(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月6日｜近日，珍酒李渡集团董事长吴向东在个人视频平台宣布，将于8月8日推出新的一款超级 啤酒"牛市"，要把新的一种"悦人悦己生活方式带给大家"。据记者了解，这款啤酒新品将以铝瓶装亮 相，零售标价或将达到88元/瓶。 ...

人民财讯8月6日电，近日，珍酒李渡集团董事长吴向东在个人视频平台宣布，将于8月8日推出新的一款 超级啤酒"牛市"，要把新的一种"悦人悦己生活方式带给大家"。据记者了解，这款啤酒新品将以铝瓶装 亮相，零售标价或将达到88元/瓶。 ...

Core Viewpoint - The company, Zhenjiu Lidu, anticipates a significant decline in revenue and net profit for the first half of 2025, reflecting the ongoing challenges in the liquor industry due to macroeconomic uncertainties [1][2]. Group 1: Financial Performance - For the six months ending June 30, 2025, Zhenjiu Lidu expects revenue between 2.4 billion to 2.55 billion yuan, a decrease of 38.3% to 41.9% compared to 4.13 billion yuan in the same period last year [1]. - The expected net profit attributable to shareholders is projected to decline by 23% to 24%, while adjusted net profit is anticipated to drop by 39% to 40% [1]. Group 2: Strategic Initiatives - In response to declining demand, the company has implemented three strategic measures, including the launch of a flagship product, "Da Zhen·Zhenjiu," aimed at meeting consumer demand for high-quality liquor [1][2]. - The company is focusing on refining its channel strategy by increasing market investment in core regions to enhance market penetration and stabilize existing distribution channels [2]. Group 3: Market Adaptation - Zhenjiu Lidu is actively exploring new consumer trends and scenarios, particularly targeting younger demographics and new consumption patterns through innovative marketing and online channel expansion [2]. - The company’s strategic adjustments reflect a deep understanding of market dynamics and aim to solidify its long-term growth foundation despite current pressures in the liquor industry [2].

Core Insights - The Chinese liquor industry is currently facing significant challenges due to a combination of policy adjustments, changes in consumer behavior, and intense competition, leading to decreased demand, falling prices, weakened consumption scenarios, and high inventory levels [1] - Many listed liquor companies have reported poor performance in the first quarter, with notable declines in revenue and profits [1][2] Industry Performance - Six A-share liquor companies have issued profit warnings for the first half of the year, with Water Well expected to see a revenue decline of 12.84% and a net profit drop of 56.52%, while other companies like Jiu Gui and Huang Tai are also experiencing significant losses [1] - The overall performance of the liquor industry is undergoing a phase of adjustment, which is seen as a natural response to the current market pressures [3] Resilience and Recovery - The liquor industry has historically shown resilience and the ability to recover from downturns, with companies that survive downturns often reaching new heights in subsequent cycles [5] - Companies with strong fundamentals, such as Zhen Jiu Li Du, are expected to perform better during this adjustment period due to their stable market position and proactive strategies [7] Strategic Innovations - Zhen Jiu Li Du is adapting to market changes by launching products that offer high quality at competitive prices, such as the "Da Zhen・Zhen Jiu," which targets consumers seeking value [9] - The company is also reforming its distribution channels by collaborating with high-quality distributors and exploring new sales avenues, including corporate group purchases and cross-industry partnerships [9] Market Outlook - The global capital market is experiencing volatility, but there is optimism for recovery, with significant gains in major indices since April [10] - The liquor sector is currently undervalued, with a low fund holding ratio and attractive dividend yields, making it a potential target for investment as market conditions improve [11][14] Investment Appeal - Zhen Jiu Li Du's current valuation is competitive compared to leading A-share liquor companies, and its strong cash flow and dividend history enhance its attractiveness to investors [15] - The combination of low valuation and resilient performance positions Zhen Jiu Li Du favorably in a turbulent market, likely attracting more investment [15][17] Conclusion - Despite current challenges, the liquor industry is expected to rebound as economic conditions improve and consumer confidence returns, with Zhen Jiu Li Du positioned to lead this recovery [16][17]

天风证券指出，白酒行业为强β行业，2025H1受经济/消费仍偏弱&廉洁教育/限制饮酒相关文件出台影 响，春节后淡季动销表现持续走弱，后续随着大众消费逐步修复&龙头酒企在综合实力方面优势持续凸 显，拥有强壁垒的公司有望率先实现价值重估修复，建议重视强品牌、强韧性的白酒龙头相对底部机 会。 本文源自：智通财经网 消息面上，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%。 智通财经获悉，珍酒李渡(06979)涨近4%，截至发稿，涨3.95%，报7.11港元，成交额4206.15万港元。 ...

