7月15日，中企会企业家俱乐部主席、壹基金理事长、招商银行原行长马蔚华一行到贵州珍酒考察。贵 州省慈善总会监事长李静仁，中企会企业家俱乐部秘书长侯祥，中企会执行总裁张峰，壹基金副秘书长 沙磊参加，珍酒李渡集团董事长吴向东热情接待。 当天，马蔚华一行来到珍酒石子铺厂区，深入酿酒车间、封坛酒库等，详细了解珍酒历史文化、酿造工 艺、储酒规模等情况，并体验珍酒"品勾藏"。 参观中，马蔚华对珍酒发展给予高度评价。他表示，经过半世纪发展，珍酒品牌和产品已在全国形成良 好口碑和影响力。尤其在当前复杂的市场环境中，珍酒始终坚守酿造高品质好酒的战略定力，值得肯 定。 △马蔚华在酿酒车间考察 △马蔚华听取珍酒历史文化介绍 座谈会上，吴向东对马蔚华一行莅临表示欢迎，并详细介绍珍酒庄园建设情况和万商联盟计划。他表 示，白酒产业正处于转型发展的关键阶段，珍酒将聚焦主业强化核心竞争力，积极创新发展模式，以高 效务实的举措推动各项战略规划落地见效，加快向世界一流酿酒企业迈进。 马蔚华认为，珍酒品牌资产雄厚，珍酒庄园项目更是巧妙融合红色文化、白酒文化和历史文化，未来有 望成为沉浸式体验消费的典范之作。面对行业深度调整，珍酒以万商联盟打造超级 ...

Core Viewpoint - The event of delivering the AITO M9 car to the first winner of the "City Koi" campaign, organized by Guizhou Zhenjiu, highlights the company's innovative marketing strategy and commitment to brand engagement through consumer interaction and rewards [1][9]. Group 1: Marketing Strategy - Guizhou Zhenjiu launched the "City Koi" campaign in April, allowing consumers to participate in a lottery by purchasing Zhen Thirty products, with a 100% winning rate for various prizes including the AITO M9 car and gold bars [9]. - The company appointed Yao Anna as the "Cultural Heritage Ambassador" for its brand, leveraging her influence among the younger generation to promote traditional culture [6]. - The "Wanshang Alliance Wealth Creation Forum" aims to build a national sales network for Zhenjiu, enhancing its market presence amid a challenging industry environment [6]. Group 2: Product Development - The newly launched "Da Zhen" product has gained consumer favor due to its quality, packaging design, anti-counterfeiting features, and cost-effectiveness, quickly becoming a focal point in the industry [8]. - The company plans to create more value for both the enterprise and consumers through personal IP development [8]. Group 3: Consumer Engagement - The winner of the AITO M9, Zou Jun, expressed his loyalty to Zhenjiu and plans to promote the brand further after winning the car through the campaign [3]. - Zou Jun participated in a factory tour and tasting event, which enhanced his trust in the quality of Zhenjiu products [8].

△珍酒在湖南开展助学活动 今年以来，珍酒李渡集团旗下贵州珍酒、湖南湘窖、江西李渡持续开展教育公益活动，捐赠金额达1200 万元，以实际行动履行企业社会责任。 作为中国白酒行业标杆企业，珍酒李渡始终把公益事业融入企业发展血脉，在迈向世界一流酿酒企业的 征程中，持续以教育公益为支点，逐步构建起覆盖黔、湘、赣等地区的全国助学网络。 贵州珍酒以成立50周年为契机，打造了一个链接政府、企业、社会精英等多方力量的全国公益平台。今 年以来，已在广东、湖南、贵州等举办多场助学活动，累计募集善款超500万元。 "湘窖·我的大学梦"公益助学爱心基金今年捐款500万元，为1000名困难学子提供每人5000元助学金。该 基金由湘窖酒业和共青团湖南省委于2018年共同发起，至今已累计捐款超4300万元，点亮了8500余名湖 湘学子求学之路。 "国宝李渡·我的大学梦"公益助学基金今年捐款200万元，为400名困难学子提供每人5000元助学金。该 基金由江西李渡与江西希望工程在2022年共同发起，计划5年内捐资1000万元。除经济援助外，项目还 创新推出"助学+赋能"模式，实现从"学业支持"到"职业启蒙"的更完整帮扶。 从黔山湘水到赣鄱大 ...

