Core Viewpoint - The announcement of leadership changes at Zhenjiu Lidu Group indicates a strategic shift in management, with a focus on enhancing operational efficiency and brand development in the Chinese liquor industry [2]. Group 1: Leadership Changes - Former CEO Yan Tao has stepped down and will now serve as Executive Director and Vice Chairman of the Board, assisting Chairman Wu Xiangdong and Xiangjiao Liquor Industry in operations [2]. - The new CEO, Tang Xiangyang, has been appointed and will oversee core brand operations including Zhenjiu and Lidu [2]. - Tang Xiangyang, aged 57, has over 30 years of experience in the Chinese liquor industry, having joined the group in 1989 and held various key positions [2]. Group 2: Experience and Background - Tang Xiangyang's career includes roles in production management, marketing, brand building, and strategic planning, highlighting his comprehensive expertise in the industry [2].

Core Viewpoint - The announcement of executive appointments at Zhenjiu Lidou Group aims to enhance the company's leadership and drive its continued growth in the liquor industry [1]. Group 1: Executive Appointments - Tang Xiangyang has been appointed as the Chief Executive Officer of Zhenjiu Lidou Group, effective immediately [1]. - Yan Tao has transitioned from CEO to Executive Director and Vice Chairman of the Board, continuing to assist Chairman Wu Xiangdong [4]. Group 2: Contributions and Experience - Yan Tao made significant contributions during his tenure as CEO, achieving multiple milestones for the group [4]. - Tang Xiangyang has extensive experience in the liquor industry, having served as General Manager of Jiangxi Lidou Liquor Industry since March 2014 and as Vice President of the group since April 2023 [8]. - Tang is recognized as a national judge and senior brewer in Chinese liquor, with expertise in brewing, market management, brand development, and strategic leadership [8].

Core Viewpoint - The company announces a leadership change with Mr. Yan Tao stepping down as CEO while continuing as Executive Director and Vice Chairman, effective October 13, 2025 [1] - Mr. Tang Xiangyang has been appointed as the new CEO, also effective October 13, 2025, and will oversee the overall management and business operations of the subsidiaries [1] Group 1 - Mr. Yan Tao will assist Chairman Wu Xiangdong in related work and will be responsible for the business operations and development of Xiangjiao [1] - Mr. Tang Xiangyang will be responsible for the overall management and business operations of the company’s subsidiaries, Zhenjiu and Lidou [1]

智通财经APP讯，珍酒李渡(06979)公布，颜涛先生将离任首席执行官职位，并将继续以执行董事兼董事 会副主席身份为集团作出贡献，此任命自2025年10月13日起生效。后续颜涛先生将辅助董事会主席吴向 东先生的相关工作并负责湘窖的业务运营及发展。 此外，汤向阳先生已获委任为首席执行官，自2025年10月13 日起生效。汤向阳先生将负责集团的整体 管理及旗下子公司珍酒及李渡的业务运营及发展。 ...

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。 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） 首席執行官變動 珍酒李渡集團有限公司（「本公司」，及其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，本公司首席執行官（「首席執行官」）職位出現以下變動。 顏濤先生（「顏先生」）將離任首席執行官職位，並將繼續以執行董事兼董事會副主 席身份為本集團作出貢獻，此任命自2025年10月13日起生效。後續顏先生將輔助 董事會主席吳向東先生的相關工作并負責湘窖的業務運營及發展。 顏先生已確認，彼與董事會及本公司並無意見分歧，亦無其他有關其離任之事宜 須提請本公司股東（「股東」）和香港聯合交易所有限公司垂注。 顏先生已在本集團擔任高級管理崗位近20年，其以首席執行官的身份帶領本集團 在過去實現了巨大發展，並達成諸多里程碑式的突破。董事會謹藉此機會，就顏 先生在其擔任首席執行官期間為本集團作出 ...

