Group 1 - The core announcement from Zhenjiu Lidu (6979.HK) is the launch of the "Alliance Merchant Equity Payment Plan," which sets an initial economic benefit right corresponding to no more than 169 million shares for the Wan Shang Alliance [1][4] - The company initiated the Wan Shang Alliance plan in May, with 6,414 customers participating in the forum in the first quarter, and currently, 2,418 customers have signed up as alliance merchants [4] - The equity grant period for the "Alliance Merchant Equity Payment Plan" is set for five years, with the board having the discretion to adjust it based on various factors such as procurement scale, compliance records, cooperation duration, and contributions [4][7] Group 2 - The Wan Shang Alliance represents a new business model launched by Zhenjiu Lidu, focusing on deep collaboration between manufacturers and merchants to create a super product, Dazhen Zhenjiu, and to open up a golden sales track in the liquor market [7] - The company aims to establish a short, medium, and long-term revenue system to effectively promote the formation of a community of interests and a community of destiny among manufacturers and merchants [7] - Zhenjiu Lidu plans to launch the second season of the Wan Shang Alliance from September to December [8]

Core Insights - The Chinese liquor industry, particularly the sauce-flavored liquor segment, is experiencing a shift from capital-driven growth to consumer-driven strategies as the market cools down after years of rapid expansion [1][7] - Major players like Kweichow Moutai and Zhenjiu Lidu are focusing on new product launches to better align with consumer preferences and needs [1][7] Company Performance - Kweichow Moutai reported a revenue of 75.59 billion yuan in the first half of the year, with a year-on-year growth of 10.24%, indicating a strong performance despite market fluctuations [2] - Zhenjiu Lidu faced significant challenges, with a revenue decline of 39.6% and a net profit drop of 39.3% due to reduced demand in business and gifting scenarios [4] Product Strategy - Kweichow Moutai has launched several new products, including the limited edition "Guizhou Moutai (Five-Star Trademark 70th Anniversary)" with a unique design of one bottle per day for a year, aimed at catering to personalized consumer demands [2][3] - Zhenjiu Lidu's chairman initiated a high-profile marketing campaign for a new product priced at 600 yuan per bottle, which is positioned against products in the 3000 yuan range, showcasing a strategy to penetrate the high-end market [5][6] Market Approach - Kweichow Moutai's direct sales channel revenue increased significantly, with direct sales contributing 40.01 billion yuan, a year-on-year growth of 18.63%, reflecting a successful strategy to manage pricing and distribution [3] - Zhenjiu Lidu is implementing a "Ten Thousand Merchants Alliance" plan to recruit thousands of partners, aiming to create a community of interests and stabilize pricing through strict controls [6] Industry Trends - Both companies are adapting to the industry's transition by focusing on consumer preferences, emphasizing the importance of product quality and uniqueness in a market that has previously been driven by speculative financial attributes [7] - The current adjustment period in the liquor industry is seen as a critical time for companies to refocus on core consumer needs and preferences, which is essential for long-term stability and growth [7]

Core Points - The company, Guizhou Zhenjiu, has issued its first penalties to 19 out of 41 alliance distributors for violating sales regulations, marking a rare public disclosure of such actions in the liquor industry [2][3] - The "Dazhen Zhenjiu" product is positioned as a "superior quality, medium price" offering, with a group purchase price set at 600 yuan per bottle and 3600 yuan per case, aimed at competing with products priced around 3000 yuan [2] - Zhenjiu has established strict sales rules, known as the "six prohibitions," to maintain product pricing and market stability, which include prohibitions on direct low pricing, online sales, and various forms of discounting [2] Company Actions - The company conducted a special inspection from August 23 to 29, identifying 19 violators among the alliance distributors, including 11 channel clients and 2 high-end wine clients [2][3] - Four Guangdong enterprises faced penalties for serious violations, including improper distribution to channel merchants and online platforms, with penalties including a 30,000 yuan fine and a 12-month observation period [3] - The company's strong stance against market disruption reflects a zero-tolerance policy towards violations, emphasizing the importance of protecting the "Dazhen" brand for the benefit of alliance partners and long-term development [3]