Core Points - The company, Zhenjiu Lid, announced the launch of the "Alliance Merchant Rights Payment Plan" on September 11, aiming to set economic benefits rights corresponding to no more than 169 million shares for its merchant alliance [1] - The board of directors has the authority to increase this number based on circumstances to incentivize qualified alliance merchants, promoting the company's long-term sustainable growth and development [1] - As of now, 2,418 clients have signed up to become alliance merchants since the initiation of the Merchant Alliance Plan in May [1] - The second season of the Merchant Alliance will be launched from September to December, with the first grant of the "Alliance Merchant Rights Payment Plan" expected to occur in September [1]

Core Insights - The 2025 World Wine Industry Development Summit was held in Guiyang, focusing on the opportunities and challenges faced by the industry, aiming to provide new ideas and solutions for the high-quality development of China's liquor industry [1] Company Overview - Zhenjiu was established in 1975 and is located in the core production area of Chinese sauce-flavored liquor in Zunyi. It gained recognition in 1985 from the highest-level liquor industry appraisal committee and won a national quality award in 1988, becoming one of the three major sauce-flavored brands in Guizhou [3] - Zhenjiu has invested over 12 billion yuan in production expansion in recent years. By the 2024 production season, it will have a production capacity of 44,000 tons, with a current storage of high-quality base liquor reaching 120,000 tons, making it one of the top three liquor companies in Guizhou and the largest private liquor enterprise in the region [3] Market Strategy - In response to changes in the current liquor market, Zhenjiu is actively expanding its channels, with 6,414 participants in the Wan Shang Alliance and 2,418 successful customer signings [5] - Zhenjiu emphasizes the importance of integrating Chinese liquor with Chinese culinary culture for international expansion. The company is working on enhancing the competitiveness of Chinese cuisine and the supply chain through the 1912 Zhenjiu Culinary Research Institute in Changsha, aiming to broaden the market boundaries of the liquor industry [5] - The company believes there is still room for improvement in the craftsmanship, cultural expression, and drinking experience of Chinese liquor. Modifying taste and strengthening brand storytelling will help gain wider recognition among international consumers [5]

此次公告显示，该权益支付计划不时授出的单位股份来源有两种方式：控股股东以无偿捐赠方式捐赠的 股份；信托受托人不时于二级市场购买的股份。拟捐赠或购买现有的股份总数初步设定合计不超过1.69 亿股，该限额可由董事会在适当考虑公司需求与市场状况后全权酌情决定予以调高。联盟商权益支付计 划自采纳之日起生效，有效期为五年，期限届满后不得根据联盟权益支付计划进一步授出。 珍酒李渡集团董事长吴向东曾向《每日经济新闻·将进酒》记者表示，他希望企业与联盟商在短、中、 长期均能实现利益协同，"就像茅台为经销商和股民带来的多重回报。"短期靠卖酒获取更高利润，中期 通过持股共享企业权益，长期则借鉴"拉菲模式"，允许联盟商转让经销权，实现权益流通。 按照当前珍酒李渡股价，首批加入万商联盟的加盟商已获得价值约15万元的额外股权奖励。 近期珍酒的大珍万商联盟计划火爆白酒圈，加盟送股票更成为热议焦点。 9月10日晚间，珍酒李渡发布公告称，公司通过全资附属公司珍酒商贸采纳联盟商权益支付计划，旨在 激励合资格联盟商，促进公司长期可持续增长及发展。而这一支付计划，对应的正是大珍万商联盟项 目。据悉，支付股份来源于控股股东捐赠和二级市场购买。 万商 ...

Core Viewpoint - The recent launch of the "Dazhen Wanshang Alliance" by Zhenjiu Liudu has generated significant buzz in the liquor industry, particularly due to its stock incentive plan for franchisees [1][2]. Group 1: Alliance Project Overview - The "Dazhen Wanshang Alliance" project was initiated in May this year, personally overseen by Zhenjiu Liudu Group Chairman Wu Xiangdong, and is designed for the newly launched "Dazhen Zhenjiu" super product [2]. - The first round of 50 "Wanshang Alliance Wealth Creation Forums" has concluded, with a second round set to begin [2]. Group 2: Incentive and Payment Plan - The company has adopted an equity payment plan through its wholly-owned subsidiary, aimed at incentivizing qualified alliance merchants and promoting long-term sustainable growth [1][3]. - The equity payment plan will provide shares sourced from the controlling shareholder's donations and purchases from the secondary market, with a total limit of up to 169 million shares [3]. - The plan is effective for five years, with no further shares to be granted after the term ends [3]. Group 3: Merchant Participation Criteria - The announcement specifies multiple criteria for qualified participants, including performance, adherence to sales processes, duration of cooperation, and contributions to the company's growth [4]. - Recently, the company conducted a special inspection of 84 major alliance merchants, identifying 25 that violated agreements, with 8 facing penalties for serious infractions [4]. Group 4: Long-term Vision - Wu Xiangdong expressed a desire for the company and alliance merchants to achieve mutual benefits in the short, medium, and long term, similar to the returns experienced by Moutai's distributors and shareholders [3].

