股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 珍酒李渡集團有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06979 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | | 0.000002 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | | 0.000002 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF3 ...

Core Viewpoint - The liquor sector, particularly the baijiu market, is experiencing a significant rebound, with major stocks like Moutai seeing substantial price increases, driven by strong sales performance and favorable policy changes [1] Industry Summary - On January 29, the baijiu sector saw a historic surge, with 20 stocks hitting the daily limit and the index rising by 9.79%, while Moutai increased by 8.61% [1] - The price of Moutai continues to rise, with strong sales across various product lines, indicating robust market demand [1] - The industry is expected to reach a bottom by 2026, with leading brands likely to increase their market share [1] Company Summary - The stock of Zhenjiu Lidu (06979) rose over 5%, trading at HKD 9.44 with a transaction volume of HKD 62.62 million [1] - Tianfeng Securities reports that the baijiu sector has undergone approximately five years of adjustment, with current valuations and institutional positions at historical lows [1] - Market sentiment towards the baijiu sector is currently pessimistic, but stock prices may recover ahead of fundamental improvements, contingent on macroeconomic demand recovery [1]

Core Viewpoint - The liquor stock market, particularly the Chinese liquor company Zhenjiu Lidu (06979), has seen significant gains, with a notable increase of over 5% in its stock price, driven by positive market sentiment and expectations for recovery in the industry [1] Industry Summary - On January 29, the liquor sector experienced a historic surge, with 20 stocks hitting the daily limit and the index rising by 9.79%. Kweichow Moutai saw an increase of 8.61%, attributed to better-than-expected sales prices and recognition of reforms, alongside supportive real estate policies and positive Producer Price Index (PPI) expectations [1] - On January 30, Kweichow Moutai's sales prices continued to rise, with prices for its Flying Fairy, vintage, and zodiac wines increasing, indicating strong channel sales activity [1] - The industry is expected to reach a bottom by 2026, with leading companies likely to increase their market share. There is optimism for significant investment opportunities in the liquor sector before and after the Spring Festival, marking a potential ten-year low [1] Company Summary - Tianfeng Securities reports that the liquor sector has undergone approximately five years of adjustment, with current valuations and institutional positions at historical lows. The market sentiment towards the liquor sector is currently pessimistic, and a recovery in the overall industry fundamentals will require a revival in external macro demand [1] - Despite the current market conditions, stock prices may lead the fundamentals in finding a bottom, suggesting potential for early recovery in stock performance [1]

Core Viewpoint - The white liquor sector experienced a significant collective surge on January 29, 2026, with 18 out of 20 stocks reaching their daily limit, resulting in a total market value increase of over 252.6 billion yuan, primarily driven by the performance of Kweichow Moutai, which alone saw a market value increase of over 140 billion yuan [1][2][5]. Group 1: Market Performance - On January 29, 2026, the white liquor stocks initially opened flat but later exhibited a strong upward trend, with all 20 stocks showing a "climbing" pattern throughout the day [3][6]. - Kweichow Moutai and Shunxin Agriculture, while not hitting the limit, recorded significant gains of 8.61% and 9.96%, respectively, with Moutai's stock closing at 1437.72 yuan per share [5][6]. - The surge in the white liquor sector was unexpected for investors, who expressed surprise at the sudden rise after a prolonged period of low performance [6][10]. Group 2: Industry Turning Point - The collective rise in white liquor stocks has led to speculation about a potential turning point for the industry, attributed to factors such as the price increase of Moutai and the upcoming Spring Festival consumption peak [7][10]. - The price of Moutai's original box has risen to 1610 yuan per bottle, indicating a recovery from previous lows [7][9]. - Analysts from CITIC Securities have optimistic expectations for the Spring Festival sales, predicting stable sales performance due to various favorable factors [7][10]. Group 3: Valuation Recovery Logic - The current valuation of white liquor stocks is at a low point, with the China Securities White Liquor Index reflecting a price-to-earnings ratio of 18.85, close to historical lows [10][11]. - The market's expectation for a rebound is growing, especially as leading white liquor companies have adjusted their profit forecasts for 2025-2026, enhancing the perceived safety margin for investors [10][11]. - Structural changes within the industry, such as inventory clearance and price control mechanisms, are crucial for sustaining the recovery of white liquor stocks [11][12][16]. Group 4: Structural Changes - The pressure on leading liquor companies regarding inventory has eased, with companies like Wuliangye managing to reduce channel inventory to 1-2 months [11][12]. - Price control reforms are being implemented, with Moutai and Wuliangye adopting strategies to stabilize prices and support distributors [12][16]. - The effectiveness of these structural reforms will be essential for validating the recovery of demand in the white liquor sector [11][17].

