Investment Rating - The report suggests a positive outlook for the liquor sector, particularly for high-end brands like Guizhou Moutai and Wuliangye, indicating a left-side configuration opportunity in the white liquor segment [3][12][14]. Core Insights - The report highlights that the core products in the liquor industry, such as Feitian Moutai and Wuliangye, have seen a rebound in wholesale prices, attributed to effective channel management by manufacturers [2][12]. - It is anticipated that the sales volume in the white liquor sector will decline by approximately 20% year-on-year, but the rate of decline is expected to narrow compared to previous months, indicating a potential stabilization in the market [11][12]. - The report emphasizes the increasing diversification of purchasing channels for liquor, with a notable shift towards online and new media platforms, which is reshaping consumer behavior [2][12][14]. Summary by Sections White Liquor - The report notes a recovery in the wholesale prices of key products, driven by improved channel management and a positive reception during the upcoming Mid-Autumn and National Day holidays [2][12]. - It suggests that the white liquor sector is entering a phase where inventory levels can be significantly reduced, leading to a temporary release of price pressure [12][14]. - Recommendations include focusing on high-end brands with strong market positions and exploring potential catalysts in the broader liquor market [3][12][14]. Beer - The beer sector is experiencing steady recovery in on-premise consumption, with companies diversifying into non-draft channels and soft drinks [14]. - The report encourages continued attention to the beer sector due to its solid performance and dividend levels [3][14]. Yellow Wine - The yellow wine industry is seeing price increases among leading brands, which may lead to a more stable competitive landscape [14]. - The report highlights the importance of marketing and product innovation in the yellow wine sector as it approaches peak season [14]. Snacks - The snack industry is maintaining high growth, with new retail channels expanding rapidly and product diversity increasing [4][15]. - The report suggests that the upcoming holiday season will boost demand for snack products, particularly nut gift boxes [4][15]. Soft Drinks - The soft drink sector is nearing the end of its peak season, with segments like energy drinks and sugar-free teas showing strong growth [4][16]. - The report indicates that traditional categories are facing challenges, but health-oriented products are performing well [4][16]. Condiments - The condiment sector is stabilizing, with expectations of demand recovery in the restaurant chain segment [5][17]. - The report recommends focusing on companies with strong competitive advantages and improving profit margins [5][17].

Core Viewpoint - The rapid expansion of instant retail in China's liquor market is expected to maintain double-digit growth in the coming years, driven by the competitive landscape of food delivery services by 2025 [1][3] Group 1: Instant Retail Growth - China's retail industry has evolved through traditional retail, e-commerce, and new retail, with instant retail significantly shortening delivery times and enhancing consumer choices [1][2] - The liquor instant retail market has seen a surge since its inception on platforms like 1919 and Jiuxiaoer, with four main channel models emerging: vertical, platform-based, warehouse-store integrated, and front warehouse models [1][2] Group 2: Drivers of Instant Retail - The rise of instant retail in liquor is attributed to changing consumer habits, with a growing demand for convenience and quick fulfillment of spontaneous needs [2] - Cost efficiency is achieved by reducing distribution layers and operational costs, coupled with subsidies from some platforms, leading to significant price advantages [2] - Supply-side drivers include channel partners seeking to capture new growth and brand owners willing to collaborate with channels for new product launches and promotions [2] Group 3: Impact on the Liquor Industry - Instant retail presents both opportunities and challenges for the liquor industry, offering efficient fulfillment and better reach to younger consumers, while potentially impacting brand image and pricing structures [3] - Historical trends indicate that changes in the liquor cycle often coincide with channel transformations, and the current deep adjustment in the industry necessitates adaptation to instant retail [3] - The instant retail market for liquor in China is projected to reach 100 billion yuan by 2027, with a compound annual growth rate approaching the mid-double digits, benefiting core categories like baijiu and beer [3] Group 4: Investment Recommendations - The liquor retail channel is undergoing structural growth, with instant retail emerging as a highlight; recommended stocks include leading national brands and regional players with strong channel development capabilities [4] - Specific recommendations for baijiu include Guizhou Moutai, Shanxi Fenjiu, Wuliangye, Luzhou Laojiao, Yingjia Gongjiu, Jiansiyuan, and Guqingongjiu, while short-term elastic stocks include Zhenjiu Lidu and Shede Liquor [4] - For beer, which is the second-largest category in liquor, recommended stocks include Qingdao Beer, Zhujiang Beer, and China Resources Beer, reflecting high participation in instant retail [4]

