Core Viewpoint - The report highlights the resilience and strategic adjustments of Zhenjiu Lidu in the face of industry challenges, showcasing its strong performance and potential for future growth [1][4][13]. Financial Performance - In the first half of 2025, Zhenjiu Lidu achieved a revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan [1][4]. - The gross profit margin increased by 0.2 percentage points to 59%, maintaining growth for three consecutive years [4]. - The adjusted net profit margin remained stable at 24.6% compared to the same period last year, indicating ongoing improvements in operational quality [4]. Market Strategy - Zhenjiu Lidu is implementing proactive adjustments to navigate the industry's challenges, focusing on "bending the curve" to enhance its market position [3][5]. - The company is maintaining a strategy of controlling volume and stabilizing prices, with a ton price of 273,700 yuan, reflecting a commitment to price stability [4][5]. - The introduction of the "Wan Shang Alliance" model aims to create a new ecosystem for distribution channels, attracting over 6,100 potential clients and signing more than 2,000 [10][12]. Product Development - The launch of the "Dazhen" product and the new craft beer "Niu Shi News" reflects Zhenjiu Lidu's strategy to create cultural IPs that resonate with younger consumers [6][12]. - The company is focusing on differentiating its products through unique pricing strategies and cultural narratives, appealing to both traditional and new consumer bases [8][12]. Industry Positioning - Zhenjiu Lidu's performance and innovative practices position it as a model for other companies in the industry, especially during a period of market adjustment [13][15]. - The company's successful listing and performance have instilled confidence in the capital market, potentially encouraging more liquor companies to pursue similar paths [15].