珍酒李渡(06979)早盘涨超6%，截至发稿，涨5.61%，报9.42港元，成交额5597.82万港元。 消息面上，11月2日，贵州珍酒召开旺季动员大会，11月2日，贵州珍酒召开旺季动员大会，总结市场建 设经验，安排部署下一阶段重点工作。珍酒李渡集团董事长吴向东出席会议并讲话。会议透露，截至目 前，万商联盟项目己有超3500家客户成功签约;"大珍.珍酒"已覆盖全国30个省、250个城市。 值得注意的是，今年6月，珍酒李渡推出战略级新品"大珍"。方正证券发布研报称，大珍的推出具有重 要战略意义：一方面作为承上启下的关键产品，为旗舰产品珍30在800元价格带建立缓冲区间，守护品 牌价值标杆；另一方面，通过创新的"万商联盟"渠道模式深度融合经销商利益，以大珍的成功卡位带动 珍15的进一步放量，夯实消费基础。通过对品牌力提升路径的拆解，该行认为大珍有望成为撬动珍酒品 牌实现系统性品牌提升的支点。 ...

在白酒行业深度调整的当下，珍酒李渡动作频频，一系列布局引发行业内外高度关注。 从珍酒李渡董事长吴向东在万商联盟创富论坛亲自宣讲，到推出"联盟商权益支付计划"，再到"大珍.珍酒"超级单品正式上市，以及吴向东打造个人IP，珍酒 李渡正着力全方位构建一个以"大珍.珍酒"为核心的超级产品生态，力求在行业寒冬中突出重围，重构未来白酒竞争新格局。 股权纽带下的深度绑定 9月10日，珍酒李渡(06979.HK)发布公告，推出"联盟商权益支付计划"，为万商联盟初步设定不超过1.69亿股对应的经济收益权，且董事会有权根据情况进一 步提高，激励符合资格的联盟商，以促进公司长期可持续增长和发展。 此外，珍酒李渡公告中明确了该项目合格参与者的多项考量因素，包括业绩表现、在指定期限内持续遵守适用的销售流程及规章制度、与珍酒李渡的合作年 限、参与公司的业务程度，以及对公司发展及增长的实际或潜在贡献等，这进一步确保了联盟商质量，保障计划的有效推进。 这一计划的核心亮点在于，以股权为纽带，将联盟商与珍酒李渡利益深度绑定，此举在白酒行业具有里程碑意义。传统白酒渠道中，厂商与经销商多为短期 利益合作，在行业下行压力下，二者矛盾频发。如今，珍酒李 ...

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]