在白酒行业深度调整的当下，珍酒李渡动作频频，一系列布局引发行业内外高度关注。 从珍酒李渡董事长吴向东在万商联盟创富论坛亲自宣讲，到推出"联盟商权益支付计划"，再到"大珍.珍酒"超级单品正式上市，以及吴向东打造个人IP，珍酒 李渡正着力全方位构建一个以"大珍.珍酒"为核心的超级产品生态，力求在行业寒冬中突出重围，重构未来白酒竞争新格局。 股权纽带下的深度绑定 9月10日，珍酒李渡(06979.HK)发布公告，推出"联盟商权益支付计划"，为万商联盟初步设定不超过1.69亿股对应的经济收益权，且董事会有权根据情况进一 步提高，激励符合资格的联盟商，以促进公司长期可持续增长和发展。 此外，珍酒李渡公告中明确了该项目合格参与者的多项考量因素，包括业绩表现、在指定期限内持续遵守适用的销售流程及规章制度、与珍酒李渡的合作年 限、参与公司的业务程度，以及对公司发展及增长的实际或潜在贡献等，这进一步确保了联盟商质量，保障计划的有效推进。 这一计划的核心亮点在于，以股权为纽带，将联盟商与珍酒李渡利益深度绑定，此举在白酒行业具有里程碑意义。传统白酒渠道中，厂商与经销商多为短期 利益合作，在行业下行压力下，二者矛盾频发。如今，珍酒李 ...

浙商证券指出，公司在25年6月推出战略大单品"大珍"，并匹配推出创新的万商联盟模式，大珍或有望 成为公司新的增长极，中期目标或达60亿元规模，主要得益于团队能力突出+三大创新。该行指出，珍 酒李渡作为业绩利空出尽且"大珍产品"成为现象级爆品的困境反转公司，中长期业绩有望超预期，重点 推荐。 智通财经APP获悉，珍酒李渡(06979)再涨超4%，截至发稿，涨4.14%，报10.07港元，成交额6129.97万 港元。 消息面上，珍酒李渡官微宣布推出"联盟商权益支付计划"，为万商联盟初步设定不超过1.69亿股对应的 经济收益权，且董事会有权根据情况进一步提高，激励符合资格联盟商，以促进公司长期可持续增长和 发展。今年5月，珍酒李渡启动万商联盟计划，截至目前已有2418家客户签约成为联盟商；9月至12月， 珍酒李渡将启动万商联盟第二季，"联盟商权益支付计划"预计9月进行首次授予。 ...

珍酒李渡(06979)再涨超4%，截至发稿，涨4.14%，报10.07港元，成交额6129.97万港元。 消息面上，珍酒李渡官微宣布推出"联盟商权益支付计划"，为万商联盟初步设定不超过1.69亿股对应的 经济收益权，且董事会有权根据情况进一步提高，激励符合资格联盟商，以促进公司长期可持续增长和 发展。今年5月，珍酒李渡启动万商联盟计划，截至目前已有2418家客户签约成为联盟商；9月至12月， 珍酒李渡将启动万商联盟第二季，"联盟商权益支付计划"预计9月进行首次授予。 浙商证券（601878）指出，公司在25年6月推出战略大单品"大珍"，并匹配推出创新的万商联盟模式， 大珍或有望成为公司新的增长极，中期目标或达60亿元规模，主要得益于团队能力突出+三大创新。该 行指出，珍酒李渡作为业绩利空出尽且"大珍产品"成为现象级爆品的困境反转公司，中长期业绩有望超 预期，重点推荐。 ...

