Stock Code: 000869， 200869 Stock Abbreviation: Changyu A， Changyu B Announcement No.: 2025-Final 01
Yantai Changyu Pioneer Wine Co., Ltd.
2024 Annual Report Abstract
I. Important Notice
This Annual Report Abstract comes from the whole contents of annual report. If investors desire tocomprehensively understand the Company’s operating results, financial situation and futuredevelopment plan, please read the Annual Report on the media specified by the China SecuritiesRegulatory Commission.Except for the following directors, other directors attended this board meeting for reviewing thisannual report in person.
| Name of director not attending the meeting personally | Position of director not attending the meeting personally | Reason of not attending the meeting personally | Name of entrustee |
| Xunzhang LIU | Director | On a business trip | Hongjiang ZHOU |
| Enrico Sivieri | Director | On a business trip | Marco Giovanni Ferrari |
| Stefano Battioni | Director | On a business trip | Jianxun JIANG |
| Huirong LIU | Independent director | On a business trip | Qinglin LIU |
Non-standard audit opinion notice
□Applicable ?Inapplicable
The preliminary scheme of the report period’s ordinary share profit distribution or increasing equitywith reserve deliberated by the board of the directors?Applicable □InapplicableWhether to increase equity with reserve
□Yes ?No
The Company’s preliminary scheme of profit distribution deliberated and passed by the board ofdirectors this time is shown as following: Based on the Company’s total 671,823,900 shares, theCompany plans to pay CNY4 (including tax) in cash as dividends for every 10 shares to allshareholders and send 0 bonus share (including tax); capital reserve will not be transferred to equity.The preliminary scheme of preferred share profit distribution during the report period deliberated andpassed by the board of directors
□Applicable ?Inapplicable
II. Basic information of the Company
1. Brief introduction of the Company
| Stock Abbreviation | Changyu A, Changyu B | Stock Code | 000869, 200869 |
| Place of Stock Listing | Shenzhen Stock Exchange | ||
| Stock Abbreviation before Alteration | — | ||
| Contact person and information | Secretary to the Board of Directors | Authorized Representative of Securities Affairs | |
| Name | Jianxun JIANG | Tingguo LI | |
| Address | 56 Dama Road, Yantai, Shandong, China | 56 Dama Road, Yantai, Shandong, China | |
| Fax | 0086-535-6633639 | 0086-535-6633639 | |
| Tel | 0086-535-6602761 | 0086-535-6633656 | |
| jiangjianxun@changyu.com.cn | stock@changyu.com.cn | ||
2. Main businesses during the report period or brief introduction of products
(1) Situation of industry in which the Company operates during the report periodIn 2024, in the face of increasingly competitive business environment, the Company persisted intaking the market as the center, adhered to the development strategy of “Focus on middle-and-highlevel, Focus on high quality, Focus on large single product” and the marketing philosophy of“obtaining growth from the terminal and nurturing consumers”, increased the performanceassessment of marketing personnel, concentrated on the development of key markets, and maintainedthe leading position in the industry, but failed to achieve isolation and bucking the trend. In 2024, theCompany realized the operating revenue of CNY3,277.28million with a year-on-year decrease of
25.26% and the net profit attributable to the parent company’s shareholders of CNY305.21millionwith a year-on-year decrease of 42.68%.
(2) Main businesses during the report period
During the report period, the Company’s main business was production and operation of wine andbrandy, thus providing domestic and foreign consumers with healthy and fashionablealcoholic drinks. Compared with earlier stage, there were no significant changes happened to theCompany’s main business. The wine industry that the Company involved in was still in growth stage.Being affected by many factors in recent years, the competition in domestic wine market was fierce.However, the Company still stands by the previous judgment and believes that the existingconsumption concept might change with the increase of people’s income level and their pursuit of arelaxed, romantic and healthy lifestyle. More domestic wine would be drunk by people, and winewould enter more and more household consumption. The situation of current low averageconsumption of domestic wine would gradually improve. The Company was at the forefront in thedomestic wine market and was significantly ahead of major domestic competitors.
The Company’s products were divided into two series: wine and brandy. For wine, main brandsincluded Changyu, Noble Dragon, AFIP, Longyu, Golden Icewine Valley, Zenithwirl, Vermouth,Rena, Baron Balboa, Donelly, Atrio, Kilikanoon and IWCC and so on. For Brandy, main brandsincluded Koya, Liquan, Mminni, Pagese, Roullet Fransac and so on.
