Group 1 - The stock of Zhenjiu Lidu (06979) rose over 7% during trading, currently up 6.5% at HKD 8.52, with a trading volume of HKD 44.02 million [1] - On December 9, Zhenjiu Lidu's chairman, Wu Xiangdong, launched a large-scale live broadcast themed "Our 200 Days," revealing that the "Dazhen Zhenjiu" product has achieved sales of RMB 580 million across 280 cities in 31 provinces, becoming the top-selling new product in the mid-to-high-end liquor segment [1] - The long-term goal of the company is to become a super product with sales reaching RMB 30 billion [1] - A new premium beer product, priced higher by an additional RMB 100, is currently in planning [1] Group 2 - CITIC Securities released a report indicating that companies like Zhenjiu Lidu, which optimize recruitment and innovate products to expand their market, may achieve excess returns if recruitment adjustments yield results and sales exceed expectations [1]

Group 1 - The stock of Zhenjiu Lidu (06979) rose over 7% during trading, currently up 6.5% at HKD 8.52, with a trading volume of HKD 44.02 million [1] - On December 9, Zhenjiu Lidu's chairman, Wu Xiangdong, launched a large-scale live broadcast themed "Our 200 Days," celebrating the 200-day anniversary of "Da Zhen·Zhenjiu" being on the market [1] - The product has achieved sales of CNY 580 million across 31 provinces and 280 cities, becoming the top-selling new product in the mid-to-high-end liquor segment online [1] Group 2 - The long-term goal of Zhenjiu Lidu is to become a super product with sales reaching CNY 30 billion [1] - A new premium beer product, priced higher by an additional CNY 100, is currently in planning [1] - According to a report from CITIC Securities, companies like Zhenjiu Lidu that optimize recruitment and innovate products may see excess returns if recruitment adjustments yield results and sales exceed expectations [1]

12月19日，酒仙集团董事长兼总裁郝鸿峰发表迎新演讲，主题为"酒业冬天里的破局之道"。 郝鸿峰表示，要致敬那些勇敢的站在镜头前的老板们。他直言到，做生意的最高境界是闷声发大财，在 被窝里悄悄的数钱，老板抛头露面心理压力很大。"但是在今天这种行情下，你不抛头露面能行吗？" "当别人都豁出去的时候，你还在躲在角落里边，谁能知道你的品牌呢？"他提到，今年，在中国酒行业 中非常成功的老板，就是珍酒李渡集团的老板吴向东，他是中国酒类行业中第一个勇敢站到镜头前的一 个大老板。 "像我这样的人站在舞台上，那很正常，因为我们还没有成功，我们还在创业的路上。但是吴老板已经 拥有了两家上市公司。"郝鸿峰说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 郝鸿峰表示，要致敬那些勇敢的站在镜头前的老板们。他直言到，做生意的最高境界是闷声发大财，在 被窝里悄悄的数钱，老板抛头露面心理压力很大。"但是在今天这种行情下，你不抛头露面能行吗？" "当别人都豁出去的时候，你还在躲在角落里边，谁能知道你的品牌呢？"他提到，今年，在中国酒行业 中 ...

Core Viewpoint - The company Zhenjiu Lidu (6979.HK) has been awarded the "ESG Excellence Award" at the 2025 Hong Kong Corporate Governance and Environmental, Social, and Governance (ESG) Excellence Awards for its outstanding practices in the ESG field [1][3]. Group 1: Award and Recognition - The award is co-organized by the Hong Kong Listed Companies Association and the Hong Kong Baptist University Corporate Governance and Financial Policy Research Centre, and has been presented annually since 2007 to encourage Hong Kong listed companies to enhance their corporate governance and ESG management levels [3]. - This year's competition was particularly intense, with the number of participating companies reaching a new high [3]. Group 2: ESG Practices - Zhenjiu Lidu has systematically advanced its ESG strategy, focusing on environmental, social, and governance dimensions, and has become a benchmark for ESG practices in the Chinese liquor industry [3]. Environmental Dimension - The company was the first in the industry to disclose its scope 3 carbon emissions data and has set a "2850" dual carbon target, becoming the first company in the Chinese liquor industry to establish such a goal [5]. - 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 [5]. Social Dimension - Zhenjiu Lidu actively guides its supply chain to implement ESG principles and conducts dynamic assessments of their ESG performance [5]. - The company focuses on rural revitalization, educational philanthropy, and intangible cultural heritage protection, exploring sustainable development models for public welfare. In the first half of the year, the company donated 12 million yuan for educational initiatives and invited young actress Yao Anna to advocate for the inclusion of Chinese liquor in the UNESCO heritage list [5]. Governance Dimension - The company prioritizes compliance as the cornerstone of sustainable development, continuously improving its risk management, anti-corruption, and data security systems to ensure transparent decision-making and accurate information disclosure [5]. - Zhenjiu Lidu's ongoing efforts in the ESG field have been recognized by domestic and international ESG rating agencies, achieving a Wind ESG rating of AAA, ranking first in the Chinese liquor industry in the S&P CSA ESG score, and receiving dual "A-" ratings in the CDP climate change and water security questionnaires, reaching international "leadership level" [5].