珍酒秉持对产品品质的极致追求，全力酿造一瓶有灵魂的好酒。在酒体方面，"大珍·珍酒"选用两百多 种不同轮次、不同典型体优质基酒精心勾调而成，酒体酿造时间均早于或等于2020年，并以20年以上老 酒用心调味，每一滴酒都历经岁月沉淀和时间雕琢。"大珍·珍酒"酒体微黄透明，具有酱香突出、诸味 协调、醇厚丰满、层次分明、细腻圆润、回味悠长、空杯留香持久的大曲酱香白酒典型风格，且具有独 特花果香。 近日，贵州珍酒战略级大单品"大珍·珍酒（珍酒·2020真实年份）"正式上市。作为珍酒全新明星产 品，"大珍·珍酒"在酒体品质、包装设计、防伪溯源及环保理念等方面实现全方位突破，以超高性价比 满足消费者对品质与价值的双重追求，进一步夯实珍酒在酱酒头部竞争中的优势地位。 行业专家分析认为，在白酒行业深度调整背景下，"大珍·珍酒"推出，是珍酒对酱酒细分市场的精准卡 位，凭借酒体高稀缺性、包装设计高辨识度以及高性价比优势，"大珍·珍酒"有望成为商务宴请和高端 礼赠市场的现象级单品，为珍酒业绩增长注入新动能。 特刊 | 该文章由珍酒李渡提供，非《财富》（中文版）编辑内容，文责自负。 在包装方面，"大珍·珍酒"采用珍酒极简主义光瓶酒风格， ...

Core Viewpoint - The differentiation in the sauce liquor sector is intensifying, with leading companies benefiting from increased market concentration and strategic initiatives aimed at high-end product offerings and ESG compliance [1][4]. Group 1: Industry Dynamics - Since 2022, the liquor industry has entered an adjustment phase, leading to accelerated exit of small producers and creating opportunities for leading companies to gain market share [1]. - The company is focusing on inventory control, channel optimization, and a strategy centered on "high-end + sauce liquor benefits + ESG" to enhance its competitive edge [1]. Group 2: Financial Performance - In 2024, the company's operating net cash flow increased by 116% year-on-year to 780 million HKD, indicating improved cash flow and operational efficiency [2]. - The company declared a dividend of 0.21 HKD per share, with a payout ratio rising to 39%, reflecting significant improvement in shareholder returns [2]. - The overall gross margin increased by 0.6 percentage points to 58.6%, with core products maintaining stable pricing amidst industry-wide price reductions [2]. Group 3: Brand and Market Position - The company holds over 100,000 tons of quality base liquor, ranking third among Guizhou liquor producers, which creates a natural barrier for high-end product supply [1]. - Revenue from the core product "Zhen Jiu" was 4.48 billion HKD, down 2%, while "Li Du" revenue grew by 18% to 1.31 billion HKD, driven by a 25% increase in volume [2]. Group 4: Valuation and Future Outlook - The company's current valuation is at a historical low with a TTM price-to-earnings ratio of 14.8, significantly below its A-share peers and the average of the Hong Kong consumer sector [3]. - The company is expected to improve its operational efficiency and expand its product matrix, which will contribute to performance enhancement and valuation recovery by 2025 [3]. - Projected net profits for 2025-2027 are 1.5 billion, 1.66 billion, and 1.92 billion HKD respectively, with corresponding earnings per share of 0.44, 0.49, and 0.57 HKD [4].

Core Insights - The 2025 New Wealth 500 Rich List has been released, with ByteDance founder Zhang Yiming topping the list with a stock valuation of 481.57 billion yuan, surpassing second-place Zhong Shanshan by 120 billion yuan, marking Zhang's first time as the richest person in China [3][9] - The rise of the consumer sector is a significant highlight of this year's list, with many representatives from the coffee and tea industry making the rankings [3][10] - The list shows a notable shift in regional wealth, with several local billionaires emerging from the consumer sector, particularly in Henan, Heilongjiang, Hubei, and Guizhou [4][5][17] Company Highlights - Zhang Yiming's wealth is attributed to ByteDance, which focuses on short video and social media products, while Zhong Shanshan's wealth has decreased due to a lack of engagement in the AI sector, resulting in a drop of nearly 100 billion yuan [9][10] - The consumer sector saw 89 individuals on the list, an increase of three from the previous year, indicating strong market vitality and potential [9][10] - Notable figures in the coffee and tea industry include Zhang Hongchao and Zhang Hongbo from Mixue Ice City, who have a combined wealth of 117.94 billion yuan, making them the new billionaires of Henan [12][17] Regional Wealth Changes - The list indicates that 19 provinces have different billionaires compared to 2021, reflecting significant economic structural changes across regions [9][16] - In Henan, the emergence of Zhang Hongchao and Zhang Hongbo as the new local billionaires highlights the province's growing consumer market, particularly in food and beverage [17] - In Heilongjiang, Zhang Liguo from Fulejia became the new billionaire with a wealth of 12.76 billion yuan, while in Hubei, Wu Shaoxun from Jinpai Group and in Guizhou, Wu Xiangdong from Zhenjiu Li Du also emerged as new local billionaires [6][18]

