珍酒李渡(06979)涨超8%，截至发稿，涨8.17%，报7.94港元，成交额8208.55万港元。 消息面上，国泰海通证券日前发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进， 预计最早在2026上半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐 点。 珍酒李渡近日发布业绩预告，预计上半年营收24至25.5亿元，同比下降38.3%至41.9%；归母净利润同比 下降23%至24%，预计经调整后净利润同比下降39%至40%。另外，此前8月8日，珍酒李渡创始人吴向 东直播推出牛市啤酒，称原料选用美国雅基玛山谷啤酒花、加拿大和澳大利亚的大麦、德国和比利时酵 母，和中国莫干山的泉水。这款啤酒零售价88元/瓶，1056元/箱。 ...

Core Viewpoint - The article discusses Wu Xiangdong's transition from a low-profile investor in the liquor industry to a prominent figure in the beer market, launching the "Bull Market" beer and aiming to create a high-end product that rivals top brands like Moutai [1][7][11]. Group 1: Company Strategy and Development - Wu Xiangdong established Hunan Dongniang Bull Market Beer Co., Ltd. in his hometown of Hunan, with an initial investment of 20 million HKD to build a beer production base [3]. - The "Bull Market" beer was officially launched on August 8, 2023, after over three years of research and development, featuring high-quality ingredients sourced from various regions [3][4]. - The beer is priced at 88 RMB per bottle, with a group purchase price of 60 RMB, and is available on major e-commerce platforms [6]. Group 2: Market Positioning and Challenges - The beer market is highly competitive, with the top five companies holding over 90% market share, making it challenging for new entrants [15]. - Wu Xiangdong aims to leverage his experience in the liquor industry to create a high-end beer product, using a pricing strategy that offers premium quality at a lower price point [15]. - The company faces challenges in brand recognition and consumer perception, as the transition from liquor to beer may lead to skepticism regarding the expertise of liquor companies in the beer segment [16]. Group 3: Industry Trends and Insights - The liquor industry is experiencing a decline in demand, particularly in the business and social gifting sectors, prompting companies to innovate and adapt to new consumer trends [11][14]. - The article highlights a shift towards lower-alcohol and flavored products, indicating a need for differentiation in the market [14]. - Wu Xiangdong's strategy includes creating products that appeal to the growing middle-class consumer base, emphasizing quality and value [15].

Group 1 - The adjustment in the liquor sector began due to the revision of regulations against waste by government agencies, leading to concerns about long-term demand for liquor [1] - High-end liquor's share in government affairs has decreased, and business demand remains a key driver correlated with the national economy's activity level [1] - Citic Securities believes the liquor industry is rapidly bottoming out, with leading companies likely to seize opportunities for channel structure adjustments and market expansion [1] Group 2 - Tianfeng Securities indicates that the liquor industry is a strong beta sector, with weak economic and consumption conditions affecting performance, but leading companies with strong brands are expected to recover value first [2] - Guotai Haitong Securities forecasts that the liquor industry is accelerating towards a performance bottom, potentially reaching it by mid-2026, with stock prices likely to turn before demand [2] - The logic of market share is expected to gradually replace volume and price logic in the long term, positioning liquor as a "quasi-debt asset" [2] Group 3 - Zhenjiu Lidu expects revenue for the six months ending June 30, 2025, to be between RMB 2.4 billion and RMB 2.55 billion, a decline of 38.3% to 41.9% compared to the same period in 2024 [3] - The expected net profit for the same period is projected to decrease by 23% to 24%, with adjusted net profit anticipated to decline by 39% to 40% [3]

国泰海通证券发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进，预计最早在 2026 上半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐点；同 时，产业逻辑在颠覆中重塑，份额逻辑将逐步取代量价逻辑，长周期下，把握白酒的"类债资产" 属 性。 白酒行业港股： 珍酒李渡(06979)：珍酒李渡发布公告，集团预期截至2025年6月30日止6个月取得的收入约为人民币24.0 亿元至人民币25.5亿元，而截至2024年6月30日止6个月的收入约为人民币41.3亿元。预期期内收入将同 比下降38.3%至41.9%。根据国际财务报告会计准则，截至2025年6月30日止6个月，股东应占净利润预 期下降23%至24%。截至2025年6月30日止6个月，经调整净利润(非国际财务报告准则计量)预期下降 39%至40%。 7月18日，中泰资管基金经理田瑀在旗下产品二季报中表示，这一轮白酒板块的调整始于党政机关于厉 行节约反对浪费条例的修订，结合当下白酒需求并不景气，市场对于白酒的长期需求再次产生了较为强 烈的担忧。 田瑀认为，在中央长期的倡导下，高端白酒在政务中的占比已经较小。因此从高端白酒的长 ...

