异业板块以下区域，阶段性停止异业客户的邀约。湖南省(7个)：长沙市区、长沙市长沙县、株洲市 区、株洲市醴陵市、邵阳市区、怀化市洪江市、娄底市新化县。贵州省(1个)：毕节市黔西市。 以上区域原则上，联盟商退一进一。 12月19日，贵州珍酒发布关于部分区域阶段性停止大珍招商通知。当中提到，大珍项目作为公司在行业 深度调整周期中的一项重要创新举措，自启动以来持续稳步推进，取得显著成效。为保障市场良性运 营，11月9日公司公布了36个区域阶段性停止招商决定。现已过去了一个月，公司决定公布第二批阶段 性停止招商区域。 渠道板块以下区域，阶段性停止渠道客户的邀约。分别为河南省（2个）：开封市尉氏县、新乡市辉县 市。湖南省(6个):长沙市区、长沙市长沙县、邵阳市区、邵阳市隆回县、湘潭市湘潭县、娄底市新化 县。山东省(1个)：聊城市高唐县。江西省(1个)：九江市修水县。 ...

智通财经记者 | 张蕊 | 序号 | 姓名 | 立案时间 | 案号 | 查看 | | --- | --- | --- | --- | --- | | | 费州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4791号 | 查看 | | 2 | 贵州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4791号 | 查看 | | 3 | 费州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4787号 | 查看 | | | 费州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4788号 | 查看 | | 5 | 贵州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4789号 | 查看 | | ୧ | 贵州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4792号 | 查看 | | 7 | 费州无忧酒业(集团)有限公司 | 2025年11月21日 | (2025) 黔0382执4788号 | 查看 | | ...

责任编辑：王翔 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 12月9日，珍酒李渡集团董事长吴向东开启第五场大型直播，主题聚焦"我们的200天"。 吴向东透露，截至目前，已举办共71场大珍创富论坛，9481名客户参会，3816家客户签约并交付定金， 回款5.8亿元。 责任编辑：王翔 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 12月9日，珍酒李渡集团董事长吴向东开启第五场大型直播，主题聚焦"我们的200天"。 吴向东透露，截至目前，已举办共71场大珍创富论坛，9481名客户参会，3816家客户签约并交付定金， 回款5.8亿元。 ...

Core Viewpoint - The Chinese liquor industry is currently experiencing a downward trend, with most companies facing significant challenges, and innovation is essential for overcoming these difficulties [2][4]. Industry Overview - The liquor industry has been in a decline since 2022, with the current situation being particularly challenging due to regulatory pressures such as the "Eight Provisions" [4]. - Only a few companies, like Fenjiu, are managing to grow amidst this downturn, indicating a stark contrast within the industry [5]. Innovation Strategies - The company emphasizes the need for creating "super products" and implementing innovative business models, including "super channels, super communication, and super experiences" to achieve growth despite the industry cycle [2][5]. - A successful example includes the "Zunyi Forum," which has hosted 71 events with 9,000 participants and generated 500 million yuan in new product returns [5]. Product Development - The company has developed a high-value product in the sauce liquor category priced at 600 yuan, which competes with products priced at 2,000-3,000 yuan [7]. - The introduction of a new beer product has also gained significant popularity in both online and offline markets [7]. Market Positioning - The company aims to establish itself as a leading global liquor and beverage company by focusing on the development of "super products" [9]. - The brand "Zhenjiu" is recognized as one of the four major national banquet liquors, enhancing its market prestige [8]. Organizational Structure - The company operates as a learning organization and has implemented employee stock ownership plans to motivate its workforce [7][8]. - The collaboration with nearly 3,700 partners through the "Wanshang Alliance" is a key aspect of its distribution strategy [7]. Case Studies - The success of LABUBU, which significantly increased its market value through the creation of a super product, serves as a model for the liquor industry [8][9]. - The rise of the "Old Shop" brand in Hong Kong, which saw an 11-fold increase in value, illustrates the potential of innovative product offerings [9].

Core Insights - The Chinese liquor industry experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 310.28 billion yuan, down 5.48% year-on-year, and net profit at 122.69 billion yuan, down 6.63% year-on-year [1] - In Q3 2025, the industry reported revenue of 76.31 billion yuan, a year-on-year decrease of 18.4%, and net profit of 28.21 billion yuan, down 22.0% year-on-year [1] - The report from China International Capital Corporation (CICC) indicates a shift in consumer preferences towards high quality, functional, and health-oriented products, with leading companies focusing on stable operations and high-quality development [1] Industry Overview - The liquor industry's revenue and profit growth rates are categorized as national famous liquor > real estate liquor > sub-high-end liquor [1] - The demand for liquor remains weak, compounded by new regulations affecting both supply and demand, leading to significant adjustments in the market [1] - The report anticipates a continuation of weak recovery and strong differentiation in the industry, with growth increasingly reliant on product innovation, fragmented channel strategies, and expanding consumer demographics [1] Future Outlook - CICC forecasts that the liquor industry will see improvements in 2026, with demand expected to recover gradually as policy impacts diminish and consumption scenarios stabilize [2] - The report suggests that leading liquor companies with strong brand power and innovative products will benefit the most from the anticipated recovery [2] - Guangfa Securities notes that the performance disparity among liquor companies has increased, with strong brands showing resilience amid ongoing pressure [2] Company Specifics - Zhenjiu Lidu (06979) launched its new flagship product "Dazhen," which has already generated 370 million yuan in returns and signed over 2,800 alliance merchants nationwide [3] - The introduction of "Dazhen" is expected to enhance Zhenjiu Lidu's growth trajectory by positioning it alongside its existing product lines, Zhen 15 and Zhen 30, focusing on high quality and price competitiveness [3]

