12月9日下午2点30分，珍酒李渡集团董事长吴向东将开启第五场大型直播。 截至目前，吴向东已成功举办四场大型直播，共获超2200万人观看、超1800万人点赞，直播热度持续攀 升。 本场直播将通过"吴金东-珍酒李渡"视频号、"贵州珍酒"视频号进行播出。新浪财经、新华云直播、网易 新闻、云酒直播、微酒、糖酒快讯、酒业家、酒说食业头条app、知酒、东方财富、雪球、时代财经、 微博-新浪研酒所等平台也将同步直播。 万商联盟启动200天，已经成功举办71场，超9400人参会，近3900位客户成功签约。吴向东在直播预告 中表示，此次直播将聚焦"我们的200天"，回顾万商联盟启动200天的精彩故事，发布下一个200天规 划，描绘项目未来图景。 ...

Core Insights - The chairman of Zhenjiu Lidong Group, Wu Xiangdong, has successfully built a personal brand since July 2023, achieving over 200 million total video views and multiple videos exceeding 10 million views [1][3]. Group 1: Personal Branding and Video Content - Wu Xiangdong's video account "Wu Jindong - Zhenjiu Lidong" has gained significant traction, with videos on topics like food and wine, and entrepreneurial spirit garnering over 100,000 views each [3]. - His video titled "The Responsibility of Enterprises: Respect for Consumers and Society" has resonated with audiences, achieving over 45 million views by discussing the company's initiatives for drivers [4]. - Wu's approach includes engaging directly with distributors and consumers, breaking traditional barriers, and making his content relatable and dynamic [6]. Group 2: Business Model Innovation - Zhenjiu Lidong launched the "Wanshang Alliance" in May 2023, aiming to innovate the manufacturer-distributor relationship, inspired by successful models from companies like Pop Mart and Apple [7][10]. - The flagship product "Dazhen Zhenjiu" is priced at 888 yuan, with a market circulation price of 600 yuan per bottle, targeting middle-class families and small business owners [11]. - The "Wanshang Alliance" promotes a profit-sharing model, creating a community of mutual interests among distributors, and has attracted over 3,600 clients across 30 provinces and 250 cities [15]. Group 3: Market Performance and Strategic Moves - The launch of the "Niu Shi" beer has been successful, ranking first in sales on platforms like JD.com and Tmall shortly after its release [12]. - Zhenjiu Lidong's stock price has shown resilience, reaching a peak of 10.9 HKD per share since June 1, 2023, and stabilizing above 9 HKD [15]. - The company's strategic initiatives during a challenging market period reflect a commitment to long-term growth and brand positioning [15][17].

摘要：从白酒行业跨界打造高端啤酒，从低调大佬到酒业流量担当，吴向东正以个人IP为支点，撬动行 业的寒冬坚冰。 多条视频播放量千万级、总播放量突破2亿，这是珍酒李渡集团董事长吴向东自今年7月正式打造个人IP 以来交出的成绩单。 这位同时执掌"港股白酒第一股"珍酒李渡(6979.HK)和"A股酒类流通第一股"华致酒行(300755.SZ)的酒业 大佬，在行业寒冬中转型流量"大V"，成为酒企逆风破局的一抹暖色。 行业三十年积淀的"顶流"密码 吴向东的"大V"之路并非一蹴而就。 2024年起，他关于美食与美酒、企业家精神等演讲视频播放量均超"10万+"，引发业内关注。 今年7月，"吴金东—珍酒李渡"视频号正式运营，真实、坦诚、直率，成为个人IP的鲜明标签。 在《企业的责任：敬畏消费者，敬畏社会》视频中，吴向东从讲述珍酒厂为运输司机准备"温馨袋"细节 入手，阐述平等尊重每一个个体，强调对消费者与社会的敬畏之心，获得众多网友共鸣，播放量超4500 万。 《走进一线：听听市场动销的声音》系列视频中，吴向东不仅深入一线与经销商畅谈交流，了解实际动 销情况，还拿着手机拍摄经销商，做真心交流的记录者和倾听者，打破传统领导考察时给 ...

