HK Stock Market Move | ZJLD (06979) rose nearly 4% recently as the company has recently upgraded its performance guidance. Institutions are optimistic about the viability of the combination of "Wanshang Alliance + Dazhen" in commerce.

ZJLD (06979) rose nearly 4%, rising to 3.82% at the time of publication, reporting 7.88 Hong Kong dollars, with a trading volume of 1704.08 million Hong Kong dollars. On the news front, recently, ZJLD held its 2025 annual shareholder meeting, announcing an official upward adjustment to the 2026 performance guidance: the full-year revenue growth rate was raised from 10% to 15%, and the adjusted net profit was raised from 6 billion yuan to 8 billion yuan. China Great Wall stated that Wu Xiangdong's IP operation has been in operation for a year, driving thousands of alliance merchants and corporate employees to participate in short video content creation, forming a matrix-style dissemination strategy with "main IP generating buzz, vertical IP penetrating." The bank believes that IP content inherently attracts traffic, reducing reliance on traditional advertising for brand communication and enhancing overall cost effectiveness. Further monitoring is needed to track the expansion pace of the IP matrix and the actual improvement in the sales expense ratio. China Great Wall also mentioned that entering 2026, as channel inventory returns to a healthy level, Da Zhen continues to release inventory, and the fifth generation of Zhen successfully transitions, the company's fundamentals are recovering from the bottom. As of now, Da Zhen's payment amount has exceeded 1.3 billion yuan, with contracts signed with over 4,300 alliance merchants. In the context of industry-wide price inversion, Da Zhen's wholesale price remains stable around 600 yuan, becoming one of the few white spirit products to achieve sales at a premium during the industry adjustment period. The company has clearly stated a product strategy of "Da Zhen for height, Zhen Fifteen for width," marking the synergistic effect of the two key products - Da Zhen driving brand promotion and incremental contribution, and Zhen Fifteen consolidating the base and channel penetration.