Distillers and Vintners

Moutai

Today’s Key News Recap

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0105 | Dolphin Research Focus: 🐬 Macro/Industry — Over the weekend, the U.S. move to detain Venezuela's President Nicolás Maduro roiled global markets. Washington tightened the oil blockade, driving the country's crude exports near zero, stranding over 17 mn bbl at sea, and forcing field shutdowns. Markets swung sharply, with Brent/WTI whipsawing at the open and gold rallying on haven demand, underscoring how U.S. unilateralism can disrupt diplomacy and energy markets...

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Kling Frenzy Lifts Kuaishou; Moutai Rallies on a Flurry of Moves | Daily News Recap

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1106 | Dolphin Research Focus: 🐬 Stocks 1. $XPeng(XPEV.US) On November 5th, XPeng Technology Day, the new generation humanoid robot IRON was officially unveiled and topped the trending searches, even sparking discussions suggesting it was &#34;a real person in disguise.&#34; It features a bionic design, with 82 degrees of freedom throughout the body and 22 degrees of freedom in the hands, equipped with 3 Turing AI chips and a physical world large model, with a total computing power of 2250 TOPS, and debuts solid-state battery technology. The robot is planned for mass production by the end of 2026...

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XPeng humanoid robot's catwalk amazed the audience; Moutai announced repurchase + dividend｜Today's Important News Review

Kweichow Moutai

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On the evening of October 29th Beijing time, $Moutai(600519.SH) released its Q3 2025 performance. Despite the &#34;alcohol ban&#34; and continued weak demand, it still achieved positive growth. The key points are as follows: 1. Overall performance achieved positive growth: In 3Q25, Moutai achieved a total revenue of 39.81 billion yuan, an increase of 0.3% year-on-year, which was below market expectations (market expectations were 42.5 billion yuan). The core issue is that market expectations were mainly based on a linear extrapolation of the growth rate from the previous quarter, underestimating the determination of liquor companies to release channel pressure...

SINOLINK SECURITIES

Kweichow Moutai: Channel Burden Relief, Awaiting Cycle Reversal Drama

Moutai 3Q25 Quick Interpretation: Overall, Moutai's Q3 performance continued to decelerate on the basis of Q2. The weak market demand has been transmitted from consumers to channels and has now finally reflected in the financial statements, which is a &#34;pain period&#34; that must be faced before the industry bottoms out. Nevertheless, Moutai still achieved positive growth in the third quarter. In Q3, Moutai achieved total revenue of 39.8 billion yuan, a year-on-year increase of 0.3%. Among this, Moutai liquor achieved revenue of 34.9 billion yuan, a year-on-year increase of 7.1%, remaining the ballast stone of Moutai's performance. Considering the strict control of supply and price stabilization of Feitian, Dolphin Research speculates that the growth of Moutai liquor is more attributed to the increased contribution from the release of non-standard liquor. The series liquor achieved revenue of 4.1 billion yuan, a year-on-year decrease of 34%. In the context of comprehensive price inversion, high channel inventory, and sluggish demand, Dolphin Research speculates that to alleviate the burden on channels, the company basically abandoned the strategy of pushing goods to distributors to achieve growth in the third quarter. By channel, in 3Q25, Moutai's direct sales channel achieved revenue of 15.6 billion yuan, a year-on-year decline of 14.8%, with the proportion of direct sales falling back to 40%. Dolphin Research speculates that since the direct sales channel reflects the actual demand at the terminal, Moutai increased the proportion of distributor channels to alleviate performance pressure amid weak demand. In terms of gross margin, due to the increased proportion of Moutai liquor compared to the same period last year, the overall gross margin slightly increased by 0.2 percentage points to 91.4%. In terms of expense ratio, during the industry downturn, the company reduced market investment efforts, with the sales expense ratio dropping by 1 percentage point to 3.1%, while the management expense ratio remained stable. Ultimately, the net profit attributable to the parent company reached 19.2 billion yuan, a year-on-year increase of 0.6%. For more details, please refer to Dolphin Research's subsequent financial report commentary. $Moutai(600519.SH)

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1029 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. On October 28th, Eastern US time, the Federal Reserve began its two-day FOMC meeting, with the latest interest rate decision to be announced on the afternoon of the 29th local time (early morning of the 30th Beijing time). The market generally expects a 25 basis point rate cut, with the focus on whether the balance sheet reduction will end and the policy signals for December. Due to the government shutdown, the absence of key data such as employment, and significant internal disagreements on inflation risks and the pace of easing, some officials are concerned that a rate cut may exacerbate price pressures. 2. The spokesperson of the Ministry of Foreign Affairs announced: As agreed by both China and the US...

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The meeting between China and the U.S. is approaching; focus on tonight's Federal Reserve interest rate decision | Today's Important News Recap

On the evening of August 12th, Beijing time, Kweichow Moutai (600519.SH) released its Q2 2025 performance. In the context of the off-season, the &#34;alcohol ban,&#34; and persistently weak demand, Moutai's second-quarter performance was overall disappointing, slightly below market expectations.

Kweichow Moutai: After enduring the 'pain period,' the stock king remains a hero!

