白酒行业深度调整期的一抹亮色：珍酒李渡以组织与产品创新实现韧性增长。 文 | 卖酒狼团队 编 | 南风 值得一提的是，珍酒李渡的"韧性"背后，是打破行业传统经营思维的魄力，是具有前瞻性的战略方向判断，是始终坚持"品质第一"理念的长期主义精神彰 显，是领导者善于把控诗句变化的能力体现…… 2025年，面对行业普遍存在的渠道利润压缩、价格倒挂、动销放缓等难题，珍酒李渡推出了"超级产品+超级组织+个人IP"三重创新模式，构建了完整的破 局体系。 产品创新：锚定消费升级中的价值洼地！"大珍·珍酒"的推出体现了企业对市场趋势的敏锐洞察。 这款定价600元的产品直接对标市场3000元级产品，瞄准中产家庭与中小企业主群体。在消费理性回归的背景下，这一策略精准抓住了性价比消费崛起的 新趋势，开辟了白酒赛道的新蓝海。 日前，"港股白酒第一股"珍酒李渡召开了"2025年中期业绩投资者说明会"。在当前白酒行业面临深度调整与结构性变革的背景下，此次会议不仅重点披露 了公司中期业绩的核心数据，更深入阐释了企业如何通过战略创新应对市场挑战的具体路径与实践思考。 在充满不确定性的行业环境中，珍酒李渡展现出较强的战略定力与应变能力，其围绕产 ...

白酒股半年报冷思考：珍酒李渡的"失速"与蓄势。 文 | 卖酒狼团队 编 | 南风 8月22日，港股"白酒第一股"珍酒李渡交出了一份看似"失速"的半年报，实现营业收入24.97亿元，经调整净利润6.13亿元。 表面看，这是白酒行业面临挑战的一个缩影，但若细读财报、观察战略动向，却不难发现，这家企业在行业深度调整期中仍展现出较强的韧性与战略定 力，其"基本盘筑牢+创新突围"的双轨策略颇具样本价值。 2025年以来，白酒行业确实深陷价格倒挂与销售疲软的双重困境之中，整体市场氛围持续承压。规模以上白酒企业产量同比下滑，价格倒挂已经不是某个 白酒品牌所面临的问题，而是整个白酒市场中最为普遍的情况。 这背后是消费场景的结构性变迁：政务和商务宴请占比显著下滑，婚宴、家庭消费等虽成为主力，但客单价普遍下降，难以支撑次高端及以上产品的销 量。 同时，头部品牌如茅台、五粮液渠道下沉，加剧了市场竞争，加之年轻消费群体偏好低度、利口化酒饮，传统白酒需求受到进一步冲击。 尽管多家酒企通过推出低度产品、渠道改革等方式积极应对，但短期阵痛恐难消除，行业整体仍处于深度调整期。 在此背景下，珍酒李渡并没有成为例外，同样受到了市场大环境的"冲击 ...

Core Insights - The Chinese liquor industry is experiencing a recovery during the "Golden September and Silver October" season, with major companies like Kweichow Moutai and Wuliangye reporting significant sales growth [2][3] - Despite the expected sales boom during the Mid-Autumn Festival and National Day, the market is characterized by a "calm, indifferent, and rational" consumer behavior, shifting marketing strategies towards sales activation and online channels [2][10] Group 1: Marketing Strategies - Major liquor companies are adopting a sales-driven approach, focusing on direct promotions and product accessibility rather than traditional brand exposure [5][6] - New product launches, such as "Da Zhen·Zhen Jiu" and the first metaverse concept liquor by Guotai, have seen immediate success, indicating a shift towards innovative offerings [3][4] - Companies like Moutai and Fenjiu are implementing promotional activities that cater to diverse consumer needs, emphasizing practical sales over ceremonial marketing [5][6] Group 2: Channel Transformation - The marketing strategies during the double festival have shifted towards localized and online-focused approaches, enhancing consumer engagement and market growth [7][9] - Collaborations with local cultural events and online platforms have been utilized to create immersive consumer experiences, such as the "Jiu Gui Jiu" campaign in Hunan [8][9] - The rise of instant retail partnerships, like that of Tuopai and Meituan, exemplifies the industry's adaptation to new consumer behaviors and preferences [9] Group 3: Consumer Behavior Changes - There is a notable shift towards rational consumption, with consumers preferring to buy based on immediate needs rather than bulk purchasing [10][11] - The popularity of lower-priced and lower-alcohol products reflects changing consumer preferences towards health and personal enjoyment [11] - The industry is undergoing a fundamental transformation from "scale expansion" to "quality enhancement," indicating a long-term shift in the value system and business models within the liquor market [10][12]

