Changyu Pioneer Wine Completes Restricted Share Repurchase and Cancellation

Yantai Changyu Pioneer Wine Company (SZSE:000869) has completed the repurchase and cancellation of 2,153,772 restricted shares from 196 incentive participants. The repurchased shares, accounting for 0.32% of the company's total share capital before the repurchase, were acquired at a price of CNY 14.65 per share, totaling CNY 31,552,800 from the company's own funds. The cancellation process was finalized on November 28, 2025.

The repurchase was primarily driven by the company's failure to meet the performance targets for the second unrestricted period of its 2023 Restricted Stock Incentive Plan. Specifically, the 2024 operating revenue and net profit after deducting non-recurring gains and losses both declined compared to 2021 and 2022, falling short of the required growth rates. This led to the repurchase of 1,864,305 shares from 179 participants. Additionally, 17 participants had their shares repurchased due to resignation (21,946 shares) or职务变动 (267,521 shares).

Following the repurchase and cancellation, the company's total share capital has been reduced from 671,823,900 shares to 669,670,128 shares. The registered capital has also decreased accordingly. The company affirmed that this action would not materially impact its financial condition, operating results, or the diligence of its management team, while maintaining its listing qualifications.