Core Viewpoint - The overall performance of the liquor industry in Q3 2025 is under pressure, with slow payment collection, increased inventory, and weak batch prices due to the impact of the "ban on alcohol" [1][2] Payment Collection - The payment collection progress for liquor companies in Q3 2025 has slowed down significantly, with only Kweichow Moutai expected to maintain a collection rate similar to previous years, while other companies face relative pressure [1][2] Sales Performance - The sales performance in Q3 2025 is under pressure, particularly in June and July due to the "ban on alcohol," although there has been some improvement in August and September. Kweichow Moutai has shown resilience with significant sales growth in August and September, with a year-on-year increase exceeding 20% [2][3] Inventory Levels - After a slight decrease in inventory levels in Q1 2025, the overall inventory in the liquor industry has accumulated due to a significant slowdown in sales since Q2 2025. The inventory is expected to decrease during the Mid-Autumn Festival and National Day, but channel inventory may not see significant reduction [2][3] Batch Prices - Batch prices for most liquor products are under pressure due to the "ban on alcohol" and aggressive promotional activities during the festive season. High-end liquor prices, such as Feitian Moutai, have dropped to 1750-1800 RMB, while other products like Wuliangye have also seen price declines [2][3] Price Segment Analysis - High-end liquor: Kweichow Moutai is expected to maintain growth, while Wuliangye and Luzhou Laojiao may face slight pressure in Q3 2025 - Mid-range liquor: Significant differentiation is expected, with Shanxi Fenjiu showing stable performance, while other brands may benefit from low base effects - Regional leaders: Brands like Gujinggongjiu and Yingjia Gongjiu are still adjusting and may be significantly impacted by the "ban on alcohol" [3][4] Earnings Forecast - Overall, liquor companies are expected to face pressure, with most companies' performance in Q3 2025 projected to decline year-on-year. However, Kweichow Moutai is anticipated to achieve revenue and profit growth, while others like Wuliangye and Shanxi Fenjiu may perform relatively steadily [4] Investment Recommendations - The company suggests focusing on bottom-range allocation opportunities in the liquor sector, recommending leading brands like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as other brands with growth potential and lower valuations [5]

Core Viewpoint - The overall performance of the liquor industry during the holiday season is expected to decline by approximately 20%, aligning with pre-holiday expectations, although there are some positive indicators in specific segments [3][5]. Group 1: Liquor Sales Performance - Liquor sales showed marginal acceleration about a week before the holiday but gradually slowed down afterward, with an overall expected decline of around 20% [3]. - High-end products, particularly from Moutai and Wuliangye, demonstrated good turnover, while mid-range products like Wuliang Chun and Honghua Lang saw double-digit growth in certain regions [3][4]. - Demand for large gatherings remains relatively strong, with positive growth reported in Jiangsu, Henan, and Sichuan, particularly in the mid-price range [3]. Group 2: Regional Performance - Performance varies significantly by province, with Henan, Shandong, and Sichuan showing slightly better-than-expected results, while other regions like Hunan and Anhui met expectations with declines of over 20% [3][4]. - Feedback from various regions indicates that while some areas experienced a decline, the overall performance was not as poor as initially anticipated [3]. Group 3: Channel Inventory and Pricing - Channel inventory is experiencing slight depletion but remains at a high level, with a balance between incoming and outgoing shipments expected to continue into Q4 2025 and H1 2026 [5]. - Pricing remains stable with slight increases, although there is anticipated downward pressure in the coming months due to seasonal factors and promotional activities [5]. Group 4: Company Strategies and Market Dynamics - Companies are generally reducing their promotional spending, focusing more on consumer-end products rather than channel products, with a notable shift towards secondary products [6]. - Despite reduced spending, leading brands are still managing to increase their market share in specific segments, indicating a competitive market landscape [6]. - The overall collection and shipment progress for companies is lagging by over 10% compared to last year, with some brands maintaining their targets while others are struggling [6]. Group 5: Investment Recommendations - The current liquor cycle is seen as entering a bottoming phase, with recommendations to focus on companies with lower performance risks, those expected to confirm performance bottoms, and those undergoing significant transformations [7]. - Specific companies such as Guizhou Moutai and Shanxi Fenjiu are highlighted as priority investments due to their resilience [7]. - Attention is also drawn to companies like Yanghe and Jiuzi Li Du, which are undergoing changes that could lead to future growth [7].