Industry Overview - The Chinese liquor industry is experiencing an unprecedented adjustment period, with intensified competition in a saturated market, reduced business banquet scenarios, and weakened consumer confidence leading to rising channel inventory [1] - National Bureau of Statistics data indicates that the production of liquor by large-scale enterprises in China decreased by 8.9% year-on-year in the first seven months of 2025 [1] - Most liquor companies reported varying degrees of performance decline in their semi-annual reports, indicating a consensus that the industry is in deep adjustment [1] Company Performance - Despite the overall industry downturn, Zhenjiu Lidu, known as the "first stock of Hong Kong liquor," has adopted a counter-cyclical strategy, launching two strategic new products, "Dazhen Zhenjiu" and "Niushi Beer," and attracting significant attention with its "Wanshang Alliance" model [2][3] - The launch of "Dazhen Zhenjiu" was marked by a successful live-streaming event on September 19, attracting 7.298 million viewers and achieving 4.895 million likes, making it the hottest live stream of the day [2] - The "Wanshang Alliance" has signed 3,082 alliance merchants, and the new products have become rare hot sellers in the industry, with Zhenjiu Lidu's stock performance leading among liquor companies [2] Product Innovation - "Dazhen Zhenjiu" is positioned as a high-quality product with a price around 600 yuan, which is one of the largest price segments in the liquor market [7] - The product is crafted from over 200 types of high-quality base liquor, with all spirits aged no later than 2020, including a highlight of 20-year-old liquor [8][9] - The brand's historical foundation and significant investments in production capacity have allowed Zhenjiu Lidu to offer top-quality liquor at accessible prices, breaking the traditional high-end liquor pricing logic [9][11] Market Strategy - The "Wanshang Alliance" model aims to create a shared interest community among manufacturers and distributors, addressing long-standing issues in the liquor industry such as price discrepancies and inventory challenges [12][14] - The model includes a strict "full control price" strategy and a profit-sharing mechanism to prevent issues like price undercutting, ensuring that alliance merchants can operate without fear of being undercut by low-priced sales [14][15] - The "Alliance Merchant Rights Payment Plan" further strengthens the collaboration between manufacturers and distributors, allowing merchants to share in the company's growth without diluting existing shareholder equity [17][18] Brand and Communication - The personal brand of Chairman Wu Xiangdong has become a powerful marketing tool, enhancing market trust and brand recognition during the industry's adjustment period [19][20] - Wu's approachable communication style and focus on practical wisdom have resonated with consumers, leading to significant engagement on social media platforms [20] - Zhenjiu Lidu's stock price has surged, with a market value increase of over 10 billion Hong Kong dollars since the beginning of 2025, reflecting strong market recognition of its innovative strategies [21]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The white liquor industry is undergoing a significant transformation with a shift towards younger and more diverse brand ambassadors, moving from traditional middle-aged male figures to younger celebrities to connect with new generations of consumers [2] - The high-end beer market is experiencing a competitive shift, with local brands like China Resources and Qingdao Beer gaining ground against international players like Budweiser [4] - The banquet market is emerging as a new battleground for revenue growth, with several liquor companies reporting double-digit growth in this segment [5] - The direct sales revenue of eight listed liquor companies exceeded 640 billion yuan in the first half of the year, with Moutai and Wuliangye leading the market [6] - The low-alcohol product segment is rapidly growing, with expectations to surpass 742 billion yuan by 2025, driven by changing consumer preferences [8] Summary by Sections Industry Trends - The white liquor industry is shifting towards younger brand ambassadors, reflecting a broader trend of appealing to younger consumers through lifestyle marketing [2] - The light bottle liquor market is experiencing a split, with traditional brands struggling while high-quality products like Guojiao are in high demand [2] - The high-end beer market is seeing local brands outperform international ones, with China Resources surpassing Budweiser in revenue [4] - The banquet market is becoming a key area for growth as companies adapt to changing consumer behaviors [5] - The direct sales model is gaining traction, with significant revenue growth reported by leading companies [6] - The low-alcohol segment is expected to grow rapidly, indicating a shift in consumer preferences towards lighter beverages [8] Top Brand News - Songhe Liquor is enhancing its quality strategy and aims for long-term growth through a focus on aged products [10] - The launch of "Dazhen·Zhenjiu" marks a significant entry into the high-end liquor market, leveraging a strong sales strategy [11] - Gujing Gongjiu is integrating cultural elements into consumer experiences to enhance brand engagement [13] - The "UMEET" blueberry distilled liquor targets younger consumers by combining health and quality [20] - The collaboration between Huajun Media and Bojiangfang aims to reshape the market for sauce-flavored liquor through strategic marketing [19]

Group 1 - Renowned investor Lin Yuan led a team to Guizhou Zhenjiu for an inspection and participated in the Wan Shang Alliance Wealth Creation Forum and the "Zhen Enterprise Meeting" [1][2] - The Wan Shang Alliance is a core strategy for Zhenjiu to address industry changes, focusing on a super product model to reach middle-class consumers and resolve channel pricing issues [2][4] - The "Zhen Enterprise Meeting" aims to create a high-end entrepreneur community that combines commercial value and cultural heritage, enhancing cooperation among members [6][8] Group 2 - Lin Yuan shared investment insights and trends in the liquor industry, emphasizing a demand-driven investment philosophy and the cultural attributes of liquor [12] - He believes that the liquor industry, being cyclical, has shown a long-term upward trend and views the current market conditions as an opportune time for investment in Zhenjiu [12]

