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]

Core Viewpoint - The collaboration between Yao Anna and Zhenjiu Lidu Group aims to promote the cultural heritage of Chinese liquor, particularly through the role of Yao Anna as the "Cultural Heritage Ambassador" and the release of a documentary film showcasing the unique aspects of Chinese baijiu culture [1][12]. Group 1: Film Release and Content - Zhenjiu Lidu Group released a 4-minute documentary featuring Yao Anna exploring the heritage of liquor production, following a 30-second announcement video that garnered significant media attention [3]. - The film highlights Yao Anna's journey to Zunyi, a top liquor production area, where she investigates rare water sources and engages in various production processes, including working alongside female workers in the koji-making process [5][7]. - Yao Anna experiences the meticulous selection process of high-quality base liquors, emphasizing the craftsmanship involved in creating Zhenjiu's new flagship product, "Dazhen," which is made from over 200 selected base liquors [8]. Group 2: Cultural Significance and Values - Yao Anna expresses that her firsthand experience at the Zhenjiu factory provided insights into the vibrant stories of intangible cultural heritage that cannot be found in books [10]. - The partnership between Yao Anna and Zhenjiu Lidu reflects a shared commitment to cultural heritage preservation, social responsibility, and innovation in the liquor industry, aiming to elevate the public's awareness and participation in the "baijiu heritage application" initiative [12]. - Industry experts note that this collaboration transcends mere marketing; it represents a cultural mission to transform the heritage application into a significant public event, highlighting the synergy of responsibility and values between Yao Anna and Zhenjiu Lidu [12].

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]

又有酒企请了"明星"做"代言人"。 6月16日，南都湾财社-酒水新消费指数课题组记者注意到，港股上市公司珍酒李渡发布消息，宣布知名 青年演员姚安娜担任该公司的白酒"申遗大使"，据悉她将深度参与珍酒李渡"申遗"项目文化推广工作。 不过，相关消息对珍酒李渡资本市场表现影响有限。南都湾财社记者注意到，16日下午港股收盘，珍酒 李渡报6.11港元/股，无涨无跌。 公开资料显示，姚安娜系中国内地流行乐女歌手、影视演员，同时是知名企业家任正非的小女儿，在多 重身份的交织影响下，她在公众层面有较高的关注度，代言品牌涉及华为、阿维塔等。 据南都湾财社记者了解，虽然姚安娜在珍酒李渡的代言是"白酒申遗"这一文化类方向，但从商业角度来 看，她也被业界看作具有潜在"带货"的可能。此前，茅台集团旗下的茅台文旅宣布张艺兴成为代言人之 后，他不但带火了该公司主办的"黄小西"音乐节，同时还为茅台文旅部分产品带来了一波销量。 根据珍酒李渡早前披露的2024年报数据，该公司收入为70.7亿元，同比增长0.5%；经调整净利润16.8亿 元，同比增长3.3%。而在今年，部分券商认为受白酒调整期等影响，将加剧该近期该公司的经营挑 战。 广州一证券分析 ...

Core Viewpoint - The appointment of actress Yao Anna as the "Cultural Heritage Ambassador" for Chinese liquor by Zhenjiu Lidu Group marks a significant step in promoting the application for UNESCO World Heritage status for Chinese liquor, emphasizing the cultural and historical importance of Chinese liquor brewing techniques [1][3]. Group 1: Company Initiatives - Zhenjiu Lidu Group has been a core player in the application for the cultural heritage status of Chinese liquor, possessing rich cultural heritage resources including the Li Du Yuan Dynasty distillery site and various intangible cultural heritage techniques [2]. - In April 2023, Zhenjiu Lidu, along with other renowned liquor brands, applied to UNESCO for inclusion in the World Cultural Heritage list, and has already been placed on the preliminary list [2]. - The company aims to innovate and create a value loop that connects cultural heritage and traditional techniques with consumer innovation and cultural identity, positioning itself as a world-class distillery [2]. Group 2: Industry Impact - The appointment of Yao Anna is seen as a groundbreaking move in the liquor industry, transcending commercial interests to honor traditional Chinese culture and address the absence of Chinese liquor in global heritage lists [3]. - The initiative is expected to enhance the visibility of Chinese cultural symbols on the world stage, contributing to a differentiated competitive advantage for the industry [3].

