Core Viewpoint - The company, Zhenjiu Lidu, anticipates a significant decline in revenue and net profit for the first half of the year due to ongoing macroeconomic uncertainties and a strategic decision to slow growth for long-term stability [1] Financial Performance - Zhenjiu Lidu expects to achieve revenue between 2.4 billion to 2.55 billion yuan, representing a year-on-year decline of 38.3% to 41.9% [1] - The anticipated net profit attributable to shareholders is expected to decrease by 23% to 24% [1] Strategic Adjustments - The company attributes its performance decline to reduced business, banquet, and gifting scenarios caused by macroeconomic uncertainties [1] - Zhenjiu Lidu is proactively adjusting its development pace to ensure long-term stability while addressing market challenges [1] Strategic Planning for H2 - In response to declining demand, Zhenjiu Lidu has outlined a strategic plan for the second half of the year focusing on product, channel, and consumption scenario development [1] Product Strategy - The company is optimizing its product structure and has launched a flagship product, "Da Zhen·Zhenjiu," in June, which is expected to become a new growth driver in the second half [1] Channel Strategy - Zhenjiu Lidu plans to implement refined policies, focusing on core regional markets to increase market penetration and stabilize existing distribution channels [1] - The company aims to strengthen the core competitiveness and market share of flagship products like Zhen Fifteen and Zhen Thirty [1] Consumption Scenario Development - The company intends to introduce mid-range and premium products to cater to diverse consumer needs, aligning with emerging consumption trends [1] - Zhenjiu Lidu will also develop exclusive products for specific occasions such as birthdays and weddings to further expand its market share [1]

Core Viewpoint - The company, Zhenjiu Lidu, anticipates a significant decline in revenue and net profit for the first half of the year due to macroeconomic uncertainties and a strategic decision to slow growth for long-term stability [2] Financial Performance - Expected revenue for the first half is between 2.4 billion to 2.55 billion yuan, representing a year-on-year decrease of 38.3% to 41.9% [2] - Shareholder net profit is projected to decline by 23% to 24% [2] Strategic Adjustments - The company attributes the performance decline to reduced business, banquet, and gifting scenarios caused by ongoing macroeconomic uncertainties [2] - Zhenjiu Lidu is actively adjusting its development pace to ensure long-term stability while addressing market challenges [2] Strategic Planning for the Second Half - Product Strategy: The company has optimized its product structure and launched a flagship product "Da Zhen·Zhenjiu" in June, which is expected to drive growth in the second half [2] - Channel Strategy: Zhenjiu Lidu plans to implement refined policies focusing on core regional markets, increasing market investment, and enhancing market penetration [2] - Consumption Scenario Development: The company aims to introduce mid-range and premium products to cater to diverse consumer needs and develop exclusive products for specific occasions like birthdays and weddings to expand market share [2]

Core Viewpoint - The company expects to achieve a revenue of 2.4 billion to 2.55 billion yuan during the forecast period, impacted by ongoing macroeconomic uncertainties affecting business, banquet, and gifting scenarios [1][4]. Group 1: Financial Performance - The company anticipates a revenue range of 24 billion to 25.5 billion yuan for the forecast period [1]. - The performance is primarily influenced by a decrease in business activities and social events due to macroeconomic uncertainties [4]. Group 2: Strategic Initiatives - To address the challenges posed by declining demand for liquor, the company plans to implement three strategic measures: [4] - Optimize product structure by launching a flagship product "Da Zhen·Zhen Jiu" in June, expected to drive growth in the second half of the year [5]. - Strengthen channel layout by focusing on core regional markets, increasing market investment, and stabilizing existing distribution channels to enhance the competitiveness of flagship products [5]. - Expand consumption scenarios by introducing mid-range and premium products to cater to diverse consumer needs and developing exclusive products for specific occasions like birthdays and weddings [5].

Group 1 - The company anticipates revenue for the six months ending June 30, 2025, to be approximately RMB 2.4 billion to RMB 2.55 billion, representing a year-on-year decline of 38.3% to 41.9% compared to RMB 4.13 billion for the six months ending June 30, 2024 [1] - The expected net profit attributable to shareholders for the same period is projected to decrease by 23% to 24% [1] - The adjusted net profit (non-IFRS measure) is expected to decline by 39% to 40% for the six months ending June 30, 2025 [1] Group 2 - The decline in revenue and profit is attributed to economic uncertainty and recent policies that have led to reduced consumption of liquor, particularly in business and social dining and gifting occasions [1] - The relatively high revenue and adjusted net profit figures for the six months ending June 30, 2024, also impact the year-on-year comparisons [1]