精酿啤酒赛道涌入越来越多的"淘金者"，据第一财经报道，近日，五粮液、好想你等企业纷纷宣布跨界推出精酿啤酒产品。除此之外，日前，珍酒李渡集团 董事长吴向东在个人视频平台宣布，将推出一款定价为88元/瓶的啤酒新品"牛市"。随着新玩家的不断涌入，原本小众的精酿啤酒赛道变得炙手可热。 企查查数据显示，截至8月11日，国内精酿啤酒相关企业现存量达7491家，主要分布在华东地区，占比达37.26%，其中山东作为啤酒大省，系精酿啤酒相关 企业的集中地，山东拥有超1700家相关企业，在全国存量占比超23%；其次为华北地区、东北地区、华中地区，分别占比14.18%、13.36%、10.68%。 2、超6成相关企业成立于近3年 企查查数据显示，从成立年限来看，国内精酿啤酒相关现存企业中，超6成相关企业成立于近3年，其中，成立年限在1-3年的相关现存企业最多，占比达 35.14%，成立年限在1年内的相关现存企业，占比达25.99%。 3、前7月注册量达1458家，同比增长20.8% 企查查数据显示，截至8月11日，国内精酿啤酒相关企业现存量达7491家，主要分布在华东地区，占比达37.26%。从成立年限来看，超6成相关企业成立于 ...

ZJLD Group Inc 珍酒李渡集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6979） 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 珍酒李渡集團有限公司 副總裁、首席財務官兼 聯席公司秘書 王連博先生 香港，2025年8月11日 於本公告日期，董事會包括執行董事吳向東先生、顏濤先生、吳其融先生、朱琳 女士及羅永紅先生；非執行董事孫錚先生；以及獨立非執行董事李東先生、閆極 晟女士及黃進栓先生。 茲通告珍酒李渡集團有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事 會」）謹定於2025年8月22日（星期五）舉行董事會會議，藉以考慮及通過（其中包 括）本集團截至2025年6月30日止六個月的中期業績及其發佈，以及處理其他事 項。 承董事會命 ...

Core Insights - The chairman of Zhenjiu Lidou Group, Wu Xiangdong, launched the company's first high-end craft beer product "Bull Market News" during his first live broadcast, which attracted significant attention with over 1.9 million viewers and a peak of 178,000 online participants [1] - The product took three years to develop, utilizing premium ingredients and top-notch brewing techniques, aiming to create a unique and memorable taste [1] - The slogan "Bull Market Opens, Good Luck Comes" reflects the product's branding strategy, promoting a new lifestyle consumption approach [1] Industry Analysis - The high viewership and engagement during the live broadcast indicate Wu Xiangdong's personal influence in the industry, which could positively impact the product's market entry [1] - The craft beer market is highly competitive, but the superior quality and positive connotations associated with "Bull Market Beer" may help it secure a foothold [1]

