Distillers and Vintners

Kweichow Moutai

Financial Analysis

600519

000858

600109

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...

Moutai

SINOLINK SECURITIES

Kweichow Moutai: Channel Burden Relief, Awaiting Cycle Reversal Drama

WLY released FY2026 Q1 earnings on April 30 After-Market (BJT), actual revenue CNY 22.84 B (forecast CNY 26.9 B), actual EPS CNY 2.0772 (forecast CNY 2.885)

WLY released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY -20.42 B (forecast CNY 12.04 B), actual EPS CNY -3.2344 (forecast CNY 1.0444)

WLY released FY2025 earnings on April 28 After-Market (BJT), actual revenue CNY 40.53 B (forecast CNY 76.06 B), actual EPS CNY 2.3068 (forecast CNY 6.722)

WLY to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 26.9 B, EPS CNY 2.885

WLY to Release FY2025 Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 76.09 B, EPS CNY 6.7396

WLY released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 41.09 B, actual EPS CNY 2.8514

WLY released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 8.174 B (forecast CNY 14.75 B), actual EPS CNY 0.5202 (forecast CNY 1.4562)

WLY to Release FY2025 Q3 Earnings on October 31 After-Market (BJT), Forecast Revenue CNY 15.71 B, EPS CNY 1.4562

WLY released FY2025 Q2 earnings on August 27 During-Market (BJT), actual revenue CNY 15.83 B (forecast CNY 15.34 B), actual EPS CNY 0 (forecast CNY 1.205)

WLY released FY2025 Semi-Annual Earnings on August 27 During-Market (BJT), actual revenue CNY 32.92 B, actual EPS CNY 2.3311

WLY to Release FY2025 Semi-Annual Earnings on August 28, 2025 (BJT)

Wuliangye Launches Chinese Five-Grain Craft Beer

Baijiu Companies Accelerate Overseas Expansion

Wuliangye's Revenue Growth Slows Down

Multiple Baijiu Companies Launch Low-Degree New Products

Wuliangye Group's Parent Increases Shareholding

Wuliangye Announces 2024 Dividend Distribution Plan

Wuliangye and Siemens sign strategic cooperation agreement

Multiple Leading Baijiu Companies Launch Low-Strength Products to Adapt to Market Changes

Wuliangye Granted New Wine Box Design Patent

688256

The Shanghai and Shenzhen markets reopened after the May Day holiday, with the three major A Share indices rising between 0.6% and 2.3%. The central parity of RMB against USD increased to 6.8562, the highest since March 2023. Banking stocks showed mixed results, while chip-related stocks, including CAMBRICON, saw significant gains. WULIANGYE's shares fell 6.5% following a substantial profit decline, despite announcing a share buyback plan. Overall, the market showed positive momentum on the first trading day back.

AASTOCKS News

Cambricon

SSE Index

Shenzhen Index

ChiNext

ICBC

BYD COMPANY

CATL

SMIC

Hua Hong

HUA HONG SEMI

MetaX

Moore Threads

CTG DUTY-FREE

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

CATL HK SDR 30to1

SMIC HK SDR 5to1

Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A Share Indices Open Up 0.6%-2.3%; CAMBRICON  +5%; WULIANGYE  -6.5%

6785

7269

SZKMY

As global markets reach record highs, dividend stocks are gaining attention for their potential to provide stable returns amid economic uncertainties. Key picks include Wuliangye Yibin Ltd (5.74% yield), Suzuki Ltd (3.3% yield), and Sesoda (3.7% yield). Mitsubishi Kakoki Kaisha and Suzuki Ltd show strong dividend growth and prudent financial management, while Sesoda faces challenges with volatile payments. Investors are encouraged to explore a comprehensive list of global dividend stocks for income generation and capital appreciation opportunities.

Simplywall

Suzuki Co., Ltd.

Suzuki Motor Corp.

Suzuki

Toukei Computer Co., Ltd.

Nippon Computer Dynamics Co., Ltd.

HASCO

Gakkyusha Co., Ltd.

CREEK & RIVER Co., Ltd.

Business Brain Showaota Inc.

Mitsubishi Kakoki Kaisha,Ltd.

