ZJLD (06979) fell more than 5% in early trading, declining 4.69% to HK$9.15 by the time of reporting, with a turnover of HK$248.9 million. Reports indicate that the Dazhen project team has temporarily halted recruitment of distributors in certain areas of five provinces—Henan, Guizhou, Hunan, Shandong, and Yunnan—to "ensure healthy market operations."

In an interview, ZJLD stated that the distributor network for Dazhen·Zhenjiu has reached saturation in a small number of cities. To prevent intensified local channel competition and protect distributor interests, the company has decided to temporarily suspend new distributor recruitment in these select cities while continuing normal operations in most other regions nationwide.

Additionally, the baijiu industry is currently undergoing an adjustment phase, with overall weak performance in retail prices. During this year's "Double 11" shopping period, the "1499 yuan" price tag for Feitian Moutai gained widespread attention. However, industry sources revealed that this was a promotional strategy, with Moutai's actual selling price on e-commerce platforms remaining above 1800 yuan.