Core Viewpoint - The stock of Guizhou Zhenjiu (珍酒李渡) has seen a significant increase, rising over 6% in early trading, attributed to the company's recent strategic initiatives and market expansion efforts [1] Group 1: Company Developments - On November 2, Guizhou Zhenjiu held a peak season mobilization meeting to summarize market construction experiences and outline key tasks for the next phase [1] - The chairman of Zhenjiu Li Du, Wu Xiangdong, attended the meeting and delivered a speech [1] - The "Wanshang Alliance" project has successfully signed over 3,500 customers to date [1] - The product "Da Zhen" has been launched and is now available in 30 provinces and 250 cities across the country [1] Group 2: Product Strategy - The launch of the strategic new product "Da Zhen" in June is considered to have significant strategic importance [1] - "Da Zhen" serves as a key product to create a buffer zone for the flagship product "Zhen 30" in the 800 yuan price range, protecting the brand's value benchmark [1] - The innovative "Wanshang Alliance" channel model aims to deeply integrate the interests of distributors, with the success of "Da Zhen" expected to drive further sales of "Zhen 15" and solidify the consumer base [1] - According to a report from Founder Securities, "Da Zhen" is anticipated to be a pivotal point for achieving systematic brand enhancement for Zhenjiu [1]

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has seen a significant increase, rising over 6% in early trading, attributed to the company's recent strategic initiatives and product launches [1] Company Developments - On November 2, Zhenjiu Lidu held a peak season mobilization meeting to summarize market construction experiences and outline key tasks for the next phase [1] - The chairman of Zhenjiu Lidu, Wu Xiangdong, attended the meeting and highlighted the success of the "Wanshang Alliance" project, which has signed over 3,500 clients to date [1] - The product "Dazhen" was launched in June this year, which is considered a strategic product that helps to establish a buffer zone for the flagship product Zhen 30 in the 800 yuan price range [1] Market Strategy - The innovative "Wanshang Alliance" channel model aims to deeply integrate the interests of distributors, with the success of "Dazhen" expected to drive further sales of "Zhen 15" and solidify the consumer base [1] - According to a report from Founder Securities, "Dazhen" is anticipated to be a pivotal product for enhancing the brand's overall value and achieving systematic brand improvement for Zhenjiu [1]

Core Insights - The meeting held by Guizhou Zhenjiu focused on summarizing market construction experiences and planning key tasks for the next phase, with over 2000 participants attending both online and offline [1] Group 1: Market Strategy - The company emphasizes quality as a prerequisite for market construction, aiming to strengthen the access mechanism and develop high-quality customers [3] - Service is highlighted as a cornerstone, with a commitment to fulfilling service responsibilities to assist customers in achieving long-term development [3] - The company aims to unify thoughts and efforts to create a super IP, thereby expanding brand influence [3] Group 2: Industry Challenges and Opportunities - The white liquor industry is currently facing multiple pressures, including slowing macroeconomic growth, weak consumer demand, and intensified industry adjustments [4] - Despite these challenges, the company has successfully launched an innovative marketing model, the "Ten Thousand Merchants Alliance," signing over 3500 customers since May [4] - The introduction of the super product "Da Zhen·Zhenjiu" has led to its coverage across 30 provinces and 250 cities, becoming the top-selling new product in the mid-to-high-end liquor segment nationwide [4] Group 3: Employee Engagement and Future Plans - The meeting recognized 165 outstanding employees for their significant contributions to market construction, with representatives sharing their experiences [6] - Employees expressed their commitment to using advanced examples as benchmarks to enhance their sense of responsibility and urgency in market development [6] - The company plans to focus on consumer needs and leverage the Ten Thousand Merchants Alliance to drive deeper transformation actions, transitioning from a phase of scale expansion to one of value cultivation [7]

Group 1 - Renowned investor Lin Yuan led a team to Guizhou Zhenjiu for an inspection and participated in the Wan Shang Alliance Wealth Creation Forum and the "Zhen Enterprise Meeting" [1][2] - The Wan Shang Alliance is a core strategy for Zhenjiu to address industry changes, focusing on a super product model to reach middle-class consumers and resolve channel pricing issues [2][4] - The "Zhen Enterprise Meeting" aims to create a high-end entrepreneur community that combines commercial value and cultural heritage, enhancing cooperation among members [6][8] Group 2 - Lin Yuan shared investment insights and trends in the liquor industry, emphasizing a demand-driven investment philosophy and the cultural attributes of liquor [12] - He believes that the liquor industry, being cyclical, has shown a long-term upward trend and views the current market conditions as an opportune time for investment in Zhenjiu [12]

