中国必需消费品_新年专家电话会议_白酒_茅台、五粮液重回复苏轨道；乳制品定价自律但表现平淡-China Consumer Staples_ LNY expert calls_ Spirits_ Moutai_Wuliangye pivoting to recovery path; Dairy saw disciplined pricing yet unexciting

24 February 2026 | 12:16AM HKT Equity Research China Consumer Staples: LNY expert calls: Spirits: Moutai/Wuliangye pivoting to recovery path; Dairy saw disciplined pricing yet unexciting On Feb 23, we hosted an expert call with a large spirits and F&B distributor located in Hunan province. Key highlights: 1) Spirits: Feitian Moutai volume/pricing topped expectations during the CNY period in the expert's region, with Feitian Moutai spirits retail sales volume up >20% yoy offsetting shipment control on non-st ...