△业绩说明会现场 △珍酒李渡集团董事长吴向东 吴向东表示，任何一场危机都是一个机遇的开始，面对行业深度调整，公司通过产品和商业模式双重创 新，积极抵御市场风险，寻找新的增长点。 8月26日，珍酒李渡2025年中期业绩投资者说明会在遵义举行。珍酒李渡集团董事长吴向东、副总裁朱 琳、总工程师朱国军、首席财务官王连博出席。中信保诚基金、东方红基金、信达澳亚基金、中金公 司、国泰海通、方正证券、华创证券等130余家国内外知名投资机构代表通过线上、线下参加。 2025年上半年，珍酒李渡主动控量稳价，助力渠道纾困，实现营业收入24.97亿元，经调整净利润6.13亿 元。公司国际会计核算毛利率同比提升0.2个百分点至59%(中国会计准则核算在75%以上)，经调整净利 率与去年同期持平，且公司多品牌战略保持活力，带动次高端产品表现稳定，中端产品收入占比提升。 吴向东对长期以来支持公司发展的投资者表示感谢。他表示，受宏观经济不确定性和行业深度调整影 响，公司业绩出现一定波动，但与部分酒企2024年开始调整相比，珍酒李渡调整时间相对延后，为公司 争取了更多应对的时间和空间。 今年以来，面对行业深度调整，珍酒李渡打造超级产品大珍· ...

证券研究报告·海外公司点评·食物饮品(HS) 珍酒李渡（06979.HK） 2025 年中报点评：珍酒主动纾压，李渡 保持稳健 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,060 | 7,067 | 5,258 | 6,354 | 7,481 | | 同比（%） | 20.56 | 0.10 | (25.60) | 20.86 | 17.73 | | 归母净利润（百万元） | 2,327 | 1,324 | 1,196 | 1,480 | 1,854 | | 同比（%） | 125.96 | (43.12) | (9.65) | 23.77 | 25.27 | | Non-IFRS 净利润（百万元） | 1,623 | 1,676 | 1,271 | 1,606 | 1,967 | | 同比（%） | 35.52 | 3.31 | (24.19) | 26.34 | 22.48 | | EPS-最新摊薄（ ...

8月22日晚，珍酒李渡发布2025半年报，实现营业收入24.97亿元，经调整净利润6.13亿元。 业内人士分析，该业绩符合市场预期，相较于部分酒企业绩2024年开始调整，珍酒李渡调整时间相对延后，反映其市场基本盘稳固。今年以来，公司打 造"大珍·珍酒"和推出"万商联盟创富论坛"，创新推动产品和商业模式变革，引发行业广泛关注。 行业调整期筑牢"基本盘" 上半年，珍酒李渡持续在品质提升、渠道创新、品牌塑造和团队建设四大领域深耕，筑牢市场发展"基本盘"。 珍酒李渡部分产品图 万商联盟创富论坛现场 其次，模式创新，重构厂商生态。面对行业价格倒挂、渠道利润压缩、动销放缓等挑战，珍酒李渡创新推出万商联盟模式，以大珍为载体，近年计划招募上 万家联盟商，构建"卖酒的全国高速公路网络"，并通过设置准入门槛，保持短期、中期和长期收益，以及严格价格管控等，与联盟商形成利益共同体，重塑 厂商信任链。目前，项目开展百天，已吸引全国6100多名意向客户考察，签约超2000家，阶段性成果明显。 行业调整期，珍酒李渡通过三大组合拳，有效激发增长潜力，为行业发展注入新活力。 大珍·珍酒 首先，超级产品上新，产品布局多元化。今年6月，珍酒李渡顺 ...

8月22日晚间，港股"白酒第一股"珍酒李渡发布半年报。 报告期内，公司实现收入实现营业收入24.97亿元，同比减少39.6%；经调整净利润6.13亿元，同比减少 39.3%。 这份略显"失速"的业绩，也是当前白酒行业普遍面临挑战的一个写照。公司不久前发布了2025年上半年 业绩盈利预警公告，表示业绩主要受上半年宏观经济不确定性持续导致的商务、宴请和送礼场景减少影 响。同时，公司主动调整发展节奏，放缓增长速度，积极为市场纾困，确保长期稳定发展。 尽管市场承压，记者注意到，从打造个人IP，到跨界推出啤酒产品，再到发起与经销商深度绑定的"万 商联盟"，公司董事长吴向东却前所未有地活跃在公众视野。 从早年的"川酒王"到金六福，再到打造酒类流通第一股华致酒行，直至收购珍酒李渡，已在酒行业浸淫 三十年的吴向东，始终保持着"连续创业者"的节奏。他亲历多轮行业周期，而这一次，他的又能否带领 公司穿越低谷？ 珍酒收入承压，李渡放量稳盘，整体毛利率却逆势微增 而从吨价来看，虽然整体吨价27.37万元/吨，同比下滑6.6%，但在今年上半年公司调整发货节奏，主动 控量稳价，相较于2023年的27万元/吨有一定增长。 业内人士指出，该 ...