每经记者｜刘明涛 每经编辑｜肖芮冬 丨2025年6月16日星期一丨 NO.1 酒鬼酒：二季度动销延续承压 日前，酒鬼酒参加了中金公司2025年中期投资策略会。在交流过程中，酒鬼酒表示，5月以来由于餐饮 等消费场景减少，产品销售延续承压，且经销商信心不足造成回款较为困难。其中，湖南省内动销流速 相对正常，而省外河北、河南、山东等地区压力较大。从产品看，400元以下产品动销相对较好，省内 300元~400元的红坛18在宴席场景仍有一定需求，而酒鬼系列的高端产品及内参二季度以来动销承压。 省外透明装表现好于整体，红坛20价格偏高、动销明显放缓，公司今年推出300元价位的"妙品"用于覆 盖空白价格带和省外空白区域。 点评：面临显著经营压力的现状，酒鬼酒管理层展现出务实的态度，采取了聚焦核心单品、精简产品 线、深耕省内、收缩非核心省外、推出新品补位、并投入资源加速去库存等一系列应对措施。公司能否 成功渡过难关，关键在于其战略执行的力度和效果，以及外部消费环境何时能实质性回暖。 NO.2 五粮液：推出首部非遗文化片 据五粮液集团微信公众号消息，6月14日，是我国第九个"文化和自然遗产日"，五粮液紧扣"非遗，让生 活更美好 ...

Group 1 - 92 liquor companies in Renhuai have completed the "oil to electricity" transition, enhancing energy efficiency and reducing costs, while promoting green development in the sauce liquor industry [2] - Wuliangye launched its first intangible cultural heritage film titled "Tian Gong Wuliang," coinciding with China's ninth "Cultural and Natural Heritage Day" [2] - The unveiling of the Fenjiu Purple Sand Research Institute marks a collaboration between Fenjiu Group and Yixing Ai Yi Art Ceramics Co., focusing on innovation and talent cultivation in the purple sand industry [2] Group 2 - Guizhou Zhenjiu has officially launched its strategic flagship product "Zhenjiu·2020 Real Vintage," also known as "Da Zhen·Zhenjiu," emphasizing quality, packaging design, and anti-counterfeiting measures [2] - Xifeng Liquor emphasizes the importance of banquet breakthroughs for sales growth, advocating for enhanced brand visibility through terminal displays and advertising [2] - Treasury Wine Estates (TWE) is investing AUD 15 million in Barossa Valley to establish low/no alcohol wine production facilities, addressing the rising global demand for low-alcohol alternatives [2][3] Group 3 - TWE's new facility will utilize advanced de-alcoholization technology and a proprietary process currently under patent application, aimed at preserving the flavor of low/no alcohol wines [3] - TWE plans to launch a new low-alcohol brand named "Sorbet" in collaboration with Endeavour Group, featuring wines with an alcohol content of ≤8% [3] - The global low/no alcohol wine market is projected to grow at a compound annual growth rate of 5% from 2024 to 2028, with increasing demand in China, particularly among women and young consumers [3]

Core Viewpoint - The company, Zhenjiu Lidu, is actively promoting the application for cultural heritage status for Chinese liquor, aiming to enhance the recognition and preservation of traditional liquor culture [2][4]. Group 1: Cultural Heritage and Recognition - Chinese liquor culture is a significant part of Chinese civilization, encompassing both tangible and intangible cultural heritage, including traditional brewing techniques and customs [2]. - Currently, there are 21 liquor projects listed as world cultural heritage and 10 as intangible cultural heritage globally, but none from China [4]. - Zhenjiu Lidu, along with other major Chinese liquor brands, has applied to UNESCO for recognition to fill this gap in the world heritage listings [4]. Group 2: Brand Strategy and Market Positioning - Zhenjiu Lidu operates as the first liquor stock in Hong Kong and the second for Chinese sauce-flavored liquor, with a diverse portfolio of brands and products [2]. - The company plans to announce a "Cultural Heritage Ambassador," a young actor and singer, to connect with younger consumers and promote cultural consumption trends [6]. - By leveraging the "申遗" (application for heritage status) initiative, Zhenjiu Lidu aims to enhance its brand's cultural significance and create a competitive edge in the market [6].

