HK Stock Market Move | ZJLD(06979) increased by nearly 4% during the Spring Festival, the overall sales of Baijiu during the festival season are in line with market expectations before the holiday.

ZJLD(06979) rose by nearly 4%, as of the time of writing, it rose by 3.94% to 8.97 Hong Kong dollars, with a transaction amount of 38.2486 million Hong Kong dollars. On the news front, Huachuang Securities issued a research report stating that during the Spring Festival, Maotai's sales increased by double digits, Wuliangye Yibin's sales and prices exceeded expectations, and the peak season effect of the Spring Festival was concentrated on leading brands. Currently, the liquor industry is at an expected bottom. Looking at the full year of 26 years, liquor companies have shifted from passive response to active adjustment, with opportunities lying in Maotai's price falling and stabilizing, expecting to consolidate and stabilize at the bottom, becoming clearer as the year progresses. Sinolink pointed out that based on post-holiday channel survey feedback, overall sales of liquor during the Spring Festival are in line with pre-holiday market expectations, with total channel sales expected to decrease by approximately 10%-15% year-on-year. The slightly better-than-expected feedback includes: 1. Maotai's wholesale prices before and during the festival have performed relatively well, with no significant decline, and current wholesale prices are still above 1700 yuan; 2. In some regions, there have been sporadic terminal replenishment behaviors for mass-market products during the festival, which also reflects certain resilience in sales, despite recent habits of small-scale, high-frequency purchases at terminals to avoid capital occupation and inventory price risks.