.5%左右的利差获得融资，几乎可称为"奇迹"。要知道就在一 年前，该公司还因未能偿还3.01亿英镑（约合5.83亿澳元）的B类定期贷款以及1.5亿澳元的循环信贷额 度而陷入违约。 在全球葡萄酒需求放缓的背景下，整个行业都面临压力，不少酒企被迫关停品牌、削减成本。Accolade 的贷款也因此以每1澳元债务仅售38至40澳分的价格被出售，最终由五家投资机构组成的财团接盘： Bain Capital Credit、Fred Woollard 的 Samuel Terry Asset Management、Sona Asset Management、伦敦上 市的 Intermediate Capital Group 以及来自北欧的信用资产管理机构 Capital Four。 正是这一财团取代了前东家凯雷集 ...

Core Viewpoint - The wine industry is facing significant challenges, with Zhangyu A's performance falling short of expectations, leading to a decline in both revenue and net profit, raising concerns about consumer demand for wine [1][2][3] Group 1: Company Performance - Zhangyu A reported a revenue of approximately 32.77 billion yuan for 2024, a year-on-year decline of 25.26%, and a net profit of about 3.05 billion yuan, down 42.68% [2] - The wine business, which contributes over 70% of the company's revenue, saw a revenue decline of 22.32% in 2024, with a gross margin of 57.32%, also down from the previous year [2][3] - The company set a revenue target of no less than 34 billion yuan for 2025, which is significantly lower than the previous year's target of 47 billion yuan [4][5] Group 2: Industry Challenges - The wine industry is experiencing a "cliff-like" decline in consumer sentiment, shrinking consumption scenarios, and weakened channel dynamics [2][3] - A total of 772 wine companies have closed, with 11,354 others in abnormal states, indicating a severe industry contraction [6] - The overall revenue for 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight decline compared to the previous year [6] Group 3: Future Outlook - The company anticipates a challenging year ahead, with a higher probability of continued industry decline [7] - Increased competition between online platforms and offline channels is leading to price wars, affecting profit margins and creating challenges for distributors [7] - The company plans to focus on targeted market breakthroughs and enhance marketing capabilities to better engage consumers [7]

Core Viewpoint - Zhangyu A's performance in the previous year was adversely affected by both external and internal factors, leading to a cautious outlook for the wine industry in the short term, while maintaining a long-term optimistic perspective due to evolving consumer preferences [1][3]. Group 1: Performance Attribution - The poor performance last year was attributed to three external factors: a drastic decline in consumer sentiment towards wine, a significant reduction in consumption scenarios compared to five years ago, and weakened channel dynamics due to price inversions in the liquor market [1]. - Internal factors included insufficient product innovation to meet consumer taste demands, limited channel innovation, and ineffective marketing strategies with low sales expense efficiency [1]. Group 2: Market Situation - The wine industry is facing significant downward pressure, with 772 wine companies closing down and over 10,000 companies in abnormal or other statuses [1]. - The combined revenue of 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, indicating a narrowing of losses compared to 2022, but some leading companies have accumulated severe losses over the past decade [1]. - The first quarter sales figures suggest a conservative estimate of a 19% decline in annual revenue, with online competition leading to lower transaction prices and dissatisfaction among offline distributors [1]. Group 3: Future Outlook - The company has set a revenue target of no less than 3.4 billion yuan for this year, reflecting growth from last year's 3.277 billion yuan, while maintaining a gross margin of around 61% [2]. - To achieve growth, the company plans to implement several strategies, including targeted market breakthroughs, enhanced marketing collaborations, product innovation aimed at younger consumers, and improvements in product taste [2]. - The company remains cautious about the short-term industry outlook but is optimistic about long-term opportunities as consumer preferences shift towards elegant and healthy lifestyles [3].

证券代码：000869\200869 证券简称：张裕Ａ\张裕 B 烟台张裕葡萄酿酒股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | | | --- | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | | □新闻发布会□路演活动 | | | | | □现场参观 | | | | | √其他（股东大会投资者交流） | | | | 参与单位名称及 | 参加股东大会现场会议的全部投资者 | | | | 人员姓名 | | | | | 时间 | 年 月 上午 2025 5 10:00~12:00 | 23 | 日 | | 地点 | 本公司会议室 | | | | 上市公司接待人 | 董事长周洪江先生、董事兼总经理孙健先生、董事兼副总经理 | | | | 员姓名 | 李记明先生、副总经理姜华先生、董事兼副总经理及董事会秘 | | | | | 书姜建勋先生；总经理助理刘世禄先生；监事于锦凤女士。 | | | | | 孙健（烟台张裕葡萄酿酒股份有限公司总经理） 各位股东、各位基金经理、各位分析师，包括我们的律师 | | | | | 朋友，大家上午 ...