Core Insights - The Chinese liquor industry experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 310.28 billion yuan, down 5.48% year-on-year, and net profit at 122.69 billion yuan, down 6.63% year-on-year [1] - In Q3 2025, the industry reported revenue of 76.31 billion yuan, a year-on-year decrease of 18.4%, and net profit of 28.21 billion yuan, down 22.0% year-on-year [1] - The industry is characterized by a trend of weak recovery and strong differentiation, with growth increasingly dependent on product innovation and channel expansion [1][2] Industry Overview - The consumption environment remains weak, with a focus on high quality-price ratios, functionality, health, and emotional consumption trends [1] - Major leading companies are concentrating on stable operations and high-quality development, improving shareholder returns and operational quality [1] - The demand for liquor continues to show weak performance, compounded by new regulations affecting both supply and demand [1] Future Outlook - According to research, the liquor industry is expected to see a gradual improvement in 2026, with demand likely to recover as policy impacts diminish [2] - The first half of 2026 may witness a sequential recovery, particularly benefiting leading liquor companies with strong fundamentals [2] - The differentiation among liquor companies is increasing, with strong brand power allowing leading firms to demonstrate resilience [2] Company Specifics - Zhenjiu Lidu (06979) launched its new flagship product "Dazhen," which has already generated 370 million yuan in returns and signed over 2,800 alliance merchants [3] - The new product aims to position itself alongside existing series, potentially creating a third growth curve for the company [3]

Group 1: Industry Overview - The overall sales in the industry are expected to decline by over 20%, with a gradual improvement month-on-month and a narrowing decline in the festive season of Mid-Autumn and National Day, estimated at around 20% [1] - Business banquets are performing weakly, while mass consumption and wedding banquets are relatively resilient, with a smaller decline in Q3; high-end gifting shows improvement before the holidays [1] - Major liquor companies are adopting a more pragmatic approach, accelerating adjustments to reduce channel pressure, cutting investment, and enhancing operational efficiency [1] Group 2: Company Performance - Leading liquor companies like Moutai and Wuliangye have achieved over 80% collection progress, while regional companies are generally around 70%, with pressure on mid-tier liquor companies [1] - Wuliangye has held dealer meetings in multiple locations, emphasizing strict checks on market price disruptions and announcing increased subsidy policies for different-sized dealers [1] - The report from Citic Securities indicates that the bottom of the industry fundamentals is expected to appear in Q3 2025, with Q3 of this year being the most challenging period for sales, prices, and market confidence [2] Group 3: Market Trends - Huachuang Securities highlights the importance of bottom catalysts in the liquor sector, with traditional consumption entering a bottom accumulation phase, and seasonal catalysts expected to drive valuation recovery [3] - The launch of the new flagship product "Dazhen" by Zhenjiu Lidu has achieved a collection of 370 million yuan, with over 2,800 alliance merchants signed [4] - In the beer sector, the acquisition of 53% of Xianpi Fulu's shares by Mixue Ice City marks its expansion into the alcoholic beverage market, with the financial performance to be consolidated into the group’s reports [5]

Group 1: Industry Overview - The overall sales in the industry are expected to decline by over 20% due to external demand shocks, with a gradual improvement month-on-month and a narrowing decline in the festive periods of Mid-Autumn and National Day, estimated at around 20% [1] - Business banquets are performing weakly, while mass consumption and wedding banquets are relatively resilient, with a smaller decline in Q3; high-end gifting shows improvement before the holidays [1] - Major liquor companies are adopting a more pragmatic approach, accelerating adjustments to reduce channel pressure, cutting investment, and enhancing operational efficiency [1] Group 2: Company Performance - Leading liquor companies such as Moutai, Wuliangye, and Fenjiu have achieved over 80% collection progress, while regional companies are generally around 70%, with pressure on mid-range liquor companies [1] - Wuliangye has held dealer meetings in multiple locations, emphasizing strict checks on market price disruptions and announcing increased subsidy policies for different-sized dealers [1] - The report from Citic Securities indicates that the third quarter of this year is expected to be the most challenging period for the industry's sales, prices, and market confidence, with a recovery trend anticipated in the latter half of the year [2] Group 3: Market Trends - Huachuang Securities highlights the importance of bottom catalysts in the liquor sector, with traditional consumption entering a bottom accumulation phase, and upcoming peak seasons likely to drive valuation recovery [3] - The launch of the new flagship product "Dazhen" by Zhenjiu Lidu has achieved a collection of 370 million yuan, with over 2,800 national alliance merchants signed [4] - The beer sector is facing increased competition and pressure from alcohol restrictions, with companies like China Resources Beer and Qingdao Beer maintaining stable pre-holiday stocking rhythms [5]