研究报告 Research Report 23 Jun 2025 珍酒李渡 ZJLD (6979 HK) 珍酒李渡跟踪报告：立足长远，前瞻布局 Take a Long-term Perspective and Plan Ahead [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$6.16 目标价 HK$8.80 HTI ESG 0.9-1.3-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$20.87bn / US$2.66bn 日交易额 (3 个月均值) US$5.85mn 发行股票数目 3,389mn 自由流通股 (%) 31% 1 年股价最高最低值 HK$10.34-HK$5.71 注：现价 HK$6.16 为 2025 年 06 月 20 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -8.7% -16.8% -23.1% 绝 ...

Group 1 - The World Brand Lab held the 22nd World Brand Conference in Beijing on June 18, where the 2025 "China's 500 Most Valuable Brands" list was released, highlighting the strong brand momentum of Guizhou Zhenjiu, which has been included for four consecutive years and ranked third among sauce liquor brands [1][2] - Guizhou Zhenjiu has seen its brand value increase by 67.8%, rising from 375th in 2022 to 354th in 2025, maintaining its position as the third-ranked sauce liquor brand, following Moutai and Langjiu [2][3] - Founded in 1975, Guizhou Zhenjiu is rooted in the core production area of sauce-flavored liquor in Zunyi, Guizhou, and is projected to be the fourth largest sauce liquor company in China by revenue in 2024, as well as the largest private liquor enterprise in Guizhou [5] Group 2 - Guizhou Zhenjiu has transformed from a channel-driven to a brand-driven development model, with its products like Zhen Fifteen and Zhen Thirty becoming market leaders, and the recently launched strategic product "Da Zhen·Zhen Jiu" catering to consumer demands for quality and value [7] - On June 16, Zhenjiu Lidu Group, with Zhenjiu as its flagship brand, appointed young actor Yao Anna as the "Cultural Heritage Ambassador," reflecting the brand's commitment to cultural responsibility and enhancing its brand value [9]

6月17日晚，继官宣姚安娜担任"申遗大使"后，珍酒李渡集团发布姚安娜探秘非遗酿造完整影片，带领 观众跟随姚安娜沉浸式体验中国白酒文化的独特魅力。 此前，珍酒李渡发布30秒官宣视频，多家权威媒体跟踪报道，引发行业内外广泛关注和热议。此次4分 钟影片的发布，更详细、全面地记录了姚安娜探秘过程。 影片中，姚安娜来到世界十大烈酒产区之首遵义，探访赤水河上游的珍稀水源；走进珍酒红粮库，看堆 积如山的红缨子高粱；与制曲女工们并肩劳作，亲自体验制曲工序，并在珍酒第二代酿造技艺传承人李 银强陪同下走进酿酒车间，参与摊晾、看花摘酒等关键酿造环节，深入了解酱酒堆积发酵知识。 姚安娜还走进酒库，了解珍酒陶坛储酒和规模，体验酒体勾调，得知每一款产品成型，都需要从上千种 优质基酒中反复挑选，她对珍酒"以酒调酒"的匠心技艺表示赞叹。以珍酒全新战略性大单品"大珍"为 例，就是从上千种优质基酒中选取了两百多种优质基酒，经多位国家白酒评委精心勾调而成。 影片中，姚安娜深情地感慨："如果不是亲自到过珍酒厂，见过他们，这些鲜活的非遗故事我在书里找 不到。" 作为中国新生代青年演员代表，姚安娜进入演艺圈以来，便以超越年龄的敬业态度和专业素养，努力实 ...

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]