Production and Market Trends - In the first four months of 2025, the production of liquor in China reached 1.308 million kiloliters, a year-on-year decrease of 7.8%, with April's production at 281,000 kiloliters, down 13.8% year-on-year [1] - The national coverage rate of Gujing Gongjiu has exceeded 70%, with a focus on maintaining market share in core provinces while expanding into new markets [2] - The average price index for liquor in mid-May showed a slight decline of 0.03%, with the index for famous liquor down 0.06% and local liquor down 0.01% [3][4] Company Developments - Luzhou Laojiao's management visited the China Food Institute to discuss collaboration on museum construction and marketing strategies [1] - Gujing Gongjiu plans to optimize its product structure and expand its market share in various price segments, focusing on its core products [2] - Langjiu Group emphasizes quality construction and aims to enhance the experience at its distillery while aligning production with brand development [3] New Product Launches - Gubeichun launched three strategic new products, "Gold Edition," "Silver Edition," and "Hong Edition," to boost consumption and expand its market presence [3] Regulatory and Quality Control Initiatives - The Ningxia Helan Mountain wine industry park is conducting a quality safety inspection to ensure compliance in the use of inputs and production processes [6] Leadership Changes - Qingdao Beer appointed Jiang Zongxiang as the new chairman, with interim responsibilities for the presidency until a successor is chosen [5] - Zhang Daohong was elected as the new president of the Yichang Enterprise Federation [5] - Zhang Li was appointed as the general manager of Jiu Bian Li [5] Investment Projects - A 5 billion yuan project for the production of sauce-flavored liquor is set to be established in the Bozhou District, covering an area of 1,080 acres [5]

当所有人将注意力集中在6月1日的关税大限、特朗普与欧盟的"贸易摊牌"时，一个低调但可能产生巨大影响的法律事件，正在悄然到来。 高盛分析师Alec Phillips在最新报告中提醒， 美国国际贸易法院将在未来几周内就一项初步禁令动议作出裁决，该禁令可能会废除特朗普在4月2日公布的关 税。 虽然法院批准初步禁令的可能性不大，但这是市场普遍忽视的潜在利好风险。 据报道，这项裁定可能在本月底前落地。这也意味着， 一旦法院通过禁令，已实施的10%全面关税和暂缓的对等关税将全部被叫停，美国与欧盟、日本、印度 等国家正在进行的紧张谈判，也将面临重新洗牌。 总统能否绕过国会开征关税？ 这场法律挑战的核心是特朗普使用1977年《国际紧急经济权力法》(IEEPA)征收全球关税的权力。 这种"自残式"的关税政策引发了美国国内企业的强烈不满。很快，V.O.S. Selections葡萄酒进口公司等五家小企业向国际贸易法院提起诉讼， 称总统无权绕过 国会征收这些关税 。 Danforth将此案描述为"自美国建国以来最重要的问题之一"，涉及到权力集中问题以及美国开国元勋詹姆斯·麦迪逊试图将权力分散到政府各个部门的理念。 今年4月，特朗普 ...

Core Viewpoint - The Australian wine industry is experiencing a significant shift, with a notable increase in exports to China, but overall challenges persist, including declining sales in other markets and an oversupply of low-end wines [1][3][24]. Export Performance - In the first full fiscal year after the tariff removal, Australian wine exports to mainland China surged to AUD 1.03 billion, accounting for nearly 40% of total exports of AUD 2.64 billion, marking a 41% year-on-year increase [1]. - However, total Australian wine exports fell by 13% to AUD 1.62 billion, the lowest in a decade, with export volumes hitting a 20-year low [3]. Market Dynamics - The Australian wine market is facing a decline in sales across key regions, including the UK, US, and Hong Kong, with the US market reverting to levels not seen in 20 years [4]. - The industry is grappling with an oversupply of grapes, stagnant sales of low-end wines, and a shortage of high-end wines, leading to a challenging outlook for the sector [5]. Industry Consolidation - The industry is witnessing consolidation, with major players dominating the market. A recent merger between Pernod Ricard's wine brands and Accolade Wines formed a new entity, Vinarchy, with annual revenues of AUD 1.5 billion, expected to eliminate up to 50 wine brands [6]. - This consolidation reflects a trend of increasing industry concentration, with many smaller wineries facing pressure to sell [6]. Supply Chain Challenges - The crisis in the Australian wine industry has been brewing for years, with domestic wine consumption declining by 9% since the 2016-17 fiscal year, a trend observed globally [10]. - The demand for high-quality grapes remains strong, but the majority of Australian wine grapes are produced in warmer regions, where prices are significantly lower compared to cooler regions [16]. Consumer Behavior - The Australian wine market is characterized by a dual monopoly, with a few large companies controlling many brands, making it difficult for smaller wineries to stand out [21]. - The shift in consumer preferences towards higher-end wines is evident, as sales of wines priced below AUD 15 are declining, while those above AUD 15 are performing better [11]. Conclusion - The apparent recovery in the Australian wine industry due to Chinese orders masks deeper issues, as reliance on a single market exposes vulnerabilities. The mismatch between China's high-end preferences and Australia's surplus of low-end production poses a significant challenge [24].