CITIC Securities: Moutai's sales performance is excellent, ahead of the Chinese New Year stocking demand, while other brands are under pressure.

CITIC Securities also pointed out in its latest research report that the team recently conducted research on Baijiu channels in Henan, Anhui, Sichuan and other places. The total demand is still declining, but in line with previous expectations. From the analysis of different scenarios, small gatherings dominate business banquets, mid-to-high-end catering is still relatively weak, and there is some recovery in gift-giving demand. Brand differentiation is obvious, Moutai's sales performance is excellent, there is pre- stocking demand for the Spring Festival, and other brands are under pressure.