Stock Code: 000869， 200869 Stock Abbreviation: Changyu A， Changyu B Announcement No.: 2026-Final 01
Yantai Changyu Pioneer Wine Co., Ltd.
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.
All directors attended this board meeting for reviewing this annual report in person.
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 657,240,128 shares, the
Company plans to pay CNY2.5 (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
Stock Abbreviation Changyu A, Changyu B Stock Code 000869, 200869
Place of Stock Listing Shenzhen Stock Exchange
Stock Abbreviation
—
before Alteration
Contact person and Authorized Representative of Securities
Secretary to the Board of Directors
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
(1) Situation of industry in which the Company operates during the report period
In 2025, the domestic alcohol consumption market continued to slump, and the wine industry in
which the Company operates faced unprecedented severe challenges. Facing the difficult
development environment, the Company’s management team proactively adopted a series of
measures to strive for a breakthrough, adhered to the right path while innovating, better served users
and met market demands, and carried out many positive explorations and practices. These efforts
have laid a solid foundation for the Company to emerge from difficulties and achieve sustained and
rapid development in the future, further consolidating its leading position in the industry. The annual
operating revenue reached CNY2,988.67million, a year-on-year decrease of 8.81%; the net profit
attributable to shareholders of the parent company was CNY71.29million, a decrease of 76.64%
compared with the previous year.
(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 forefront in the
domestic 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 brands
included Changyu, Noble Dragon, AFIP, Longyu, Long Tailed Cat, Golden Icewine Valley,
Zenithwirl, Vermouth, Rena, Baron Balboa, Donelly, Atrio, Kilikanoon and IWCC and so on. For
Brandy, main brands included Koya, Liquan, Mminni, Pagese, Roullet Fransac and so on.
(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 fiscal
years.
Yes No
Unit: CNY
December 31, December 31, Increase/decrease compared December 31,
Total assets 12,050,601,981 12,520,474,218 -3.75% 13,336,267,204
Net Assets attributed to
shareholders of the listed company
Increase/decrease compared
with last year (%)
Operating revenue 2,988,667,522 3,277,278,347 -8.81% 4,384,764,335
Net profit attributed to
shareholders of the listed company
Net profit attributed to
shareholders of the listed company
after deducting non-recurring
profits and losses
Net cash flows from operating
activities
Basic earnings per share (CNY) 0.11 0.45 -75.56% 0.78
Diluted earnings per share (CNY) 0.11 0.45 -75.56% 0.78
Weighted average for earning rate
of net assets
(2) Key accounting data by quarter
Unit: CNY
Operating revenue 810,921,680 659,654,497 645,394,211 872,697,134
Net profit attributed to shareholders of
the listed company
Net profit attributed to shareholders of
the listed company after deducting
non-recurring profits and losses
Net cash flows from operating activities 21,194,646 218,226,482 118,491,215 -2,088,884
Whether there are significant differences between above-mentioned financial indicators or their sum
and the related financial indicators in the quarterly report and semi-annual report disclosed by the
Company.
□Yes No
(1) Number of ordinary shareholder and preferred shareholder recovering voting power, and situation of shares held by top ten shareholders
Unit: share
Total number of shareholders by Total number of preferred Total number of preferred shareholder recovering
Total shareholders in the report
period
disclosure day of the annual report power by the end of report period disclosure day of the annual report
Shareholders holding more than 5% or the top 10 shareholders holding situation
Number of Pledged /marked or frozen
Name of Shareholders Character of shareholders Percentage (%) Amount of holding shares
restricted shares Share status Amount
YANTAI CHANGYU GROUP CO., LTD. Domestic non-state legal person 52.56% 345,473,856 0 Inapplicable 0
Fengdi JIANG Domestic natural person 0.69% 4,535,834 0 Inapplicable 0
Hairong HU Domestic natural person 0.53% 3,467,035 0 Inapplicable 0
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND Foreign legal person person 0.52% 3,446,137 0 Inapplicable 0
Social Security Fund 114 Other 0.52% 3,425,055 0 Inapplicable 0
HONG KONG SECURITIES CLEARING COMPANY LIMITED Foreign legal person 0.47% 3,098,457 0 Inapplicable 0
VANGUARD EMERGING MARKETS STOCK INDEX FUND Foreign legal person 0.47% 3,087,201 0 Inapplicable 0
Bank of Communications Co., Ltd.- Qianhai Kaiyuanxianghe Bond-type
Other 0.46% 3,017,569 0 Inapplicable 0
Securities Investment Fund
Social Security Fund 413 Other 0.46% 3,000,060 0 Inapplicable 0
Haitong International Securities Company Limited-Account Client Foreign legal person 0.37% 2,461,494 0 Inapplicable 0
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated relationship or accordant action
The explanation for the associated relationship and 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
The top 10 shareholders do not involve in financing activities and stock trade business.
and stock trading business (if have)
The lending of shares by the shareholders holding more than 5%, top ten shareholders and top 10 shareholders of unrestricted shares in the securities
financing business
Applicable Inapplicable
The 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 Inapplicable
There 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
Applicable Inapplicable
III. Important Matters
None
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 18, 2026