"金顶"优秀案例征集覆盖央国企、金融机构、行业龙头企业等，从申报案例中优中选优。"消费提质扩容实践优秀案例"聚焦大消费领域，广泛覆盖食品、商 超等行业，以优化新供给、服务新需求的创新实践，积极助力消费提质扩容。 近日，由央广传媒集团指导、央广网承办的"央广财经年度对话2025（第三届）"在北京举行，来自政府部门、专家智库、上市公司及金融机构的约300位代 表齐聚一堂开展深度对话。活动颁奖环节，贵州珍酒凭借在"消费提质扩容"方面的优异表现，荣获央广财经"2025年度'金顶'优秀案例"。 2025年，面对宏观经济不确定性和白酒行业深度调整，贵州珍酒主动求变，推出万商联盟项目，累计吸引超10000人参会，签约联盟商超3600家，成为2025 年白酒行业热度最高的创新商业模式；推出全新战略级单品"大珍·珍酒"，产品覆盖全国31个省份、280个城市，实现回款近6亿元，成为中高档白酒全网新 品销量第一；珍酒李渡集团董事长吴向东自7月运营视频号"吴金东-珍酒李渡"以来，发布了超120条短视频，总播放量突破3亿，打造了10条超千万播放视 频，最高一条播放量超5100万，在正和岛联合新榜发布的《企业家视频IP100榜单（11月 ...

Core Viewpoint - The article discusses the current challenges and dynamics within the Chinese restaurant industry, particularly focusing on the "middle ground" segment of chain restaurants that are facing criticism for their use of pre-prepared dishes while trying to maintain a balance between cost and quality [4][32]. Group 1: Industry Dynamics - The restaurant industry is experiencing a divide, with some brands like Lao Xiang Ji and Da Mi Xian benefiting from their low-cost offerings, while others, similar to Xi Bei, are facing backlash for perceived quality issues related to pre-prepared meals [4][5][6]. - The "middle ground" segment of restaurants typically has a customer price point around 100 yuan and operates approximately 500 locations, which has become a focal point for criticism [8][34]. - The operational model of these middle-ground restaurants often combines elements of both low-cost and high-end dining, attempting to leverage the benefits of both segments [16][17]. Group 2: Business Models - Low-cost restaurants like Lao Xiang Ji focus on standardization and rapid expansion through franchising, with low menu prices and high turnover rates, often exceeding 1,000 locations [9][10]. - High-end restaurants, represented by brands like Xin Rong Ji, maintain a small number of locations with high price points, emphasizing quality and direct control over food preparation [13][15]. - The middle-ground restaurants, such as Hai Di Lao, have successfully integrated supply chain management and standardized processes to achieve significant market valuations while maintaining a balance between quality and cost [16][17]. Group 3: Market Trends - The rapid growth of commercial real estate in 2014 provided a favorable environment for chain restaurants, with the average share of dining in shopping centers surpassing 25% for the first time [26][27]. - The period from 2016 to 2018 saw significant growth for brands like Tai Er, with a compound annual growth rate of 182.3%, highlighting the potential for expansion in the restaurant sector [30]. - However, the industry is now facing challenges, with many middle-ground restaurants experiencing stagnation in customer traffic and pricing power, leading to a decline in average spending per customer [32][44]. Group 4: Consumer Behavior - Consumer expectations for quality and freshness in dining experiences are high, particularly in the context of pre-prepared meals, which can lead to dissatisfaction when prices do not align with perceived value [50][51]. - The psychological price point for mid-range dining appears to be a barrier, as consumers react negatively to perceived overpricing, especially when pre-prepared dishes are involved [46][48].

Core Insights - The article highlights the rise of Wu Xiangdong, chairman of Zhenjiu Lidu Group, who topped the November "Entrepreneur Video IP 100 List" with his personal video account "Wu Jindong - Zhenjiu Lidu" recognized as a benchmark case in the liquor industry [1][3]. Group 1: Ranking and Performance - Wu Xiangdong's account received 251,671 likes and 332,325 favorites, achieving a New Index score of 843.72, surpassing notable figures like Zhou Hongyi and Lei Jun [2]. - In just five months, Wu transitioned from a newcomer to the top of the rankings, with his videos achieving over 100 million views, including a standout video on corporate responsibility that garnered 51 million views [5][6]. Group 2: Industry Impact - Wu's success illustrates the potential for traditional industries, like liquor, to thrive in the short video era, serving as a guiding light for other entrepreneurs seeking to embrace change [4][9]. - The marketing environment in the liquor industry is undergoing significant changes, with Wu's personal brand and product innovations driving mutual empowerment [10]. Group 3: Content Strategy - Wu's video content is diverse, covering industry experience, personal anecdotes, and cultural heritage, which resonates well with audiences [8]. - His approach to storytelling is engaging and avoids traditional lecturing, instead using relatable and humorous narratives to capture viewer attention [8]. Group 4: Business Model and Collaboration - Wu's personal brand has become a valuable asset for the "Wanshang Alliance," which has signed 3,800 supermarkets, showcasing a successful model of resource aggregation through content [10][11]. - The collaboration between Wu's personal IP and traditional businesses demonstrates a new operational logic where content drives resource consolidation, enhancing brand loyalty and user engagement [11].

