Group 1 - The stock of Zhenjiu Lidu (06979) has dropped over 5%, currently trading at HKD 8.36 with a transaction volume of HKD 48.46 million [1][2] - The launch of the pre-sale for Moutai's 2026 Flying Moutai 53% vol 500ml on the iMoutai platform is seen as a new strategy by the management to adapt to market conditions, which may disrupt the existing distribution channels and pricing system of Moutai [2] - The pricing system of Moutai is expected to exert pressure on the liquor industry, particularly on premium liquor brands, with the outcomes of this pressure test remaining uncertain [2] Group 2 - Huachuang Securities reported a correction in the liquor sector in December, driven by concerns over pricing among high-end liquor companies and year-end fund rebalancing [2] - Overall pessimistic expectations have been priced in, with leading brands adjusting prices to stimulate volume, and there is still anticipation for increased demand during the upcoming Spring Festival [2] - The price segment under HKD 200 has notably benefited from public banquets and gatherings, with expectations for recovery intensifying as the Spring Festival approaches [2]

Group 1 - The core viewpoint of the article highlights the significant drop in the stock price of Zhenjiu Lidu (06979), which fell over 5% to HKD 8.36, with a trading volume of HKD 48.46 million [1] - The launch of the pre-sale for the 2026 Flying Moutai 53% vol 500ml by the direct e-commerce platform "i Moutai" under Kweichow Moutai is seen as a strategic move by the management to adapt to new market conditions, potentially impacting the traditional distribution channels and pricing system of Moutai [1] - The pricing system of Moutai is expected to exert pressure on the liquor industry, particularly affecting premium liquor brands, with the outcomes of this pressure test remaining uncertain [1] Group 2 - Huachuang Securities reported a pullback in the liquor sector in December, attributed to concerns over pricing strategies of high-end liquor companies and year-end fund rebalancing, indicating that overall pessimistic expectations have been priced in [1] - The report suggests that under the current pricing strategy of leading brands, there is still potential for demand to increase during the upcoming Spring Festival, particularly in the mass market segment priced under HKD 200, which has benefited from public banquets and gatherings [1] - As the Spring Festival approaches, there is an expectation for a recovery in demand, with the market likely to respond positively to the seasonal increase in consumption [1]

Group 1 - The core viewpoint of the article highlights the impact of Guizhou Moutai's e-commerce platform "i Moutai" launching the pre-sale of its 2026 Flying Moutai, which is expected to disrupt the traditional distribution channels and pricing system of Moutai, potentially affecting the entire liquor industry, especially premium brands [1] - As of the report, Zhenjiu Lidu (06979) has seen a decline of over 5%, trading at HKD 8.36 with a transaction volume of HKD 48.46 million, indicating market reaction to the news [1] - Huachuang Securities reported a pullback in the liquor sector in December, attributing it to concerns over pricing among high-end liquor companies and year-end fund rebalancing, but overall pessimistic expectations are believed to be priced in [1] Group 2 - The report suggests that despite the challenges, there is still an expectation for demand to increase during the upcoming Spring Festival, particularly for products priced under 200 yuan, which are benefiting from public banquets and gatherings [1] - The pricing strategy of leading brands like Moutai is expected to adapt to market conditions, with a focus on volume over price, indicating a potential shift in strategy as the festive season approaches [1]

Core Viewpoint - The rise of entrepreneur IP in China is becoming a new phenomenon in the business ecosystem, particularly in the context of the growing influence of short video platforms with over 1 billion users and increasing daily usage time [1] Group 1: Entrepreneur IP Development - Wu Xiangdong, the leader of Zhenjiu Li Du Group, has transitioned from behind the scenes to the forefront by leveraging digital tools to create a personal IP, aiming to rejuvenate the traditional liquor brand in the modern era [1][5] - Since starting his personal video account in July 2025, Wu has produced over 120 videos with a total view count exceeding 360 million, including 12 videos with over 10 million views each [5][6] - Wu's content covers various topics, including management, quality, public welfare, industry observations, and life philosophy, resonating with a wide audience and fulfilling the demand for transparent and approachable brand communication [6][8] Group 2: Brand and Product Innovation - The success of Wu's personal IP is part of a systematic innovation strategy for the Zhenjiu brand, creating a new trust relationship between the brand, distributors, and consumers [8][9] - The launch of the new product "Da Zhen·Zhenjiu" was significantly supported by Wu's video explanations, leading to sales of 620 million yuan within 200 days across 31 provinces and 280 cities [8][9] - The "Wan Shang Alliance" model introduced by Zhenjiu utilizes Wu's personal IP as a trust accelerator, enhancing confidence among channel partners and enabling traditional merchants to benefit from the short video era [9][10] Group 3: Digital Transformation in Traditional Industries - The digital transformation of the traditional liquor industry is challenging but presents opportunities for disruptive innovation through the integration of entrepreneur IP [10][11] - Wu's approach emphasizes the importance of being present where users are, adapting to new communication methods to engage with audiences effectively [10] - The personalization of entrepreneur IP serves as a powerful communication strategy, breaking down barriers between the brand and consumers through relatable and sincere content [10][11] Group 4: Entrepreneurial Spirit and Market Confidence - The shift of entrepreneurs showcasing their stories publicly reflects a commitment to practical business, embracing digitalization, and emphasizing trust, which injects confidence into the market [13]

