白酒行业深度调整期的一抹亮色：珍酒李渡以组织与产品创新实现韧性增长。 文 | 卖酒狼团队 编 | 南风 值得一提的是，珍酒李渡的"韧性"背后，是打破行业传统经营思维的魄力，是具有前瞻性的战略方向判断，是始终坚持"品质第一"理念的长期主义精神彰 显，是领导者善于把控诗句变化的能力体现…… 2025年，面对行业普遍存在的渠道利润压缩、价格倒挂、动销放缓等难题，珍酒李渡推出了"超级产品+超级组织+个人IP"三重创新模式，构建了完整的破 局体系。 产品创新：锚定消费升级中的价值洼地！"大珍·珍酒"的推出体现了企业对市场趋势的敏锐洞察。 这款定价600元的产品直接对标市场3000元级产品，瞄准中产家庭与中小企业主群体。在消费理性回归的背景下，这一策略精准抓住了性价比消费崛起的 新趋势，开辟了白酒赛道的新蓝海。 日前，"港股白酒第一股"珍酒李渡召开了"2025年中期业绩投资者说明会"。在当前白酒行业面临深度调整与结构性变革的背景下，此次会议不仅重点披露 了公司中期业绩的核心数据，更深入阐释了企业如何通过战略创新应对市场挑战的具体路径与实践思考。 在充满不确定性的行业环境中，珍酒李渡展现出较强的战略定力与应变能力，其围绕产 ...

Core Insights - The "2024-2025 Annual Search for 'Respected' Enterprises" is actively being conducted, with 1,066 companies showing continuous growth in net profit attributable to shareholders from 2022 to 2024 [1][2] - Net profit attributable to shareholders is a key indicator of a company's profitability and shareholder returns, reflecting operational efficiency, competitive products, and market positioning [1] - In a highly competitive environment, sustained profitability is emphasized as a fundamental driver for companies to navigate economic cycles and maintain stability [1] Industry Distribution - Among the 1,066 companies with three consecutive years of profit growth, the distribution includes: 49 automotive parts companies (4.59%), 40 biopharmaceutical companies (3.75%), 33 commercial banks (3.1%), 20 home appliance companies (1.88%), and 10 automotive manufacturers (0.9%) [2] - This diverse distribution indicates that these leading companies are not solely reliant on industry growth but also on effective management and innovation [2] Top Companies - The top 10 companies by net profit for 2024 include: Industrial and Commercial Bank of China (601398.SH), China Construction Bank (601939.SH), Agricultural Bank of China (601288.SH), Bank of China (601988.SH), China Petroleum (601857.SH), China Merchants Bank (600036.SH), China Mobile (600941.SH), Bank of Communications (601328.SH), Postal Savings Bank of China (601658.SH), and Kweichow Moutai (600519.SH) [2][4] - State-owned banks and national joint-stock banks dominate this list, showcasing their strong management capabilities despite external pressures [4] Banking Sector Insights - The banking sector faces intense competition characterized by homogenization and short-term performance focus, yet leading banks maintain a long-term perspective and adhere to operational principles [4] - For instance, Industrial and Commercial Bank of China emphasizes innovation and digital transformation, while China Construction Bank balances various economic factors to ensure sustainable growth [4] Sector-Specific Strategies - China Petroleum is enhancing exploration and development efforts while transitioning to new energy and materials sectors to improve value creation and risk management [5] - China Mobile aims to become a world-class information service technology innovation company, focusing on long-term value growth and expanding into international business and digital content [5] - Kweichow Moutai adheres to its corporate values and focuses on maximizing the benefits of its unique geographical resources within the traditional liquor industry [5]

Group 1 - The recent visit by the director of the local People's Congress, Bao Jian, to Shunxin Agriculture Pengcheng Food Company and Yanjing Brewery aimed to understand the operational status and challenges faced by these enterprises [1][3]. - At Shunxin Agriculture, the focus was on the pig slaughtering and meat processing production line, with an emphasis on recent operational data, market supply stability, and safety production measures [3][4]. - At Yanjing Brewery, the visit highlighted the efficiency of the beer production line and the progress in new product development, including discussions on brand upgrades and market feedback [3][4]. Group 2 - Bao Jian emphasized the need for a continuous communication mechanism to identify and address the challenges faced by enterprises, ensuring better support for innovation and development [4]. - The importance of aligning government and enterprise efforts to create a synergistic environment for innovation and market responsiveness was stressed [4]. - The role of the People's Congress in monitoring policy implementation and service efficiency was highlighted as crucial for supporting the construction of an integrated urban and industrial development [4].

