作者 | 速棠 统筹｜ 杨菁 视觉 | 诺言 演员姚安娜，有了新身份。10月28日，这名新生代艺人来到江西李渡镇的酿酒车间，扛起铁锹，翻拌起 热腾腾的糟醅。随后，走进被誉为"中国烧酒祖庭"的李渡元代烧酒作坊遗址，参观古窖池群。 "我感受到了历史，它真的在我眼前。"她感叹。自今年6月起，姚安娜开始担任珍酒李渡集团申遗大使。 白酒和姚安娜，是一对意想不到的跨界组合：国宝李渡的申遗形象大使，找到年轻的流量艺人；新生代 的人气明星，投入中国传统白酒申遗的文化事业。 ，， 姚安娜正在了解 被称为"中国最贵光瓶酒"的"李渡1955" 这背后，是李渡讲好"白酒申遗与品牌传承"新故事的野心。 懂酒的人提起李渡酒，会知道，那不同于贵州赤水河的酱香、川南五粮液的浓郁，是赣抚平原江南物候 酝酿出的清丽与绵长，自有千年盛名。 2002年6月。李渡酒厂老车间里偶然的"一榔头"，改写了中国白酒的历史。考古发现揭示了元代烧酒作 坊遗址，证实中国白酒酿造最早可以追溯至元代。 今天的国宝李渡，不仅依托元代窖池，创新古法酿造，还致力于扩大中国白酒的世界版图：推动"白酒 七子"联合申遗，将中国白酒纳入《世界遗产名录》。 李渡酒业发起组织中国白酒申 ...

Group 1: Industry Overview - The liquor industry is currently facing a complex situation, with overall deep adjustments due to policy regulation, structural shifts in consumption scenarios, and generational consumption differences, leading to a slowdown in growth and a decline in performance for many companies [1] - Notable challenges for liquor brands include inventory competition, demand bottlenecks, and pressure on sales [1] Group 2: Company Performance - Zhenjiu Lidu (06979.HK) reported a revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan for the first half of 2025, showing a decline compared to the same period last year [1] - Despite the revenue drop, the company has made progress in solidifying its core brand Lidu in the Jiangxi market while gradually expanding its national presence [1] Group 3: Cultural Strategy and Events - The second National Treasure Lidu Cultural Heritage Festival was held on August 30, featuring upgraded scale, content, and experiential forms, themed "Ceramic Wine Coexistence, Head Opening Cellar, Fortune for All" [3][4] - The festival included a traditional ceremony, the release of a limited commemorative wine "Fortune for All," and various immersive experiences that blend culture, nature, and lifestyle [6][8] - Lidu's cultural strategy emphasizes the integration of cultural heritage and modern experiences, aiming to create a long-term cultural value moat [12][14] Group 4: Long-term Vision and Market Positioning - Lidu's commitment to cultural heritage and quality over short-term sales and price competition reflects a long-term strategic vision, positioning the brand for sustainable growth [14][15] - The company's approach to cultural empowerment and internationalization is seen as a new direction for the liquor industry, especially during periods of low consumer demand [15]

Core Viewpoint - The company anticipates a revenue of 2.4 billion to 2.55 billion RMB for the first half of the year, impacted by macroeconomic uncertainties and a decline in business and gifting scenarios [2] Group 1: Financial Performance - The company expects to achieve a revenue between 24 billion and 25.5 billion RMB in the first half of the year [2] - The performance is primarily affected by ongoing macroeconomic uncertainties, leading to reduced business and gifting activities [2] Group 2: Strategic Initiatives - The company plans to implement three strategic measures to address the decline in demand: optimizing product structure, enhancing channel layout, and expanding consumption scenarios [2] - A new flagship product, "Da Zhen·Zhen Jiu," was launched in June, expected to drive growth in the second half of the year [2][3] - The company aims to focus on core regional markets and improve market penetration through refined policies [2] Group 3: Market Positioning - The company has established five core markets: Guizhou, Henan, Shandong, Guangdong, and Hunan, while continuing to expand nationwide [3] - The introduction of the new product is intended to strengthen the company's position in the mid-to-high-end market segment [3] Group 4: Marketing and Promotion - The company has initiated a marketing campaign themed "Zhen Enjoys the World, Thirty Knows Action," including a "City Koi" lottery event to engage consumers [4] - The campaign offers prizes such as luxury cars and gold bars, enhancing brand visibility and consumer interaction [4] Group 5: Industry Outlook - The company remains optimistic about the future, believing that the restructuring of the industry and evolving consumer demographics will provide new growth opportunities [5] - The establishment of a "Wanshang Alliance" aims to create a nationwide sales network, further supporting the company's growth [5]

