Kweichow Moutai Co Ltd Class A

600519: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Baijiu Demand Headwinds in China Persist Through Golden Week, but Dividends Remain Attractive

Jennifer Song

Oct 9, 2025

Our channel checks continue to indicate persistent weakness in China's consumer sentiment and elevated inventory levels for Baijiu. Golden Week sales for the sector declined by 20%-30% year on year, and inventory levels have increased by about one month.

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Kweichow Moutai Co Ltd Class A

Baijiu Demand Headwinds in China Persist Through Golden Week, but Dividends Remain Attractive

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