Core Insights - The live broadcast by Wu Xiangdong, chairman of Zhenjiu Lidou Group, attracted significant attention with a total viewership of 9.78 million and a peak concurrent audience of 380,000, indicating a shift in influence comparable to major internet figures [2][8] - The event is seen as a pivotal moment for the liquor industry, showcasing innovative business models during a period of transformation [2][6] Sales Performance - Zhenjiu Lidou achieved a remarkable revenue of 580 million yuan within 200 days, making it the top-selling new product in the mid-to-high-end segment, a feat accomplished in less than six months [4][6] - The "Wanshang Alliance" model facilitated this success, with over 3,800 alliance merchants signed and 71 forums held, attracting more than 9,400 participants [6][10] Business Model and Strategy - The Wanshang Alliance's rapid growth is attributed to strict price control mechanisms and a five-tier supervision system, which has maintained stable pricing for Zhenjiu Lidou products [6][10] - Wu Xiangdong's personal communication with alliance merchants through 22 letters has fostered a strong community spirit, redefining traditional manufacturer-merchant relationships [7][11] Personal Branding - Wu Xiangdong's personal video account has become a phenomenon, ranking first in influence among entrepreneurs, surpassing notable figures like Yu Minhong and Zhou Hongyi [8][9] - His video content has garnered over 300 million views, with multiple videos exceeding 10 million views, showcasing his effective engagement with the audience [10][11] Future Plans - The company aims to optimize its alliance merchant network, targeting over 5,000 high-quality merchants, and to enhance organizational capabilities [14][15] - Zhenjiu Lidou plans to launch four major product lines, including a flagship liquor aiming for 30 billion yuan in sales, a premium beer, and health-focused beverages [15][17] - The establishment of Zhenjiu Winery is part of the long-term vision to become a leading global beverage company [17]

Core Insights - The forum titled "Advancing the 14th Five-Year Plan - Opportunities for Innovation and Enterprise Cooperation in the Greater Bay Area" was held in Guangzhou, focusing on new development patterns and challenges in the current economic landscape [2] - The chairman of Zhenjiu Lidou Group, Wu Xiangdong, highlighted the unprecedented challenges facing the liquor industry, emphasizing the necessity for innovation as a key to survival and growth [2] Group 1 - Zhenjiu Lidou has launched the "Wanshang Alliance" project, focusing on seven dimensions: super links, super products, super channels, super communication, super organization, super brand, and super experience, to build a "super innovation" system [4] - Since its launch in May, the Wanshang Alliance has hosted 73 forums in Zunyi, attracting over 10,000 participants and resulting in over 3,600 successful contracts, generating nearly 600 million yuan in revenue for Dazhen Zhenjiu [4] - The Wanshang Alliance has become the most popular innovative business project in the industry, with Wu Xiangdong establishing a prominent entrepreneur IP on WeChat video [4] Group 2 - Zhenjiu Lidou plans to deepen the Wanshang Alliance project and continuously optimize its innovation system [4] - Wu Xiangdong called for outstanding entrepreneurs from various sectors to participate in the Wanshang Alliance, promoting collaboration to create a new future for the liquor industry [4]

Group 1 - The forum titled "Advancing the 14th Five-Year Plan - Opportunities for Innovation and Enterprise Cooperation in the Greater Bay Area" was held in Guangzhou, gathering elites from various sectors to discuss opportunities and challenges in the new development landscape [1] - The chairman of Zhenjiu Lidou Group, Wu Xiangdong, highlighted the unprecedented challenges facing the liquor industry, emphasizing that traditional development models are no longer sustainable and innovation is key for survival and growth [3] Group 2 - The Wan Shang Alliance project, launched in May this year, has hosted 73 forums in Zunyi, attracting over 10,000 participants and resulting in more than 3,600 successful contracts, with Zhenjiu achieving nearly 600 million yuan in returns [5] - The Wan Shang Alliance has become the most popular innovative business project in the industry, and Wu Xiangdong called for outstanding entrepreneurs from all sectors to participate in the project to strengthen collaboration and co-create a new future for the liquor industry [5]