Moutai 2Q25 Quick Interpretation: Overall, Moutai's Q2 performance continued to decelerate based on Q1, with the sluggish demand side being reflected in Moutai's financial statements, indicating that the company is experiencing a 'pain period'. In Q2, Moutai achieved revenue of 39.65 billion yuan, an increase of 7.3% year-on-year, of which Moutai liquor achieved revenue of 32 billion yuan, an increase of 11% year-on-year, still being the main contributor to the performance. Considering the strict control and price support of Feitian, Dolphin Research speculates that the growth of Moutai liquor is more likely due to the increased contribution from the non-standard liquor. The series liquor achieved revenue of 6.7 billion yuan, a decrease of 6.6% year-on-year. Based on research information, although Moutai 1935, as the 'main contributor' of the series liquor, maintained double-digit growth, other products including Prince and Yingbin liquor almost fell across the board due to weak demand and high inventory. From the channel perspective, in 2Q25, Moutai's direct sales accounted for 43.3%, a slight decline compared to Q1. Dolphin Research speculates that since the direct sales channel reflects the actual terminal demand, Moutai increased the proportion of distributor channels to alleviate performance pressure in the context of weak demand. Regarding gross profit margin, although the proportion of Moutai liquor increased compared to the same period last year, the overall gross profit margin slightly declined by 0.3 percentage points to 90.6% due to the significant decline in series liquor. Regarding expense ratio, due to Moutai's increased efforts in promoting non-standard liquor and series liquor, market promotion expenses increased, leading to a rise in the sales expense ratio by 0.5 percentage points to 4.5%, while the management expense ratio remained stable. Ultimately, the net profit attributable to the parent company reached 18.56 billion yuan, an increase of 5.2% year-on-year. For more details, please refer to Dolphin Research's subsequent financial report commentary.$Moutai(600519.SH)

On the afternoon of April 29th Beijing time, Kweichow Moutai (600519.SH) released its Q1 2025 earnings. Since the interval between this report and the annual report disclosure was less than one month, and the stock price fluctuation during this period was not significant, this article will focus more on the analysis of Moutai's Q1 performance &amp; the outlook for its full-year 2025 results:

Kweichow Moutai: Left hand with non-standard liquor, right hand with series liquor, not afraid of the slowdown of Feitian?

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$Moutai(600519.SH) 1Q25 Earnings Quick Interpretation: Moutai's Q1 earnings slowed as expected, but the overall growth rate was still higher than the company's full-year guidance of 9%.Moutai liquor achieved revenue of 43.6 billion yuan, a year-on-year increase of 9.7%. Although Moutai does not disclose production and sales data in its quarterly report, considering the control of Feitian supply to support prices, Dolphin Research speculates that the growth of Moutai liquor is more attributable to the increased contribution from non-standard products. Series liquor achieved revenue of 7.02 billion yuan, a year-on-year increase of 18.3%, accelerating again after two consecutive quarters of slowdown in Q3 and Q4 of last year. Combined with channel research information, Moutai 1935 sales during the 2025 Spring Festival period showed significant acceleration, and channel inventory has been digested to a relatively low level, basically entering a healthy growth phase.By channel, the direct sales ratio of Moutai in 1Q25 was 45.9%, still maintaining a high level. Dolphin Research speculates that to alleviate the supply pressure of 500ml Feitian, Moutai continued the Q4 strategy by increasing the supply of non-standard products (such as kilogram packs, 100ml small gift boxes, etc.), which are often distributed through direct sales channels.In terms of gross margin, although Moutai increased the supply of non-standard products in Q1, the volume growth of series liquor caused the gross margin to slightly decline from 92.7% in the same period last year to 91.8%. However, the highlight of this quarter was that Moutai further strengthened cost control across all business segments, improved dealer sales, and reduced the management expense ratio to 3.7%, the lowest level in nearly three years, ultimately achieving a net profit margin of 52.2%.For more details, please refer to Dolphin Research's subsequent earnings commentary.

JH EDUCATION

On the evening of April 2nd, Beijing time, Kweichow Moutai (600519.SH) released its Q4 and full-year performance for 2024, which was slightly better than the guidance data in the production and operation announcement for the full year of 2024 issued in January this year. The key points are as follows:

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Jinshi Shenhe (Guizhou) Digital Technology Equity Investment Partnership Founded

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Moutai released FY2025 9 Months Earnings on October 29 During-Market (BJT), Actual Revenue CNY 128.45 B, Actual EPS CNY 51.5224

Moutai released FY2025 Q3 earnings on October 29 During-Market (BJT), actual revenue CNY 39.06 B (forecast CNY 42.17 B), actual EPS CNY 15.3466 (forecast CNY 15.825)

Moutai Group Deepens Channel Cooperation with Sinopec

Moutai to release FY2025 Q3 earnings on October 30 During-Market BJT, forecast revenue CNY 42.17 B, EPS CNY 15.2

Moutai Launches Limited Edition Commemorative Wine Sold Out in 2 Seconds

Maotai Aroma Marketing Co., Ltd. and Meituan Waimai Launch Deep Collaboration

Brokers Raise Price Targets for Kweichow Moutai and Others

Moutai's Half-Year Report Shows Decrease in Advance Receipts

Moutai's H1 Revenue and Profit Growth Slows

Maotai Announces 2025 H1 Report: Revenue 91.094 Billion

Moutai's Overseas Revenue Surpassed 2893 Million Yuan in H1

Moutai's Cash Flow Net Inflow Decreased By 64.18% In H1

Guizhou Moutai New Product Price Soars to Over 10,000 Yuan

Moutai released FY2025 Q2 earnings on August 12 During-Market (BJT), actual revenue CNY 38.79 B (forecast CNY 39.85 B), actual EPS CNY 14.7957 (forecast CNY 15.0691)

Moutai released FY2025 Semi-Annual Earnings on August 12 During-Market (BJT), Actual Revenue: CNY 89.39 B, Actual EPS: CNY 36.18

Moutai Launches 70th Anniversary Star Brand Commemorative Wine

Earning Release Date

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FY2026 Q1 Earning Release 2026.04.25

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Moutai(600519.SH)

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