Core Viewpoint - The Chinese liquor industry is experiencing a significant divergence, with leading companies showing growth while others, like Zhenjiu Lidu, face substantial declines in revenue and profit [2][4][5]. Group 1: Financial Performance of Liquor Companies - In the first half of 2025, 22 listed liquor companies reported a total revenue of approximately 242.4 billion yuan and a net profit of about 95.1 billion yuan [4]. - Six companies, including Kweichow Moutai and Wuliangye, achieved both revenue and net profit growth, with Kweichow Moutai reporting revenue of 89.389 billion yuan, up 9.1%, and net profit of 45.403 billion yuan, up 8.9% [2]. - Conversely, Zhenjiu Lidu saw a significant decline, with revenue dropping to 2.497 billion yuan, down 39.6%, and adjusted net profit falling to 613 million yuan, down 39.3% [2][6]. Group 2: Industry Challenges - The liquor industry is undergoing a deep adjustment period characterized by high channel inventory, leading companies to adopt inventory control and price stabilization strategies [3]. - Macro-economic pressures and limited consumption scenarios have reduced consumer purchasing willingness, with liquor sales dropping 15% year-on-year during the 2025 Spring Festival, and mid-to-high-end sales declining by 20% [3]. - Intense competition and price wars among companies, particularly among smaller enterprises, are compressing profit margins and reducing overall profitability in the industry [3][5]. Group 3: Zhenjiu Lidu's Struggles - Zhenjiu Lidu is facing severe challenges, including excessive inventory turnover days at 855, far exceeding the healthy range of 450-700 days [6]. - The company relies heavily on its Zhenjiu brand, with other brands contributing minimally to revenue, and has seen a consistent decline in core product sales over the past four years [6][7]. - The decline in sales reflects weakened product competitiveness and shrinking consumption scenarios, with the company struggling to adapt its product structure and marketing strategies [7]. Group 4: Strategic Responses - Zhenjiu Lidu is attempting to navigate its challenges by launching new products, such as the "Da Zhen·Zhenjiu," priced at 600 yuan, targeting middle-class families and small business owners [8]. - The company is also implementing a "Ten Thousand Merchants Alliance" strategy to expand its dealer network and create a broad channel ecosystem [8]. - Additionally, Zhenjiu Lidu is entering the craft beer market with its "Niu Shi" brand, seeking to establish a second growth curve amid the liquor industry's stagnation [9][10]. Group 5: Market Entry Challenges - The craft beer market is highly competitive, dominated by established players like China Resources and Budweiser, posing significant challenges for new entrants like Zhenjiu Lidu [11]. - Transitioning from liquor to beer requires Zhenjiu Lidu to reconfigure its sales channels, as beer distribution is more diverse and includes restaurants and bars, unlike the traditional liquor sales model [12]. - While seeking new growth avenues is a reasonable strategy, the differences in product, channel, and consumer demographics between liquor and beer present substantial hurdles for successful cross-industry expansion [12].

Core Viewpoint - The company, Zhenjiu Li Du (06979), has announced the implementation of an alliance merchant equity payment plan through its wholly-owned subsidiary, aimed at incentivizing eligible alliance merchants to promote the company's long-term sustainable growth and development [1] Summary by Relevant Sections - The alliance merchant equity payment plan will utilize economic benefit units derived from the company's existing issued shares for redemption [1] - The plan does not constitute a new share issuance plan regulated under Chapter 17 of the listing rules [1]

Core Viewpoint - The company, Zhenjiu Lidu (06979), has announced the adoption of an Alliance Merchant Equity Payment Plan through its wholly-owned subsidiary, aimed at incentivizing eligible alliance merchants to promote the company's long-term sustainable growth and development [1] Summary by Relevant Sections - The Alliance Merchant Equity Payment Plan will utilize economic benefit units derived from the company's existing issued shares for redemption, indicating that it does not constitute a plan involving the issuance of new shares as regulated under Chapter 17 of the Listing Rules [1]

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） 公告 採納聯盟商權益支付計劃 本公告由本公司自願作出。 董事會欣然宣佈，於2025年9月10日，本公司通過其全資附屬公司珍酒商貿採納 聯盟商權益支付計劃，該計劃旨在激勵合資格聯盟商，以促進本公司的長期可持 續增長及發展。 聯盟商權益支付計劃項下的經濟受益單位將使用來源於本公司現有已發行股份的 經濟收益兌現。因此，聯盟商權益支付計劃並不構成上市規則第17章所規管的涉 及發行新股份的計劃。 聯盟商權益支付計劃的主要條款 計劃期限： 聯盟商權益支付計劃自採納之日起生效，有效期為五年，期 限屆滿後不得根據聯盟商權益支付計劃進一步授出，但對此 前已授出的經濟受益單位，或在根據聯盟商權益支付計劃規 定另有需要的範圍內，聯盟商權益支付計劃仍保持完全效 力。董事會可在適當考慮本公司需求與市場狀況後，全權酌 情決 ...

9月9日，2025年度Wind中国上市公司"ESG最佳实践100强"榜单重磅发布。珍酒李渡凭借在ESG领域的持续深耕，继2023、2024年后再度入选，并连 续三年成为榜单唯一入选白酒企业，达成"三连冠"佳绩。 Wind ESG评级体系作为国内ESG评级领域的佼佼者，其评级结果与底层数据覆盖了A+H股上市公司，公募信用债发债主体和国内公募基金等超2万 家市场主体，是国内外资产管理机构投资决策的重要参考。"ESG最佳实践100强"榜单则代表了中国上市公司在ESG领域的最高水平。 2025年，珍酒李渡Wind ESG评级实现重大突破，从AA级跃升至最高评级AAA级，不仅稳居白酒行业第一，也在中国饮料企业中排名第一。数据显 示，截至2025年9月1日，A+H股上市公司中，ESG评级达AAA级的公司占比仅为0.34%。 | 海天味业(603288.SH, 3288.HK) | AA | 日常消费 | | --- | --- | --- | | 万洲国际 (0288.HK) | AA | 日常消费 | | 华润啤酒(0291.HK) | AA | 日常消费 | | 蒙牛乳业(2319.HK) | AA | 日常消费 | ...

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].