Media OutReach
ZJLD Group Announces Interim Results for FY2025
Forging Resilience Amid Industry Headwinds, Driving High-Quality Transformation Through Innovation and Cultural Stewardship
HONG KONG SAR – Media OutReach Neswire – 26 August 2025 – ZJLD Group Inc. (“ZJLD” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 06979. HK), an outstanding representative in the Chinese baijiu industry and the first baijiu company listed in Hong Kong Stock Exchange, is pleased to announce its interim results for the six months ended 30 June 2025 (“FY 2025 1H” or the “Period”). Despite persistent macroeconomic pressures and weak consumer demand across the baijiu sector, the Group remained steadfast in its commitment to high-quality development. Through strategic channel innovation and accelerated digital transformation, ZJLD Group has reinforced its operational resilience and laid the foundation for sustainable long-term growth.
The key financial and business highlights are as follows:
| FY 2025 1H (for the six months ended June 30, 2025) (RMB’000) |
FY 2024 1H (for the six months ended June 30, 2024) (RMB’000) |
Changed by | |
| Revenue | 2,497,106 | 4,133,191 | -39.6% |
| Gross profit | 1,474,284 | 2,428,682 | -39.3% |
| Gross profit margin | 59.0% | 58.8% | +0.2 percentage points |
| Net cash generated from/(used in) operating activities | (322,274) | 574,886 | -156.1% |
| Adjusted net profit (non-IFRS measure) | 613,202 | 1,018,123 | -39.8% |
| Adjusted net profit margin (non-IFRS measure) | 24.6% | 24.6% | — |
- During the Period, the Group recorded revenue of RMB 2,497.1 million, representing a year-on-year decline of 39.6%. Gross profit decreased by 39.3% to RMB 1,474.3 million. Notably, gross margin edged up to 59.0%. Adjusted net profit amounted to RMB 613.2 million, down 39.8% year-on-year, in line with the revenue trajectory.
- The baijiu industry continues to grapple with structural challenges, including deteriorating channel pricing systems, compressed distributor margins, mounting financial pressure across the value chain, and sluggish terminal sales. Since Q2 2024, consumer demand has softened significantly, with notable declines in business banquets, gifting occasions, and other offline consumption scenarios. All four of the Group’s core brands experienced various degrees of revenue contraction. Flagship brand Zhenjiu, the Group’s primary growth engine, saw revenue fall 44.8% to RMB 1,491.7 million (FY 2024 1H: RMB 2,702.2 million), as the Group proactively managed channel inventory and strictly controlled sales pacing to safeguard long-term sustainability.
- The Board of Directors does not recommend the declaration of an interim dividend for the six months ended 30 June 2025 (FY 2024 1H: nil).
Strategic Response: Anchored by the “Premier Retailers Alliance” Model, Driving Channel Innovation and Digital Transformation
Against the backdrop of profound market recalibration and rapidly evolving consumer behavior, the Group has positioned the “Premier Retailers Alliance” model as its central strategic framework—driving simultaneous advancement in channel innovation and digital transformation. This dual-pronged approach reshapes brand accessibility and operational efficiency, while fortifying a more resilient market response system. Far more than a vehicle for channel integration, the “Premier Retailers Alliance” model serves as a strategic nexus for deep collaboration, co-creation, and shared value between the Group and its nationwide distributor network. The Group has dismantled traditional tiered distribution structures through this alliance mechanism, enabling streamlined resource allocation, transparent information exchange, and synchronized interest alignment. These enhancements have significantly accelerated channel responsiveness and strengthened control at the terminal level. Alliance members are no longer mere conduits of product delivery; they are empowered co-architects of brand equity and frontline executors of market strategy. Together, they form a multidimensional, interconnected channel ecosystem characterized by vertical synergy and horizontal coordination.
Building on this foundation, the Group is advancing its digital transformation to achieve full-chain data integration—from production and distribution to end-consumer engagement. Through intelligent base liquor management, precision allocation and delivery, real-time sales monitoring, and consumer behavior analytics, the Group has significantly enhanced supply chain efficiency while equipping brand strategy with timely insights and data-driven decision support. Upgrades to the CRM system and membership operations framework have enabled more granular audience segmentation and personalized communication, strengthened user engagement and driven higher repurchase rates.