Core Viewpoint - Yanghe Co., Ltd. has reported its worst performance since going public, with all major revenue indicators declining, leading to a significant drop in stock price and market confidence [2][3][8] Financial Performance - In 2024, Yanghe's net profit attributable to shareholders decreased by 33.37% to 6.673 billion yuan, marking the largest drop since its IPO and returning to 2017 levels [3] - Revenue for 2024 was 28.876 billion yuan, a significant decline from previous years, resulting in a drop from the third to the fifth position in the industry rankings [3] - The company experienced a comprehensive collapse in revenue across various segments, including mid-to-high-end products, regional sales, and online channels, with declines of 14.79%, 11.43%, and 9.7% respectively [4][5] Market Impact - Following the issuance of the strict "ban on alcohol" policy on May 18, 2025, Yanghe's market capitalization fell below 100 billion yuan, with a total market value loss exceeding 300 billion yuan since its peak in 2021 [3][6] - The stock price has dropped nearly 20% in 2025, reflecting a broader trend of declining stock prices in the liquor sector [5][6] Management Response - At the recent shareholders' meeting, Chairman Zhang Liandong apologized multiple times, attributing the company's issues to management shortcomings and acknowledging outdated brand strategies and rigid marketing models [3][5] - The company plans to focus on developing core products like "Hai Zhi Lan" as part of its strategic initiatives moving forward [5] Regulatory Environment - The new "ban on alcohol" has significantly impacted the liquor industry, particularly affecting high-end brands that relied on government consumption [6][7] - The policy has prompted many liquor companies to pivot towards market-driven strategies rather than relying on government contracts [6][7] Future Outlook - The effectiveness of initiatives to promote "intangible cultural heritage" in enhancing brand value and restoring market confidence remains uncertain for Yanghe [2][8]

Core Viewpoint - The collaboration between Yao Anna and Zhenjiu Lidu Group aims to promote the cultural heritage of Chinese liquor, particularly through the role of Yao Anna as the "Cultural Heritage Ambassador" and the release of a documentary film showcasing the unique aspects of Chinese baijiu culture [1][12]. Group 1: Film Release and Content - Zhenjiu Lidu Group released a 4-minute documentary featuring Yao Anna exploring the heritage of liquor production, following a 30-second announcement video that garnered significant media attention [3]. - The film highlights Yao Anna's journey to Zunyi, a top liquor production area, where she investigates rare water sources and engages in various production processes, including working alongside female workers in the koji-making process [5][7]. - Yao Anna experiences the meticulous selection process of high-quality base liquors, emphasizing the craftsmanship involved in creating Zhenjiu's new flagship product, "Dazhen," which is made from over 200 selected base liquors [8]. Group 2: Cultural Significance and Values - Yao Anna expresses that her firsthand experience at the Zhenjiu factory provided insights into the vibrant stories of intangible cultural heritage that cannot be found in books [10]. - The partnership between Yao Anna and Zhenjiu Lidu reflects a shared commitment to cultural heritage preservation, social responsibility, and innovation in the liquor industry, aiming to elevate the public's awareness and participation in the "baijiu heritage application" initiative [12]. - Industry experts note that this collaboration transcends mere marketing; it represents a cultural mission to transform the heritage application into a significant public event, highlighting the synergy of responsibility and values between Yao Anna and Zhenjiu Lidu [12].

