EFUND LIQUOR

Jinshi Shenhe (Guizhou) Digital Technology Equity Investment Partnership Founded

Kweichow Moutai Plans Share Repurchase to Cancel and Reduce Registered Capital

Moutai Establishes Strategic Cooperation with Joybuy and Sells Multiple Moutai Products on Joybuy UK Website

Yanghe released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 3.295 B (forecast CNY 3.633 B), actual EPS CNY -0.2447 (forecast CNY 0.5287)

JGJC released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 759.76 M, actual EPS CNY -0.0303

Gu Jing released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 16.42 B, actual EPS CNY 7.4942

LZLJ released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 6.674 B (forecast CNY 5.919 B), actual EPS CNY 2.101 (forecast CNY 2.0203)

SHANXI FEN WINE released FY2025 9 Months earnings on October 30 After-Market BJT, actual revenue CNY 32.92 B, actual EPS CNY 9.3502

WLY released FY2025 9 Months earnings on October 30 After-Market (BJT), actual revenue CNY 60.95 B, actual EPS CNY 5.5416

SHANXI FEN WINE released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 8.96 B (forecast CNY 7.664 B), actual EPS CNY 2.3779 (forecast CNY 2.1308)

King’s Luck released FY2025 Q3 earnings on October 30 Pre-Market (BJT), actual revenue CNY 1.93 B (forecast CNY 1.925 B), actual EPS CNY 0.2569 (forecast CNY 0.29)

King’s Luck released FY2025 9 Months earnings on October 30 Pre-Market (BJT), actual revenue CNY 8.881 B, actual EPS CNY 2.0444

JGJC released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 198.45 M (forecast CNY 285.52 M), actual EPS CNY -0.0576

WLY released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 8.174 B (forecast CNY 14.75 B), actual EPS CNY 0.5202 (forecast CNY 1.4562)

LZLJ released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 23.13 B, actual EPS CNY 7.3134

Yanghe released FY2025 9-month earnings on October 30 After-Market BJT, actual revenue CNY 18.09 B, actual EPS CNY 2.6386

Gu Jing released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 2.545 B (forecast CNY 3.899 B), actual EPS CNY 0.564 (forecast CNY 2.1183)

Moutai released FY2025 Q3 earnings on October 29 During-Market (BJT), actual revenue CNY 39.06 B (forecast CNY 42.17 B), actual EPS CNY 15.3466 (forecast CNY 15.825)

Shede Spirits released FY2025 9 Months earnings on October 29 After-Market (BJT), actual revenue CNY 3.702 B, actual EPS CNY 1.4435

Moutai released FY2025 9 Months Earnings on October 29 During-Market (BJT), Actual Revenue CNY 128.45 B, Actual EPS CNY 51.5224

DA SEN HLDGS

CELESTIAL ASIA

TOP SPRING

DRINDA

RISECOMM GP

SHENG YUAN HLDG

BIOSINO BIO-TEC

FULLSHARE

SILKWAVE INC

WECON HOLDINGS

002304

Jiangsu Yanghe Distillery sees 2025 net profit down 62.2%-68.3% Y/Y

marketscreener

Yanghe

Jiangsu Yanghe Distillery sees 2025 net profit down 62.2%-68.3% Y/Y

000858

MCHI

600519

TCEHY

00700

512380

TCTZF

On January 22, E Fund released its fourth quarter report for 2025. The stock position of the E Fund Blue Chip Select Fund managed by Zhang Kun remained basically stable, and adjustments were made to the structure of the pharmaceutical, consumer, and technology sectors. The fund still holds high-quality companies, with the top ten holdings including Tencent Holdings, Moutai, and WLY, which have not changed compared to the end of the third quarter of 2025

Wallstreetcn

iShares MSCI China

Moutai

Tencent

TENCENT

Yinhua MSCI China A ETF

Tencent Holdings Limited

Zhang Kun of E Fund has maintained a basically stable stock position in the fourth quarter, making adjustments to the structure

China's economic growth slowed to 4.5% in Q4 2025, the weakest in nearly three years, as domestic demand weakened. Full-year growth met the target at 5%, despite trade frictions with the U.S. and a real estate slump. Retail sales grew 0.9% in December, below forecasts, while industrial output rose 5.2%. Fixed-asset investment fell 3.8%, worse than expected. The urban unemployment rate remained at 5.1%. Resilience in 2025 was aided by lower tariffs and exporters diversifying away from the U.S.

