值得注意的是，12月9日，珍酒李渡集团董事长吴向东以"我们的200天"为主题，开启第五场大型直播。 他透露，"大珍.珍酒"上市200天，已在全国31个省、280个城市热销，回款5.8亿元，成为中高档白酒全 网新品销量第一，长期目标是成为300亿级超级大单品。他同时预告，一款定位更高、价格再增百元的 顶级啤酒新品正在规划。 消息面上，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。 珍酒李渡(06979)再涨超4%，截至发稿，涨4.12%，报8.6港元，成交额3170.73万港元。 ...

Company Overview - Zhenjiu Lidu (06979) experienced a decline of over 6%, currently trading at HKD 8.87, with a transaction volume of HKD 36.53 million [1] Business Strategy - The company announced a phased suspension of recruitment for distributors in certain cities across five provinces: Henan, Guizhou, Hunan, Shandong, and Yunnan, to "ensure healthy market operations" [1] - The decision was made due to a saturation of the distributor network in some cities, aiming to prevent increased competition among local distributors and protect their interests [1] Industry Context - The Chinese liquor industry is currently undergoing an adjustment period, facing challenges such as high inventory levels and price inversions, leading to weak overall performance in wholesale prices during the first half of the year [1] - Reports indicate that during this year's "Double Eleven" shopping festival, the price of Feitian Moutai frequently appeared at CNY 1499, although investigations revealed that the actual market price remains around CNY 2000 per bottle [1]

Group 1 - The core point of the article is that Zhenjiu Lidu (06979) experienced a significant drop in stock price due to the announcement of a temporary pause in the recruitment of distributors in certain provinces to ensure healthy market operations [1] - The company stated that the decision to pause recruitment in a few cities is to prevent increased competition among local distributors and to protect their interests, while recruitment in the majority of other cities continues normally [1] - The overall performance of the liquor industry is currently in a period of adjustment, with weak terminal prices observed [1] Group 2 - During the recent "Double Eleven" shopping period, the price of Feitian Moutai was frequently reported at "1499 yuan," which has drawn significant market attention [1] - A senior e-commerce operator indicated that the reported price is a strategy for attracting customers, while the actual regular selling price of Moutai on e-commerce platforms remains above 1800 yuan [1]

Core Viewpoint - The stock of Zhenjiu Lidu (06979) has increased by over 3%, reaching HKD 9.71 with a trading volume of HKD 54.55 million, driven by the chairman's personal branding efforts and new product launches [1] Group 1: Company Developments - Chairman Wu Xiangdong has started building a personal brand through short videos, achieving over 200 million views in four months, establishing himself as a leading figure in the liquor industry [1] - The company launched "Bull Market Craft Beer" on August 8, which was first introduced through a live stream by the chairman, resulting in significant media coverage [1] - On September 19, the chairman announced the official launch of "Da Zhen" during a live stream [1] Group 2: Market Expansion - A seasonal mobilization meeting was held on November 2 to summarize market development experiences and plan for the next phase of work, with Chairman Wu Xiangdong in attendance [1] - The Wan Shang Alliance project has successfully signed over 3,500 clients to date [1] - "Da Zhen. Zhenjiu" has expanded its reach to 30 provinces and 250 cities across the country [1]

Core Viewpoint - The stock of Guizhou Zhenjiu (珍酒李渡) has seen a significant increase, rising over 6% in early trading, attributed to the company's recent strategic initiatives and market expansion efforts [1] Group 1: Company Developments - On November 2, Guizhou Zhenjiu held a peak season mobilization meeting to summarize market construction experiences and outline key tasks for the next phase [1] - The chairman of Zhenjiu Li Du, Wu Xiangdong, attended the meeting and delivered a speech [1] - The "Wanshang Alliance" project has successfully signed over 3,500 customers to date [1] - The product "Da Zhen" has been launched and is now available in 30 provinces and 250 cities across the country [1] Group 2: Product Strategy - The launch of the strategic new product "Da Zhen" in June is considered to have significant strategic importance [1] - "Da Zhen" serves as a key product to create a buffer zone for the flagship product "Zhen 30" in the 800 yuan price range, protecting the brand's value benchmark [1] - The innovative "Wanshang Alliance" channel model aims to deeply integrate the interests of distributors, with the success of "Da Zhen" expected to drive further sales of "Zhen 15" and solidify the consumer base [1] - According to a report from Founder Securities, "Da Zhen" is anticipated to be a pivotal point for achieving systematic brand enhancement for Zhenjiu [1]