Core Insights - The company is focusing on building a comprehensive ecosystem centered around its flagship product "Da Zhen. Zhen Jiu" to navigate the challenges in the liquor industry and reshape the competitive landscape [2][12] Group 1: Alliance Merchant Rights Payment Plan - On September 10, the company announced the "Alliance Merchant Rights Payment Plan," allocating up to 169 million shares corresponding to economic benefits to incentivize qualified alliance merchants for sustainable growth [3][5] - This plan aims to deeply bind the interests of alliance merchants with the company, transforming them from mere sellers to partners in business development, enhancing loyalty and stability in the distribution channels [5][7] - The first batch of alliance merchants has received approximately 150,000 yuan in additional equity rewards, attracting quality distributors to promote "Da Zhen. Zhen Jiu" in the market [7] Group 2: Launch of "Da Zhen. Zhen Jiu" - "Da Zhen. Zhen Jiu" was officially launched on September 19, achieving sales of 100,000 boxes and revenue of 370 million yuan during a 100-day trial period [8][10] - The product is developed with the involvement of 32 national and provincial liquor judges, using a blend of 5-year premium base liquor and 20-year rare aged liquor, allowing it to compete with products priced at 3,600 yuan while being priced at 600 yuan [10] Group 3: Innovative Business Model - The "Wan Shang Alliance" model, tailored for "Da Zhen. Zhen Jiu," has become a significant innovation in the liquor industry, ensuring a sustainable channel ecosystem through controlled pricing and continuous dividend mechanisms [12] - As of September 23, over 7,000 participants attended the Wan Shang Alliance forums, with more than 3,000 clients successfully signing up as alliance merchants, leading to nationwide sales across 30 provinces and 212 cities [12] Group 4: Entrepreneurial Branding - The company is leveraging the personal brand of its chairman, Wu Xiangdong, who has been actively engaging with distributors and consumers through various media, enhancing the brand's visibility and credibility [13][14] - Wu's influence has become a new engine for brand communication, significantly increasing awareness and reputation for "Da Zhen. Zhen Jiu" and the Wan Shang Alliance model [14] Group 5: Future Outlook - The combination of equity incentives, flagship product development, innovative business models, and personal branding is expected to create a robust ecosystem centered around "Da Zhen. Zhen Jiu," positioning it as a potential phenomenon in the liquor industry [14]

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has experienced a decline of over 4%, currently trading at 8.83 HKD with a transaction volume of 120 million HKD, amid rumors of Guizhou Moutai potentially lowering its annual performance targets in the context of a deep adjustment in the liquor industry [1] Company Summary - Zhenjiu Lidu's latest flagship product "Dazhen" has been officially launched, with a reported revenue of 370 million CNY and over 2,800 national alliance merchants signed [1]

Core Viewpoint - The liquor industry is undergoing a significant adjustment, with rumors suggesting that Kweichow Moutai may lower its annual performance targets, although the company has denied this claim [1] Company Summary - Zhenjiu Lidu's stock fell over 4% in the afternoon, currently trading at HKD 8.83 with a transaction volume of HKD 120 million [1] - The company recently launched its new flagship product "Dazhen," which has already generated a revenue of CNY 370 million and signed over 2,800 alliance merchants nationwide [1] - Pacific Securities reported that the overall terminal sales in the industry have shown some recovery since August, but sales during the Mid-Autumn Festival and National Day are still expected to be under pressure compared to last year [1] Industry Summary - The liquor industry is experiencing a deep adjustment, with Kweichow Moutai's performance targets being a focal point of concern among investors [1] - The market has seen a recovery in terminal sales since August, but challenges remain for the upcoming holiday sales [1] - The introduction of high-quality products like "Dazhen" is seen as a potential driver for growth in the liquor sector, particularly for Zhenjiu Lidu [1]

