公告称，截至2025年6月30日止六个月，集团的所有四大白酒品牌均经历不同程度的收入下降。其中珍 酒产生的收入减少44.8%至截至2025年6月30日止六个月的14.92亿元(2024年上半年：27.02亿元)。这主 要是由于白酒消费需求不振及集团为维持健康的渠道库存水平而严格控制销售节奏。 智通财经APP讯，珍酒李渡(06979)发布截至2025年6月30日止六个月中期业绩，收入24.97亿元(人民 币，下同)，同比减少39.58%;股东应占溢利5.75亿元，同比减少23.54%;每股基本盈利0.174元。 ...

他表示，600元价位带在过去可能没有多少机会，因为过去喝酒只选贵的、不选对的。要请客，不喝几 千元一瓶的酒，感觉对客人不重视。但是，未来的生活可能会发生改变，尤其是中产以上的家庭和中小 企业主，现在大家赚钱比较难，也比较讲究实惠和性价比。过去几十年，酱酒已经培养了的忠实用户， 他们是真正的酱酒爱好者，能喝出好坏。 吴向东认为，现在中产家庭数量还不到一个亿，未来几十年有可能到四亿中产家庭，中小企业老板和白 领、金领都需要喝好的酱酒，这是未来最好的赛道。 8月19日，珍酒李渡集团董事长吴向东在万商联盟创富论坛五十场特别直播中表示："600元是黄金价位 带，是酱酒的未来最好的赛道"。 ...

Core Viewpoint - The company has launched a new strategic product "Dazhen·Zhenjiu" priced at 888 RMB, targeting the market for high-quality liquor priced around 2000 RMB, responding to rational consumption trends [1] Group 1: Product Launch and Market Strategy - The new product features a five-year base liquor and is complemented by over 20 years of aged liquor for flavoring, emphasizing its rarity and quality [1] - The product's packaging design is minimalist, enhancing its high-end recognition, and aims to penetrate market demand through its quality-price ratio [1] - The company aims to build a strong trust chain among manufacturers, merchants, and consumers, focusing on creating a market-impacting phenomenon with this product [1] Group 2: Innovative Business Model - The "Wanshang Alliance" model ensures transparent pricing at the terminal level, with strict channel control by the manufacturer to secure high channel profits [2] - The company employs a four-tier supervision mechanism involving sales personnel, alliance merchants, auditors, and headquarters, which has already led to the expulsion of over 20 non-compliant merchants [2] - The company anticipates reaching 5,000 to 8,000 signed merchants by 2026, with current signed merchants at 2,116, and sees potential for further client conversion from competitors [2] Group 3: Marketing and Sales Outlook - The company plans to adjust its marketing strategy in 2025, focusing on inventory clearance, with stable channel order in key provinces like Guizhou, Henan, Hunan, and Guangdong [3] - The company expects sales volume recovery in the future as the market stabilizes, particularly for its existing products [3] - The company has revised its non-IFRS net profit forecasts for 2025-2027 to 1.27 billion, 1.61 billion, and 1.97 billion RMB, respectively, reflecting growth potential driven by the new product [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is launching a new strategic product, "Da Zhen," priced at 888 RMB, which aims to meet rational consumption demands with high quality and competitive pricing [12][13] - The "Wan Shang Alliance" model is expected to innovate the channel structure, ensuring transparent pricing and high channel profits, which could lead to significant market impact [16][25] - The company anticipates a recovery in sales as inventory is cleared, particularly in key provinces where channel order remains stable [33] Summary by Sections New Product Launch - The new product "Da Zhen" is designed to appeal to consumers seeking high quality at a reasonable price, featuring a five-year base liquor and over 20 years of aged liquor for flavor enhancement [13][12] - The product's packaging and anti-counterfeiting measures have been upgraded to enhance its market appeal and consumer trust [13][14] Channel Innovation - The "Wan Shang Alliance" model focuses on low entry barriers and high returns, promoting a trust chain among manufacturers, merchants, and consumers [16][25] - The model includes strict price control and a four-tier supervision mechanism to maintain channel order and profitability [20][26] Sales Recovery - The company is adjusting its marketing strategy to focus on inventory clearance, with expectations for early recovery in sales as market conditions improve [33][35] - Key provinces like Guizhou, Henan, Hunan, and Guangdong are expected to maintain stable channel orders, with specific products positioned for growth in banquet scenarios [33] Financial Forecasts - The company has adjusted its non-IFRS net profit forecasts for 2025-2027 to 1.27 billion, 1.61 billion, and 1.97 billion RMB respectively, reflecting optimism about the new product's contribution [44][49] - The report indicates that the company's PE ratios are competitive compared to peers, suggesting potential for growth as market conditions stabilize [47][50]