Group 1: Industry News - The Sichuan Super League has officially launched, with local liquor companies like Langjiu and Shede participating as sponsors and partners [1][3] - Langjiu has become the chief partner of the Sichuan Super League, planning to launch over 20 co-branded products and engage in extensive marketing across 21 cities in Sichuan [3] - Shede has named itself the sponsor of the Suining team, while Luzhou Laojiao has sponsored the Luzhou team, which will compete under the name "Luzhou Laojiao Team" [3] Group 2: Company Developments - Zhenjiu Li Du Group announced that its new product "Dazhen Zhenjiu" has achieved a revenue of 370 million yuan through a group purchasing model [6][8] - The company has attracted over 7,000 clients to its "Wanshang Alliance," with more than 2,860 clients signing contracts and sales exceeding 100,000 boxes [8] - Baijiu company Yingjia Gongjiu has set a revenue target of 7.6 billion yuan for 2025, reflecting a year-on-year growth of 3.49%, despite facing a decline in the first half of the year [10][11] Group 3: Market Outlook - The general manager of Laobai Ganjiu expressed optimism about improved market demand during the upcoming Mid-Autumn Festival and National Day holidays, highlighting significant market potential for family gatherings and celebrations [12] - Xiaohutuxian reported a 15% growth in the third quarter, focusing on banquet and group purchase channels, with banquet sales showing nearly 20% growth year-on-year [14] - Guizhou Moutai's deputy general manager is under investigation for serious violations, which may impact the company's operations [15]

Core Viewpoint - The company has launched an incentive plan for alliance merchants to promote long-term sustainable growth and development, with a focus on enhancing collaboration and performance within the "Wanshang Alliance" program [1][3]. Group 1: Incentive Plan Details - The incentive plan will utilize up to 169 million shares (5% of total shares) over the next five years, with the first grant expected in September 2025 [1]. - Eligible alliance merchants will have a lock-up period of 7 to 10 years, with performance targets determining the distribution of benefits [2]. - The plan will be adjusted based on company needs and market conditions, with the management committee determining eligibility based on performance and compliance [1][2]. Group 2: Performance and Market Impact - The "Wanshang Alliance" aims to address core channel pain points and establish sustainable competitive barriers, with the second season expected to continue strong momentum [3]. - In the first season, the program signed 2,418 alliance merchants and shipped to 1,182 merchants within 100 days, covering 30 provinces and 212 cities [3]. - The program integrates products, channels, and revenue mechanisms to tackle industry challenges, enhancing the role of distributors as "value co-creators" [3]. Group 3: Financial Projections - The company has a clear brand positioning and long-term strategic commitment, with expectations for revenue of 5.666 billion and 6.074 billion yuan in 2025 and 2026, respectively [4]. - Non-IFRS adjusted net profits are projected to be 1.312 billion and 1.443 billion yuan for 2025 and 2026, reflecting a decline in 2025 followed by growth in 2026 [4].

Group 1 - The core announcement from Zhenjiu Lidu (6979.HK) is the launch of the "Alliance Merchant Equity Payment Plan," which sets an initial economic benefit right corresponding to no more than 169 million shares for the Wan Shang Alliance [1][4] - The company initiated the Wan Shang Alliance plan in May, with 6,414 customers participating in the forum in the first quarter, and currently, 2,418 customers have signed up as alliance merchants [4] - The equity grant period for the "Alliance Merchant Equity Payment Plan" is set for five years, with the board having the discretion to adjust it based on various factors such as procurement scale, compliance records, cooperation duration, and contributions [4][7] Group 2 - The Wan Shang Alliance represents a new business model launched by Zhenjiu Lidu, focusing on deep collaboration between manufacturers and merchants to create a super product, Dazhen Zhenjiu, and to open up a golden sales track in the liquor market [7] - The company aims to establish a short, medium, and long-term revenue system to effectively promote the formation of a community of interests and a community of destiny among manufacturers and merchants [7] - Zhenjiu Lidu plans to launch the second season of the Wan Shang Alliance from September to December [8]