深度调整期又影响了一家白酒上市公司的表现。 5日晚间，港股白酒上市公司珍酒李渡发布业绩预警，该公司预计今年上半年营收约24亿元至25.5亿 元，同比下降约38.3%至41.9%；股东应占溢利预计下降23%至24%。 虽然在业绩预警中，珍酒李渡并未详细披露具体价格带产品以及具体品牌表现，但从今年上半年白酒行 业高端、次高端产品终端流通受阻影响，珍酒李渡的对应产品或出现动销难的情况。 不过，南都湾财社-酒水新消费指数课题组记者注意到，公告披露后次日（8月6日），珍酒李渡"不跌反 涨"：个股低开6.76港元/股后并持续走高，盘中一度触及7.58港元/股涨幅达10.82%，截至下午收盘，珍 酒李渡录得7.38港元/股，涨幅近8%。 针对相关业绩预警情况，珍酒李渡披露，白酒消费场景的减少系影响今年上半年业绩表现的主要因素， 尤其是商务宴请、社交宴请和送礼等场景大幅减少，导致珍酒李渡业绩预计同比下滑。 对于行业变化，珍酒李渡也提出了相应的对冲策略。其一是推出战略性旗舰单品，即光瓶酒"大珍"，该 公司预计在行业挑战下，该产品下半年或带来可观销售贡献。其二是巩固现有产品的竞争地位，珍酒李 渡方面称下半年将加大现有旗舰产品在核 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The 2025 Spring Sugar and Wine Fair was held from March 20 to March 27 in Chengdu, with a noticeable decline in attendance and an increase in promotional activities. The fair's role in brand recruitment has weakened due to the downward trend in the liquor industry, leading to slower sales for small brands and new products [2] - Despite the challenges, the Spring Sugar Fair remains a significant event in the industry, with major brands seeking to adapt through various cultural activities and product launches [2] - The industry is currently stable, with liquor merchants' attitudes improving after a low point last year. The report anticipates 2025 will be an adjustment year for the liquor industry, with the speed of channel clearing determining the timing of the industry's bottoming out [2] - Major liquor brands are focusing on practical changes and channel transformations to address declining profit margins and high inventory levels. New sales channels such as online live streaming and e-commerce are impacting traditional sales methods [2] - The report maintains a cautiously optimistic view on the liquor industry's adjustments, emphasizing the importance of stability for development. The performance of listed companies is expected to show a general slowdown in the first half of the year, with key observations set for the Mid-Autumn Festival and National Day [2] Summary by Sections - **Event Overview**: The Spring Sugar and Wine Fair experienced lower attendance and increased promotional activities, indicating a shift in the industry's dynamics [2] - **Market Stability**: The liquor industry is stable, with merchants' attitudes improving, but 2025 is expected to be a year of adjustment [2] - **Brand Strategies**: Major brands are adapting through product launches and cultural events, while also addressing channel challenges and inventory issues [2] - **Future Outlook**: The report suggests a cautious optimism for the liquor industry, with the need for stability and effective channel management being crucial for future performance [2]