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has seen a decline of nearly 5%, currently trading at 8.62 HKD, with a trading volume of 93.05 million HKD. The overall market sentiment reflects concerns about the liquor industry's performance during the upcoming holiday season and potential price pressures in the near term [1]. Industry Summary - The liquor sales have shown a marginal acceleration about a week before the holiday, but are expected to decline by approximately 20%, aligning with pre-holiday expectations [1]. - Factors such as upcoming sales tasks, year-end seasonal cash flow pressures, and e-commerce subsidies during the Double Eleven shopping festival are anticipated to exert downward pressure on prices from October to November [1]. - According to Guotai Junan, further adjustments to the sector's financial reports are expected by the third quarter of 2025 [1]. Company Summary - Zhenjiu Lidu has recently launched its new flagship product "Dazhen," which has already generated a revenue of 370 million CNY and has signed over 2,800 alliance merchants nationwide [1]. - Huaxin Securities previously indicated that the introduction of "Dazhen" is positioned to complement the Zhen 15 and Zhen 30 series, with a high quality-to-price ratio expected to create a third growth curve for Zhenjiu [1].

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has experienced a decline of nearly 5%, currently trading at 8.62 HKD, with a transaction volume of 93.05 million HKD, indicating market concerns regarding the liquor industry performance and company-specific developments [1] Industry Summary - The liquor sales have shown a marginal acceleration about a week before the holiday, but are expected to decline by approximately 20%, aligning with pre-holiday expectations [1] - Factors such as upcoming task volumes, year-end off-season financial pressures, and e-commerce subsidies during the Double Eleven shopping festival are anticipated to exert downward pressure on prices from October to November [1] - Guotai Junan predicts that the sector's financial reports may undergo further adjustments by the third quarter of 2025 [1] Company Summary - Zhenjiu Lidu has launched its new flagship product "Dazhen," which has reportedly achieved a revenue of 370 million CNY, with over 2,800 national alliance merchants signed [1] - Huaxin Securities previously noted that the introduction of "Dazhen" is positioned to complement the Zhen 15 and Zhen 30 series, with a high quality-to-price ratio expected to create a third growth curve for Zhenjiu [1]

Core Insights - The article highlights how Zhenjiu Lidu has achieved resilient growth through organizational and product innovation amidst a deep adjustment period in the liquor industry [2][14] - The company has demonstrated strong strategic determination and adaptability in response to market challenges, providing a high-quality development model for the industry [2][14] Financial Performance - In the first half of 2025, Zhenjiu Lidu reported revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan, maintaining a high gross margin of 59% [4][14] - This performance stands out in an industry facing significant pressure, showcasing the company's operational resilience [4] Product Innovation - The launch of "Da Zhen·Zhenjiu," priced at 600 yuan, targets the mid-range market, directly competing with products priced around 3000 yuan, appealing to middle-class families and small business owners [6] - This strategy aligns with the trend of rational consumption and captures the emerging demand for value-driven products [6] Organizational Innovation - Zhenjiu Lidu is building a "super organization" through the "Wanshang Alliance," aiming to recruit thousands of alliance merchants to create a nationwide group-buying network [7] - This model addresses traditional channel profit compression and redefines manufacturer-distributor relationships, achieving systematic upgrades [7][9] Brand and Communication Innovation - The personal branding of Chairman Wu Xiangdong has significantly enhanced brand trust, with over 50 million views in two months and attracting more than 7.5 million viewers in two live broadcasts [10][11] - This approach combines personal influence with brand storytelling, transitioning from functional to emotional brand communication, effectively increasing brand search indices [11] Strategic Insights - The practices of Zhenjiu Lidu provide profound insights for the industry, emphasizing the need for systemic innovation and proactive strategic planning in response to market adjustments [12][14] - The company’s focus on long-term strategies and ecosystem building positions it favorably for leading the industry transformation [14]