Importantly, the Premier Retailers Alliance also serves as a strategic launchpad for key brand initiatives, including the cultural flagship “Da Zhen” (also known as Zhen * 2020 Real Vintage Baijiu), the innovative “News Craft Beer”, and the Group’s heritage ambassador program. Whether deepening the cultural narrative of premium baijiu or expanding the experiential reach of emerging categories, the Group leverages the Alliance mechanism to enable rapid market deployment and targeted promotion—achieving a synergistic fusion of cultural storytelling, channel innovation, and technological empowerment.
Overall, the “Premier Retailers Alliance” model is the starting point of the Group’s channel reform and a central pillar supporting brand elevation and organizational resilience. Looking ahead, the Group will continue to position the Alliance at the heart of its strategy—deepening collaborative mechanisms, expanding digital capabilities, and shaping a more penetrative and sustainable competitive landscape.
Product and Brand Strategy: Dual Growth Engines of “Da Zhen” and “News Craft Beer”, Enriched by Cultural Ambassadorship
Amid structural shifts in the baijiu landscape, the Group has identified “Da Zhen” and “News Craft Beer” as dual strategic anchors to upgrade the product matrix and extend brand reach. This forward-looking approach reflects the Group’s dynamic market positioning and revitalized brand energy.
As the flagship of the Group’s premiumization journey, “Da Zhen” embodies cultural heritage and uncompromising quality standards. Featuring a minimalist clear-bottle design, the packaging is adorned with the handwritten character “珍” (Pronunciation: Zhen) by Ming Dynasty master Shen Zhou, wrapped in heritage Xuan paper. This harmonious blend of classical artistry and modern aesthetics not only enhances perceived brand value but also reinforces the Group’s competitive edge in the high-end baijiu segment. The “Da Zhen” launch marks a deeper strategic push into the sub-premium baijiu category, infusing the brand image with gravitas and prestige.
In parallel, “News Craft Beer” represents the Group’s bold foray into emerging categories through active exploration and innovative breakthroughs. Based on craft brewing techniques, the series integrates youthful design sensibilities and social appeal, successfully entering the craft beer market and expanding consumption scenarios, including gatherings, leisure, and festive occasions. Beyond reducing regulatory sensitivity associated with the category, “News Craft Beer” carries an uplifting brand ethos that resonates with the Group’s broader cultural narrative, serving as a key vehicle for brand rejuvenation and diversification.
The Group appointed renowned young actress Ms. Annabel Yao (姚安娜) as its Heritage Application Ambassador in the first half of 2025 to further elevate cultural resonance. By humanizing the brand and crafting a compelling cultural narrative, the Group deepens the intangible heritage value of traditional Chinese baijiu craftsmanship. The appointment of a “Heritage Application Ambassador” serves as a symbol of cultural continuity and a vital conduit for brand storytelling, seamlessly bridging historical artistry with contemporary relevance. This initiative enhances consumer resonance, fostering a deeper emotional and cultural connection to the brand. This initiative complements the cultural gravitas of “Da Zhen”, while standing in deliberate contrast to the inventive language of “News Craft Beer”. Together, they shape a multidimensional narrative framework to enrich the brand’s storytelling ecosystem.
Mr. Wu Xiangdong, Founder and Chairman of ZJLD Group, remarked, “The first half of 2025 presented unprecedented challenges for the baijiu industry. Shrinking consumption scenarios and intensifying channel pressures have ushered in a period of profound recalibration. This is not merely a cyclical downturn but a test of strategic conviction and cultural integrity. True resilience is not measured by speed in fair weather, but by clarity and endurance in headwinds. We remain committed to high-quality development, recalibrating our sales rhythm, optimizing channel structures, and reshaping industry norms through the Premier Retailers Alliance.
At the same time, we actively embrace artificial intelligence and digital transformation, continuously expanding consumption scenarios and product boundaries to breathe new life into traditional baijiu culture amid emerging technologies and new generations. We believe that culture is the soul of a brand, and innovation is the pulse of an enterprise. In this era of industry reinvention, ZJLD is committed to longevity and living with purpose and influence. Looking ahead, we will continue to uphold the principle of “history as the soul (以史為魂)”, seeking renewal through integrity, and opportunity amid change—as we stride steadily toward our vision of becoming a world-class distilling enterprise.”
