张 裕Ｂ2025年半年度报告（英文版）

Yantai Changyu Pioneer Wine Co., Ltd. 2025 Semi-annual Report1Yantai Changyu Pioneer Wine Co., Ltd.2025 Semi-annual ReportFinal 2025-03August 28, 2025Yantai Changyu Pioneer Wine Co., Ltd. 2025 Semi-annual Report2I. Important Notice, Table of Contents and DefinitionThe board of directors，the board of supervisors，directors, supervisors and senior executivesof the Company guarantee the truthfulness, accuracy and completeness of the contentscontained in the semi-annual report with no false records, misleading statements orsignificant omissions, and undertake individual and joint legal liabilities.Mr. Hongjiang ZHOU (Person in charge of the Company) and Ms. Cuimei GUO (Person incharge of accounting work, Person in charge of accounting organ & Accountant in charge)assure the truthfulness, accuracy and completeness of the financial report in the semi-annualreport.All directors attended this board meeting for reviewing this semi-annual report in person.Forward-looking statements such as future plans and development strategies covered in thisreport do not constitute a substantial commitment of the Company to investors. Investors areadvised to pay attention to investment risks.Regarding significant risks that the Company may face during the business process, pleaserefer to “10. Risks and response measures” in “III Discussion and Analysis of ManagementTeam” in this report. Investors are suggested to read carefully and pay attention to investmentrisks.The Company has no plan to distribute cash dividends and bonus shares and capital reservewill not be transferred to equity.Yantai Changyu Pioneer Wine Co., Ltd. 2025 Semi-annual Report3Table of ContentsI、Important Notice, Table of Contents and Definition.................................................................2II、Brief Introduction for the Company and Main Financial Indicators ..................................6III、Discussion and Analysis of Management Team ....................................................................9IV、Corporate Governance, Environmental and Social Responsibility ..................................29V、 Major issues.............................................................................................................................31VI、 Changes in Shares and the Shareholders’ Situation...........................................................39VII、 Related Situation of Bonds..................................................................................................46VIII、Financial Report...................................................................................................................46IX、Other Submitted Data...........................................................................................................168Yantai Changyu Pioneer Wine Co., Ltd. 2025 Semi-annual Report4Reference Documents(1) The original of 2025 Semi-annual Report autographed by the Chairman.(2) The Financial Statements autographed and sealed by the chairman, chief accountant