Global Dividend Stocks Spotlight Featuring Three Key Picks

Chinese baijiu maker Wuliangye celebrated the 25th anniversary of the Boao Forum for Asia (BFA) Annual Conference 2026 as an honorary strategic partner. The event, held from March 24 to 27, featured Wuliangye's zodiac-themed and World Cup-inspired products, along with interactive experiences. The company has partnered with the forum for nine years and launched a "Boao consumption season" in Hainan's duty-free channels. Wuliangye's global strategy includes establishing marketing centers and dining outlets in various countries to promote Chinese baijiu.

prnewswire

22:37 ETXinhua Silk Road: Chinese baijiu brand Wuliangye celebrates Boao Forum's 25th anniversary as honorary strategic partner

The Shanghai and Shenzhen markets both fell by 0.7% in the half-day session, while the ChiNext rose slightly by 0.2%. Senior officials from China and the United States are negotiating economic and trade issues in Paris. The People's Bank of China conducted a 7-day reverse repurchase agreement, with a net injection of 88.8 billion yuan. The central parity rate of the yuan was lowered to 6.9057 against the US dollar. The three major A-share indices showed mixed performance, with the Shanghai Composite Index down 29 points, the Shenzhen Component Index down 99 points, and the ChiNext Index up 5 points. The liquor sector rose against the trend, with stocks like WLY and Moutai performing well

AASTOCKS

The Shanghai and Shenzhen markets both fell 0.7% in the first half of the day, while the ChiNext slightly rose. Gold and copper mining stocks declined, and the liquor sector performed well against the trend

The Deputy General Manager and Chief Financial Officer of Moutai, Jiang Yan, has been placed under investigation for suspected disciplinary violations, which has attracted market attention. Jiang Yan joined Moutai in 2012 and has led several financial operations, holding key financial roles. This incident echoes the investigation of the Chairman of WLY, indicating frequent personnel changes among executives in the liquor industry, which is currently undergoing an adjustment period. Although Moutai stated that production and operations are normal, the absence of a core financial officer may affect communication with the capital market

Wallstreetcn

The two giants of liquor have both "fallen" within half a month: Moutai's "financial steward" Jiang Yan has been investigated during his tenure

603288

600600

Goldman Sachs released a research report listing the investment ratings and target prices for mainland retail stocks. Among the liquor stocks, Moutai and WLY are rated as "Buy," with target prices of 1,553 yuan and 133 yuan, respectively; ZJLD, SHANXI FEN WINE, and LZLJ are rated as "Neutral"; Yanghe, Gu Jing, JGJC, and SCSF are rated as "Sell." In the beer stocks, BUD APAC, CHINA RES BEER, and Tsingtao Brewery are rated as "Buy," while others are rated as "Neutral." Among the condiment stocks, HAITIAN FLAV is rated as "Buy."

HAI TIAN

Tsingtao Brewery

TSINGTAO BREW

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Tianhong CSI Food and Beverage ETF

LZLJ

SCSF

HAITIAN FLAV

China Merchants CSI Liquor Index Fund-A

BUD APAC

Penghua CSI Alcoholic Drink ETF

CHINA RES BEER

China Merchants Guozheng Food and Beverage ETF

Yanghe

JGJC

SHANXI FEN WINE

Gu Jing

ZJLD

Goldman Sachs' Investment Ratings and Target Prices for Mainland Retail Stocks (Table)

WLY(000858.SZ)

Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A Share Indices Open Up 0.6%-2.3%; CAMBRICON +5%; WULIANGYE -6.5%

Global Dividend Stocks Spotlight Featuring Three Key Picks

22:37 ETXinhua Silk Road: Chinese baijiu brand Wuliangye celebrates Boao Forum's 25th anniversary as honorary strategic partner

The Shanghai and Shenzhen markets both fell 0.7% in the first half of the day, while the ChiNext slightly rose. Gold and copper mining stocks declined, and the liquor sector performed well against the trend

The two giants of liquor have both "fallen" within half a month: Moutai's "financial steward" Jiang Yan has been investigated during his tenure

Goldman Sachs' Investment Ratings and Target Prices for Mainland Retail Stocks (Table)