The Bank of China Securities Research Report pointed out that the Kweichow Moutai Shareholders' Meeting stated that it would consolidate the quality foundation, “not just the indicator theory,” uphold long-term value, and steadily push forward reforms. Against the backdrop of industry demand and price pressure, the company's revenue and profit decelerated significantly in the 3rd quarter. In the short term, the wholesale price of Flying Sky dropped significantly during the year, and the thickness of the channel moat decreased. However, in the medium to long term, we believe that Maotai still has an advantage in terms of brand scarcity, and that the company's overall management is resilient. This shareholders' meeting conveyed Maotai's strategic strength and determination to focus on medium- to long-term high-quality development to the market. It is believed that in the context of the policy environment and no significant improvement on the demand side, channel inventory digestion will still take time to adjust the previous profit forecast based on the company's 3 quarterly results. It is estimated that the company's latest share capital dilution earnings per share for 25-27 will be 72.31, 75.80, and 80.93 yuan/share. The PE corresponding to the current market value is 19.6X, 18.7X, and 17.5X, respectively, to maintain the “buy” rating.

The Bank of China Securities Research Report pointed out that the Kweichow Moutai Shareholders' Meeting stated that it would consolidate the quality foundation, “not just the indicator theory,” uphold long-term value, and steadily push forward reforms. Against the backdrop of industry demand and price pressure, the company's revenue and profit decelerated significantly in the 3rd quarter. In the short term, the wholesale price of Flying Sky dropped significantly during the year, and the thickness of the channel moat decreased. However, in the medium to long term, we believe that Maotai still has an advantage in terms of brand scarcity, and that the company's overall management is resilient. This shareholders' meeting conveyed Maotai's strategic strength and determination to focus on medium- to long-term high-quality development to the market. It is believed that in the context of the policy environment and no significant improvement on the demand side, channel inventory digestion will still take time to adjust the previous profit forecast based on the company's 3 quarterly results. It is estimated that the company's latest share capital dilution earnings per share for 25-27 will be 72.31, 75.80, and 80.93 yuan/share. The PE corresponding to the current market value is 19.6X, 18.7X, and 17.5X, respectively, to maintain the “buy” rating.