Core Viewpoint - The company's performance in H1 2025 met expectations, with a decline in cash collection and overall stable profitability. New products, models, and marketing strategies are expected to drive growth improvement in the second half of the year [1]. Financial Performance - In H1 2025, the company achieved revenue of 2.5 billion yuan, a year-on-year decline of 40%, and an adjusted net profit of 610 million yuan, also down 40%. The overall gross margin was 59.0%, up 0.2 percentage points year-on-year, while the adjusted net profit margin was 24.6%, down 0.1 percentage points [2]. - The pre-collection of customer payments decreased sequentially, with amounts at the end of H1 2024, H2 2024, and H1 2025 being 1.79 billion yuan, 1.75 billion yuan, and 1.43 billion yuan respectively, indicating current operational pressures in the industry [2]. Brand Performance - Revenue by brand in H1 2025 showed a significant decline: Zhenjiu at 1.49 billion yuan (-45%), Lidu at 610 million yuan (-9%), Xiangjiao at 280 million yuan (-39%), and Kaikouxiao at 80 million yuan (-64%). Lidu's performance was driven by the growth of mid-range products [3]. - Revenue by price segment indicated declines for high-end white liquor (-47%), next-high-end (-42%), and mid-range and below (-31%), with high-end and next-high-end segments experiencing a year-on-year decrease in market share due to weak demand and ongoing drinking policies [3]. Strategic Response - Since H2 2024, the company has faced significant downward pressure in the liquor industry, maintaining a cautious shipping pace to alleviate channel inventory pressure. The company is launching new products and adopting innovative business models, such as the "Wanshang Alliance" model, to enhance marketing and customer engagement [4]. - The introduction of new products and a lower comparative base are expected to lead to improved performance growth in the second half of the year [4].

Core Viewpoint - The report highlights the resilience and strategic adjustments of Zhenjiu Lidu in the face of industry challenges, showcasing its strong performance and potential for future growth [1][4][13]. Financial Performance - In the first half of 2025, Zhenjiu Lidu achieved a revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan [1][4]. - The gross profit margin increased by 0.2 percentage points to 59%, maintaining growth for three consecutive years [4]. - The adjusted net profit margin remained stable at 24.6% compared to the same period last year, indicating ongoing improvements in operational quality [4]. Market Strategy - Zhenjiu Lidu is implementing proactive adjustments to navigate the industry's challenges, focusing on "bending the curve" to enhance its market position [3][5]. - The company is maintaining a strategy of controlling volume and stabilizing prices, with a ton price of 273,700 yuan, reflecting a commitment to price stability [4][5]. - The introduction of the "Wan Shang Alliance" model aims to create a new ecosystem for distribution channels, attracting over 6,100 potential clients and signing more than 2,000 [10][12]. Product Development - The launch of the "Dazhen" product and the new craft beer "Niu Shi News" reflects Zhenjiu Lidu's strategy to create cultural IPs that resonate with younger consumers [6][12]. - The company is focusing on differentiating its products through unique pricing strategies and cultural narratives, appealing to both traditional and new consumer bases [8][12]. Industry Positioning - Zhenjiu Lidu's performance and innovative practices position it as a model for other companies in the industry, especially during a period of market adjustment [13][15]. - The company's successful listing and performance have instilled confidence in the capital market, potentially encouraging more liquor companies to pursue similar paths [15].

Core Viewpoint - The liquor industry is facing multiple pressures, leading to a "loss of momentum" as a new norm. However,珍酒李渡 (Zhenjiu Lidu) has shown resilience with its performance in the first half of 2025, meeting market expectations and reflecting a stable market foundation [1][2]. Group 1: Financial Performance - In the first half of 2025,珍酒李渡 achieved revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan, aligning with market expectations [1]. - The company's gross margin increased by 0.2 percentage points year-on-year to 59%, marking three consecutive years of growth. The adjusted net profit margin remained stable at 24.6% [4]. - The average price per ton of liquor was 273,700 yuan, a decrease of 6.6% year-on-year, indicating the effectiveness of the company's price stabilization strategy [4]. Group 2: Market Strategies - The company has focused on four key areas: quality enhancement, channel innovation, brand building, and team development, solidifying its market foundation [3]. - The launch of the "大珍·珍酒" (Da Zhen Zhenjiu) product line has diversified the product portfolio, targeting consumers seeking high quality at a reasonable price, with sales success in major cities [9]. - The "万商联盟" (Wanshang Alliance) model aims to recruit over 10,000 alliance merchants, creating a nationwide distribution network and establishing a profit-sharing relationship with partners [11]. Group 3: Growth Potential - The introduction of the high-end craft beer "牛市News" (Bull Market News) represents a cross-industry innovation, aiming to create a dual business model of liquor and beer, thus enhancing brand influence [14]. - The company's series of transformations have gained recognition from the capital market, with several brokerage firms issuing "buy" ratings, indicating confidence in the company's long-term growth potential [16]. Group 4: Market Reaction - Following the positive performance,珍酒李渡's stock price surged from 6.46 HKD to 10.07 HKD per share, reflecting a cumulative increase of over 50% within a short period [19].