Core Insights - The "Wanshang Alliance" model addresses four major channel pain points: price chaos, high pressure on distributors' funds, profit dilution, and high inventory levels, potentially becoming the company's third growth curve [1] - The Dazhen product will play a strategic role in the product matrix, targeting the 600 yuan price range, aiming to capture both consumption upgrade and downgrade demands, while avoiding direct competition with ultra-high-end products [2] - The company aims to create a natural demand for products through consumer cultivation and atmosphere building, transforming group buyers into hybrid distributors, thus rapidly expanding sales volume [3] Financial Projections - The company expects revenues of 5.666 billion yuan and 6.074 billion yuan for 2025 and 2026, respectively, with a year-on-year decline of 19.8% in 2025 and a growth of 7.2% in 2026 [3] - Non-IFRS adjusted net profits are projected to be 1.312 billion yuan and 1.443 billion yuan for 2025 and 2026, reflecting a year-on-year decrease of 21.7% in 2025 and an increase of 10.0% in 2026 [3]
珍酒李渡(06979.HK)：共建健康厂商生态 驱动产品矩阵系统性跃迁 以长期主义赢未来