Market Overview - The Hang Seng Index rose by 0.19%, gaining 47 points to close at 24,906 points, while the Hang Seng Tech Index increased by 0.11% [1] - Early trading volume in Hong Kong stocks reached HKD 121.3 billion [1] Lithium Sector - Ningde Times confirmed the suspension of its lithium mine in Jiangxi, leading to significant gains in lithium stocks, with Tianqi Lithium rising by 15% and Ganfeng Lithium increasing by 19% [1] Automotive Sector - XPeng Motors saw a 6.43% increase, with its new P7 model achieving over 10,000 pre-orders in under 7 minutes, indicating strong institutional confidence in the company's sales growth [1] Food and Beverage Sector - Ajisen China reported a 9.4% increase in stock price, expecting to turn a profit of up to RMB 40 million in the first half of the year [1] Paper Industry - Lee & Man Paper saw a stock price increase of over 5%, with a 0.7% year-on-year growth in net profit for the first half of the year, as institutions anticipate a new round of supply clearance driven by new national standards [1] Pharmaceutical Sector - North Sea Kangcheng-B experienced a surge of over 32%, with the first prescription for its product successfully launched, and the company is actively communicating with medical insurance payment departments [1] Alcohol Sector - Zhenjiu Lidou's stock rose by over 2%, although product sales pressure affected its first-half performance, with expectations for improvement in the second half due to new product contributions [1] Aluminum Sector - Rusal's stock increased by 8.45%, amid market attention on the upcoming meeting between the US and Russian presidents regarding sanctions on Rusal [1] Semiconductor Sector - The US Department of Commerce began issuing export licenses for NVIDIA's H20 chips to mainland China, leading to declines in semiconductor stocks, with Hua Hong Semiconductor dropping over 4% and SMIC falling by 3% at one point, ultimately closing down 0.16% [1] Real Estate Sector - Shimao Group's stock fell by over 15%, with July contract sales decreasing by approximately 27% year-on-year [2]

Core Viewpoint - The company, Zhenjiu Lidu, has seen its stock price increase by over 4% despite a significant decline in its expected revenue and profit for the first half of the year [1]. Financial Performance - Zhenjiu Lidu forecasts revenue between 2.4 billion to 2.55 billion yuan, representing a year-on-year decline of 38.3% to 41.9% [1]. - The company's net profit attributable to shareholders is expected to decrease by 23% to 24% year-on-year [1]. - Adjusted net profit is anticipated to decline by 39% to 40% year-on-year [1]. Market Response - The stock price of Zhenjiu Lidu rose by 4.34%, reaching 7.46 HKD, with a trading volume of 52.5693 million HKD [1]. - CICC noted that the company's earnings forecast is slightly below expectations, primarily due to further sales pressure on products in the second quarter [1]. Product Strategy - Zhenjiu Lidu launched a strategic new product called "Dazhen" in June, which has seen successful recruitment of distributors [1]. - The success of "Dazhen" is attributed to its small distributor quotas, low capital requirements, substantial channel profits, and aggressive marketing efforts, attracting both industry and non-industry clients [1]. - The company is implementing multiple strategies to adapt to industry changes, with expectations of improvement in the second half of the year driven by new product contributions [1].

Core Viewpoint - The launch of "Bull Market" beer by Zhenjiu Lidu is seen as a strategic move, contrasting with Wuliangye's "Fire Wheel" beer, which is more of an attempt to find new growth points. The challenges of transforming beer into a strategic business for liquor companies are significant [1]. Group 1: Market Insights - The craft beer market in China is on the rise, with young consumers favoring "three lows" (low hops, low malt, low alcohol). After deliberation, "Bull Market" was positioned at 5.9% alcohol content [3]. - The decision-making process involved whether to target high-end or mid-to-low-end consumers, ultimately opting for a high-end positioning [3]. - The product development for "Bull Market" took three years, focusing on taste and advocating for aging the beer for 2-10 months before consumption, which contrasts with traditional fresh beer consumption [3]. Group 2: Pricing and Consumer Behavior - The pricing of "Bull Market" is notably high, with a retail price of 88 yuan per 375ml can, leading to concerns about its affordability for consumers [3][4]. - The high price point raises questions about its viability as a gift product, as there are many alternatives available for the same price [5]. - The consumption behavior in high-end business settings may not align with the product's packaging size, as consumers typically drink larger quantities, which could limit repeat purchases [5][6]. Group 3: Strategic Considerations - There is uncertainty regarding whether to maintain a high-end niche strategy or consider repositioning and possibly lowering prices after the initial launch phase [6]. - The experience of the company's chairman, who has prior investment experience in the beer sector, may provide insights into navigating the challenges ahead [6]. - A cautious approach is suggested, allowing "Bull Market" to develop gradually rather than expecting immediate success [7].