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 ...