Core Viewpoint - Zhenjiu Lidu (06979) has seen its stock price increase by over 5%, currently trading at 8.35 HKD with a transaction volume of 62.129 million HKD, despite a disappointing earnings forecast for the first half of the year [1] Group 1: Earnings Forecast - The company expects revenue for the first half of the year to be between 2.4 billion to 2.55 billion CNY, representing a year-on-year decline of 38.3% to 41.9% [1] - The net profit attributable to shareholders is projected to decline by 23% to 24% year-on-year, with adjusted net profit expected to decrease by 39% to 40% [1] - CICC notes that the earnings forecast is slightly below expectations, primarily due to further sales pressure on the company's products in the second quarter [1] Group 2: Strategic Developments - CITIC Securities highlights the launch of a new strategic product, "Dazhen," in June, which targets a vacant price segment and has received positive market feedback, expected to contribute revenue in the second half of the year [1] - The company is set to introduce a high-end beer brand named "Niushi," aiming to expand its product range [1] - Founder and Chairman Wu Xiangdong stated that most of this year's budget expenditures will be focused on "Dazhen," and with concentrated top-level resources, the channel push for "Dazhen" is expected to continue in the second half of the year [1]

消息面上，珍酒李渡近日发布业绩预告，预计上半年营收24至25.5亿元，同比下降38.3%至41.9%；归母 净利润同比下降23%至24%，预计经调整后净利润同比下降39%至40%。中金指出，公司业绩预告略低 于预期，主因二季度公司产品销售进一步承压。 智通财经APP获悉，珍酒李渡(06979)再涨超5%，截至发稿，涨3.99%，报8.35港元，成交额6212.9万港 元。 中信建投指出，公司6月发布战略新品大珍，站位空缺价位带，主打真实年份市场反馈良好，预计下半 年贡献收入。此外，公司即将发布高端啤酒品牌"牛市"，拓展品类边界。方正证券指出，董事长吴向东 表示今年绝大部分的预算开支都将向"大珍"倾斜，在顶层资源聚焦下，预计下半年大珍渠道推力有望延 续。 ...

Core Viewpoint - The company, Zhenjiu Lidu, is entering the beer market with its high-end craft beer product "Niu Shi News" amid a significant decline in its core liquor business performance [1][3][5]. Financial Performance - Zhenjiu Lidu's revenue for the first half of the year is projected to be between 2.4 billion to 2.55 billion yuan, representing a year-on-year decline of 38.3% to 41.9% [3]. - The company's net profit attributable to shareholders is expected to decrease by 23% to 24%, with adjusted net profit anticipated to drop by 39% to 40% [3]. - The company's performance post-listing has been poor, with the latest half-year report being the worst since its IPO [4]. Market Strategy - The launch of the "Niu Shi" beer is seen as a strategic move to capture growth in the craft beer segment, which is becoming increasingly competitive [7][11]. - The beer is priced at 88 yuan per bottle, and its development took three years, utilizing high-quality ingredients from various regions [7]. - Zhenjiu Lidu's entry into the beer market aligns with a broader trend of liquor companies diversifying into craft beer, as seen with other major players like Wuliangye and Luzhou Laojiao [10][11]. Brand and Product Development - Zhenjiu Lidu has four main liquor brands: Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao, with Zhenjiu being the flagship brand [5]. - The company has faced challenges in its high-end product segment, with revenue from high-end products declining nearly 11% year-on-year [6]. - The company is also attempting to revitalize its liquor offerings with new products and marketing strategies, including the introduction of a premium product priced at 888 yuan [11]. Market Trends - The craft beer market in China is projected to grow significantly, with estimates suggesting it could reach 30 billion to 40 billion yuan by 2025 [10]. - The entry of liquor companies into the craft beer market is driven by their established distribution networks and brand recognition, which can support higher pricing for new products [11].

