题图｜西鸽酒庄 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成的酒庄门口，身着运动装的酒庄庄主张言志正在和一 条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 2024年，西鸽酒庄年营收规模达到了几个亿。据中国酒业协会统计，西鸽在葡萄酒行业整体规模排位中位列前七。同时，西鸽用八年时间拓出近四万亩葡萄 园，规模堪比美国某些历时半个世纪的酒业巨头，是中国发展规模最大、速度最快的精品酒庄。 在中国葡萄酒行业整体承压、同质化竞争激烈的背景下，西鸽并未盲目追逐规模与声量，而是以产品力为锚点，悄然卡位"高品质国产酒"的稀缺生态位：不 刻意迎合年轻人，却坚信年龄会带来消费迁移；不做大众市场幻想，而是精准切分存量客群。 张言志坦言，"喝葡萄酒不该是一场考试，应该是一种轻松的享受，过度强调专业化会拉开和消费者的距离。"比起追逐风口、创造需求，西鸽更愿意在已有 的400亿市场存量中悄悄挪移。 西鸽酒庄俯瞰图 更有趣的是，西鸽口口声声说"国际化"，却不是要把酒卖到海外 ...

以下文章来源于商业弧光 ，作者李佳琪 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成的酒庄门口，身着运动装的酒庄庄主张言志正在 和一条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 2024年，西鸽酒庄年营收规模达到了几个亿。据中国酒业协会统计，西鸽在葡萄酒行业整体规模排位中位列前七。同时，西鸽用八年时间拓出近四万 亩葡萄园，规模堪比美国某些历时半个世纪的酒业巨头，是中国发展规模最大、速度最快的精品酒庄。 在中国葡萄酒行业整体承压、同质化竞争激烈的背景下，西鸽并未盲目追逐规模与声量，而是以产品力为锚点，悄然卡位"高品质国产酒"的稀缺生态 位：不刻意迎合年轻人，却坚信年龄会带来消费迁移；不做大众市场幻想，而是精准切分存量客群。 张言志坦言，"喝葡萄酒不该是一场考试，应该是一种轻松的享受，过度强调专业化会拉开和消费者的距离。"比起追逐风口、创造需求，西鸽更愿意在 已有的400亿市场存量中悄悄挪移。 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图 ...

要知道，在葡萄酒的世界里， 雷司令一直被行业内誉为"白葡萄酒之冠"！ 据说全球仅不到5%的人，有机会喝到这款雷司令！ 而今天有着迷人花果香气+绝妙清爽口感，酒体品质达到「雷司令天花板」—— 【约瑟夫德拉森雷司令】半甜白葡萄酒 前500单，送手提礼袋+送海马刀+品牌方多送一瓶！速抢！ 既然是"白葡萄酒之冠"，那肯定是跟甜度有很大关联，因为甜度决定这款雷司令是否好入口！ 早在19世纪末，雷司令可是相当辉煌的， 有些比拉菲、拉图价格来得还高些！ 1896年伦敦餐馆的酒单 雷司令（Hock）的价格比拉菲还高！ 而德国原瓶进口的"半甜白"雷司令，更是"神一般的存在"！ 据说当年18世纪中期英国女王赴德国访问时， 细品了一口佐餐雷司令葡萄酒后，立刻惊叹连连， 如获至宝！ 时至今日，英国皇室依然将雷司令半甜白葡萄酒，作为皇室用酒之一！ 而且雷司令酸度适中，有陈年潜力。 要想喝到 纯正的德国进口雷司令半 甜白 ，还有3点要注意： 1、德国莱茵瓶型； 2、报关单贸易国是德国，而不是中国； 3、原瓶进口，而不是原液进口； 抛开这款酒先不说， 光看这款雷司令的颜值就值上千吧！ 再加上"德式复古骑士"的元素， 真的是格调满满！ 不管 ...

Core Insights - The US-China trade war is currently in a temporary "truce," with unexpected beneficiaries emerging, particularly Australia, which has captured large orders originally intended for the US [1][3] - Australia's Prime Minister praised China's actions in lifting trade barriers, indicating that Australia is the actual beneficiary of the trade war [3] - The US's aggressive tariff strategy under Trump has backfired, leading to significant economic challenges for American small businesses and farmers [5][8] Group 1: Impact on Australia - Australia has seen a steady increase in its market share for iron ore, coal, and wine in China, benefiting from China's vast consumer market and manufacturing demand [9] - The trade relationship between Australia and China has rapidly recovered after previous tensions, with Australia now more reliant on the Chinese market for its economic stability [11] - The US's tariffs on goods such as coal, soybeans, and beef have allowed Australia to fill the void in these markets, as its products become more competitive due to lower transportation costs [13] Group 2: US Policy Consequences - The US's aggressive tariff policies have inadvertently opened up new market opportunities for Australia, as the US has set a relatively low baseline tariff rate of 10% for Australian goods [13] - The US's inability to effectively pressure China, contrasted with China's strong response, has highlighted a shift in economic power dynamics [6][8] - The trade war has forced the US to pause new tariffs, reflecting the internal dissatisfaction among American businesses affected by the trade conflict [8] Group 3: Long-term Considerations - Australia's current economic gains are seen as unsustainable if they continue to rely on US-China tensions, emphasizing the need for a more independent and robust national strategy [15] - The trade war, while beneficial for Australia in the short term, underscores the importance of developing a long-term economic strategy that does not depend solely on external conflicts [15]

