炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：智通财经） 当AI技术的能力边界不断被突破，一个比"如何建造"更为关键的问题浮现出来：我们倾力打造的"超级 产品"，是否就是市场真正需要、用户愿意持续选择的那一个？在从技术潜力到商业成功的惊险一跃 中，市场洞察与增长验证成为了不可或缺的导航仪。 ACDC 2026：第五届AIGC开发者大会，敏锐捕捉到这一产品化阶段的核心命题，并邀请到在实战中连 接技术与市场的Refly.AI CMO/增长负责人李锦威，于2026年1月17日在北京望京嘉瑞文化中心，加入主 论坛"超级算力打造超级产品"年度对话。他将从增长角度，探讨如何完成从技术到市场的关键闭环。 对话关键：在市场一线，校准产品价值 李锦威所在的Refly.AI，致力于通过其平台帮助用户将复杂的工作流程转化为可执行的AI应用，其核心 正是关注"技术如何解决实际问题"。作为增长负责人，他每日面对的是如何将技术能力转化为清晰的市 场认知与用户增长。在这场对话中，他将分享在真实市场中，如何定义产品的核心价值、验证用户需 求，并构建可持续的商业模型，为"超级产品"的构想注入必须的市场坐标与 ...

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].

Core Insights - The core barrier for consumer goods and retail across cycles is the development of channels and brands, with a focus on how companies leverage these elements to create sustainable growth. Group 1: Channel Development - Super channels incubate super brands, with successful brands like Coca-Cola and Nestlé relying heavily on channel strength [2][10] - Companies like Lusi Co., which initially focused on international markets, have shifted to domestic markets by building strong channel networks rather than solely relying on social media platforms [5][8] - Lusi Co. has established a comprehensive channel presence, including major retail systems and online platforms, to support its brand growth [6][7][8] Group 2: Product Focus - The concept of "super products" is crucial, as seen in brands like Mixue Ice City and Luckin Coffee, which focus on strategic single products to drive brand recognition [11][12] - The case of "Boss Loves Fish" illustrates how focusing on a single product can lead to brand success, emphasizing the importance of product quality and differentiation [17][12] Group 3: Brand Power - The essence of consumer goods barriers lies in brand strength rather than just channel or product power, as highlighted by historical examples from Coca-Cola [40][41] - The evolution of brand competition has transitioned from product competition to marketing competition, emphasizing the importance of storytelling and content in brand development [43][50] Group 4: Content Strategy - Effective content strategy is essential for brand growth, with a focus on creating engaging narratives that resonate with consumers [51][62] - Brands must adapt their content to different platforms, understanding that each medium has unique characteristics and audience expectations [106][100] - Successful brands like Banmu Huatian have leveraged targeted content strategies across platforms to achieve significant sales growth [108][110] Group 5: Market Trends - The rise of new media platforms has transformed consumer engagement, with brands needing to adapt their strategies to remain relevant in a rapidly changing market [106][125] - The case of Zibo barbecue demonstrates how viral marketing can create significant brand awareness and consumer interest [70][72] Group 6: Case Studies - The example of "Ren Yang Yi Tou Niu" illustrates how storytelling and community engagement can enhance brand value and consumer loyalty [168][171] - The strategic use of KOLs (Key Opinion Leaders) in marketing campaigns can effectively drive brand recognition and sales [120][119]