Duan Yongping buys Kweichow Moutai (600519.SH) again! He had previously posted an article encouraging investors: What are you afraid of?

On October 13th, the well-known investor Duan Yongping posted a short sentence on social media saying, "Bought some Maotai today!" which immediately attracted attention in the market. As early as June 30th, Maotai (600519.SH) had dropped by 1.13% from the previous day, and Duan Yongping had previously encouraged Maotai investors by saying, "What is everyone afraid of? It's interesting!" Over the past three months since then, the price of Kweichow Moutai has risen from about 1403.9 yuan to a peak of 1538.02 yuan, showing a strong market resilience with a 9.6% increase. Duan Yongping is known for his value investing perspective and his preference for Kweichow Moutai is well-known in the industry. On June 30th, he posted on his Snowball account, "Kweichow Moutai, what is everyone afraid of? It's interesting!" Subsequently, there was an increase in buying pressure in the market, pushing Maotai's stock price to stop falling and rise. Today, he once again stated "bought some Maotai", and it is widely believed in the industry that this not only shows his confidence in his own judgment, but also sends a long-term positive signal to the market. In previous public statements, Duan Yongping has stated that even if Maotai's short-term sales fluctuate, it is only due to "passively having more vintage wines," and there is still room for appreciation in the future. This year, Maotai's stock price has fallen by over 5%. In the first half of the year, Kweichow Moutai's total operating income was 91.094 billion yuan, an increase of 9.16% year-on-year; net profit attributable to shareholders of the listed company was 45.403 billion yuan, an increase of 8.89% year-on-year, laying a solid foundation for achieving the annual work tasks. The production volume of Maotai base liquor is about 43,700 tons, and the series liquor base liquor production volume is about 29,600 tons, with the liquor conforming to the characteristics of each round, and the production quality is stable and improving. In terms of performance, Maotai still maintains a high level of profitability, a strong brand pricing power, and channel control capabilities. The industry has noticed that in the interim report, Maotai took the initiative to relax the bill policy and adjust the channel payment structure to ease short-term cash flow pressures, but the overall capital structure is healthy and the operating leverage is not high. However, the current liquor industry is facing challenges such as weak consumer demand, accumulation of channel inventory, and downward pressure on prices. Some distributors have reported increased inventory pressure, with risk of inverted pricing between terminal prices and wholesale prices. Against this backdrop, whether Maotai can sustain high profits and steady growth has become the focus of the market. In terms of stock price trends, Maotai's stock price has fallen by over 5% this year, although it has underperformed the broader market index, it still shows strong resistance. Under the overall pressure of the liquor industry sector, Maotai, with its scarcity and brand moat, still receives some favor in capital flow. Some institutions believe that the market may have already digested some expectations of Maotai's future performance decline. However, there are also market voices warning that if Maotai faces industry or macro disturbances again, its high valuation may require more fundamental support to justify its continued upward potential. Changjiang points out that in the short term, influenced by policy factors, the revenue and profit growth slowed down in the second quarter, but Maotai's long-term growth certainty remains strong, and the company actively promotes marketing reform, accelerating the transformation from the era of goods to goods and services being equally important. In addition to the company's three-year dividend plan, it now gradually becomes value with dividend yield. Overall, Duan Yongping's actions today undoubtedly represent a signal of "top investors to top liquor companies." If Maotai can continue to deliver its profitability and growth capabilities in the upcoming performance cycle, it is expected to maintain its leadership in the high-end liquor sector.