出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜西鸽 在宁夏贺兰山东麓的青铜峡鸽子山，一栋建筑面积约2.8万平方米、外墙以近20万块贺兰山石组合而成 的酒庄门口，身着运动装的酒庄庄主张言志正在和一条名叫瑞瑞的萨摩犬"击掌"，松弛感肉眼可见。 这里是西鸽酒庄的所在地，也是张言志试图用国际视野打一场本土战争的起点。 很多人说葡萄酒是一门慢生意，但张言志似乎走得更激进：用八年时间拓出近四万亩葡萄园，规模堪比 美国某些历时半个世纪的酒业巨头。但他却说快不是目的，扎根才是。"这种扎根，不仅是把葡萄种进 地里，也是把品牌种进人心。"张言志告诉虎嗅。 在中国葡萄酒市场的"低迷叙事"里，西鸽的策略近乎反直觉：不刻意迎合年轻人，却坚信年龄会带来消 费迁移；不做大众市场幻想，而是精准切分存量客群。张言志笑称："我们只是认真酿一瓶好喝的酒， 然后等消费者自然走向我们。" 他坦言，葡萄酒行业最大的问题不是缺市场，而是"人太专业，酒太陌生"。所谓专家林立、术语泛滥， 反而把普通消费者推得更远。"喝葡萄酒不该是一场考试，应该是一种轻松的享受。"于是西鸽选择了一 条"去专业化"的路：不说教、不装腔。比起追逐风口、创造需求，西鸽更愿 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Zhongxin Niya (600084) for the first half of 2025, showing an increase in revenue and net profit compared to the previous year [1] - The total operating revenue reached 69.6351 million yuan, a year-on-year increase of 4.05%, while the net profit attributable to shareholders was 671,500 yuan, up 113.44% year-on-year [1] - In Q2, the operating revenue was 33.8784 million yuan, reflecting a 14.66% increase year-on-year, although the net profit for the quarter was -118,260 yuan, which still represented an 80.61% improvement year-on-year [1] Group 2 - The company's gross margin improved by 11.66% year-on-year, reaching 61.42%, while the net margin increased by 112.31% to 0.94% [1] - Total selling, administrative, and financial expenses amounted to 35.4971 million yuan, accounting for 50.98% of revenue, which is a 10.3% decrease year-on-year [1] - The earnings per share was reported at 0.0 yuan, with a year-on-year increase of 113.64%, and the operating cash flow per share was -0.01 yuan, up 85.88% year-on-year [1] Group 3 - The company's return on invested capital (ROIC) was 0.98% last year, indicating weak capital returns, with a historical median ROIC of 0.46% over the past decade [2] - The company has experienced cyclical performance, with a net profit margin of 7.56% last year, suggesting average added value for its products or services [2] - Historical financial reports indicate that the company has had nine years of losses out of 27 annual reports since its listing, raising concerns for value investors [2] Group 4 - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 67.94%, and the average operating cash flow over the past three years being -8.15% of current liabilities [2] - Financial expenses have been a point of concern, as the average net cash flow from operating activities over the past three years has been negative [2] - Accounts receivable have reached 300.35% of profit, and inventory has reached 559.75% of revenue, indicating potential liquidity issues [2]

Core Insights - The 2025 Hongshibao Wine Distribution Conference concluded on August 29, resulting in sales agreements worth 79.2 million yuan signed between 10 wineries in Hongshibao District and 20 national distributors [1] - The event aimed to foster industry cooperation and mark a new decade for Hongshibao's wine development, themed "Raise a Glass to Helan Mountain, A New Journey in Ten Years" [1] Industry Overview - Hongshibao District, known as "China's First Wine Town," is located in the prime grape-growing region of the Helan Mountain East Slope, featuring over 10,000 acres of vineyards and housing 6 leading wineries and 8 classified wineries, with a total industry output value exceeding 700 million yuan [2] - The district has been leveraging technology to enhance the wine industry, collaborating with universities to tackle cultivation and brewing challenges, and integrating wineries into self-driving tour routes to promote wine tourism [2] Event Highlights - The conference combined "industry matching + cultural experience," allowing distributors to engage in precise production and sales meetings while enjoying wine tasting and experiencing the winemaking process [2] - The event also capitalized on the Qixi Festival, positioning Hongshibao wine as a romantic choice for consumers, thereby enhancing brand influence in the market [2]

