白酒教父爱上直播秀，珍酒李渡“自救式”回血能撑多久？

Core Insights - The chairman of Zhen Jiu Li Du Group, Wu Xiangdong, has been actively engaging in live streaming to promote the brand and its products, achieving nearly 9.8 million views in a single session [1] - The company is undergoing a significant transformation in response to declining sales and profits, with a focus on building a personal brand to attract more business partners [1] - The high-end liquor market is experiencing a downturn, leading to a challenging environment for both large and small enterprises, with Zhen Jiu Li Du reporting its worst half-year results since going public [2] Company Performance - For the first half of 2025, Zhen Jiu Li Du reported revenue of 2.497 billion RMB, a year-on-year decline of 39.6%, and net profit of 575 million RMB, down 23.5% [2] - The core brand, Zhen Jiu, saw revenue drop to 1.492 billion RMB, nearly halving from the previous year, with sales volume decreasing from 6,932 tons to 4,612 tons [4] - The average price per ton also fell from 389,800 RMB to 323,400 RMB, indicating a dual decline in both volume and pricing [4] Market Dynamics - The high-end liquor segment has faced a 47.3% revenue drop, primarily due to reduced demand for business banquets and gifting [6] - Regulatory changes, such as tightened "alcohol bans," have further impacted sales, particularly in the 300-800 RMB price range [7] - Increased competition from brands like Moutai and Xijiu, which have lowered their prices, has put additional pressure on Zhen Jiu [9] Strategic Initiatives - In response to declining performance, the company launched the "Wan Shang Alliance" model to strengthen partnerships with distributors, signing 3,900 alliance merchants [15][16] - The appointment of Tang Xiangyang as CEO is seen as a strategic move to leverage his extensive experience in the liquor industry to stabilize pricing and improve sales channels [18][24] - The company aims to rebuild its pricing structure and restore confidence in group purchases, which are critical for its recovery [24]