Core Insights - Shandong Yuying Optical Instrument Co., Ltd. is the world's largest supplier of Fresnel lenses, producing over 160 million lenses annually for various high-end applications [1][9] - The company has transformed from a small workshop with only a few employees to a leading player in the optical industry under the leadership of Li Zhengkun [1][3] Company Development - The company has undergone several transformations since its inception in 1970, initially starting as a measurement and weighing company before evolving into an optical instrument manufacturer [3][4] - In 1992, Li Zhengkun took over the struggling company with a personal investment of 90,000 yuan and additional loans, marking the beginning of a significant entrepreneurial journey [4][6] - A pivotal moment occurred in 2000 when the company successfully designed and built its first high-precision lathe, enabling it to break free from reliance on imported molds and achieve profitability [6][9] Innovation and Product Development - The company currently offers thousands of products and maintains a rapid innovation pace, launching a new product every week [9][11] - Notable products include advanced optical components for automotive HUD systems and next-generation traffic signal lights, which enhance visibility and safety [9][11] Future Outlook - The company emphasizes the importance of understanding industry dynamics and market trends for long-term success [11] - With the growing potential of the smart market, the company aims to focus its future R&D efforts on serving this sector, aspiring to become a century-old enterprise [11]

Group 1 - The core viewpoint of the article highlights the innovative advancements and achievements of Jiangxi Jiashite CNC Co., Ltd. in the field of automation and AI integration in manufacturing, showcasing a shift from traditional machine repair to high-end manufacturing [1] - Jiashite has developed an unmanned production model that operates 24 hours autonomously, increasing production efficiency by 30% and reducing labor costs by 40% [1] - The company has received recognition for its S7 series machine tools, which have been certified as "internationally advanced" by the Ministry of Industry and Information Technology, establishing benchmarks in flexible production lines and human-machine collaboration [1] Group 2 - Nanchang County has established a supportive innovation system that includes financial backing and the establishment of an academic workstation to assist Jiashite during its R&D funding challenges [1] - The county has implemented a "universal + preferential" policy framework that benefits 534 technology-based SMEs through measures like R&D expense deductions and tailored support for key enterprises [2][1] - Nanchang County is building a tiered cultivation system for technology-based SMEs, high-tech enterprises, and high-growth enterprises, with research platforms established in collaboration with major universities and research institutes [2] Group 3 - The "reveal the list and take the lead" mechanism has been promoted in Nanchang County, allowing enterprises to publicly announce their technical needs and attract nationwide research collaboration [3] - The county has initiated a series of projects to address specific technical challenges faced by local enterprises, such as improving traditional egg processing methods [3] - Nanchang County has successfully launched multiple rounds of the "reveal the list and take the lead" projects, driving R&D investment of 186 million yuan and facilitating the transition of scientific achievements from laboratories to production lines [3]

Economic Overview - The overall economic operation in China remained stable in July, with various fiscal policies continuing to exert influence and accelerate infrastructure project construction [1] Government Investment and Infrastructure - Government investment has increased, leading to a faster pace of engineering construction [2] - National engineering machinery workload increased by 4.44% month-on-month, indicating a quicker pace in infrastructure project construction, particularly in road equipment, which reflects ongoing large-scale projects [3] - 20 provinces in China reported a construction start rate exceeding 50%, with 12 provinces, including Hubei, Jiangxi, Guizhou, Qinghai, and Guangxi, showing month-on-month growth [5] - From January to July, the cumulative year-on-year growth of project bidding amounts was 31.9%, indicating a robust investment climate [7] - Major economic provinces like Jiangsu, Guangdong, Zhejiang, Sichuan, and Shandong accounted for nearly 40% of the national project bidding amounts in July, continuing to play a leading role in investment [9] Industrial Production - Industrial production maintained steady growth in July, with strong innovation and development momentum among enterprises [10] - The industrial park production heat index increased by 21.9% year-on-year in July, with the average operating rate of major industrial products rising by 2.6 percentage points compared to the same period last year [11] - The operational vitality index for startups and technology innovation enterprises grew by 35.2% and 24.9% year-on-year, respectively, with five provinces showing over 50% growth in startup vitality [13] Consumer Activity - The consumer market continued to recover in July, with both online and offline consumption showing improvement [14] - The online service consumption heat index increased by 9.7% year-on-year, indicating stable consumer vitality related to daily life [15] - Offline consumption showed even more significant growth, with a year-on-year increase of 20.9% in the consumption heat index, particularly in regions like Ningxia, Guangxi, Anhui, Tianjin, and Henan [17] - Home appliance consumption surged, with key categories seeing a 36.7% year-on-year increase in online retail sales, particularly in air conditioning [19] - The migration scale index increased in July, with a month-on-month rise of 15.3% and a year-on-year rise of 16.1%, reflecting heightened travel enthusiasm among residents [20]

