Core Viewpoint - The domestic wine market in China is experiencing a dichotomy, with imported brands like Penfolds thriving while domestic leaders like Zhangyu face significant challenges and declining performance [2][3][4]. Group 1: Zhangyu's Asset Sale and Financial Performance - Zhangyu has sold its 100% stake in a subsidiary in France for €4.8 million to optimize its asset structure and focus on domestic brandy business [1]. - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a year-on-year decline of 25.26%, and a net profit of 305 million yuan, down 42.64%, marking a new low [3][4]. - The company's core products, wine and brandy, saw significant sales declines of 22.32% and 35.80% respectively [3]. Group 2: Market Trends and Consumer Preferences - The Chinese wine market saw a resurgence in 2024, with wine imports reaching 280 million liters and import value at $1.59 billion, marking year-on-year increases of 13.6% and 37.2% respectively [2]. - Domestic wine production from large-scale enterprises fell to 118,000 kiloliters in 2024, a 12.5% decrease, continuing a four-year downward trend [2]. Group 3: Challenges Facing Zhangyu - Zhangyu's reliance on non-operating income, which accounted for 1.74 billion yuan in 2024, indicates unsustainable business practices as over half of its net profit came from asset sales [4]. - The company's sales expenses reached 1.013 billion yuan in 2024, with a sales expense ratio of 30.91%, highlighting inefficiencies in its sales channels [5]. - Zhangyu's management acknowledged the need to better connect with consumer preferences, indicating a failure to create appealing products and experiences [6]. Group 4: Strategic Responses and Future Outlook - Zhangyu has attempted to adapt by launching high-end product lines and acquiring overseas wineries, but these efforts have not yielded significant results [7]. - The company is encouraged to focus on localizing its offerings and enhancing its online presence to attract younger consumers [8]. - The ongoing reshaping of the wine industry presents both challenges and opportunities for Zhangyu, emphasizing the need for a strategic pivot to regain market competitiveness [8].

Core Viewpoint - The 20th Shanghai Wine Festival has opened at the Jin Chao 8 Nong Bin Port Commercial Center, featuring multiple benefits and activities to boost Shanghai's summer night economy through wine and food pairing [1][3]. Group 1: Event Overview - The festival showcases over a thousand types of wines from renowned domestic and international wineries, covering various categories such as white wine, red wine, yellow wine, beer, and spirits, reflecting diverse wine cultures from around the world [3]. - The event integrates wine, food, culture, and art, allowing visitors to enjoy global wines without leaving Shanghai [3]. Group 2: Activities and Promotions - Various unique activities are set up by exhibitors, including free tastings of award-winning wines from Zhangyu, a collaboration with brand ambassador Hua Chenyu by Penfolds, and an immersive wine museum experience by "Cast Express" [5]. - Other brands like Qingdao Beer and Yuanhai provide special offerings such as themed ice cream and cocktails, creating a vibrant atmosphere for attendees [5]. Group 3: Consumer Engagement - The festival collaborates with three major commercial districts to enhance consumer experience, offering benefits like "Drunken Beauty Welfare Coupons" and "Tipsy Map 2.0" for attendees [8]. - Various shopping centers are running limited-time promotions, allowing consumers to exchange vouchers for free beer at the festival [8]. Group 4: Economic Impact - The event aims to leverage ticket root economics by combining shopping center coupons with festival discounts, providing consumers with substantial savings [10].