据统计，该直播全网观看人数超574万，最高在线人数25.5万，全网点赞超438万，成为当天全网热度最 高直播。 在白酒行业面临经济下行与深度调整双重挑战的当下，如何实现品牌破局突围，是酒企面临的共性问 题。 "过去的100天里，共举办了50场论坛，进行了超100小时的演讲，接待了6100多位参加论坛的客商，成 功签约2116家联盟商，成立了12个联盟体，为超1000家联盟商交付大珍·珍酒。"吴向东在直播中坦言， 过去的100天是自己人生中最累的100天。 在吴向东带领下的贵州珍酒聚焦品质和渠道等要素，以打造超级组织和超级产品为目标，于今年6月推 出全新战略大单品大珍·珍酒。 吴向东表示，品质方面，大珍·珍酒采用200多种基酒勾调，拥有极致品质和口感，通过超1万人的对比 品鉴，获得一致好评。价格方面，大珍·珍酒聚焦中等价格带，以对标超3000元价格带产品品质，以超 高性价比满足消费者需求，以高情绪价值成为资深酒友的"拉布布"。 渠道方面，珍酒致力于打造2万个联盟商组成的"高速公路网"和超级组织，通过与联盟商紧密合作，建 立利益共享机制，充分调动联盟商的积极性和主动性，共同开拓市场，形成强大的市场合力。 8月19 ...

Core Viewpoint - The entry of traditional Chinese liquor companies into the craft beer market is a response to the declining performance of the liquor industry and the growing potential of the craft beer market, which is projected to reach a market size of 300-400 billion yuan by 2025 [6][7]. Group 1: Market Dynamics - The craft beer market in China is expected to grow from approximately 10 billion yuan in 2020 to 300-400 billion yuan by 2025, indicating a significant growth opportunity for liquor companies [6]. - In the first half of 2023, 59.7% of liquor companies reported a decrease in operating profits, and 50.9% experienced a decline in revenue, highlighting the challenges faced by the traditional liquor market [5]. - The average inventory turnover days for the liquor industry reached 900 days, an increase of 10% year-on-year, indicating pressure on liquidity and sales [5]. Group 2: Company Strategies - Zhenjiu Lidou launched its high-end craft beer "Niu Shi" with a retail price of 88 yuan per 375ml bottle, achieving over 300 sales within a short period [3][4]. - Wuliangye's subsidiary, Xianlin Ecological Wine Industry, introduced a new craft beer brand "Fenghuolun" targeting the mid-to-high-end market, priced at 19.5 yuan per bottle [4]. - Liquor companies are leveraging their existing distribution networks to market craft beer, with Zhenjiu Lidou utilizing the sales network of Huazhi Wine [8]. Group 3: Consumer Trends - The craft beer market is seen as a way for liquor companies to attract younger consumers, as it offers a different product experience compared to traditional liquor [7]. - The pricing strategy for craft beer is crucial, with Zhenjiu Lidou's craft beer priced higher than the average market price, which may affect consumer perception and acceptance [9]. - The craft beer segment is characterized by a lack of dominant brands, providing an opportunity for liquor companies to establish a foothold [4].