消息面上，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%。 天风证券（601162）指出，白酒行业为强β行业，2025H1受经济/消费仍偏弱&廉洁教育/限制饮酒相关 文件出台影响，春节后淡季动销表现持续走弱，后续随着大众消费逐步修复&龙头酒企在综合实力方面 优势持续凸显，拥有强壁垒的公司有望率先实现价值重估修复，建议重视强品牌、强韧性的白酒龙头相 对底部机会。 珍酒李渡(06979)涨近4%，截至发稿，涨3.95%，报7.11港元，成交额4206.15万港元。 ...

Company Summary - Zhenjiu Lidu (06979) shares increased by nearly 4%, reaching HKD 7.11 with a trading volume of HKD 42.06 million [1] - The company expects revenue for the six months ending June 30, 2025, to be approximately RMB 2.4 billion to RMB 2.55 billion, a decline of 38.3% to 41.9% compared to RMB 4.13 billion for the same period ending June 30, 2024 [1] - The anticipated net profit attributable to shareholders for the same period is expected to decrease by 23% to 24% [1] - Adjusted net profit (non-IFRS measurement) is projected to decline by 39% to 40% for the six months ending June 30, 2025 [1] Industry Summary - The liquor industry is characterized as a strong beta sector, with expectations of weak economic and consumer conditions impacting performance in the first half of 2025 [1] - The ongoing influence of anti-corruption education and restrictions on alcohol consumption is expected to continue affecting sales negatively after the Spring Festival [1] - As consumer spending gradually recovers, leading liquor companies with strong brand power and resilience are likely to achieve a revaluation of their value, presenting bottoming opportunities [1]

业绩下滑的主要原因是经济不确定性、近期政策导致白酒消费减少(尤其在商务、社交和送礼场合)。 珍酒李渡预计2025年上半年收入约为人民币24.0亿元至25.5亿元，同比下降38.3%至41.9%。公司预计 2025年上半年股东应占净利润将同比下降23%至24%。 经调整净利润(非国际财务报告准则计量)预计将同比下降39%至40%。 ...

Core Viewpoint - The company anticipates a revenue of 2.4 billion to 2.55 billion RMB for the first half of the year, impacted by macroeconomic uncertainties and a decline in business and gifting scenarios [2] Group 1: Financial Performance - The company expects to achieve a revenue between 24 billion and 25.5 billion RMB in the first half of the year [2] - The performance is primarily affected by ongoing macroeconomic uncertainties, leading to reduced business and gifting activities [2] Group 2: Strategic Initiatives - The company plans to implement three strategic measures to address the decline in demand: optimizing product structure, enhancing channel layout, and expanding consumption scenarios [2] - A new flagship product, "Da Zhen·Zhen Jiu," was launched in June, expected to drive growth in the second half of the year [2][3] - The company aims to focus on core regional markets and improve market penetration through refined policies [2] Group 3: Market Positioning - The company has established five core markets: Guizhou, Henan, Shandong, Guangdong, and Hunan, while continuing to expand nationwide [3] - The introduction of the new product is intended to strengthen the company's position in the mid-to-high-end market segment [3] Group 4: Marketing and Promotion - The company has initiated a marketing campaign themed "Zhen Enjoys the World, Thirty Knows Action," including a "City Koi" lottery event to engage consumers [4] - The campaign offers prizes such as luxury cars and gold bars, enhancing brand visibility and consumer interaction [4] Group 5: Industry Outlook - The company remains optimistic about the future, believing that the restructuring of the industry and evolving consumer demographics will provide new growth opportunities [5] - The establishment of a "Wanshang Alliance" aims to create a nationwide sales network, further supporting the company's growth [5]

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]