Group 1 - The stock of Zhenjiu Lidu (06979) fell over 4% in the afternoon, currently down 3.92% at HKD 8.83, with a trading volume of HKD 120 million [1] - There are rumors in the market that Kweichow Moutai (600519) may lower its performance targets for the year, although the company has stated that it has not adjusted its annual performance goals and has completed its target progress for the first half of the year as planned [1] - According to Pacific Securities, channel surveys indicate that overall terminal sales in the industry have shown some recovery since August, but sales during the Mid-Autumn Festival and National Day are still expected to be under pressure year-on-year [1] Group 2 - Zhenjiu Lidu has launched its latest flagship product "Dazhen," which has already achieved a return of HKD 370 million, with over 2,800 national alliance merchants signed [1] - Huaxin Securities previously noted that the introduction of the new flagship product "Dazhen" is positioned to complement the Zhen 15 and Zhen 30 series, and its high quality-to-price ratio is expected to create a third growth curve for Zhenjiu [1]

智通财经APP获悉，珍酒李渡(06979)午后跌超4%，截至发稿，跌3.92%，报8.83港元，成交额1.2亿港 元。 消息面上，白酒行业深度调整下，近日市场有传闻称，贵州茅台或下调今年业绩目标。智通财经记者以 投资者身份致电贵州茅台，公司证券部人士表示，目前公司未下调年度业绩目标，上半年公司已按计划 完成目标进度。太平洋证券发布研报称，根据渠道调研，8月以来行业整体终端动销有所恢复，但预计 中秋国庆动销同比仍将承压。 值得注意的是，珍酒李渡旗下最新超级单品"大珍"正式上市发布，在发布会上，珍酒李渡集团董事长吴 向东透露，大珍回款已经达到了3.7亿元，全国签约联盟商数量达2800多家。华鑫证券此前指出，上半 年公司推出全新旗舰产品"大珍"，定位协同珍15、珍30系列，高质价比有望构筑珍酒第三增长曲线。 ...

Group 1 - The top three stocks with net inflow of southbound funds are Yingfu Fund (02800) with 2.924 billion, Alibaba-W (09988) with 2.610 billion, and Hang Seng China Enterprises (02828) with 1.595 billion [1][2] - The top three stocks with net outflow of southbound funds are Meituan-W (03690) with -0.388 billion, Innovent Biologics (01801) with -0.292 billion, and CSPC Pharmaceutical Group (01093) with -0.261 billion [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 69.20%, followed by Gushengtang (02273) with 58.06%, and Anhui Wanshan Expressway (00995) with 55.69% [1][3] Group 2 - The top ten stocks with the highest net inflow include China Mobile (00941) with 0.481 billion and FIT HON TENG (06088) with 0.450 billion [2] - The top ten stocks with the highest net outflow include China Life (02628) with -0.196 billion and China Construction Bank (00939) with -0.174 billion [2] - The net outflow ratios for the top three stocks are led by Kangji Medical (09997) at -54.12%, followed by Liaogang Co. (02880) at -49.57%, and Zhenjiu Lidu (06979) at -48.65% [3]

ZJLD GROUP INC 珍酒李渡集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6979） NOTIFICATION LETTER 通知信函 To Non-registered Holders Note 1 Dear Sir/Madam, Should you have any queries relating to this letter, please call the dial-up hotline of the Hong Kong Branch Share Registrar at (852) 2980 1333 during business hours (9:00 a.m. to 5:00 p.m., Monday to Friday, excluding Hong Kong public holidays). Yours faithfully, For and on behalf of ZJLD Group Inc Mr. WU Xian ...

ZJLD Group Inc 珍酒李渡集團有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6979） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. ZJLD Group Inc (the "Company") – Notification of Publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.zjld.com and the website of The Stock Exchange of Hong Kong Limited (the "Stoc ...