Core Viewpoint - The stock price of Zhenjiu Lidu (06979) has increased over 50% this month, with a current rise of 6.56% to HKD 10.4, driven by positive consumer policies and strategic product launches [1] Group 1: Market Performance - Zhenjiu Lidu's stock has seen a significant increase, with a rise of over 6% today and a cumulative increase of over 50% this month [1] - The trading volume reached HKD 184 million, indicating strong market interest [1] Group 2: Industry Trends - Multiple rounds of consumer stimulus policies have been released this year, emphasizing the importance of domestic consumption [1] - The State Council has highlighted the need to stimulate consumption potential and remove restrictive measures in the consumer sector [1] - CITIC Securities believes the liquor industry is rapidly bottoming out, with leading companies likely to benefit from channel adjustments and market expansion [1] Group 3: Product Strategy - In June, Zhenjiu Lidu launched a strategic product, "Da Zhen·Zhenjiu," priced at HKD 888 per bottle, targeting the high-end market [1] - In August, the company introduced its first high-end craft beer, "Niu Shi News," priced at HKD 88 per bottle, marking its entry into the beer sector [1] - Guotai Junan Securities anticipates that the new products will contribute to incremental growth and improve growth margins for the company [1]

智通财经APP获悉，港股恒生指数跌0.57%，跌142点，报24980点；恒生科技指数跌1.26%。港股早盘成 交1444亿港元。 舜宇光学科技(02382)绩后涨超6%，中期股东应占溢利同比增加52.56%。 福耀玻璃(03606)绩后拉升逾12%，中期归母净利约48.05亿元，同比增长37.33%。 周生生(00116)盈喜后涨19%，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 小鹏汽车-W(09868)涨超4%，二季度营收同比增长125.3%，创单季度历史新高。 珍酒李渡(06979)再涨超5%，促消费政策释放积极信号，公司发力大珍、牛市啤酒等新品。 泡泡玛特(09992)涨超8.6%创新高，上半年经调整净利同比增长3.6倍。 德林国际(01126)涨超10%，股价续刷历史新高，机构称公司有望受益潮玩盛行趋势。 小菜园(00999)再涨近6%，上半年纯利增近36%，瑞银预计公司下半年加快开店。 易鑫集团(02858)涨超6%，上半年经调整净利同比增长28%，金融科技收入劲升124%。 耀才证券金融(01428)再跌超5%，较7月高点已跌近四成，公司称收购进展相关程序按计划进行。 九毛九(09 ...

珍酒李渡(06979)再涨超6%，本月股价已累涨超五成。截至发稿，涨6.56%，报10.4港元，成交额1.84亿 港元。 消息面上，今年以来，多轮促消费政策持续释放积极信号。8月18日，国常会强调"抓住关键着力点做强 国内大循环，持续激发消费潜力"，同步三部门印发个人消费贷款财政贴息政策方案。此外，国务院第 九次全体会议上指出，要持续激发消费潜力，系统清理消费领域限制性措施。中信证券认为，白酒行业 正在快速筑底，龙头企业或把握当前时间段快速调整渠道结构，提升市场开拓能力。如若消费逐步转 暖，本轮对渠道做了积极调整升级的龙头酒企有望享受更多发展机会。 今年6月，珍酒李渡推出战略级大单品"大珍·珍酒"，电商平台到手价888元/瓶。这款产品定位高端，旨 在填补"珍十五"和"珍三十"之间的价格空白。此外，8月，公司正式推出旗下首款名为"牛市News"的高 端精酿啤酒产品。零售定价88元/瓶，宣告珍酒李渡正式进军啤酒领域。国泰海通证券认为，公司发力 大珍、牛市啤酒等新品，有望贡献增量、驱动增速边际改善。 ...

Group 1 - The stock price of Zhenjiu Lidu (06979) has increased by over 6%, with a cumulative rise of over 50% this month, currently trading at 10.4 HKD with a transaction volume of 184 million HKD [1] - Multiple rounds of consumer stimulus policies have been released this year, emphasizing the need to strengthen domestic circulation and stimulate consumption potential [1] - CITIC Securities believes that the liquor industry is rapidly bottoming out, and leading companies are likely to take advantage of this period to adjust channel structures and enhance market development capabilities [1] Group 2 - In June, Zhenjiu Lidu launched a strategic product "Dazhen Zhenjiu" priced at 888 RMB per bottle, targeting the high-end market to fill the price gap between "Zhen Fifteen" and "Zhen Thirty" [2] - In August, the company introduced its first high-end craft beer product named "Niushi News" with a retail price of 88 RMB per bottle, marking its entry into the beer market [2] - Guotai Junan Securities believes that the launch of new products like Dazhen and Niushi Beer is expected to contribute to incremental growth and drive marginal improvement in growth rates [2]