Understanding the Market | ZJLD fell nearly 5% in the afternoon, with institutions stating that the sales of liquor during the Double Festival have declined by about 20%. The Q3 sector report may undergo further adjustments

ZJLD fell nearly 5% in the afternoon, and as of the time of writing, it was down 4.65%, trading at HKD 8.62, with a transaction volume of HKD 93.0547 million. Huachuang Securities pointed out that the sales of liquor showed marginal acceleration about a week before the holiday, but gradually slowed down afterward, with an overall expected decline of around 20%, in line with pre-holiday expectations; considering subsequent task volume, year-end off-season funding pressure, and Double Eleven e-commerce subsidies, it is expected that there will still be some downward pressure on prices in October and November. Guotai Junan stated that it expects the sector's financial statements in the third quarter of 2025 may be further adjusted. Notably, ZJLD's latest super product "Da Zhen" was officially launched earlier, and at the press conference, ZJLD Group Chairman Wu Xiangdong revealed that the return on Da Zhen has reached 370 million yuan, with the number of nationwide signed alliance merchants exceeding 2,800. Huaxin Securities previously pointed out that in the first half of the year, the company launched a new flagship product "Da Zhen," positioned to complement the Zhen 15 and Zhen 30 series, with a high quality-to-price ratio expected to build ZJLD's third growth curve