The China spirits sector shows polarized demand following the Dragon Boat Festival, with resilience in the super-premium category despite persistent weakness in commercial and government-related consumption.
Key Takeaways
- 1.Spirits demand during the Dragon Boat Festival remained polarized across price tiers, with super-premium recovery while the upper-mid segment stayed pressured.
- 2.Traditional business and government-related spirits consumption remains significantly below historical levels, with gifting and mass self-consumption acting as key pillars.
- 3.Moutai (Feitian) and Wuliangye experienced growth in online channels, with strong GMV contributions during the JD 618 promotional period.
Table of Contents
- Key news this week
- Wholesale price summary of high-end liquors
- Performance & Valuation
- Valuation table
- Valuation methodology and key risks
- Disclosure Appendix
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Authors
Leaf LiuChristina LiuValerie Zhou
Securities
600519 CG000858.SZ
Themes
Consumption PolarizationMacro Policy Impact
Regions
Asia PacificChina