Huatai Securities says China baijiu sales flat over Mid-Autumn and National Day holidays
In short
Huatai Securities said in a research report that China's baijiu market performed flatly over this year's Mid-Autumn Festival and National Day holidays, with the industry still diverging. Business banquets, high-end gifting and large corporate purchases stayed weak, while Feitian Moutai, Moutai 1935 and some regional brands' leading products performed better.
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Huatai Securities said in a research report that China's baijiu market performed flatly overall during this year's Mid-Autumn Festival and National Day holidays, and that divergence across the industry continued. The report was carried on October 8 by CLS, Yicai, 36Kr and Jiemian. [ 1 , 2 , 3 , 4 ]
By consumption scenario, the report said business banquets, high-end gifting and large corporate purchases remained weak, while personal gifting, family gatherings and mass-market banquets were relatively supported. By price band, Feitian Moutai, Moutai 1935 and the leading products of some regional liquor makers performed best, while business-oriented sub-premium liquor came under clear pressure. [ 1 , 2 , 3 , 4 ]
According to the report, demand continues to concentrate in leading brands and strong products, and partial destocking is helping release operating pressure on distribution channels. Huatai said the turning point in industry demand still needs to be tracked, including actual bottle opening, post-holiday restocking and the recovery of channel profits. [ 1 , 2 , 3 , 4 ]
Looking ahead, Huatai said leading liquor makers have prioritised long-term healthy development in this adjustment, pressure on their financial statements is being cleared quickly, and the industry is expected to move steadily into a recovery phase. The brokerage recommended watching leading companies that have cleared inventory well and could rebound from the bottom. [ 1 , 2 , 3 , 4 ]
Why it matters
The report points to demand concentrating in leading brands and flagship products, with business-oriented mid-to-high-end liquor under clear pressure. Huatai said a turning point in industry demand still needs to be tracked, and recommended watching leading companies it expects to rebound from the bottom.
Key facts
- Huatai Securities said baijiu market performance over this year's Mid-Autumn Festival and National Day holidays was flat overall, with industry divergence continuing. [ 1 , 2 , 3 , 4 ]
- By consumption scenario, business banquets, high-end gifting and large corporate purchases remained weak, according to the report. [ 1 , 2 , 3 , 4 ]
- Personal gifting, family gatherings and mass-market banquets held up relatively well, the report said. [ 1 , 2 , 3 , 4 ]
- By price band, Feitian Moutai, Moutai 1935 and some regional liquor makers' leading products performed best, while business-oriented sub-premium liquor faced clear pressure. [ 1 , 2 , 3 , 4 ]
- The report said demand continues to concentrate in leading brands and strong products, and partial destocking helps ease pressure on distribution channels. [ 1 , 2 , 3 , 4 ]
- Huatai said real consumption, post-holiday restocking and recovery of channel profits still need to be watched. [ 1 , 2 , 3 , 4 ]
Confirmed by several sources
- Huatai Securities described baijiu market performance over the Mid-Autumn and National Day holidays as flat, with industry divergence continuing. [ 1 , 2 , 3 , 4 ]
- The report said business banquets, high-end gifting and large corporate purchases stayed weak. [ 1 , 2 , 3 , 4 ]
- Feitian Moutai, Moutai 1935 and some regional brands' flagship products performed best, according to the report. [ 1 , 2 , 3 , 4 ]
Still unclear
- Whether industry demand has reached a turning point. Huatai said the demand turning point still needs to be tracked.
- The scale of holiday sales. The documents give no sales figures, volumes or price data.
- Whether the industry will enter a recovery phase. This is a forecast by Huatai Securities, not an observed outcome.