Core Insights - The company is focusing on building a comprehensive ecosystem centered around its flagship product "Da Zhen. Zhen Jiu" to navigate the challenges in the liquor industry and reshape the competitive landscape [2][12] Group 1: Alliance Merchant Rights Payment Plan - On September 10, the company announced the "Alliance Merchant Rights Payment Plan," allocating up to 169 million shares corresponding to economic benefits to incentivize qualified alliance merchants for sustainable growth [3][5] - This plan aims to deeply bind the interests of alliance merchants with the company, transforming them from mere sellers to partners in business development, enhancing loyalty and stability in the distribution channels [5][7] - The first batch of alliance merchants has received approximately 150,000 yuan in additional equity rewards, attracting quality distributors to promote "Da Zhen. Zhen Jiu" in the market [7] Group 2: Launch of "Da Zhen. Zhen Jiu" - "Da Zhen. Zhen Jiu" was officially launched on September 19, achieving sales of 100,000 boxes and revenue of 370 million yuan during a 100-day trial period [8][10] - The product is developed with the involvement of 32 national and provincial liquor judges, using a blend of 5-year premium base liquor and 20-year rare aged liquor, allowing it to compete with products priced at 3,600 yuan while being priced at 600 yuan [10] Group 3: Innovative Business Model - The "Wan Shang Alliance" model, tailored for "Da Zhen. Zhen Jiu," has become a significant innovation in the liquor industry, ensuring a sustainable channel ecosystem through controlled pricing and continuous dividend mechanisms [12] - As of September 23, over 7,000 participants attended the Wan Shang Alliance forums, with more than 3,000 clients successfully signing up as alliance merchants, leading to nationwide sales across 30 provinces and 212 cities [12] Group 4: Entrepreneurial Branding - The company is leveraging the personal brand of its chairman, Wu Xiangdong, who has been actively engaging with distributors and consumers through various media, enhancing the brand's visibility and credibility [13][14] - Wu's influence has become a new engine for brand communication, significantly increasing awareness and reputation for "Da Zhen. Zhen Jiu" and the Wan Shang Alliance model [14] Group 5: Future Outlook - The combination of equity incentives, flagship product development, innovative business models, and personal branding is expected to create a robust ecosystem centered around "Da Zhen. Zhen Jiu," positioning it as a potential phenomenon in the liquor industry [14]

Group 1 - The stock of Zhenjiu Lidu (06979) increased by over 5%, reaching a price of 9.07 HKD with a trading volume of 228 million HKD [1] - In June, Zhenjiu Lidu launched a strategic product "Dazhen Zhenjiu" priced at 888 RMB per bottle, targeting the high-end market to fill the price gap between "Zhen Fifteen" and "Zhen Thirty" [1] - In August, the company introduced its first high-end craft beer product named "Niushi News" with a retail price of 88 RMB per bottle, marking its entry into the beer market [1] Group 2 - CITIC Securities noted that the strategic new product "Dazhen" is positioned in a vacant price segment and has received positive market feedback, with expected revenue contributions in the second half of the year [1] - The company plans to focus most of its budget expenditures on "Dazhen" this year, as stated by Chairman Wu Xiangdong, indicating a sustained push for the product in the second half [1] - Founder Securities highlighted the upcoming launch of the high-end beer brand "Niushi," which aims to expand the company's product categories [1]

Core Viewpoint - The company Zhenjiu Lidu (06979) is experiencing a decline in stock price despite the successful launch of its new product, Dazhen Zhenjiu, which has been positioned as a "super product" in the Chinese liquor industry and is gaining significant market traction [1] Company Summary - Zhenjiu Lidu's stock has dropped over 4%, currently trading at 6.71 HKD with a trading volume of 58.26 million HKD [1] - The company is focusing its budget resources on the Dazhen Zhenjiu product, which is expected to drive sales and market presence [1] - The company is shifting from a functional satisfaction approach to an emotional resonance strategy, indicating a structural change in its marketing [1] - Zhenjiu Lidu is adopting a leading commercial model that is expected to enhance its competitive edge in the market [1] Industry Summary - The liquor industry is under pressure, prompting Zhenjiu Lidu to relax payment collection requirements to support its distribution channels [1] - The company has increased inventory levels due to the distribution of Zhen Thirty last year, and is now focusing on enhancing terminal sales and reducing inventory [1] - The introduction of the strategic flagship product Dazhen is aimed at bridging the gap between Zhen Thirty and Zhen Fifteen, with a focus on offering exceptional value [1] - The company is expanding its price range and product matrix to increase market share, while competitors like Xiangjiao and Kaikouxiao are facing challenges [1] - Increased marketing expenditures are being directed towards alleviating cash flow pressures for distributors, with expectations of a decline in profit margins and a 40% drop in both revenue and profit for the first half of 2025 [1]