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06979 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | | 0.000002 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | | 0.000002 USD | | 50,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 珍酒李渡集團有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 50,000 ...

Core Insights - The Chinese liquor industry is entering an adjustment phase in 2025, facing challenges such as the "ban on alcohol," rising inventory pressure, and declining profits, yet opportunities for growth are emerging through innovation and market expansion [2][4]. Policy Impact - A strict "ban on alcohol" policy was introduced, prohibiting public officials from consuming alcohol during workdays and even at home gatherings, with severe penalties for violations [2][4]. - This policy aims to curb corruption and address public health concerns related to alcohol consumption [4]. Digital Transformation - Leading liquor companies are advancing their digital transformation from isolated upgrades to comprehensive collaborative development, with initiatives like the first "lighthouse factory" by Luzhou Laojiao and 5G-connected factories by Shede [5]. - The Ministry of Industry and Information Technology has released guidelines for digital transformation in the liquor industry, with companies actively contributing to industry mapping [5]. ESG Practices - ESG efforts among listed liquor companies have shifted from compliance to value creation, with companies like Zhenjiu Li Du setting ambitious carbon neutrality goals and achieving high water recycling rates [7]. - Companies are integrating ESG principles into performance assessments and utilizing blockchain for product traceability [7]. Market Dynamics - The liquor market is experiencing severe inventory issues, with major companies implementing supply control measures and channel reforms to reshape pricing structures [8][10]. - In the first three quarters of 2025, liquor exports reached $704 million, a 5.3% increase year-on-year, indicating a growing international market [8][10]. Young Consumer Trends - The younger generation is increasingly favoring low-alcohol and flavored beverages, with participation rates among Gen Z rising from 66% in 2023 to 73% in 2025 [12]. - Major companies are launching low-alcohol products to cater to this demographic, with Wuliangye and Luzhou Laojiao leading the way [12]. Personnel Changes - The liquor industry is undergoing significant personnel changes, with over 20 companies experiencing nearly 30 key position shifts, indicating a trend towards younger management [14][16]. - The new management is expected to focus on refined operations and innovation to navigate industry pressures [16]. Financial Performance - In the first nine months of 2025, only two companies, Kweichow Moutai and Shanxi Fenjiu, reported positive net profit growth, while the average profit of 20 liquor companies fell by 39.2% [18]. - The average inventory turnover days for these companies surged to 1456.29 days, marking a significant increase from the previous year [18]. Health-Oriented Products - The health-oriented liquor market is gaining traction, with sales of functional products like Jinjian's red label liquor increasing by 50% in the first half of the year [20]. - However, the market faces challenges such as product homogeneity and compliance risks, with a projected market size exceeding 58 billion yuan [22]. Price Fluctuations - Moutai's price fell below the official guidance price of 1499 yuan per bottle in December 2025, raising concerns about future price trends [22]. - Following a price drop, Moutai's wholesale prices rebounded due to supply control measures and increased market demand during the peak season [24].

Core Insights - The 2025 China Brand Figures Annual Conference was held in Shenzhen, where Wu Xiangdong, Chairman of Zhenjiu Lidou Group, shared insights on how companies can innovate to break through market challenges amid economic and industry cycles [1][3] - Wu emphasized that traditional industries can no longer rely on fragmented innovations for sustainable development and must focus on systematic and comprehensive innovation to enhance resilience against industry fluctuations [3] Group 1 - The conference, known as the "Oscar" of the Chinese brand community, gathered over 2,000 guests from various sectors including government, business, academia, and media [3] - Zhenjiu Lidou launched the "Wanshang Alliance" model in May, which focuses on seven strategic areas: super links, super products, super channels, super communication, super organization, super brand, and super experience [5] - The Wanshang Alliance has held 75 forums in over 200 days, attracting more than 10,000 participants and signing contracts with 3,600 alliance supermarkets, making it the most talked-about innovative business model in the liquor industry for 2025 [5] Group 2 - Zhenjiu Lidou is developing two flagship products: "Dazhen Zhenjiu," a high-end liquor made from over 200 premium base liquors, and "Niushi Beer," which took three years to develop using top fermentation techniques and high-quality ingredients [7] - "Dazhen Zhenjiu" has become a best-selling new product in high-end liquor, achieving sales across 31 provinces and 280 cities within 200 days of its launch [7] - "Niushi Beer" gained rapid popularity on social media and e-commerce platforms, featuring a unique taste due to the use of 20 times more hops than regular beer [7] - To foster long-term value sharing with partners, Zhenjiu Lidou introduced the "Alliance Merchant Rights Payment Plan," offering economic benefits tied to up to 169 million shares to incentivize qualified alliance merchants [7]

