2025年年度报告（英文版）

Yantai Changyu Pioneer Wine Co., Ltd. 2025 Annual Report1Yantai Changyu Pioneer Wine Co., Ltd.2025 Annual ReportFinal 2026-01April 18, 2026Yantai Changyu Pioneer Wine Co., Ltd. 2025 Annual Report2ContentsI、Important Notice, Contents and Definition............................................................................... 3II、Brief Introduction for the Company and Main Financial Indicators ..................................6III、Management Discussion and Analysis ................................................................................ 11IV、Corporate Governance, Environmental and Social Responsibility ..................................37V、 Major issues.............................................................................................................................64VI、Changes in Shares and Shareholders’ Situation.................................................................. 73VII、Related Situation of Bonds ..................................................................................................83VIII、Financial Report .................................................................................................................83Yantai Changyu Pioneer Wine Co., Ltd. 2025 Annual Report3I. Important Notice, Contents and DefinitionThe board of directors, directors and senior executives of the Company guarantee the truthfulness,accuracy and completeness of the contents contained in the report with no false records, misleadingstatements or significant omissions, and undertake individual and joint legal liabilities.Mr. Hongjiang Zhou (Person in charge of the Company), Ms. Cuimei Guo (Person in charge ofaccounting work and Person in charge of accounting organ & Accountant in charge) assure thetruthfulness, accuracy and completeness of the financial report in the annual report.All directors attended this board meeting for reviewing this annual report in person.Forward-looking statements such as future plans and development strategies covered in this reportdo not constitute a substantial commitment of the Company to investors. Investors are advised topay attention to investment risks.About significant risks that may be faced in production and operation process, please refer to “(5)Potential Risks” of “11. Expectation for the Company’s Future Development” in the “III.Management Discussion and Analysis” of this report. Investors are advised to read carefully andpay attention to investment risks.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 657,240,128 shares, theCompany plans to pay CNY2.5 (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 toequity.Yantai Changyu Pioneer Wine Co., Ltd. 2025 Annual Report4Reference Documents(1)The original of Annual Report autographed by the Chairman.(2)The Financial Sta