KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-08-13 03:16Group 1 - The core viewpoint is that Kweichow Moutai's recent financial performance indicates a significant slowdown in growth, with revenue exceeding 91 billion yuan and net profit reaching 45.4 billion yuan, but both growth rates have dropped to single digits at 9.16% and 8.89% respectively [1] - The decline in growth rates for Kweichow Moutai signals a broader downturn in the entire liquor industry, suggesting that if even a leading company like Moutai experiences such a slowdown, other liquor companies are likely facing similar challenges [1] - Despite signs of stabilization in the Consumer Price Index (CPI), it is unlikely that Kweichow Moutai will return to its previous levels of success, highlighting the unique position of Moutai compared to other liquor companies [3] Group 2 - The investment perspective emphasizes that investing in the liquor industry should not be based on historical performance alone, as the current state of the industry may indicate a bottoming out, but future rebounds remain uncertain [3] - A comparison between innovative pharmaceuticals and liquor is made, arguing that while liquor may appear to have a lower position, the declining growth rates suggest it does not necessarily represent good value [4] - The statement reinforces that a low position in the market does not equate to value, especially when growth is declining, contrasting it with the potential of innovative pharmaceuticals that are just beginning to release profits [4]