CITIC Securities: The warming signal of Maotai is prominent

CITIC Securities pointed out that Maotai's strong volume empowerment and the warming signal of Maotai's resurgence are becoming more prominent. Recently, the high-end liquor industry has shown significant signs of recovery, with Maotai being the core driving force. Its new product UMEET sparkling wine performed well in its first sale on the platform, and the white wine sector in the capital market also showed strong performance. After hitting bottom, the CSI Baijiu Index rebounded by more than 10%, and the stabilization of leading liquor prices confirmed the cyclical pattern of the industry's bottoming out and rebounding. Since the launch of the 500ml Feitian Maotai in January, Maotai has developed rapidly. With 6.28 million new users added in a single month and over 15.31 million monthly active users, the conversion efficiency of transactions is considerable. Feitian orders account for 67.45% of total orders, significantly reducing the threshold for ordinary consumers to purchase liquor and successfully activating consumer groups that were previously isolated from Maotai's sales system. Maotai's sales and fulfillment performance are excellent, with Feitian becoming the core revenue support. The addition of new shipping warehouses has significantly improved delivery efficiency, and offline store deliveries are also effectively supplemented. Market demand remains strong, with the first batch of Feitian quotas for Maotai in March sold out, and the second batch is being applied for, providing strong evidence of the release of real consumer demand in the white wine industry. During the busy season of the 2026 Spring Festival, Wuliangye's terminal sales exceeded expectations, with continued strong market demand and impressive performance for core products. Currently, the valuation of the white wine sector is at a historically low level, with strong bottom-up allocation value, and attention should also be paid to consumption policy catalysis. The bottom-up allocation logic includes clearing out underperforming assets, strong brand support for sales, channel empowerment through strong operations, and the exploration of new marketing models.