Group 1: Industry Overview - The liquor industry is currently facing a complex situation, with overall deep adjustments due to policy regulation, structural shifts in consumption scenarios, and generational consumption differences, leading to a slowdown in growth and a decline in performance for many companies [1] - Notable challenges for liquor brands include inventory competition, demand bottlenecks, and pressure on sales [1] Group 2: Company Performance - Zhenjiu Lidu (06979.HK) reported a revenue of 2.497 billion yuan and an adjusted net profit of 613 million yuan for the first half of 2025, showing a decline compared to the same period last year [1] - Despite the revenue drop, the company has made progress in solidifying its core brand Lidu in the Jiangxi market while gradually expanding its national presence [1] Group 3: Cultural Strategy and Events - The second National Treasure Lidu Cultural Heritage Festival was held on August 30, featuring upgraded scale, content, and experiential forms, themed "Ceramic Wine Coexistence, Head Opening Cellar, Fortune for All" [3][4] - The festival included a traditional ceremony, the release of a limited commemorative wine "Fortune for All," and various immersive experiences that blend culture, nature, and lifestyle [6][8] - Lidu's cultural strategy emphasizes the integration of cultural heritage and modern experiences, aiming to create a long-term cultural value moat [12][14] Group 4: Long-term Vision and Market Positioning - Lidu's commitment to cultural heritage and quality over short-term sales and price competition reflects a long-term strategic vision, positioning the brand for sustainable growth [14][15] - The company's approach to cultural empowerment and internationalization is seen as a new direction for the liquor industry, especially during periods of low consumer demand [15]