坚守长期主义，共筑共生共赢新生态

Core Insights - The white liquor industry and Zhenjiu Lidu Group have navigated through a year of deep adjustments while accumulating strength through innovation and adherence to core values [1] - The industry faces ongoing pressure and increasing market differentiation, yet there is unwavering confidence in the resilience and future prospects of Chinese liquor due to strong governmental support for the real economy [1] Industry Developments - In 2025, Zhenjiu Lidu launched a new strategic product "Dazhen·Zhenjiu," which achieved sales exceeding 800 million yuan across 31 provinces and 280 cities [1] - The company introduced the "Wanshang Alliance" model to reshape the industry ecosystem, fostering symbiotic relationships between manufacturers and distributors, with over 80 forums held and more than 4,000 signed alliance partners [1] - The company utilized personal video channels to share its brewing stories and industry insights, achieving over 400 million views and 15 videos with over 10 million views each, highlighting the value of sincere communication as a brand asset [1] Future Outlook - For 2026, the company anticipates external challenges but remains committed to its core values of craftsmanship, cultural heritage, and brand responsibility, aiming to find certainty amid uncertainty [2] - Zhenjiu Lidu Group is dedicated to long-termism and collaboration with employees, partners, and consumers to face challenges and create shared value, with the goal of becoming a globally leading, world-class beverage company [2]