Hashtag: #ZJLD
The issuer is solely responsible for the content of this announcement.
About ZJLD Group Inc.
Zhen Jiu was established in 1975 in Zunyi, Kweichow, China’s primary production area of sauce-aroma baijiu. In 1988, it was honored with the National Quality Award at the 5th National Wine Appreciation Conference. In the same year, it was announced by the Protocol Department of the Ministry of Foreign Affairs, the Communication Department of the Ministry of Economy and Trade, and the Great Hall of the People Management Bureau to become one of the two sauce-aroma baijiu served at state banquets. It is also known as one of the “Three Representative Baijiu Brands in Kweichow”.
ZJLD Group Inc. is a leading baijiu group in China that is devoted to offering premium baijiu products, including sauce-aroma, mixed-aroma, and strong-aroma. According to Frost & Sullivan statistics, the flagship brand Zhenjiu has maintained its position for two consecutive years (2023 and 2024) as the fourth largest sauce-aroma baijiu brand in China and the third largest in Guizhou Province, based on revenue. The Company operates four baijiu brands in China, including two national baijiu brands, Zhen Jiu and Li Du, and two regional brands, Xiangjiao and Kaikouxiao. ZJLD prides itself on inheriting the time-honored baijiu-brewing techniques and reinvigorating them to develop iconic products. It strives to create a wide variety of aromatic and mellow baijiu products to meet the diverse preferences of consumers, seize broader market opportunities, and promote traditional Chinese baijiu culture.
Media OutReach
Blackwall Enters Vietnam: European Web Traffic Security Firm Launches Southeast Asia Expansion with 19-Year Hosting Partner HostVN
Estonian web traffic security company Blackwall announces its first publicly disclosed Southeast Asia partnership, bringing integrated traffic security to Vietnam’s digital infrastructure market through HostVN
HANOI, VIETNAM – Media OutReach Newswire – 23 June 2026 – Blackwall, a European web traffic security company, today announced a partnership with HOSTVN TECHNOLOGY SOLUTIONS JOINT STOCK COMPANY (HostVN), Vietnam’s established digital infrastructure provider, to launch HOSTVN Website Protection – powered by Blackwall. The partnership marks Blackwall’s first publicly announced entry into Southeast Asia.
Under the agreement, HostVN integrates Blackwall’s all-in-one traffic security platform into its hosting infrastructure, offering Vietnamese businesses integrated website protection covering L7 DDoS defence, advanced bot mitigation, web application firewall (WAF), SSL management, and content caching, delivered seamlessly by HostVN, requiring no in-house security expertise from the customer.
A New Category: Traffic Quality as a Business Problem
The partnership addresses a challenge that most Vietnamese businesses have not yet named: according to Statista Research, more than half of all web traffic today is generated by automated bots and not human visitors. The consequences extend beyond traditional security risks into hidden operational costs, skewed business intelligence, and revenue leakage.
“Vietnam is ready, and Blackwall is committing to it,” said Madan Rai, VP Sales Asia at Blackwall. “More than half the traffic hitting a website today is not a real customer. Bots and automated requests consume bandwidth, distort analytics, and drain advertising spend — silently, every day. Through HostVN, we are placing enterprise-grade traffic security directly into the infrastructure that Vietnamese businesses already rely on. This partnership anchors Blackwall’s broader expansion across Southeast Asia. We chose Vietnam as our launchpad because its digital economy is scaling rapidly, and it requires infrastructure that matches that ambition.”
HostVN: 19 Years, Six Reinventions
Founded in 2007, HostVN has served Vietnamese businesses across five successive phases of the digital economy: from web hosting to cloud infrastructure, content delivery, digital transformation services, and AI-related offerings. The Blackwall partnership represents the company’s sixth strategic evolution, adding intelligent traffic security to its infrastructure stack.
“Nineteen years ago, we started HostVN with one purpose: to give Vietnamese businesses a strong foundation on the internet,” said Duong Thanh Binh, Chairman of HostVN. “Vietnam has not stood still, and neither have we. Every phase of our growth has been driven by the same commitment – to give the businesses that trust us the infrastructure they need to thrive. Today, the threat is not just downtime. It is invisible traffic that costs money, corrupts data, and goes undetected. HOSTVN Website Protection, powered by Blackwall, is our answer and our commitment to Vietnam’s digital future.”