Core Insights - The visit by Zhang Dianlong, Deputy Director of the National Channel Expansion Department of "Brand China," aimed to explore the current state of brand development in Ningxia and discuss innovative paths and cooperation opportunities for brand building [1] Group 1: Ningxia Brand Development - The Ningxia Brand Research Association, led by Secretary General Yan Zheng, highlighted the positive development of local industries such as goji berries, sand sheep, and wine, but noted significant challenges in brand building [3] - Issues identified include an incomplete brand cultivation system, weak brand awareness among enterprises, insufficient brand influence in national and international markets, severe homogenization of products, and inadequate marketing efforts [3] Group 2: Collaborative Opportunities - Zhang Dianlong emphasized that "Brand China" serves as a practical implementation of the "three transformations," leveraging the authoritative media matrix of CCTV to provide comprehensive promotion for Ningxia brands [5] - The program aims to help Ningxia brands articulate their stories, enhance brand image and value, expand their reach through multimedia channels, and offer strategic consulting and marketing planning services [5] - Both parties agreed on the need for further interaction and collaboration to integrate national platforms with local resources, aiming to elevate Ningxia's brand building to a higher level and promote local brands nationally and internationally [5][7] Group 3: Future Support - The initiative will continue to monitor the growth dynamics of Ningxia brands and provide support to broaden their horizons and link opportunities, facilitating a wider development stage for local brands [7]

Core Insights - Australia has achieved a remarkable trade performance amidst the ongoing US-China trade war, with bilateral trade with China surpassing $210 billion in 2024, marking a 33% increase in exports to China, a historical high [1][5][3] - The US has granted Australia a preferential 10% tariff rate, making it the country with the lightest tariffs among its trading partners, while other nations face significant tariff increases [7][8][10] - The success of Australia in navigating the trade landscape is attributed to a strategic shift in foreign policy under Prime Minister Albanese, who has prioritized pragmatic cooperation with China [16][20][22] Trade Performance - The bilateral trade volume between Australia and China reached over $210 billion, equivalent to one-seventh of Australia's annual GDP, surpassing the total trade volumes of many countries [5] - South Australia alone saw a 33% increase in exports to China, achieving a record of 4.39 billion AUD [5] - In contrast, countries like Canada and Japan have experienced declines in trade with China, highlighting the stark differences in outcomes based on foreign policy choices [12][32] Diplomatic Strategy - Albanese's administration has shifted from a confrontational approach to a cooperative one, emphasizing national interests and direct communication with China [20][22][28] - The signing of bilateral agreements, such as the plant quarantine protocols for Australian apples and Chinese jujubes, indicates a high level of alignment in trade standards and risk assessments [25][26] - The normalization of trade relations has led to the removal of previous restrictions on Australian exports, including barley, wine, and seafood [26][43] Economic Impact - Australia's exports to China are significantly more valuable than its exports to the US, with a ratio of 5.7 times more in favor of China [30] - The recovery of the Australian wine market is notable, with exports rebounding from a drastic decline due to tariffs, indicating a strong return to the Chinese market [41] - Australian investments in China are also on the rise, with 597 new enterprises established in 2024, reflecting a diversification of investment interests beyond resource extraction [43] Strategic Autonomy - Australia's approach is characterized by strategic autonomy, avoiding alignment with either the US or China while focusing on its own national interests [45][49] - The balance between economic engagement with China and maintaining security ties with the US is a key aspect of Australia's foreign policy [30][32] - The successful navigation of trade relations has positioned Australia as a model for other middle-income countries, demonstrating the benefits of a balanced diplomatic strategy [51][53]

Core Insights - Australia is experiencing a significant trade boom with China, particularly in sectors like beef, wine, and minerals, driven by the removal of trade barriers and tariffs [1][2][4][12] - The bilateral trade volume between Australia and China reached a historic high of AUD 210 billion, with South Australia seeing a 33% increase in exports to China [2][4] - Australian exporters are capitalizing on the trade tensions between the US and China, filling the void left by American products that have been subjected to high tariffs [2][4][15] Group 1: Beef and Agriculture - Australian beef exports to China surged by 40% in just six months, with China accounting for two-thirds of the total business volume for some exporters [1][4] - By June 2025, beef exports to China are projected to reach 27,036 tons, a 105% increase year-on-year, surpassing pre-pandemic levels [4] - The export of South Australian Chardonnay wine to China increased by 1064% within a year, highlighting the growing demand for Australian agricultural products [4][12] Group 2: Minerals and Resources - In the first half of the year, Australia exported 53% of its iron ore to China, with shipments from the Hedland port being particularly lucrative [10][12] - The removal of tariffs on Australian barley and the reopening of the Chinese market for Australian wine and lobster are expected to further boost agricultural exports [6][14] - Australian coal has become a preferred choice for Chinese power plants, especially after US coal faced increased tariffs [2][15] Group 3: Trade Relations and Geopolitics - The Albanese government has shifted from a previous policy of distancing from China to actively repairing trade relations, resulting in the lifting of various trade restrictions [6][7] - The strategic geopolitical positioning of Australia, balancing economic reliance on China while maintaining security ties with the US, is a key aspect of its trade strategy [7][15] - The Australian government is focused on maximizing trade benefits from China, with officials noting that normalizing trade has stabilized the livelihoods of many Australian families [12][14]