KWEICHOW MOUTAI(SH:600519) Huan Qiu Wang·2025-10-31 10:39Core Viewpoint - The demand for high-end liquor, particularly Feitian Moutai, is experiencing a resurgence in Beijing as consumers prepare for the upcoming holiday season, indicating a stable market for premium liquor products [1][2]. Group 1: Market Performance - The retail price of 500ml 53-degree Feitian Moutai in Beijing is stable, ranging from 1980 to 2400 RMB, with specific prices noted at 2019 RMB in Wangfujing and 2158 RMB in Financial Street [1]. - Sales of Feitian Moutai have significantly increased since September, with a notable drop in the inventory-to-sales ratio by approximately 50%, indicating a healthy market condition [2]. - The overall performance of the high-end liquor market in Beijing is supported by strong brand influence, scarcity, and cultural significance of Moutai, contributing to its market stability [2]. Group 2: Financial Performance - Guizhou Moutai reported a total revenue of 1309.04 billion RMB for the first three quarters, a year-on-year increase of 6.32%, with net profit reaching 646.27 billion RMB, also up by 6.25% [2]. - The revenue from Moutai liquor specifically was 1105.14 billion RMB, reflecting a growth of 9.28%, showcasing the core business's robust performance [2]. Group 3: Strategic Shifts - Moutai is shifting its focus from speed to quality, emphasizing its main liquor products while optimizing the development pace of its series of liquors, which is seen as a stable transformation path [3]. - The industry expert notes that Moutai's transformation strategy enhances its ability to navigate market cycles, providing a solid foundation for price stability and revenue growth in the Beijing market [3].