Stock Code: 000869， 200869 StockAbbreviation: Changyu A， Changyu B Announcement No.: 2025-Final 01
Yantai Changyu Pioneer Wine Co., Ltd.
2024Annual Report Abstract
I. Important Notice
This Annual Report Abstract comes from the whole contents of annual report. If investors desire to
comprehensively understand the Company’s operating results, financial situation and future
development plan, please read the Annual Report on the media specified by the China Securities
Regulatory Commission.
Except for the following directors, other directors attended this board meeting for reviewing this
annual report in person.
Name of director not attending Position of director not Reason of not attending Name of entrustee
the meeting personally attending the meeting personally the meeting personally
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 equity
with reserve deliberated by the board of the directors
Applicable □Inapplicable
Whether to increase equity with reserve
□Yes No
The Company’s preliminary scheme of profit distribution deliberated and passed by the board of
directors this time is shown as following: Based on the Company’s total 671,823,900 shares, the
Company plans to pay CNY4 (including tax) in cash as dividends for every 10 shares to all
shareholders 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 and
passed by the board of directors
□Applicable Inapplicable
II. Basic information of the Company
1. Brief introduction of the Company
StockAbbreviation ChangyuA, Changyu B Stock Code 000869, 200869
Place of Stock Listing Shenzhen Stock Exchange
StockAbbreviation —
beforeAlteration
Contact person and Secretary to the Board of Directors Authorized Representative of Securities
information 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
E-mail 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 period
In 2024, in the face of increasingly competitive business environment, the Company persisted in
taking the market as the center, adhered to the development strategy of “Focus on middle-and-high
level, Focus on high quality, Focus on large single product” and the marketing philosophy of
“obtaining growth from the terminal and nurturing consumers”, increased the performance
assessment of marketing personnel, concentrated on the development of key markets, and maintained
the leading position in the industry, but failed to achieve isolation and bucking the trend. In 2024, the
Company 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 CNY305.21million
with 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 and
brandy, thus providing domestic and foreign consumers with healthy and fashionable
alcoholic drinks. Compared with earlier stage, there were no significant changes happened to the
Company’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 existing
consumption concept might change with the increase of people’s income level and their pursuit of a
relaxed, romantic and healthy lifestyle. More domestic wine would be drunk by people, and wine
would enter more and more household consumption. The situation of current low average
consumption of domestic wine would gradually improve. The Company was at the fore