Core Insights - The article highlights the achievements of ten exemplary entrepreneurs who have significantly contributed to China's economic landscape, showcasing their courage, vision, and resilience in various industries [3][4]. Group 1: Industrial Leadership - The emergence of great companies often begins with leaders who possess a profound insight into the "certainty" of their times, as exemplified by Ma Changhai of Weichai Power and Chen Jinghe of Zijin Mining [6]. - Chen Jinghe transformed Zijin Mining from a struggling company into a global mining giant by focusing on independent research and development, overcoming external competition and internal technical challenges [7][9]. - Ma Changhai led Weichai Power through comprehensive reforms and innovations, emphasizing the importance of mastering core technologies to strengthen China's industrial autonomy [11]. Group 2: Commitment to Excellence - Entrepreneurs like Leng Youbin of Feihe Dairy and Wu Xiangdong of Zhenjiu demonstrate the depth and warmth of "Made in China" through their commitment to quality and cultural heritage [13][16]. - Leng Youbin's strategic decisions during a crisis in the dairy industry led to the establishment of a complete supply chain for infant formula, enhancing safety and quality [14]. - Wu Xiangdong's acquisitions in the liquor industry allowed him to transition from brand management to controlling core production capabilities, thus preserving cultural heritage while achieving commercial success [17][19]. Group 3: Innovation and New Frontiers - Entrepreneurs such as Peng Jun of Xiaoma Zhixing and Zhao Deli of XPeng Huitian are pioneering new avenues in transportation, focusing on autonomous driving and flying cars, respectively [25][27]. - Liu Debing of Zhipu and Han Bicheng of Qiangnao Technology are exploring the intersection of artificial intelligence and life sciences, contributing to China's shift from application-driven innovation to foundational research [27][30]. - The article emphasizes the importance of these entrepreneurs in driving technological advancements and establishing China as a leader in global innovation [30].

Core Insights - The article highlights the achievements of ten distinguished entrepreneurs who have significantly contributed to China's economic landscape, showcasing their courage, vision, and resilience in various industries [2][33]. Group 1: Industrial Leadership - Chen Jinghe, founder of Zijin Mining, transformed the company from a small local enterprise into a global mining giant by overcoming technical challenges and establishing an international strategy [5][37]. - Ma Changhai, chairman of Weichai Power, led the company through a comprehensive reform process, focusing on mastering core technologies and achieving breakthroughs in heavy-duty engines and hydraulic systems [7][40]. - Both Chen and Ma's stories symbolize China's industrial evolution from scale chasing to technological and value chain leadership [8][40]. Group 2: Manufacturing Excellence - Cold Friend, chairman of Feihe Dairy, adopted a long-term strategy to ensure the safety and quality of infant formula, establishing a complete supply chain from pasture to product [9][43]. - Wu Xiangdong, chairman of Guizhou Zhenjiu, transitioned from brand management to controlling core production capacities through strategic acquisitions, enhancing the cultural value of Chinese liquor [11][45]. - Ma Yin, founder of Anaya, created a unique cultural and tourism destination that emphasizes the integration of business and humanity, setting a new value benchmark in the real estate sector [14][47]. Group 3: Technological Innovation - Peng Jun, chairman of Pony.ai, is pioneering the field of autonomous driving, addressing complex challenges in algorithms and hardware to redefine future transportation [19][53]. - Zhao Deli, founder of XPeng, is working on flying cars, tackling significant technical and regulatory challenges to establish a new industry in low-altitude economy [22][56]. - Liu Debing, chairman of Zhipu AI, is focused on developing AI infrastructure with independent intellectual property rights, marking a significant step in China's AI industry [23][60]. - Han Bicheng, founder of Strong Brain Technology, is innovating in brain-computer interfaces, contributing to advancements in life sciences and assistive technologies [25][58]. Group 4: Social Responsibility and Vision - Lu Mai, former vice chairman of the China Development Research Foundation, emphasizes the importance of early childhood development in rural areas, advocating for immediate action to support children's growth [16][50]. - The article underscores the entrepreneurial spirit as a driving force behind China's transition from manufacturing to value creation, highlighting the importance of social responsibility and cultural heritage in business [18][52].

Core Insights - The "Top Ten Economic Figures of the Year" award is considered the "Oscar" of the Chinese economic field, aimed at recognizing outstanding entrepreneurs who drive business progress, industrial innovation, and social development [1][2] - Wu Xiangdong, Chairman of Zhenjiu Lidu Group, was awarded the title of "Top Ten Economic Figures of 2025" for his innovative practices and contributions to the liquor industry [2][4] Company Performance - Under Wu Xiangdong's leadership, Zhenjiu Lidu launched the "Dazhen·Zhenjiu" product, which has become the best-selling new mid-to-high-end liquor in China within 200 days of its launch, achieving sales across 31 provinces and 280 cities [1][4] - The "Niushi" super beer has consistently topped sales charts on platforms like Tmall and JD, and has gained popularity on Douyin [1] Business Model Innovation - The establishment of the "Wanshang Alliance" has led to over 80 forums and attracted more than 10,000 merchants, signing over 4,000 alliance businesses, marking it as a highly innovative business model for 2025 [4] - Wu Xiangdong's personal video account has garnered over 400 million views in just six months, with 15 videos exceeding 10 million views, showcasing the effectiveness of modern marketing strategies [4] Recognition and Vision - The award citation highlights Wu Xiangdong as a practitioner of blending traditional brewing spirit with modern business wisdom, emphasizing his commitment to long-termism and quality in the liquor industry [4] - In his acceptance speech, Wu expressed a vision for expanding the reach of Chinese liquor to the global stage, aiming for international appreciation [6]

