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].
珍酒李渡业绩大滑坡！88元一瓶的精酿啤酒能否救命？