1、 EQUITIES BEVERAGES CHINA CONSUMER Key takeaways from recent company visits:Moutai,Wuliangye and Laojiao 29 JANUARY 2026 Sector Research Report Production time:08:12*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Entities Near-term demand recovery remains uncertain;bu

2、t confidence for long-term growth persists We recently hosted a group tour,visiting Moutai,Wuliangye and Laojiao.The companies expressed confidence in the long-term resilience of premium baijiu demand growth,driven by consumer trade-up.However,visibility for demand growth in 2026 remains low,depende

3、nt on macro demand.Looking ahead to the coming Spring Festival peak season,the companies expect end-demand growth to see some improvement compared to the Mid-Autumn Festival in 2025,helped by improving banquet demand and their more proactive market operations.Channel inventory level is moving toward

4、 a healthier position Based on our meetings,we note channel inventory for premium baijiu has continued to decline.Channel inventory is mainly concentrated at the tier-1 distributor level,while inventory among tier-2 distributors,retailers,and consumers has likely returned to heathy levels.As leading

5、 players continue to focus on retail sell-through,we expect market prices for key brands to stabilise in the near term.Proactive reform underway for higher quality growth While near-term industry demand recovery remains uncertain,leading players are proactively pursuing transformations to achieve hi

6、gher-quality growth.Key reform efforts are centered on more market-oriented operations,including strengthening direct engagement with end consumers,advancing channel transformation to enhance channel efficiency and execution,and expanding customer bases into new economic sectors to align with change