8月8日，珍酒李渡董事长吴向东曾重点预告的88元"牛市"啤酒正式上线招商，南都湾财社-酒水新消费 指数课题组记者注意到，这一产品上线后随即受到各界的强烈关注。 此前，珍酒李渡已发布盈利预警，今年上半年该公司营收和归母净利润预计同比下降。面对上半年业绩 收缩，珍酒李渡在公告中指出，今年下半年，公司将采取三大措施进行"对冲"，分别系增加光瓶白 酒"大珍"市场推广、下半年调整产品渠道和深入宴席布局等。在这三大措施外，业界同时认为，横 向"跨界"啤酒，是珍酒李渡试图培养"第二曲线"的选择。 不过，珍酒李渡"高调"进入啤酒领域，市场也存在疑问，其相对较高的定价系"虚高"还是"物有所值"？ 横向跨界啤酒是否会水土不服？但从股价走势来看，宣布"跨界"啤酒后，珍酒李渡的股价却接连上涨。 88元一瓶定价引热议 价格虚高还是"物有所值"？ 南都湾财社记者了解到，"牛市"啤酒对外产品宣传为：啤酒花的原产地来自美国雅基玛山谷，大麦芽来 自加拿大和澳大利亚，酵母来自德国和比利时，啤酒酿造用的水则取自浙江湖州的莫干山，另外还运用 了橡木桶"过桶"（通过浸泡熟成中吸取橡木桶味与酒体融合）技术，是"珍酒李渡花费三年打造出来的 精品"。 对比 ...

Group 1 - The Hang Seng Index rose by 0.09%, gaining 22 points to close at 24,929 points, while the Hang Seng Tech Index fell by 0.39%. The morning trading volume in Hong Kong was HKD 110.2 billion [1] - Dairy stocks led the gains, with expectations that fertility subsidies will boost dairy product demand. Institutions noted that the meat and milk cycle is favorable for livestock companies. Notable stock performances include: Aoyuan Group up 35.62%, Modern Farming up 15%, and China Shengmu up 13% [1] - Hong Teng Precision (06088) saw a rise of over 7% due to the mass production ramp-up of its GB200 series products, while BYD Electronics (00285) increased by over 4% [1] - Zhonghui Biotechnology-B (02627) surged over 16% on its second day of trading, following a nearly 158% increase the previous day, with a total market capitalization exceeding HKD 15 billion [1] - Ping An Good Doctor (01833) rose by 5.6%, reporting significant achievements in its medical AI products and ongoing optimization of its business structure [1] - Huachen China (01114) increased by over 9%, with expected profit growth of 13% to 16% for the first half of the year [1] - Zhenjiu Lidu (06979) rose by over 8%, with institutions suggesting that policy variables are accelerating industry clearing, and performance bottoming is expected as early as the first half of next year [1] Group 2 - Lithium stocks fell in early trading, with strong expectations of a contraction in lithium supply. Analysts indicated that the overall demand increase for the second half of the year lacks imagination. Tianqi Lithium (09696) dropped by 8%, and Ganfeng Lithium (01772) fell by 5% [2]

Group 1: Hong Kong Stock Market Performance - Zhengda Enterprise International (03839) surged over 20% after reporting a revenue of approximately $323 million, a year-on-year increase of 199.44%, and a net profit attributable to shareholders of $17.046 million, up 768.36% [2] - Zhenjiu Lidu (06979) rose over 11% as research indicated that the liquor industry is moving towards a performance bottom, with expectations for a trend reversal in stock prices ahead of demand recovery [2] - Lithium stocks fell, with Tianqi Lithium (09696) down over 7.5% and Ganfeng Lithium (01772) down over 5.7%, due to anticipated long-term production halts affecting domestic lithium carbonate output by nearly 12% [2] - China General Nuclear Power (01816) increased over 3% as it plans to commission multiple nuclear units between 2025 and 2030, with expectations of a long-term price rebound in the Guangdong region [2] Group 2: Company Earnings Reports - Hillstone Technology (01478) reported a revenue of 8.832 billion RMB for the first half of the year, a year-on-year increase of 15.1%, and a net profit of 308 million RMB, up 167.6% [4] - Jinsongzi (06896) fell nearly 20% after issuing a profit warning, expecting a profit decrease of about 37% compared to the same period in 2024 [4] - Jinke Services (09666) rose over 7% after announcing an expected net profit of approximately 0 to 100 million RMB for the six months ending June 30, 2025, compared to a net loss of 194.4 million RMB in the same period last year [4] - Jingtai Holdings (02228) increased nearly 5%, forecasting a comprehensive income of no less than 500 million RMB for the first half of 2025, a year-on-year increase of at least 387% [4] Group 3: U.S. Stock Market Highlights - AMD (AMD.US) fell 0.28% after confirming it received preliminary approval for AI chip exports to China [6] - TSMC (TSM.US) rose 0.11% with July sales reaching approximately $10.806 billion, a year-on-year increase of 25.8% [6] - Micron Technology (MU.US) increased by 4.06% after raising its revenue guidance for Q4 2025 to $11.1 billion to $11.3 billion, citing improved DRAM pricing conditions [6] - Intel (INTC.US) rose 3.51% amid news of CEO Pat Gelsinger's planned discussions with the White House [7] Group 4: Emerging Companies and Innovations - Tesla (TSLA.US) rose 2.85% after applying for a power supply license in the UK, aiming to compete with local energy giants [8] - Bilibili (BILI.US) increased by 1.67%, with a report highlighting that 70% of China's Z+ generation are users of the platform, indicating strong user engagement [8] - XPeng Motors (XPEV.US) continued to rise by 5.84% as its new extended-range model entered the new vehicle announcement list, indicating an upcoming launch [8]