Core Viewpoint - The event "Shan Hai Gong Chao Sheng, Xiang Ju Chuang Wei Lai" held in Shenzhen gathered over 500 entrepreneurs from the Hunan province in the Guangdong-Hong Kong-Macao Greater Bay Area to discuss future development opportunities in the context of a challenging traditional consumer market and the rise of new consumption models [1][3]. Group 1: Business Model Innovation - The company launched the "Wanshang Alliance" model in May, which includes a strategic framework of seven components: "Super Link, Super Product, Super Channel, Super Communication, Super Organization, Super Brand, and Super Experience" to reshape the industry ecosystem and promote mutual growth among manufacturers and distributors [3]. - The Wanshang Alliance has held 75 forums, attracting over 10,000 participants and signing contracts with 3,600 alliance supermarkets, making it the most popular innovative business model in the liquor industry for 2025 [3]. Group 2: Market Performance - The product "Dazhen·Zhenjiu" has achieved significant sales across 31 provinces and 280 cities in China, becoming the best-selling new high-end sauce liquor [3]. - The company has entered the short video market, releasing over 120 videos in five months, with 12 videos achieving over 10 million views and a total view count exceeding 360 million [5]. Group 3: Regional Development and Opportunities - The Greater Bay Area has developed trillion-level industrial clusters in various sectors such as electronic information and new energy, showing strong growth in artificial intelligence, biomedicine, and new materials [5]. - The company encourages Hunan entrepreneurs to embrace the spirit of innovation and resilience, actively participating in the development of the Greater Bay Area to seize emerging opportunities [5].

Core Viewpoint - The award recognizes companies that significantly contribute to achieving the United Nations Sustainable Development Goals (SDGs) through independent assessments based on environmental, social, and governance (ESG) criteria [2] Group 1: Award and Recognition - The award is established by the United Nations Global Leadership and ESG Development Center and the Social Impact Investment Foundation, following UNDP SDG standards and OECD sustainable development reporting frameworks [2] - The award ceremony coincided with the APEC Digital Trade and Business Innovation Forum, gathering over a hundred experts, business leaders, and financial pioneers from the Asia-Pacific region to discuss sustainable development pathways [4] - Zhenjiu Lidu's recognition reflects its leading role in promoting global sustainable development goals and its achievements in ESG practices [4] Group 2: Environmental Initiatives - Zhenjiu Lidu has become a benchmark for sustainable development in the liquor industry by systematically implementing ESG strategies [4] - The company is the first in the Chinese liquor industry to set a dual carbon target, with a clear "2850" carbon reduction goal, and has disclosed Scope 3 carbon emission data [4] - In the first half of the year, the company reported an 8.74% year-on-year decrease in electricity consumption density, a 7.99% decrease in natural gas consumption density, and a 22.57% decrease in water intake intensity [4] Group 3: Social Contributions - Zhenjiu Lidu actively guides its supply chain to adopt ESG principles and conducts dynamic assessments of their ESG performance [6] - The company focuses on rural revitalization, educational philanthropy, and the protection of intangible cultural heritage, exploring sustainable development models for public welfare [6] - In the first half of the year, the company donated 12 million yuan to educational charitable causes [6] Group 4: Governance Practices - Zhenjiu Lidu prioritizes compliance as the foundation for sustainable development, continuously improving its risk management, anti-corruption, and data security systems [6] - The company ensures transparent decision-making and accurate information disclosure, reinforcing its long-term value creation [6] - Zhenjiu Lidu's ESG efforts have been recognized by authoritative institutions, achieving a Wind ESG rating of AAA, ranking first in the Chinese liquor industry for S&P CSA ESG scores, and receiving dual "A-" ratings from CDP for climate change and water security questionnaires, reaching international leadership levels [6]

Core Viewpoint - The stock of Zhenjiu Lidu (06979.HK) has increased by over 4%, reaching a price of 8.6 HKD with a trading volume of 31.7073 million HKD [1] Group 1 - Zhenjiu Lidu's stock price rose by 4.12% [1] - The current trading price is 8.6 HKD [1] - The total trading volume is 31.7073 million HKD [1]