Group 1 - The core viewpoint of the article indicates that the liquor industry, particularly the white liquor sector, is undergoing a significant transformation, with expectations of reaching a performance bottom by the first half of 2026 [1] - The stock price of Zhenjiu Lidu (06979) has increased by over 8%, currently trading at 7.94 HKD, with a transaction volume of 82.0855 million HKD [1] - According to a report from Guotai Junan Securities, the policy variables are accelerating the clearing process in the white liquor industry, suggesting that stock prices may show a trend reversal before demand picks up [1] Group 2 - Zhenjiu Lidu has released a performance forecast indicating that its revenue for the first half of the year is expected to be between 2.4 billion to 2.55 billion CNY, representing a year-on-year decline of 38.3% to 41.9% [1] - The company's net profit attributable to shareholders is projected to decline by 23% to 24% year-on-year, with adjusted net profit expected to decrease by 39% to 40% [1] - On August 8, the founder of Zhenjiu Lidu, Wu Xiangdong, launched a new beer product, using high-quality ingredients from various countries, priced at 88 CNY per bottle and 1,056 CNY per case [1]

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has risen over 8%, currently trading at 7.94 HKD, with a transaction volume of 82.0855 million HKD, amid expectations of a market bottom for the liquor industry by mid-2026 due to policy changes [1][1]. Company Summary - Zhenjiu Lidu has issued a performance forecast indicating that its revenue for the first half of the year is expected to be between 2.4 billion to 2.55 billion CNY, representing a year-on-year decline of 38.3% to 41.9% [1][1]. - The company's net profit attributable to shareholders is projected to decrease by 23% to 24% year-on-year, with adjusted net profit expected to decline by 39% to 40% [1][1]. Industry Summary - According to a report from Guotai Junan Securities, the liquor industry is undergoing a cleansing process accelerated by policy variables, with expectations that the industry will reach a performance bottom by the first half of 2026 [1][1]. - The report suggests that liquor stock prices may show a trend reversal ahead of demand-side improvements, based on high-frequency signals such as batch prices [1][1].

Group 1 - The adjustment in the liquor sector began due to the revision of regulations promoting frugality and opposing waste, leading to strong concerns about the long-term demand for liquor [1] - High-end liquor's share in government affairs has decreased significantly, with business demand being a crucial driver correlated with the national economy's activity level [1] - The liquor industry is rapidly bottoming out, with leading companies adjusting channel structures and enhancing market development capabilities, which may lead to more growth opportunities if consumption gradually improves [1][2] Group 2 - The white liquor industry is considered a strong beta sector, with expectations of weak economic and consumption performance affecting sales, particularly after the Spring Festival [2] - Policy changes are accelerating the industry's clearing process, with performance bottoms expected to be reached by mid-2026, and stock prices may show trends before demand recovers [2] - The expected revenue for Zhenjiu Lidu for the six months ending June 30, 2025, is projected to be between RMB 2.4 billion and RMB 2.55 billion, representing a year-on-year decline of 38.3% to 41.9% [3]