Group 1: Industry News - The Sichuan Super League has officially launched, with local liquor companies like Langjiu and Shede participating as sponsors and partners [1][3] - Langjiu has become the chief partner of the Sichuan Super League, planning to launch over 20 co-branded products and engage in extensive marketing across 21 cities in Sichuan [3] - Shede has named itself the sponsor of the Suining team, while Luzhou Laojiao has sponsored the Luzhou team, which will compete under the name "Luzhou Laojiao Team" [3] Group 2: Company Developments - Zhenjiu Li Du Group announced that its new product "Dazhen Zhenjiu" has achieved a revenue of 370 million yuan through a group purchasing model [6][8] - The company has attracted over 7,000 clients to its "Wanshang Alliance," with more than 2,860 clients signing contracts and sales exceeding 100,000 boxes [8] - Baijiu company Yingjia Gongjiu has set a revenue target of 7.6 billion yuan for 2025, reflecting a year-on-year growth of 3.49%, despite facing a decline in the first half of the year [10][11] Group 3: Market Outlook - The general manager of Laobai Ganjiu expressed optimism about improved market demand during the upcoming Mid-Autumn Festival and National Day holidays, highlighting significant market potential for family gatherings and celebrations [12] - Xiaohutuxian reported a 15% growth in the third quarter, focusing on banquet and group purchase channels, with banquet sales showing nearly 20% growth year-on-year [14] - Guizhou Moutai's deputy general manager is under investigation for serious violations, which may impact the company's operations [15]

Group 1: Marketing and Sponsorship Activities - Sichuan liquor companies, including Langjiu and Shede, have joined the sponsorship of the Sichuan Super League, marking a new marketing strategy as the peak season approaches [1][2] - Shede has become the naming sponsor for the Suining team and announced its status as an official supporter of the inaugural Sichuan Super League [2] - Langjiu has launched over 20 "Sichuan Super League co-branded city versions" and plans to implement a comprehensive marketing strategy across 21 cities in Sichuan [2] Group 2: Financial Performance and Business Models - Zhenjiu Li Du Group announced that its new product "Dazhen Zhenjiu" has achieved a revenue of 3.7 billion yuan through a group purchasing model [4][6] - The company has attracted over 7,000 clients to its "Wanshang Alliance," with more than 2,860 clients signing contracts, resulting in sales exceeding 100,000 boxes [6] - Yingjia Gongjiu reported a decline in revenue and profit for the first half of the year, with a target of 7.6 billion yuan in revenue for 2025, reflecting a 3.49% year-on-year growth [8][9] Group 3: Industry Developments and Changes - The China Alcohol Industry ESG Rating Platform 2.0 has been launched, expanding its coverage to include over ten categories of alcoholic beverages [3] - The appointment of Haiying Cheng to the board of Water Jiufang indicates a strategic move to enhance financial oversight, given her background in major beverage companies [12] - The investigation of Zhou Zhenqian from Kweichow Moutai for serious violations highlights ongoing regulatory scrutiny within the industry [13]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The white liquor sector is showing signs of recovery as the peak season approaches, with notable sales performance from new products like "Da Zhen" [2] - The beverage sector is witnessing innovation, particularly with the introduction of sparkling wines by brands like Yuanqi Forest [3] - The snack food category is experiencing rapid product innovation, with unique flavors and collaborations emerging [4] Summary by Sections White Liquor - As the Mid-Autumn Festival and National Day approach, the sales velocity of white liquor is gradually improving, although traditional distributors face challenges [2] - Moutai's pricing has slightly decreased due to weak demand, but the downward space is limited [2] - Leading companies are adapting to market changes and are expected to navigate through the industry cycle effectively [2] Beer and Beverages - In August, China's beer production slightly declined to 3.583 million kiloliters, down 1.8% year-on-year, indicating weak demand [3] - Yuanqi Forest has launched a new sparkling wine product, priced at approximately 10 yuan per 330ml can [3] - The beverage sector is highly competitive, with numerous new product launches [3] Food - The food sector is seeing structural opportunities due to channel transformations and rapid product innovation [4] - Unique products with regional characteristics are being developed, enhancing competitive advantages [4] - A regulatory penalty was imposed on Jie Wei Food for revenue misreporting, leading to stock suspension and warnings [4]

Core Viewpoint - The launch of "Da Zhen·Zhen Jiu" by Zhen Jiu Li Du Group incorporates innovative anti-counterfeiting technology, creating a comprehensive and traceable anti-counterfeiting system [1] Group 1: Product Launch - "Da Zhen·Zhen Jiu" was officially launched during a live broadcast event [1] - The product features a six-dimensional anti-counterfeiting technology [1] Group 2: Anti-Counterfeiting Technology - The anti-counterfeiting system includes six key components: iron cap QR code, glass bottle production code, back label ID, wine label chip NFC, wine box production code, and outer box production code [1] - This system establishes a full-link, traceable anti-counterfeiting loop, making counterfeiting significantly difficult [1]