Summary of Conference Call Records Industry or Company Involved - Focus on various sectors including consumer goods, home appliances, retail, liquor, AI technology, and tourism Key Points and Arguments Consumer Sector Performance - Recent market volatility has led to a shift from high-tech sectors to consumer sectors, particularly in new consumption areas such as pet products and konjac in Hong Kong and A-shares, showing significant opportunities [2] - Companies with strong Q3 performance are expected to have significant valuation advantages by year-end and into next year, especially in the new consumption sector [2] Food and Beverage Sector - Notable companies in the food and beverage sector include: - Snacks: Salted Fish, Wei Long, Wan Chen, and Xi Mai - Dairy: Tian Run, New Dairy, and Miao Ke Lan Duo - Health products: Bai He Shares - Liquor: Fen Jiu and Moutai, which still hold investment value despite industry pressures [1][3] - The pet industry shows strong growth potential, with online platforms performing well and a clear trend towards domestic brand replacement [3][23] Home Appliance Sector - Midea and Haier are expected to perform well in Q3 and throughout the year, with dividend yields of 4%-5% making them attractive investments [4] - In the black goods segment, Hisense and TCL are benefiting from increased Mini LED penetration [4] Retail Sector Investment Lines - Current investment lines in retail include the Double Eleven promotional season and high-growth companies from Q3 reports [5] - Recommended companies include NetEase Yanxuan and Water Elephant, which have low bases and high growth potential [5] Liquor Industry Outlook - The liquor industry faces challenges, but leading companies like Fen Jiu and Moutai still have investment value due to their ability to maintain stability through price adjustments [6] AI Technology Impact - AI technology has significantly improved company performance, with examples including Water Elephant and Shanghai Jahwa optimizing product lifecycle management [8] - Shanghai Jahwa has launched new products and pricing strategies to ensure sustained growth [9] Hotel Industry Challenges and Opportunities - The hotel industry is under short-term pressure, but leading companies like Huazhu Group and Atour still have competitive advantages [15] Tourism and Scenic Spot Industry - Recommendations include companies with asset injection expectations and thematic catalysts, such as Xiangyuan Cultural Tourism [16] Education and Training Sector - The education and training sector shows improvement, particularly in K12 and corporate training, with companies like Xueda Education and Action Education expected to perform well [19] Human Resources Sector Trends - The human resources sector is focusing on AI-enabled recruitment processes, with companies like Core International leading the way [20] Textile and Apparel Industry - The textile and apparel industry is experiencing pressure from U.S. tariffs, but leading companies have already shifted production to Southeast Asia, mitigating impacts [22][26] Pet Industry Growth - The pet industry is projected to grow by approximately 10% from 2025 to 2026, with domestic brands gaining market share [23] U.S. Interest Rate Cuts - U.S. interest rate cuts are expected to benefit real estate-related companies by lowering financing costs and potentially reviving the real estate market [24] Nike's Inventory Management Impact - Nike's inventory management has intensified competition in the domestic sportswear sector, but domestic brands like Li Ning are expected to improve their performance through enhanced marketing efforts [25] Other Important but Possibly Overlooked Content - The liquor industry is seeing a split between leading and mid-tier companies, with the latter facing more significant challenges [6] - The impact of U.S. tariffs on textile manufacturing is limited for companies that have already adapted their supply chains [26]

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has increased by over 5%, currently trading at HKD 9.33 with a transaction volume of HKD 41.78 million, following the announcement of a leadership change within the company [1] Group 1: Leadership Changes - Former CEO Yan Tao has stepped down and will now serve as Executive Director and Vice Chairman of the Board, assisting Group Chairman Wu Xiangdong and Xiangjiao Liquor Industry [1] - The new CEO is Tang Xiangyang, who has been with the group since 1989 and has over 30 years of experience in the Chinese liquor industry [1] Group 2: Product Launch and Performance - Zhenjiu Lidu's latest flagship product "Dazhen" has been officially launched, with a reported revenue of HKD 370 million and over 2,800 national alliance merchants signed [1] - Huaxin Securities noted that the introduction of "Dazhen" is expected to create a third growth curve for Zhenjiu, positioning it alongside the Zhen 15 and Zhen 30 series due to its high quality and cost-effectiveness [1]