Technology Built for Service Providers Partners
Blackwall operates on a channel-first model. Its traffic security platform is designed to be delivered exclusively through hosting and cloud infrastructure providers. This model gives partners full control over pricing and packaging, while allowing them to retain the direct customer relationship.
The Blackwall platform operates as a reverse proxy positioned in front of customer websites. Traffic is inspected across multiple detection layers, including Layer 4 and Layer 7 signature analysis, comprehensive device fingerprinting, IP reputation scoring, and proprietary behavioural algorithms. Clean traffic is then forwarded to the origin server and malicious requests are blocked or presented controlled responses. The process is transparent to legitimate users, with no added latency.
HOSTVN Website Protection delivers this capability across four integrated components:
- L7 DDoS Protection: application-layer attack mitigation running on HostVN’s Clean Traffic infrastructure
- Advanced Bot Mitigation: Real-time detection and classification of humans, trusted bots, and automated traffic, including AI agents, to identify benign and malicious activity. Web Application Firewall (WAF): OWASP Top 10 aligned protection against injection attacks, cross-site scripting, and common web exploits
- SSL Management and Content Caching: automated SSL certificate handling, encrypted delivery, and performance optimisation that reduces server load and improves page speed
Vietnam as Blackwall’s First Southeast Asia Launch Market
Vietnam’s digital economy has grown substantially over the past decade, with business online presence now standard across sectors. Alongside that growth, the volume of automated and malicious web traffic targeting Vietnamese sites has increased in proportion. HostVN, with more than 50,000 customers and established Clean Traffic infrastructure connected to major domestic carriers, offers Blackwall the operational scale and market knowledge required for an effective regional entry.
Blackwall has indicated that Vietnam is the first in a planned series of Southeast Asia partnerships, with Indonesia, Malaysia and Thailand identified as subsequent target markets. The company has also announced a major Series B funding round to support its international expansion.
Availability
HOSTVN Website Protection — powered by Blackwall is available to HostVN customers effective 20 May 2026. Pricing is available through HostVN directly. Further information is available at hostvn.net and blackwall.com.
Hashtag: #Blackwall
https://blackwall.com
https://www.linkedin.com/company/blackwall-solutions/
The issuer is solely responsible for the content of this announcement.
About Blackwall
Blackwall is a web traffic security company headquartered in Tallinn, Estonia, specialising in web traffic management security for hosting providers, managed service providers and cloud infrastructure platforms. Blackwall’s all-in-one platform — combining load balancing, advanced bot mitigation, L7 DDoS protection, web application firewall (WAF), content caching, and SSL management — is delivered through a global network of hosting and infrastructure partners and protects more than 2.3 million websites worldwide. Blackwall.com
ABOUT HOSTVN (HOSTVN Technology Solutions Joint Stock Company)
HostVN has provided digital infrastructure services to Vietnamese businesses since 2007. The company operates shared hosting, VPS, dedicated servers, cloud infrastructure, and content delivery services, serving more than 50,000 customers. HostVN’s Clean Traffic infrastructure supports high-volume traffic management across major domestic carrier interconnects. Hostvn.net
Media OutReach
AS Watson Launches brand lab to Turn Retail Scale into a Data-driven Brand Growth Engine
The initiative formalises capabilities the Group has been building internally, combining data-led demand identification, integrated distribution, and execution across more than 17,000 O+O stores in Asia and Europe.
Over the past two years, AS Watson has introduced more than 4,800 new brands and brand extensions across its network, underscoring the scale of its brand development activity.
From Incubation to Execution
AS Watson brand lab departs from traditional incubator models by embedding brand development directly within AS Watson’s retail ecosystem.
Rather than incubating brands ahead of their market entry, the platform operates inside the market, using real-time customer data, shopping behaviour and category dynamics to inform development decisions.
Dr Malina Ngai, Group CEO of AS Watson, said the model reflects the company’s structural advantage. “We don’t wait for brands to find the market – we build them where demand already exists, and scale them through our ecosystem.”
