Group 1: Research Summary - Reported industry: Brewing industry [2] - Research object: ST Tongpu [17] - Reception time: September 26, 2025 [17] - Listed company reception staff: Chairman Wu Yuhua, Deputy General Manager and Board Secretary Huang Lifan, Financial Controller Jia Xu, Independent Director Wei Liangshu [17] Group 2: Detailed Research Institutions - Reception object: Investors' online questions, others [20] Group 3: Main Content - The lawsuit against the former actual controller of the company is in the second - instance stage, and information will be disclosed in a timely manner if there is progress [24] - The company has nearly 90 years of wine - brewing experience and a cellar of over 10,000 square meters. It uses unique mountain grapes from the Changbai Mountains as raw materials, has a scientific brewing process, and produces high - quality characteristic wines. Its "underground cellar" was built in 1937 and has formed a "Chinese terroir" wine culture [24] - The company's products are not directly exported at present, and it will explore suitable export channels and products through scientific market research in the future [24]

Core Viewpoint - The article highlights the unique wine culture emerging from the Yalu River Valley, showcasing the harmonious coexistence of imported and local grape varieties, which contributes to the distinct flavor of Chinese wines and promotes cultural exchange [1] Group 1: Wine Production and Varieties - The Yalu River Valley features a blend of the imported "Vidal" grape and the locally cultivated "Beijing Red" grape, which are used to produce award-winning ice wines [1] - The production of "one white and one red" ice wine symbolizes the integration of diverse cultural influences in winemaking [1] Group 2: Cultural Exchange and Market Expansion - The opening of the Chinese market to various grape varieties and wine products facilitates the spread of wine culture, reflecting China's embrace of multiculturalism [1] - The unique flavors of Chinese wines have gained international recognition, providing a new channel for the world to understand contemporary China [1] Group 3: Innovation and Development - The success of the wine industry in Jilin is attributed to the combination of unique terroir and adaptive management practices, leading to breakthroughs in winemaking through the integration of different cultural and technical perspectives [1] - The region attracts wine experts, enthusiasts, and tourists, enhancing its vibrancy through increased interactions and exchanges [1]

Core Insights - The article highlights the remarkable growth of e-commerce in Raohe County, with transaction volumes increasing from 260 million yuan in 2022 to 1.034 billion yuan in 2023, and projected to reach 1.364 billion yuan in 2024 [1][3][5] E-commerce Development - Raohe County established the "Zerhao Zhenxuan" e-commerce platform and partnered with major e-commerce platforms to promote local agricultural products like Northeast black bee honey and Usuri River rice [3][5] - A 6,300 square meter e-commerce live streaming base was completed in 2023, enhancing local entrepreneurial activities [3][5] - The introduction of a cross-border e-commerce hub with the opening of the Russian National Commodity Pavilion in 2024 allows for same-day delivery of agricultural products, breaking geographical limitations [5] Supportive Infrastructure - Raohe County has developed a comprehensive support system for e-commerce, including legal, financial, and operational assistance for entrepreneurs [5][6] - Training programs conducted by experts from platforms like Douyin and Kuaishou have engaged 3,730 participants over 43 sessions, equipping locals with e-commerce skills [5] Policy Initiatives - The county has implemented various policies to support the e-commerce sector, including subsidies for business establishment, rent reductions, sales incentives, and loan interest subsidies [5][6] - The introduction of the "Raohe County New Retail Model Implementation Plan" in 2023 and the "Support Policy for E-commerce Live Streaming Industry Development" in 2024 reflects a strategic approach to foster local talent and attract external teams [5] Economic Impact - The e-commerce boom has revitalized local businesses, such as the sale of 100,000 bottles of ice wine through live streaming, and has led to the emergence of new projects, injecting vitality into the local economy [5][6] - The growth in e-commerce transactions signifies increased household incomes and the revival of struggling enterprises, showcasing the transformative impact of digital commerce on the local economy [5][6] Quality Assurance - Raohe County maintains a strong focus on quality control through a "2211" quality supervision system, a 5 million yuan credit guarantee fund, and product quality insurance with a maximum payout of 100 million yuan [6] - The establishment of an e-commerce live streaming industry association promotes self-regulation within the sector [6] Recognition and Achievements - Raohe County has received multiple accolades, including being named a national rural e-commerce "leading county" and a provincial-level entrepreneurial incubation demonstration base, highlighting its successful digital transformation [6]