3. Key accounting data and financial indicators
(1) Key accounting data and financial indicators in recent three years
Whether the Company needs to retrospectively adjust or restate the accounting data of previous fiscalyears.?Yes ?No
Unit: CNY
| December 31, 2024 | December 31, 2023 | Increase/decrease compared with last year-end (%) | December 31, 2022 | |
| Total assets | 12,520,474,218 | 13,336,267,204 | -6.12% | 13,171,506,378 |
| Net Assets attributed to shareholders of the listed company | 10,619,208,419 | 10,841,500,988 | -2.05% | 10,579,053,733 |
| 2024 | 2023 | Increase/decrease compared with last year (%) | 2022 | |
| Operating revenue | 3,277,278,347 | 4,384,764,335 | -25.26% | 3,918,941,160 |
| Net profit attributed to shareholders of the listed company | 305,210,999 | 532,438,907 | -42.68% | 428,681,411 |
| Net profit attributed to shareholders of the listed company after deducting non-recurring profits and losses | 131,065,357 | 464,073,693 | -71.76% | 413,831,359 |
| Net cash flows from operating activities | 397,741,067 | 1,173,091,743 | -66.09% | 868,876,647 |
| Basic earnings per share (CNY) | 0.45 | 0.78 | -42.31% | 0.63 |
| Diluted earnings per share (CNY) | 0.45 | 0.78 | -42.31% | 0.63 |
| Weighted average for earning rate of net assets | 2.83% | 4.98% | -2.15% | 4.09% |
(2) Key accounting data by quarter
Unit: CNY
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |
| Operating revenue | 810,827,748 | 711,481,688 | 674,991,354 | 1,079,977,557 |
| Net profit attributed to shareholders of the listed company | 158,946,802 | 62,230,580 | 2,776,750 | 81,256,867 |
| Net profit attributed to shareholders of | 154,033,406 | 40,850,475 | -2,876,947 | -60,941,577 |
| the listed company after deducting non-recurring profits and losses | ||||
| Net cash flows from operating activities | -65,346,151 | 269,226,515 | -21,606,340 | 215,467,043 |
Whether there are significant differences between above-mentioned financial indicators or their sumand the related financial indicators in the quarterly report and semi-annual report disclosed by theCompany.
□Yes ?No
4. Capital stock and shareholders’ situation
(1) Number of ordinary shareholder and preferred shareholder recovering voting power, and situation of shares held by top ten shareholders
Unit: share
| Total shareholders in the report period | 43,265 | Total number of shareholders by the end of last month before the disclosure day of the annual report | 42,990 | Total number of preferred shareholder recovering voting power by the end of report period | 0 | Total number of preferred shareholder recovering voting power by the end of last month before the disclosure day of the annual report | 0 | ||||||
| Shareholders holding more than 5% or the top 10 shareholders holding situation | |||||||||||||
| Name of Shareholders | Character of shareholders | Percentage (%) | Amount of holding shares | Number of restricted shares | Pledged /marked or frozen | ||||||||
| Share status | Amount | ||||||||||||
| YANTAI CHANGYU GROUP CO., LTD. | Domestic non-state legal person | 51.42% | 345,473,856 | 0 | - | 0 | |||||||
| Fengdi JIANG | Domestic natural person | 0.71% | 4,781,900 | 0 | - | 0 | |||||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Foreign legal person | 0.51% | 3,446,137 | 0 | - | 0 | |||||||
| Social Security Fund 114 | Domestic non-state legal person | 0.51% | 3,425,055 | 0 | - | 0 | |||||||
| Hairong HU | Domestic natural person | 0.47% | 3,183,035 | 0 | - | 0 | |||||||
| ABC Credit Suisse Innovation Power Stock Type Securities Investment Fund | Domestic non-state legal person | 0.47% | 3,150,050 | 0 | - | 0 | |||||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | Foreign legal person | 0.46% | 3,087,201 | 0 | - | 0 | |||||||
| HONG KONG SECURITIES CLEARING COMPANY LIMITED | Foreign legal person | 0.40% | 2,676,593 | 0 | - | 0 | |||||||
| Social Security Fund 413 | Domestic non-state legal person | 0.39% | 2,610,060 | 0 | - | 0 | |||||||
| NORGES BANK | Foreign legal person | 0.37% | 2,464,119 | 0 | - | 0 | |||||||
| The explanation for the associated relationship and accordant action | Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated relationship or accordant action relationship with the other 9 listed shareholders, while the relationship among the other shareholders is unknown. | ||||||||||||
| Explanation for the top 10 shareholders who involved in financing activities and stock trading business (if have) | The top 10 shareholders do not involve in financing activities and stock trade business. | ||||||||||||
The lending of shares by the shareholders holding more than 5%, top ten shareholders and top 10 shareholders of unrestricted shares in the securitiesfinancing business?Applicable ?InapplicableThe top ten shareholders and top 10 shareholders of unrestricted shares have changed from the previous period due to the leading/restitution reasons?Applicable ?Inapplicable
(2) Number of preferred shareholder and situation of preferred shares held by top ten preferred shareholders?Applicable ?InapplicableThere are no situation of preferred shares held by top ten preferred shareholders
(3) Introduction for property right and control relations between the Company and its actual controllers
5. Existing bond position on the submit date of annual report approval?Applicable ?Inapplicable
III. Important Matters
None
Yantai Changyu Pioneer Wine Co., Ltd.
Board of DirectorsApril 18, 2025