Butterfly advertising watch
Butterfly was Hongqi Watch Factory's top brand name, but Butterfly doesn't appear anywhere on this watch, other than the logo on the crown and the back. It was made to advertise Zhuhuan brand black rice wine. Zhuhuan means crested ibis, a species which was thought to be extinct in the wild until a population of seven was found in Shaanxi in 1981.
The watch is similar to a Butterfly brand model with a day/night indicator, except the inner dial, which rotates clockwise once every 24 hours, is printed with advertising. The Hongqi Watch Factory changed its name in 1987, so the old factory name on the caseback suggests it was made in that year or earlier.