Group 1 - The stock of Zhenjiu Liduo experienced a significant increase, with an early morning rise exceeding 13% and a trading volume surpassing 300 million HKD, leading to a market capitalization growth of over 3 billion HKD [1] - The chairman of Zhenjiu Liduo, Wu Xiangdong, launched the company's first high-end craft beer "Bull Market" during a live stream event, which attracted over 1.9 million viewers and achieved a peak online audience of 178,000, making it the most popular live stream of the day [3] - The "Bull Market" beer was developed over three years using premium ingredients sourced from various countries, aiming to redefine the concept of "good beer" for Chinese consumers with a brand positioning of "Good luck comes with the Bull Market" [5] Group 2 - Following the mid-term earnings forecast released on August 5, Morgan Stanley assigned an "Overweight" rating to Zhenjiu Liduo, predicting a recovery in both the company and the broader liquor industry, potentially occurring in Q4 of this year or in 2026 [6]

消息面上，国泰海通证券日前发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进， 预计最早在2026上半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐 点。 智通财经获悉，珍酒李渡(06979)涨超8%，截至发稿，涨8.17%，报7.94港元，成交额8208.55万港元。 珍酒李渡近日发布业绩预告，预计上半年营收24至25.5亿元，同比下降38.3%至41.9%；归母净利润同比 下降23%至24%，预计经调整后净利润同比下降39%至40%。另外，此前8月8日，珍酒李渡创始人吴向 东直播推出牛市啤酒，称原料选用美国雅基玛山谷啤酒花、加拿大和澳大利亚的大麦、德国和比利时酵 母，和中国莫干山的泉水。这款啤酒零售价88元/瓶，1056元/箱。 本文源自：智通财经网 ...

国泰海通证券日前发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进，预计最早在 2026上半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐点。 珍酒李渡近日发布业绩预告，预计上半年营收24至25.5亿元，同比下降38.3%至41.9%；归母净利润同比 下降23%至24%，预计经调整后净利润同比下降39%至40%。另外，此前8月8日，珍酒李渡创始人吴向 东直播推出牛市啤酒，称原料选用美国雅基玛山谷啤酒花、加拿大和澳大利亚的大麦、德国和比利时酵 母，和中国莫干山的泉水。这款啤酒零售价88元/瓶，1056元/箱。 来源：新浪港股 珍酒李渡（06979）早盘股价上涨9.54%，现报8.04港元，成交额1.25亿港元。 ...

珍酒李渡近日发布业绩预告，预计上半年营收24至25.5亿元，同比下降38.3%至41.9%；归母净利润同比 下降23%至24%，预计经调整后净利润同比下降39%至40%。另外，此前8月8日，珍酒李渡创始人吴向 东直播推出牛市啤酒，称原料选用美国雅基玛山谷啤酒花、加拿大和澳大利亚的大麦、德国和比利时酵 母，和中国莫干山的泉水。这款啤酒零售价88元/瓶，1056元/箱。 消息面上，国泰海通证券日前发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进， 预计最早在2026上半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐 点。 智通财经APP获悉，珍酒李渡(06979)涨超8%，截至发稿，涨8.17%，报7.94港元，成交额8208.55万港 元。 ...