Core Viewpoint - Zhangyu A plans to repurchase 10-15 million B shares using no more than 100 million yuan of its own funds, with a maximum repurchase price of 11.50 HKD per share, aiming to enhance earnings per share and maintain company value [1] Summary by Sections Repurchase Plan - The repurchase will account for approximately 1.49% to 2.23% of the total share capital and about 4.72% to 7.08% of B shares [1] - The repurchase period is set for 12 months following the approval of the shareholders' meeting, and the purchased shares will be canceled to reduce capital [1] Market Response - The decision to repurchase shares is seen as a response to market calls and aims to alleviate concerns regarding the marginalization of B shares, which have been trading at a significant discount compared to A shares and the company's intrinsic value [1] Financial Performance - Zhangyu reported a disappointing performance in 2024, with revenue declining by 25.26% and net profit decreasing by 42.68% [1] - The management acknowledged the reality of the performance decline during the shareholders' meeting on May 23, 2024 [1] External Factors Affecting Performance - Three external factors contributing to the decline include: 1. A "cliff-like" drop in consumer sentiment, leading to reduced spending on wine [2] 2. A long-term shrinkage in consumption scenarios for wine compared to other alcoholic beverages [2] 3. A significant weakening of channel driving power due to price inversions in the white wine market, affecting wine distributors [2] Internal Challenges - Internal challenges include: 1. Lack of product innovation translating into repeat purchases 2. Ineffective channel transformation and slow development of new channels 3. Insufficient marketing effectiveness, with advertising and promotional expenses around 500 million yuan, significantly lower than leading white wine brands [2] Strategic Focus for 2025 - Zhangyu's management outlined five strategic focuses for 2025: 1. Breakthroughs in local markets, targeting specific cities for different wine products [3] 2. Enhancing marketing capabilities and consumer cultivation [4] 3. Greater innovation in product categories [4] 4. A "taste revolution" to develop wines suited to Chinese consumers, moving away from European taste dependencies [4] 5. Embracing new retail partnerships with major retailers to improve supply chain responsiveness [5] Industry Context - The company is navigating through a challenging period in the industry, and its ability to counteract the downward trend will be crucial for assessing the effectiveness of its transformation efforts [6]

2025年5月23日，烟台张裕葡萄酿酒股份有限公司（以下简称" 张裕A "）在公司会议室召开股东大会投 资者交流活动，董事长周洪江、董事兼总经理孙健等多位高管出席，与参会投资者就公司业绩、市场形 势、未来规划等问题进行了深入交流。 业绩归因：内外因交织致去年业绩不佳 对于去年业绩不佳，张裕A总经理孙健指出，主要存在三大外因和三大内因。外因方面，消费形势"断 崖式"不友好，消费者在 葡萄酒 消费上趋于保守；消费场景"断崖式"萎缩，与五年前相比，葡萄酒消费 场景大幅下降；渠道推动力"断崖式"减弱， 白酒 价格倒挂导致经销商压力传导至葡萄酒领域。内因方 面，产品创新不足，未能充分满足消费者口感需求；渠道创新不足，应对渠道变化能力有限；营销作为 有限，销售费用投入不足且使用效率不高。 市场形势：行业下行压力大 孙健通过三组数据对今年市场形势进行分析。从去年年报看，10家葡萄酒上市公司合计营收45亿元，净 利润1.8亿元，虽较2022年亏损情况收窄，但部分头部企业过去十年累计亏损严重。从一季度报看，已 公布季报的5家公司葡萄酒业务销售额体量低，按一季度占全年3成保守估计，全年营收将下降19%。同 时，行业下滑严重，77 ...

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 ...

中国葡萄酒能否进入世界"第一梯队"？ 在今年3月份的德国杜塞尔多夫国际酒展上，一场葡萄酒类别"世界酒王"盲品赛揭晓了答案。 在这场盲品赛中，张裕旗下龙谕酒庄的龙12赤霞珠干红与法国酒王拉菲、美国酒王作品一号、意大利酒 王西施佳雅等顶级名酒并列"A等一级酒庄"，成为全球7款"世界酒王之王"之一。 曾经，法国葡萄酒牢牢占据着葡萄酒界中心位置，1976年，一场在法国巴黎举行的盲品会将法国酒拉下 了神坛。 1976年5月，英国酒商史蒂文·斯伯瑞尔在巴黎举办了一场葡萄酒比赛，由来自法国权威的评委进行了两 场盲品，美国加州生产的霞多丽和赤霞珠与全世界最具声望的勃艮第白和波尔多红同台竞技。结果出乎 了所有人的预料：两场盲品均由加州酒拔得头筹。 这就是葡萄酒史上著名的"巴黎评判"，"新世界"葡萄酒产区完胜"旧世界"葡萄酒产区，成为葡萄酒历史 的分水岭。 世界知名的《酒饮商务》将其命名为"杜塞尔多夫审判"，寓意这不仅是一场盲品赛，更是全球葡萄酒话 语权的交替。中国葡萄酒正从边缘走到聚光灯下，改写着葡萄酒界叙事规则。 从巴黎到杜塞尔多夫 49年后，葡萄酒界开始了新一轮话语权博弈。 龙谕酒庄的龙12赤霞珠干红与世界顶级名酒放在一起 ...