26 May 2025 | 7:25PM HKT China Spirits Tracker: Key trend check ins around AGMs; Expect weak trend in Dragon-Boat Festival consumption with lagging prepayment As the relatively short peak season around the Dragon Boat Festival (31 May) holidays is a week away, we checked in the latest channel situations of major spirits companies, where only Moutai's prepayment pace is tracking slightly ahead vs. the same festival period last year (with Moutai 1935 increasing consumer rebates for residential banquets), and ...

Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS April 27, 2025 02:38 PM GMT Luzhou Lao Jiao Co. Ltd | Asia Pacific 2024/1Q25 Results in Line; Dividend Policy Announced Reaction to earnings Key Takeaways Revenue by price segment: Mid-high end liquor sales rose 3% yoy (88.4% of liquor sales) and low-end liquor sales increased 6% yoy in 2024. Margin trends: OPM declined 1.0ppt yoy in 1Q25, with narrowed GPM on a lower product ...