Core Viewpoint - The report from Tianfeng Securities indicates that Guizhou Moutai's performance in H1 2025 meets expectations, and the achievement of the annual target is likely [1] Financial Performance - In Q2 2025, revenue from Moutai liquor reached 32.032 billion yuan, while revenue from series liquor was 6.740 billion yuan, reflecting year-on-year changes of +10.99% and -6.53% respectively [1] - The revenue contribution from Moutai liquor increased by 2.61 percentage points year-on-year to 82.62% [1] Product Strategy - The increase in Moutai liquor's revenue share is attributed to the company's strategy of increasing the supply of 1L products in H1 2025 [1] - New product launches, including five "Walking Series" and "World Expo Commemorative Wine," are expected to contribute to revenue growth [1] International Market Expansion - Revenue from international markets in Q2 2025 grew by 27.64% year-on-year to 1.774 billion yuan, with its contribution to total revenue increasing by 0.72 percentage points to 4.58% [1] - The significant growth in overseas markets is linked to the company's intensified efforts in international market expansion since 2025 [1] Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [1]