A Systemised Growth Model
At the core of AS Watson brand lab is an integrated operating model linking insight, creation, distribution, demand activation and scaling.
The platform leverages AS Watson’s over 180 million loyalty members and O+O capabilities to accelerate brand selection and commercial execution.
A Structured Pathway to Scale
Brands within AS Watson brand lab are supported through a structured growth pathway, progressing from early-stage validation to regional scaling and category leadership.
At each stage, brands receive differentiated support across insight, distribution, marketing activation and investment, ensuring resources are focused where the greatest growth potential exists.
This staged approach enables AS Watson to systematically build, scale and prioritise brands, improving success rates while maintaining disciplined capital allocation.
Focus on High-Growth Segments
AS Watson brand lab will prioritise product segments including Asian beauty trends (K-beauty, J-beauty, C-beauty), ingredient-led skincare, health and wellness products and elevated personal care – areas where consumer demand continues to evolve rapidly.
The Group expects the platform to strengthen its ability to build proprietary and exclusive brands while improving speed-to-market and capital efficiency.
Proven Brand Scaling in Action
Early outcomes demonstrate how AS Watson brand lab translates insight into accelerated growth – not only by shaping brand development, but by scaling brands rapidly across markets through its integrated O+O ecosystem.
Across multiple categories and geographies, the platform has enabled brands to move from targeted market entry to multi-market expansion with speed and discipline:
COSRX (K-Beauty)– By combining COSRX’s innovation-led skincare expertise with
AS Watson’s extensive retail footprint and deep consumer insights, the partnership has accelerated international expansion and broadened consumer reach. This illustrates how the platform converts strong brand propositions into sustained category growth across markets.
&honey (J-Beauty) – Leveraging its distinctive product positioning alongside
AS Watson’s regional scale, &honey rapidly expanded beyond its home market, rolling out across multiple Asian markets within a short timeframe. This demonstrates the platform’s ability to systematically scale proven domestic leaders into regional brands.
e.l.f. Cosmetics (US) – Through partnership with AS Watson, e.l.f. has extended its community-led, value-driven model across Europe, translating strong brand engagement into measurable market penetration. The example highlights how consumer-centric brands can be amplified through local market execution at scale.
essence (Germany) – The expansion of essence across multiple markets, including exclusive partnerships, reflects how purpose-driven brands can achieve consistency and reach when supported by integrated distribution and retail insight. This underscores the platform’s ability to build sustained brand relevance and loyalty across diverse markets.
Across these examples, brands have scaled through a consistent model – combining data-led selection, integrated distribution, and coordinated market execution – demonstrating how AS Watson brand lab functions as a repeatable engine for brand growth, from market entry through to regional scale.
Scaling a Repeatable Engine
AS Watson brand lab positions AS Watson to leverage its retail footprint not only as a distribution channel, but as an engine for brand creation and scaling.
The initiative signals a shift from opportunistic brand sourcing towards a structured, repeatable growth model, reinforcing AS Watson’s ability to scale brands with speed, discipline and consistency while driving long-term portfolio value.
AS Watson continues to engage with selected brand partners and emerging brands aligned with its focus areas, with further information available through its official
AS Watson brand lab platform (https://www.aswatson.com/asw-brand-lab)
Hashtag: #ASWatson
The issuer is solely responsible for the content of this announcement.
About AS Watson Group
Established in 1841, AS Watson Group is one of the world’s longest-standing and most recognised retail companies with roots in Asia. Today, the company operates over 17,000 stores across 12 retail brands in 31 markets, employing 130,000 people globally. This makes AS Watson Group the largest international health and beauty retailer in the world.
In the fiscal year 2025, AS Watson Group reported revenue of over US$26 billion. The company’s technology-enabled O+O (Offline plus Online) platforms serve over 6 billion shoppers annually, seamlessly integrating physical and digital retail experiences.
AS Watson Group supported over 180 charitable and non-profit organisations every year, dedicating over 40,000 hours of volunteer work to serve over 370,000 people in need in our operating markets.
AS Watson Group is also a member of the world-renowned multinational conglomerate CK Hutchison Holdings Limited, which has four core businesses – ports and related services, retail, infrastructure and telecommunications in over 50 countries.
