Core Viewpoint - The company, Zhenjiu Lid, is facing significant challenges in the first half of 2025, with expected revenue declines and a strategic focus on product innovation and market adaptation to stabilize its performance [1][2] Group 1: Financial Performance - For the first half of 2025, the company anticipates revenue between 2.4 to 2.55 billion yuan, representing a year-on-year decline of 38.3% to 41.9% [1] - The expected net profit attributable to shareholders is projected to decrease by 23% to 24%, while the adjusted net profit (Non-IFRS) is expected to decline by 39% to 40% [1] - The adjusted net profit decline aligns closely with the revenue decline, indicating stable profit margins despite the downturn [1] Group 2: Industry Context - The overall white liquor industry is experiencing weak recovery momentum due to ongoing macroeconomic uncertainties, with a decline in consumption during key festive periods [1] - The company is actively adjusting its strategies to cope with industry pressures, including launching new products and enhancing its pricing control [1] Group 3: Strategic Initiatives - The company launched a strategic new product, "Zhenjiu Dazhen," in June, which aims to strengthen brand recognition and improve market penetration through quality upgrades [2] - A new channel innovation strategy has been implemented, focusing on a low deposit entry and limited supply model to rebuild distributor confidence [2] - The chairman indicated that a significant portion of the budget will be allocated to the "Dazhen" product, suggesting a strong commitment to this strategic initiative [2] Group 4: Future Outlook - The company forecasts revenues of 5.666 billion yuan and 6.074 billion yuan for 2025 and 2026, respectively, with a projected year-on-year decline of 19.82% in 2025 followed by a growth of 7.21% in 2026 [2] - The adjusted net profit (Non-IFRS) is expected to be 1.312 billion yuan in 2025 and 1.443 billion yuan in 2026, with a decline of 21.73% in 2025 and a growth of 9.95% in 2026 [2] - The company is recommended for investment due to its clear brand positioning and strategic focus on optimizing the competitive landscape of premium liquor brands [2]
珍酒李渡(06979.HK)：主动调整控速健康发展 着力培育战略新品大珍蓄力未来发展