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Caixin Global

Articles from Caixin Global

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<ul><li>Luxury liquor-maker Kweichow Moutai has teamed up with candy giant Mars Inc. to launch an alcohol-infused chocolate.</li><li>The state-owned Chinese company’s latest move to introduce its brand of fiery spirits to a new, and preferably younger, group of consumers.</li><li>The chocolate is Moutai’s latest effort to give its brand a bit more cache through partnerships with well-known consumer brands.</li></ul>

Luxury liquor-maker Kweichow Moutai has teamed up with candy giant Mars Inc. to launch an alcohol-infused chocolate.The state-owned Chinese company’s latest move to introduce its brand of fiery spirits to a new, and preferably younger, group of consumers.The chocolate is Moutai’s latest effort to give its brand a bit more cache through partnerships with well-known consumer brands.

After Lattes and Ice Cream, Moutai Serves Up Booze-Infused Chocolates

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Moutai announced 2Q results that matched with its pre-announcement, and we do not expect the numbers to be eventful to near term share price.</li><li>While Moutai has been a laggard of the recent baijiu sector rally in response to a positive market takeaway from the recent politburo meeting, the company remains a solid defensive name which shields itself from any malignant price competition through its brand scarcity.</li><li>Our recent channel check with distributors indicated that prices of sealed/unpacked Feitian Moutai steadied at RMB2,940/2,740 per bottle by end-July, largely unchanged from that we observed in early June, not to mention a healthy 15-day inventory level. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Moutai announced 2Q results that matched with its pre-announcement, and we do not expect the numbers to be eventful to near term share price.While Moutai has been a laggard of the recent baijiu sector rally in response to a positive market takeaway from the recent politburo meeting, the company remains a solid defensive name which shields itself from any malignant price competition through its brand scarcity.Our recent channel check with distributors indicated that prices of sealed/unpacked Feitian Moutai steadied at RMB2,940/2,740 per bottle by end-July, largely unchanged from that we observed in early June, not to mention a healthy 15-day inventory level. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kweichou Moutai (600519 CH) – 2Q Rev/NP +20.4/21.0% as Pre-Announced

<ul><li>Moutai released its 1Q preliminary financial data that beat expectation with revenue/ net profits growing by 18/19%, respectively.</li><li>The data tracked above the 15% management guidance given for the numbers for the full year of 2023.</li><li>We attribute the strength mainly to the incremental sales growth from iMoutai and a strong premiumization effort.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Moutai released its 1Q preliminary financial data that beat expectation with revenue/ net profits growing by 18/19%, respectively.The data tracked above the 15% management guidance given for the numbers for the full year of 2023.We attribute the strength mainly to the incremental sales growth from iMoutai and a strong premiumization effort.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kweichow Moutai (600519 CH) – 1Q came in slightly higher than we expected

<ul><li>As the proxy of China consumption, we think Moutai is undoubtedly well-positioned to benefit from the current consumption-driven recovery.</li><li>This will not only be underpinned by reopening of restaurants and resumption of social events, but also company specific catalysts.</li><li>These include 1) platform extension through i-Moutai (with the launch of 100ml “Flying Fairy” a.k.a “Feitian” SKU) registering RMB15bn 2022 revenue (~16% of total) with 30mn active users, and 2) a more diversified sales mix from Series baijiu with core products such as Moutai 1935, Moutai Prince Classics (茅台王子酒酱香经典), Moutai Prince Gold (茅台金王子) ,etc.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As the proxy of China consumption, we think Moutai is undoubtedly well-positioned to benefit from the current consumption-driven recovery.This will not only be underpinned by reopening of restaurants and resumption of social events, but also company specific catalysts.These include 1) platform extension through i-Moutai (with the launch of 100ml “Flying Fairy” a.k.a “Feitian” SKU) registering RMB15bn 2022 revenue (~16% of total) with 30mn active users, and 2) a more diversified sales mix from Series baijiu with core products such as Moutai 1935, Moutai Prince Classics (茅台王子酒酱香经典), Moutai Prince Gold (茅台金王子) ,etc.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kweichow Moutai (600519 CH) – Proxy of China’s Consumption-Led Recovery

Equity Capital Markets

<ul><li>The parent of luxury liquor-maker Kweichow Moutai has agreed to hand over most of its stake in a wholly owned liquor-making subsidiary to a local government agency</li><li>The deal will allow China Kweichow Moutai Winery Group Co. Ltd. (Moutai Group) to revive a plan to spin off the subsidiary</li><li>The deal will allow the provincial State-owned Assets Supervision and Administration Commission (SASAC) in Southwest China’s Guizhou to control 82% of Kweichow Moutai Winery (Group) Xijiu Co. Ltd. at no cost</li></ul>

The parent of luxury liquor-maker Kweichow Moutai has agreed to hand over most of its stake in a wholly owned liquor-making subsidiary to a local government agencyThe deal will allow China Kweichow Moutai Winery Group Co. Ltd. (Moutai Group) to revive a plan to spin off the subsidiaryThe deal will allow the provincial State-owned Assets Supervision and Administration Commission (SASAC) in Southwest China’s Guizhou to control 82% of Kweichow Moutai Winery (Group) Xijiu Co. Ltd. at no cost

Moutai Group Relinquishes Control of Unit, Removing Hurdle to IPO

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

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Kweichow Moutai (600519 CH)

After Lattes and Ice Cream, Moutai Serves Up Booze-Infused Chocolates

Luxury liquor-maker Kweichow Moutai has teamed up with candy giant Mars Inc. to launch an alcohol-infused chocolate. The state-owned Chinese...

Caixin Global

Kweichou Moutai (600519 CH) – 2Q Rev/NP +20.4/21.0% as Pre-Announced

Moutai announced 2Q results that matched with its pre-announcement, and we do not expect the numbers to be eventful to near term share price.

CMB International