Core Insights - Hunan is a major liquor consumption province, with per capita liquor consumption nearly double the national average, and an annual sales scale of nearly 300 billion yuan [1] - The market share of local Hunan liquor brands is less than 30%, with only about 70 billion yuan in sales, which is inconsistent with its status as a major consumption province [1] - The "Three Flowers" of Hunan liquor, which were popular in the 1950s and 60s, have seen a decline in market presence [1] Industry Overview - As of 2024, Hunan has over 170 licensed liquor production companies, including 110 white liquor producers, with an annual production of approximately 50,000 to 60,000 kiloliters, ranking 13th to 15th nationally [3] - The major production areas for white liquor in Hunan are Xiangxi, Shaoyang, and Changde [3] Company Performance - Jiu Gui Jiu (酒鬼酒) reported a revenue of 1.423 billion yuan in the last year, with a net profit of 12.49 million yuan, marking a year-on-year decline of 49.70% and 97.72% respectively [3] - Jiu Gui Jiu's revenue from Hunan was 642 million yuan, accounting for 45.11% of total revenue, while revenue from outside the province was 781 million yuan, making up 54.89% [3] - The high-end "Nei Can" series of Jiu Gui Jiu saw a revenue drop of 67.06%, with inventory reaching 1,395 tons, an increase of nearly 20% year-on-year [4] Competitive Landscape - Xiang Jiao Jiu (湘窖酒业) achieved a revenue of 7.07 billion yuan, a slight increase of 0.5%, with a net profit of 1.68 billion yuan, up 3.3% [6] - Wu Ling Jiu (武陵酒) reported a revenue of 1.098 billion yuan, a year-on-year increase of 13.30%, making it the top brand in Hunan [9] - The overall market dynamics show a "three-legged" competition among Jiu Gui Jiu, Xiang Jiao Jiu, and Wu Ling Jiu, with other brands like Bai Sha Jiu Ye and De Shan Da Qu also gaining recognition [10]

Core Viewpoint - The article discusses the transition of power within the white liquor empire built by Wu Xiangdong, who is facing challenges in the industry due to high inventory and price inversion, while his son Wu Qirong is gradually taking over leadership roles in the family business [1][14]. Company Overview - Wu Xiangdong, known as the "Father of Liquor," has established a significant presence in the Chinese liquor industry over nearly 30 years, starting with the founding of Changsha Haida Liquor Food Wholesale Co., Ltd. in 1996 and later creating the Jin Liufu brand [4][5]. - The company has expanded through acquisitions, including over ten local distilleries, and has successfully launched two publicly listed companies: Huazhi Liquor and Zhenjiu Lidu [8][9]. Financial Performance - In 2024, Zhenjiu Lidu reported a slight revenue increase to 7.067 billion yuan, but net profit fell by over 40% to 1.324 billion yuan, primarily due to non-operating financial instrument valuation changes [15]. - Huazhi Liquor's performance has been declining, with 2024 revenues of 9.464 billion yuan and a net profit of only 44 million yuan, marking an 81.11% drop [16]. - The first quarter of 2024 saw Huazhi Liquor's revenue and net profit continue to decline, with year-on-year decreases of 31.01% and 34.19%, respectively [16]. Market Challenges - The white liquor industry is experiencing a downturn characterized by high inventory levels, price inversions, and intensified competition, leading to a challenging environment for companies like Huazhi Liquor and Zhenjiu Lidu [20]. - The shift towards direct sales by major liquor companies has diminished the advantages of intermediaries like Huazhi Liquor, which is struggling to adapt to the new market dynamics [17]. Leadership Transition - Wu Qirong, Wu Xiangdong's son, has been gradually taking on more responsibilities, including becoming a director at both Huazhi Liquor and Zhenjiu Lidu, indicating a transitional phase in leadership [10][12]. - Wu Qirong has focused on digital marketing and e-commerce, with Huazhi Liquor's e-commerce revenue growing by 72.87% in 2024, becoming the company's second-largest revenue source [18]. Future Outlook - The transition of leadership and the focus on e-commerce may provide opportunities for the company to navigate the current market challenges, but the overall industry environment remains tough [20].