白酒行业专家肖竹青表示："万商联盟计划是吴向东在行业下行期打出的一张关键牌，其本质是一场'渠道命运共同体'实验。传统白酒团购依赖经销商个人 人脉，而万商联盟把'卖酒'升级为'卖身份'——联盟商不仅是经销商，更是珍酒李渡的'区域合伙人'。" 本报讯 （记者梁傲男）12月9日，珍酒李渡集团有限公司（以下简称"珍酒李渡"）董事长吴向东以"我们的200天"为主题，开启第五场大型直播，讲述了珍 酒李渡在行业变革期的创新模式。这场时长近4小时的直播，吸引全网978万人次观看，最高在线人数38万，全网点赞340万，直播热度再攀新高。 吴向东在直播中分享，过去200天，大珍·珍酒回款5.8亿元，成为中高端全网新品销量第一；万商联盟创富论坛召开71场，参会超9400人次，签约联盟商超 3800家，成为2025最佳创新商业模式；建立"六不"销售铁律及五级监督体系，管住市场价盘；他亲自向联盟商撰写22封信，真诚沟通，筑牢厂商关系。 联盟商的积极参与成就了万商联盟的阶段性突破，而珍酒李渡始终将联盟商利益放在核心位置，通过构建长期利益共享机制深化厂商协同，为联盟商的持续 发展提供坚实保障。 9月10日，珍酒李渡发布公告称，推出"联盟商 ...

Core Viewpoint - The recent management changes at Zhenjiu Lidou Group, including the appointment of a new CEO, reflect the company's ongoing adjustments amid significant performance pressures, as evidenced by declining revenue and net profit figures [1][2]. Management Changes - Tang Xiangyang has been appointed as the new CEO, succeeding Yan Tao, with a three-year term and a total annual compensation of 5 million yuan [1]. - Yan Tao, who has been with the company for nearly 20 years, will continue as an executive director and vice chairman, focusing on business operations and development [1]. - Wu Qirong, son of the chairman, has been appointed as an executive director, indicating a generational transition within the company's leadership [2]. Financial Performance - Zhenjiu Lidou reported its first revenue and net profit decline since its listing in 2023, with revenue of 2.497 billion yuan, down 39.6% year-on-year, and a net profit of 575 million yuan, down 23.5% [2]. - The company incurred 266 million yuan in equity-settled share incentive expenses in the first half of 2024, significantly higher than the 38.43 million yuan in the same period of 2025, indicating a more substantial decline in actual profitability [2]. Market Challenges - The company faces significant market price challenges, with actual sales prices for products like "Zhen Fifteen" and "Zhen Thirty" being substantially lower than their suggested retail prices, leading to a price inversion issue [3][5]. - A distributor noted that the suggested retail price of 899 yuan for "Zhen Fifteen" is being sold at around 350 yuan, highlighting the pricing difficulties faced by the company [3]. Strategic Initiatives - The "Wanshang Alliance" plan launched in May aims to stabilize pricing and enhance distributor relationships through unified price control and profit-sharing mechanisms [5]. - The first season of the "Wanshang Alliance" project saw 2,416 alliance merchants sign contracts, with 1,182 completing shipments from May to August [5]. - The company is also diversifying its product line, having launched a new product "Da Zhen" targeting the price gap between "Zhen Fifteen" and "Zhen Thirty," with initial sales generating 370 million yuan in revenue [5][6]. Product Development - Zhenjiu Lidou has introduced a new craft beer "Niu Shi," which has received positive market feedback, ranking first in sales on Tmall and among the top three on JD.com for 15 consecutive days [9]. - The company is also developing a new beer variant that will be aged for 1-2 years, indicating a commitment to expanding its product offerings beyond traditional liquor [9].

Core Points - The company, Zhenjiu Lid, announced the launch of the "Alliance Merchant Rights Payment Plan" on September 11, aiming to set economic benefits rights corresponding to no more than 169 million shares for its merchant alliance [1] - The board of directors has the authority to increase this number based on circumstances to incentivize qualified alliance merchants, promoting the company's long-term sustainable growth and development [1] - As of now, 2,418 clients have signed up to become alliance merchants since the initiation of the Merchant Alliance Plan in May [1] - The second season of the Merchant Alliance will be launched from September to December, with the first grant of the "Alliance Merchant Rights Payment Plan" expected to occur in September [1]