Core Viewpoint - The company expects a significant decline in revenue and net profit for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to economic uncertainty and recent policy changes affecting liquor consumption [1] Revenue Summary - Projected revenue for the six months ending June 30, 2025, is estimated to be between RMB 2.4 billion and RMB 2.55 billion, representing a year-on-year decline of approximately 38.3% to 41.9% from RMB 4.13 billion for the same period in 2024 [1] Profit Summary - Expected net profit attributable to shareholders for the six months ending June 30, 2025, is anticipated to decrease by 23% to 24% [1] - Adjusted net profit (non-IFRS measure) for the same period is projected to decline by 39% to 40% [1] Contributing Factors - The decline in revenue and profit is attributed to economic uncertainty and recent policies that have led to reduced liquor consumption, particularly in business and social dining and gifting occasions [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） 盈利預警 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 珍酒李渡集團有限公司 執行董事兼董事會主席 吳向東先生 香港，2025年8月5日 為應對白酒需求下降並推動業務發展，本公司採取了以下戰略舉措，包括： (1) 推出新的戰略性旗艦產品 －珍酒品牌於2025年6月推出新的戰略性旗艦產 品，旨在應對行業的主要挑戰及需求，預期於下半年帶來可觀的銷售貢獻； 1 經調整淨利潤（非國際財務報告準則計量）指期內淨利潤剔除以權益結算的股權激勵費用。 1 本公告所載資料僅為董事會基於對未經本公司外聘核數師審閱的本集團未經審計 綜合管理賬目及董事會目前可獲得的其他資料的初步評估。本公司股東及潛在投 資者務請注意，本集團截至2025年6月30日止六個月的實際中期業績可能與本公 告所披露信息有所不同。 ...

北京商报讯（记者 刘一博 冯若男）8月4日，北京商报记者从贵州珍酒公众号获悉，在Wind发布2025年 度ESG评级结果中，珍酒李渡凭借在环境、社会和治理维度的表现，ESG评级从AA级升至最高评级 AAA级，稳居白酒行业第一，亦在A+H股58家饮料企业中位列第一。 ...

Core Viewpoint - Citigroup's research report indicates that Green Tea Group has issued a positive profit forecast, expecting a year-on-year increase of 38% to 42% in adjusted net profit for the first half of this year, reaching between 247 million to 254 million yuan, driven by a revenue growth of 21% to 25% and improved profitability at the store level [1] Group 1: Financial Performance - Green Tea Group anticipates adjusted net profit for H1 to be between 247 million to 254 million yuan, reflecting a year-on-year growth of 38% to 42% [1] - Revenue is expected to grow by 21% to 25%, contributing to the overall profit increase [1] Group 2: Growth Potential - Citigroup projects that the net profit for Green Tea Group will grow by 29% and 26% in 2025 and 2026 respectively, driven by accelerated revenue growth [1] - Revenue growth rates are forecasted to be 19% in 2025 and 21% in 2026, with a more modest growth of 7% in 2024 [1] - The number of new store openings is expected to increase, with projections of 150 stores in 2025 and 200 stores in 2026, compared to 105 stores in 2024 [1] Group 3: Investment Recommendation - Citigroup has set a target price of 11.1 HKD for Green Tea Group shares and has rated the stock as "Buy" [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The report highlights that the fine management of Chinese cuisine releases profit elasticity, while economic structural changes drive technological advancements [1][4] - The education sector is experiencing new opportunities due to social changes, with vocational education gaining traction as parents and students shift their views from "fallback options" to "active choices" [4][21] - The nutrition and health food market in China is steadily growing, with a focus on high-quality cross-border imported health brands [6][34] Summary by Sections Travel and Tourism - The summer travel volume has reached a historical high, with July's passenger transport volume expected to reach 71.2 million, a year-on-year increase of 3.0% [15] - Airlines have adopted a price-for-volume strategy, leading to a 7.5% decline in average domestic economy class ticket prices [15][16] Education - China Oriental Education expects a 7% year-on-year increase in new enrollment and a 10% increase in revenue for the first half of 2025, with net profit projected to grow by 45%-50% [21][23] - Good Future's revenue for FY2026 Q1 is expected to rise by 38.8% year-on-year, with net profit increasing by 174.4% [24][27] - New Oriental's revenue for FY2026 Q1 is projected to be $1.243 billion, a 9.4% increase year-on-year, despite a slowdown in overseas study demand [29] Chinese Cuisine - The "Little Garden" restaurant chain anticipates a net profit of RMB 360-380 million for the first half of 2025, reflecting a year-on-year increase of 28.6%-35.7% [30][35] - The Green Tea Group expects a net profit of RMB 230-237 million for the first half of 2025, a year-on-year increase of 32%-36% [32][33] Nutrition and Health - China's health food import value has grown from $408 million in 2008 to an estimated $7.753 billion in 2024, with a compound annual growth rate of 20.21% [34][37] - Cross-border imported health products are expected to gain market share due to relaxed entry qualifications and diverse consumer demands [43][44]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].