Economic Overview - The overall economic operation in China remained stable in July, supported by continuous fiscal policies and accelerated infrastructure project construction since 2025 [1][9] Investment and Infrastructure - National engineering machinery workload increased by 4.44% month-on-month, with significant activity in road and bridge projects, particularly in pile foundation equipment, which saw a 14.37% increase [3][5] - 20 provinces reported an opening rate exceeding 50%, with 12 provinces showing month-on-month growth, indicating strong growth momentum, especially in the western regions [7] - From January to July, the cumulative amount of project bids increased by 31.9% year-on-year, reflecting a rapid pace of project implementation [7][9] Industrial Production - Industrial production maintained steady growth in July, with a 21.9% year-on-year increase in the industrial park production heat index, and an average operating rate of major industrial products up by 2.6 percentage points compared to the same period in 2024 [10][12] - The industrial economy continued its stable growth trend since 2025, with strong innovation vitality among enterprises [12] Consumer Market - The consumer market showed signs of recovery in July, with both online and offline consumption increasing [13] - The online life service consumption heat index rose by 9.7% year-on-year, while offline consumption heat index increased by 20.9%, with significant growth in household appliance sales, particularly air conditioning [15][17] - The tourism and entertainment sectors experienced a boost, with migration data indicating a 15.3% month-on-month increase in migration scale index [19]

Core Viewpoint - The company emphasizes its commitment to enhancing operational management and exploring innovative business development while increasing investment in research and development to ensure sustainable high-quality growth [2] Group 1 - The management team is focused on improving operational management and core business development [2] - The company aims to actively explore innovative business opportunities [2] - There is a commitment to increasing investment in research and development to enhance core competitiveness [2]

Group 1 - The core viewpoint of the article highlights a shift in consumer behavior, where individuals are moving away from impulsive purchasing during promotional events to making more thoughtful decisions based on actual needs [2][3] - The home appliance industry reflects these changing consumer trends, indicating that companies must adapt to a more discerning customer base that values differentiated products over mere cost-effectiveness [2] - Dyson's Chief Technology Officer emphasizes that understanding and responding to evolving consumer demands is crucial for long-term market leadership and innovation within the industry [2][3] Group 2 - Companies in various sectors must continuously explore unrecognized consumer needs and maintain an innovative pace to thrive in China's dynamic market [3] - The article suggests that with the leadership of innovative companies like Dyson, the consumer market in China is expected to improve over time, facilitating the realization of better living standards for families [3]

Core Viewpoint - The recent signing ceremony in Yongxiu County, Jiangxi Province, showcased 14 investment projects across various sectors, indicating a strong commitment to economic development and investment attraction in the region [1] Group 1: Investment Projects - A total of 14 projects were signed, covering sectors such as organic silicon, equipment manufacturing, and green building materials [1] - This event represents a concentrated display of investment achievements since June, highlighting the county's efforts in project promotion and investment facilitation [1] Group 2: Economic Development - Yongxiu County has demonstrated positive economic growth and effective investment attraction in the first half of the year, with local enterprises providing favorable evaluations [1] - The county aims to balance quantity and quality in attracting investments while accelerating project construction and addressing practical issues faced by enterprises [1] Group 3: Future Strategies - The county plans to enhance support for enterprises, focusing on technological breakthroughs and utilizing existing public platforms for organic silicon to foster innovation and overcome technical challenges [1]