Core Viewpoint - Recent developments in the liquor industry include shareholder meetings, dividend announcements, and significant personnel changes, reflecting investor interest in stock buybacks and dividends [2] Company Dynamics - Yao Anna has been appointed as the cultural heritage ambassador for Zhenjiu Lidou, a Hong Kong-listed liquor company, as part of efforts to apply for UNESCO recognition for Chinese liquor as a world intangible cultural heritage [3] - Luzhou Laojiao announced that it has executed over half of its share buyback plan, having repurchased 2,133,750 shares, amounting to approximately 271.65 million yuan, which is 90% of the planned upper limit [4] - Kweichow Moutai has adjusted its 2024 profit distribution plan, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan, totaling 34.671 billion yuan in cash dividends [5] - Zhangyu A announced the sale of its French brandy assets for a total of approximately 4.93 million euros (about 39.33 million yuan) [6] Personnel Changes - Two executives, Xiang Ping and Zhang Guichao, have been appointed as members of the Moutai Group's Party Committee, bringing extensive production and marketing experience [9][10] - Yang Weiguo has resigned from his position as a director of Yanghe Co., due to work relocation, effective immediately [11] - Zhangyu A has announced a new board and executive team, electing Zhou Hongjiang as chairman and retaining Sun Jian as general manager [12] - Chen Weimin has been appointed as the new general manager of Yiyaton, following the resignation of Zhou Guohui [14] New Products - Guizhou Zhenjiu has launched a strategic new product called "Dazhen·Zhenjiu," which is a high-end liquor made from over 200 different base liquors, aimed at the ultra-premium market [15] Industry Insights - Guosheng Securities suggests two main investment strategies in the beverage sector: focusing on quality leaders and high-margin improvement targets, as the industry is expected to see a surge in new product launches and seasonal demand [16]

Core Viewpoint - The initiative of "申遗" (application for heritage status) by Zhenjiu Lidu aims to enhance the cultural significance and historical depth of Chinese liquor, transforming products into cultural symbols and creating a differentiated competitive advantage for high-quality development [1][9]. Group 1: Cultural Heritage and Value - Chinese liquor culture is a treasure of Huaxia civilization, embodying the essence of traditional culture, including both tangible cultural heritage like ancient brewing workshops and intangible cultural heritage such as traditional brewing techniques and customs [2]. - Zhenjiu Lidu's push for "申遗" represents a deep exploration of this cultural value, seeking authoritative recognition for more liquor cultural heritage, thus promoting the innovation and development of liquor culture [3]. Group 2: Company Background and Heritage Resources - As the first liquor stock in Hong Kong and the second in China's sauce-flavored liquor sector, Zhenjiu Lidu comprises three liquor enterprises and four major brands, leveraging a multi-brand, multi-category, and multi-regional advantage [5]. - The company possesses rich cultural heritage resources, including the nationally protected cultural unit, the Li Du Yuan Dynasty liquor workshop site, and the Guizhou provincial intangible cultural heritage of Zhenjiu brewing techniques [5]. Group 3: Global Context and Initiatives - Currently, there are 21 liquor projects listed as world cultural heritage and 10 as intangible cultural heritage globally, but no Chinese liquor culture has been included in these lists [6]. - In April 2023, Zhenjiu Lidu, along with other major brands, applied to UNESCO for inclusion in the world cultural heritage list, aiming to fill the gap of Chinese liquor in global heritage recognition [7]. Group 4: Marketing and Youth Engagement - The upcoming announcement of the "申遗 ambassador," a young actor and attitude singer, is expected to bridge communication gaps and attract more young consumers amid the rising trend of national cultural consumption [8].

Core Viewpoint - The company, Zhenjiu Lidu, is actively promoting the application for cultural heritage status for Chinese liquor, aiming to enhance the recognition and preservation of traditional liquor culture [2][4]. Group 1: Cultural Heritage and Recognition - Chinese liquor culture is a significant part of Chinese civilization, encompassing both tangible and intangible cultural heritage, including traditional brewing techniques and customs [2]. - Currently, there are 21 liquor projects listed as world cultural heritage and 10 as intangible cultural heritage globally, but none from China [4]. - Zhenjiu Lidu, along with other major Chinese liquor brands, has applied to UNESCO for recognition to fill this gap in the world heritage listings [4]. Group 2: Brand Strategy and Market Positioning - Zhenjiu Lidu operates as the first liquor stock in Hong Kong and the second for Chinese sauce-flavored liquor, with a diverse portfolio of brands and products [2]. - The company plans to announce a "Cultural Heritage Ambassador," a young actor and singer, to connect with younger consumers and promote cultural consumption trends [6]. - By leveraging the "申遗" (application for heritage status) initiative, Zhenjiu Lidu aims to enhance its brand's cultural significance and create a competitive edge in the market [6].