30 August 2025 | 5:15PM HKT China Spirits 2Q25 Wrap: Super premium maintained resilience; Margin stability on opex control By Aug 29 after market close, all of our covered spirits companies had reported 2Q25 results. Overall, this round of results mostly trailed our expectation (highlighted in our 2Q25 preview) due to anti-extravagance policy impact. In line with our early-July spirits deep-dive, super-premium proved relatively resilient: Moutai/Wuliangye delivered in-line sales, and Laojiao came in better- ...