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur's Night" held on January 29 in Beijing highlighted the achievements of the Chinese liquor industry, particularly focusing on the contributions of the Zhenjiu Liduo Group and its chairman Wu Xiangdong [1][8]. Group 1: Recognition and Contributions - Wu Xiangdong is recognized as a practitioner who merges traditional brewing spirit with modern business wisdom, dedicated to advancing the Chinese liquor industry [3][10]. - The event featured notable figures such as Zhang Yuliang from Greenland Group and Zhou Yanlong from Quanjude Group, who expressed hopes for Zhenjiu Liduo to continue providing quality products and services to the nation and consumers [3][10]. - Former UN Deputy Secretary-General Kim Won-soo praised the unique brewing process and scientific management of Zhenjiu, emphasizing its impressive scale and quality [4][11]. Group 2: Future Aspirations - Wu Xiangdong expressed a desire for Chinese national products to thrive not only domestically but also on the international stage, aiming for greater global appreciation of Chinese liquor [6][13]. - The company is focusing on attracting younger consumers by encouraging them to first experience beer or wine before transitioning to traditional Chinese liquor, highlighting the cultural significance of Baijiu [6][12]. - Wu noted that currently, one-fifth of exported Chinese liquor is sold to South Korea, indicating a growing international market for Chinese Baijiu [6][13].

Core Insights - The event "Praise for China's Economy - Entrepreneur Night" was held on January 29 in Beijing, honoring notable figures in the Chinese liquor industry, including Wu Xiangdong, Chairman of Zhenjiu Lidou Group [1][8] - The event highlighted the integration of traditional brewing spirit with modern business wisdom, emphasizing the importance of quality and long-term strategies in the liquor industry [3][10] Group 1: Event Overview - The event featured prominent attendees such as Zhang Yuliang, Chairman of Greenland Group, and Zhou Yanlong, General Manager of Quanjude Group, who expressed their support for the liquor industry and the economy [1][8] - Wu Xiangdong received accolades for his commitment to the development of the Chinese liquor industry, launching strategic products like "Dazhen Zhenjiu" and "Niushi Beer" [3][10] Group 2: Industry Perspectives - Jin Guanshu, former Deputy Secretary-General of the United Nations, praised the unique brewing process and scientific management of Zhenjiu, highlighting its large-scale production capabilities [4][11] - Zhang Yuliang expressed hope that Zhenjiu Lidou would continue to provide high-quality products and services to the country and consumers, regardless of economic conditions [3][10] Group 3: Future Aspirations - Wu Xiangdong emphasized the need for Chinese liquor products to not only thrive domestically but also gain international recognition, noting that currently, one-fifth of exported liquor goes to South Korea [6][13] - The focus on attracting younger consumers to traditional liquor was discussed, with Wu suggesting that they should first appreciate beer or wine before transitioning to Chinese liquor [6][12]

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" held on January 29 in Beijing highlighted the achievements of the Chinese liquor industry, particularly focusing on the contributions of the Zhenjiu Liduo Group and its chairman Wu Xiangdong, who is recognized for blending traditional brewing spirit with modern business acumen [1][8]. Group 1: Event Highlights - The event featured notable figures such as Zhang Yuliang, chairman of Greenland Group, and Zhou Yanlong, general manager of Quanjude Group, who expressed their hopes for the continued success of the liquor industry and the importance of quality products for consumers [3][12]. - Wu Xiangdong emphasized the need for Chinese liquor products to not only thrive domestically but also gain international recognition, aiming for broader acceptance of Chinese baijiu globally [6][13]. Group 2: Industry Insights - Wu Xiangdong introduced strategic products like "Da Zhen · Zhenjiu" and "Bull Market Beer," showcasing a new business model aimed at adapting to market changes and consumer preferences [3][10]. - The event underscored the importance of quality and craftsmanship in the liquor industry, with testimonials highlighting Zhenjiu's unique brewing process and large-scale production capabilities [4][11]. Group 3: Future Aspirations - Industry leaders expressed optimism about the future of the liquor market, suggesting that adapting to new consumer trends and maintaining high standards will be crucial for success [3][12]. - Wu Xiangdong's vision includes attracting younger consumers to baijiu, encouraging them to appreciate the cultural significance of the drink after experiencing other types of alcohol [6][13].