8月22日晚间，港股"白酒第一股"珍酒李渡发布半年报。 尽管市场承压，记者注意到，从打造个人IP，到跨界推出啤酒产品，再到发起与经销商深度绑定的"万 商联盟"，公司董事长吴向东却前所未有地活跃在公众视野。 报告期内，公司实现收入实现营业收入24.97亿元，同比减少39.6%；经调整净利润6.13亿元，同比减少 39.3%。 这份略显"失速"的业绩，也是当前白酒行业普遍面临挑战的一个写照。公司不久前发布了2025年上半年 业绩盈利预警公告，表示业绩主要受上半年宏观经济不确定性持续导致的商务、宴请和送礼场景减少影 响。同时，公司主动调整发展节奏，放缓增长速度，积极为市场纾困，确保长期稳定发展。 珍酒收入承压，李渡放量稳盘，整体毛利率却逆势微增 分产品来看，珍酒收入14.92亿元，吨价32.34万元，收入占比59.7%；李渡收入6.11亿元，吨价34.89万 元，收入占比24.5%；湘窖收入2.77亿元，吨价58.59万元，收入占比11.1%；开口笑收入0.81亿元，吨价 13.72万元，收入占比3.2%。 对于核心产品珍酒的收入下滑，公司表示，主要是由于白酒消费需求不振及为维持健康的渠道库存水平 而严格控制销售节 ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is a positive cycle driven by policy guidance, capital pricing, and industrial implementation, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1][30] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1][30] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in areas like robotics, computing power, and innovative pharmaceuticals [1][30] Industry Insights - In the soft drink industry, companies with strong single-product capabilities are positioned as leaders, with high growth potential in bottled water, sugar-free tea, energy drinks, and electrolyte water [5] - The AI chip market is dominated by Nvidia, with its NVLink technology allowing for high-speed communication between GPUs, while competitors face challenges in matching this technology [6] - The food and beverage sector is seeing a shift towards health-oriented and functional products, with companies like Dongpeng Beverage and Nongfu Spring being highlighted for their strong market positions [5] Company Analysis - JD Group's Q2 performance exceeded expectations, leading to an adjustment in EPS forecasts for 2025-2027, maintaining a "buy" rating [7] - Xiaomi Group is expected to benefit from high-end product positioning and global expansion, with a maintained "buy" rating based on its automotive and AIoT business growth [8] - The newly launched "Dazhen" product from Zhenjiu Li Du aims to capture market demand with a competitive price point, indicating a strategic move to enhance market presence [9] - Xpeng Motors' cautious revenue forecast reflects increased R&D costs, yet the company maintains a "buy" rating due to improving gross margins and competitive AI capabilities [10] - Huazhu Group's Q2 results show strong revenue growth driven by a light-asset model, with an upward revision of profit forecasts for 2025-2027 [21]