Please visit 
www.aswatson.com/our-company/o-and-o-strategy/ for more information.
A stream of partnership propose heightened tech and business connections across continents
HONG KONG / PARIS, FRANCE – Media OutReach Newswire – 22 June 2026 – Hong Kong Science and Technology Parks Corporation (HKSTP) has successfully concluded its Paris delegation to Viva Technology (VivaTech) 2026, which celebrated its 10th anniversary as a global stage for ambitious startups from June 17 to 20. HKSTP reinforces its impactful role as Asia’s I&T ecosystem orchestrator, by confirming the signing of multiple memorandums of understanding (MOU) between Park companies and the European I&T community:
- Microalgae expert Algreen, signed with ForNatures, a South Korean Climate Tech company that specialises in carbon capture management, in amplifying mutual research and development capabilities to take a step closer to ESG goals.
- Robotics solutions provider Robocore, signed with ARCHTYP, a Slovenian cognitive software startup, enabling the display of a differentiating layer on a proven platform to reach market demands, while also closing deals with French advertising guru JCDecaux, to supply a thousand robots and extend its reach in the European market.
- The appeal and use cases of LeafIoT‘s green asset management has caught the eyes of European’s professionals in the preservation sector, including the French Agricultural Research Centre for International Development (CIRAD), the Catalonian landscaping and environmental restoration company Gremi de Jardineria de Catalunya, and notably, Professor Andrea Galli from the Laboratory of Geotechnical Analysis and Modelling (GeoT-LAM) at Politecnico di Milano, all taking solid steps in exploring new opportunities and breakthroughs and boosts in market reach.
The annual showcase put a spotlight on enabling founders to connect with the local I&T community, explore market access, and forge global partnerships via pitching and matching sessions, networking mixers, and investor engagement. Compared with VivaTech 2025, this year’s delegation achieved even stronger momentum with over 50% growth in opportunities, totalling more than 200 potential business leads worth HK$70M in total.
HKSTP’s growing presence at VivaTech reflects its mission to open new doors for Hong Kong’s startups, build pathways into European markets and create reciprocal opportunities for European innovators to enter Asia through Hong Kong’s strategic location in the world’s No.1 innovation cluster – Guangdong-Hong Kong-Macao GBA (World Intellectual Property Organisation Innovation Index).
Terry Wong, CEO of HKSTP, said: “France and the EU represent critical opportunities for Hong Kong and Chinese Mainland I&T ventures to scale globally. VivaTech provides a world-class platform for collaboration, co-creation, and knowledge exchange. Our strong ties with French partners underline the importance of Hong Kong as a global launchpad for innovation, supporting startups on their journey from local success to international impact.”
Highlights this year include the expansion of HKSTP’s partnership with Bouygues Construction, a global leader in sustainable construction and infrastructure headquartered in France, and operates across more than 60 countries and is recognised for delivering major projects in transport, energy, real estate, and smart cities.
Through its Hong Kong arm, Dragages Hong Kong, Bouygues has maintained a 70-year legacy in Hong Kong, contributing to iconic infrastructure projects and championing innovation in areas such as construction safety, modular design, green materials, and site automation. HKSTP is the first and only institution in Hong Kong to bridge tech venture directly into the Bouygues Construction “Scale One: programme, providing a fast track to prototyping and commercialisation. This initiative sets a new benchmark for cross-border industrial innovation partnerships, accelerating global impact for Hong Kong startups through trusted collaborations with leading European enterprises.
Building on existing strong foundations, Bouygues Construction is now stepping up collaboration with HKSTP beyond Asia, offering selected Hong Kong startups the chance to showcase solutions at Bouygues’ headquarters in France, with opportunities for solution validation and pilot trials across European operations.
The Hong Kong Tech Pavilion, organised by the Hong Kong Trade Development Council (HKTDC) and supported by partners including HKSTP, showcased market-ready solutions spanning AI, green- and health tech from 24 tech ventures, and marked a major milestone in creating a direct bridge between Hong Kong and Europe’s heart of innovation and technology.
Hashtag: #HKSTP
The issuer is solely responsible for the content of this announcement.
HKSTP
More information about HKSTP is available at 
www.hkstp.org.
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