Core Viewpoint - The company has launched a new strategic product "Dazhen·Zhenjiu" priced at 888 RMB, targeting the market for high-quality liquor priced around 2000 RMB, responding to rational consumption trends [1] Group 1: Product Launch and Market Strategy - The new product features a five-year base liquor and is complemented by over 20 years of aged liquor for flavoring, emphasizing its rarity and quality [1] - The product's packaging design is minimalist, enhancing its high-end recognition, and aims to penetrate market demand through its quality-price ratio [1] - The company aims to build a strong trust chain among manufacturers, merchants, and consumers, focusing on creating a market-impacting phenomenon with this product [1] Group 2: Innovative Business Model - The "Wanshang Alliance" model ensures transparent pricing at the terminal level, with strict channel control by the manufacturer to secure high channel profits [2] - The company employs a four-tier supervision mechanism involving sales personnel, alliance merchants, auditors, and headquarters, which has already led to the expulsion of over 20 non-compliant merchants [2] - The company anticipates reaching 5,000 to 8,000 signed merchants by 2026, with current signed merchants at 2,116, and sees potential for further client conversion from competitors [2] Group 3: Marketing and Sales Outlook - The company plans to adjust its marketing strategy in 2025, focusing on inventory clearance, with stable channel order in key provinces like Guizhou, Henan, Hunan, and Guangdong [3] - The company expects sales volume recovery in the future as the market stabilizes, particularly for its existing products [3] - The company has revised its non-IFRS net profit forecasts for 2025-2027 to 1.27 billion, 1.61 billion, and 1.97 billion RMB, respectively, reflecting growth potential driven by the new product [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is launching a new strategic product, "Da Zhen," priced at 888 RMB, which aims to meet rational consumption demands with high quality and competitive pricing [12][13] - The "Wan Shang Alliance" model is expected to innovate the channel structure, ensuring transparent pricing and high channel profits, which could lead to significant market impact [16][25] - The company anticipates a recovery in sales as inventory is cleared, particularly in key provinces where channel order remains stable [33] Summary by Sections New Product Launch - The new product "Da Zhen" is designed to appeal to consumers seeking high quality at a reasonable price, featuring a five-year base liquor and over 20 years of aged liquor for flavor enhancement [13][12] - The product's packaging and anti-counterfeiting measures have been upgraded to enhance its market appeal and consumer trust [13][14] Channel Innovation - The "Wan Shang Alliance" model focuses on low entry barriers and high returns, promoting a trust chain among manufacturers, merchants, and consumers [16][25] - The model includes strict price control and a four-tier supervision mechanism to maintain channel order and profitability [20][26] Sales Recovery - The company is adjusting its marketing strategy to focus on inventory clearance, with expectations for early recovery in sales as market conditions improve [33][35] - Key provinces like Guizhou, Henan, Hunan, and Guangdong are expected to maintain stable channel orders, with specific products positioned for growth in banquet scenarios [33] Financial Forecasts - The company has adjusted its non-IFRS net profit forecasts for 2025-2027 to 1.27 billion, 1.61 billion, and 1.97 billion RMB respectively, reflecting optimism about the new product's contribution [44][49] - The report indicates that the company's PE ratios are competitive compared to peers, suggesting potential for growth as market conditions stabilize [47][50]

Core Viewpoint - The stock price of Zhenjiu Lidu (06979) has increased over 50% this month, with a current rise of 6.56% to HKD 10.4, driven by positive consumer policies and strategic product launches [1] Group 1: Market Performance - Zhenjiu Lidu's stock has seen a significant increase, with a rise of over 6% today and a cumulative increase of over 50% this month [1] - The trading volume reached HKD 184 million, indicating strong market interest [1] Group 2: Industry Trends - Multiple rounds of consumer stimulus policies have been released this year, emphasizing the importance of domestic consumption [1] - The State Council has highlighted the need to stimulate consumption potential and remove restrictive measures in the consumer sector [1] - CITIC Securities believes the liquor industry is rapidly bottoming out, with leading companies likely to benefit from channel adjustments and market expansion [1] Group 3: Product Strategy - In June, Zhenjiu Lidu launched a strategic product, "Da Zhen·Zhenjiu," priced at HKD 888 per bottle, targeting the high-end market [1] - In August, the company introduced its first high-end craft beer, "Niu Shi News," priced at HKD 88 per bottle, marking its entry into the beer sector [1] - Guotai Junan Securities anticipates that the new products will contribute to incremental growth and improve growth margins for the company [1]

8月19日，珍酒李渡集团董事长吴向东高调开启他的第二场公开直播。80分钟的时间里，直播间吸引了超过570万人次观看，再次刷新了其个人直播纪录。 8月8日的那场首秀直播，是为了推出"牛市"啤酒；这一次则是为了他的"超级"计划——"大珍·珍酒"和"万商联盟"。 记者拍摄 "万商联盟"被视作吴向东在行业承压期寻求突围的战略级商业模式。该模式以公司全新大单品"大珍·珍酒"为核心载体，通过"全控价"模式（即统一价格管 控）和"持续分红机制"深度绑定联盟商利益，并承诺长期返利以杜绝窜货行为。 从5月14日到现在的大约100天时间里，围绕这个计划举办的50场"万商联盟创富论坛"。截至目前，已有超过2100家联盟商签约。 公司供图 然而，这一颇具创新色彩的商业模式也伴随诸多争议。吴向东提出的"一群人，一瓶酒，一辈子"创富计划，不乏质疑之声。 一位现场的公司人士向记者透露："这一百天里，吴总（吴向东）几乎很少离开过遵义，吃住都在公司。" 吴向东在直播中表示，白酒行业自今年一季度起持续呈现下行态势，直至五月仍未出现回暖迹象。"所以我们启动了一项特别的补救计划，决定推出一款新 产品。" 记者拍摄 他说的这款产品，就是前不久新上市的 ...