- China's economic growth slowed to its lowest level in nearly three years in the fourth quarter of 2023, achieving a GDP increase of 4.5%, down from 4.8% in the third quarter.  
- Despite meeting the annual growth target of approximately 5%, domestic demand weakened with a decline in retail sales growth to 0.9% in December, missing economists' expectations.  
- Fixed asset investment shrank by 3.8% last year, influenced by ongoing challenges in the real estate sector, while industrial output showed improvement with a 5.2% rise in December.

CNBC

China fourth-quarter growth slows to 4.5%, weakest in nearly three years as consumption misses forecasts

China's economy grows 5% in 2025, buoyed by strong exports despite Trump's tariffs

Barchart Option

China's economy grows 5% in 2025, buoyed by strong exports despite Trump's tariffs

China's economy grew 4.5% in Q4 2025, slightly above the 4.4% forecast, aligning with the government's annual target of 5%. This growth marks the slowest pace in three years, attributed to weakened consumption and investment. On a quarterly basis, GDP rose 1.2%, surpassing the expected 1.0%. Despite a record trade surplus, domestic demand has weakened due to low confidence amid a prolonged property crisis.

- Official data shows that China's economy grew by 4.5% year-on-year in the fourth quarter, slightly above analysts' expectations, aligning with the government's annual growth target.  
- Analysts had predicted a growth of 4.4% for the fourth quarter, indicating a slowdown from the 4.8% growth in the third quarter due to weak consumption and investment, marking the slowest growth in three years.  
- In 2025, China's economy, as the world's second-largest, grew by 5.0%, achieving the government's target, while the trade surplus reached a record high despite weakened domestic demand from a prolonged real estate crisis.

Reuters

China's Q4 GDP grows 4.5% y/y, just ahead of market forecast

Beijing will implement new standards for electric vehicle battery recycling starting April 1. The Ministry of Industry and Information Technology (MIIT) will create a national platform to track batteries throughout their lifecycle, from production to recycling. These regulations aim to address issues like inadequate infrastructure and high dismantling costs. By 2030, decommissioned batteries are expected to reach 1 million tonnes, with the recycling market projected to hit 558 billion yuan by 2025, led by Brunp Recycling, which processes over 50% of EV batteries in China.

electrive

China standardises battery recycling for used batteries from EVs

Moutai announced that it will shift its operational model from the traditional "self-sale + distribution" to a multi-dimensional collaborative marketing system of "self-sale + distribution + consignment + consignment" to better meet consumer demand. The new model includes self-operated stores and i Moutai selling the full range of products, abolishing the original distribution model, and establishing a dynamically adjustable retail pricing mechanism to ensure the scientific and reasonable calculation of sales contract prices and commissions

AASTOCKS

Moutai shifts to a multi-dimensional collaborative marketing system and establishes a dynamic adjustment mechanism for self-operated retail prices

To solve the price inversion, Moutai "cuts" the ex-factory price of core products

02460

Citi expects that overall consumption in China will continue to be under pressure in 2026, but there are rebound opportunities in the liquor and beverage industry. The bank believes that the liquor sector may rebound in the second quarter, and CR BEVERAGE also has growth opportunities. It prefers liquor with rebound potential and resilient sectors such as beverages, pet food, and education. Preferred stocks include WLY, New Oriental, CR BEVERAGE, and Zhongchong Co., Ltd., with target prices of RMB 141, USD 68.8, HKD 13.7, and RMB 70.3, all rated "Outperform."

CR BEVERAGE

In "The Big Banks," Citibank expects that China's consumption will continue to be under pressure this year, with a more optimistic outlook for the liquor and beverage industry

Kweichow Moutai recently established AiMoutai Digital Technology Co., Ltd., with a registered capital of 600 million yuan. The company's business scope includes blockchain technology-related software and services, industrial internet data services, and internet live streaming technology services. It is wholly owned by Kweichow Moutai. (Cailian Press)

CoinLive

Kweichow Moutai has established a digital technology company with a business scope covering blockchain technology services.

As the Year of the Horse approaches, Kweichow Moutai has launched a limited promotional line of baijiu to boost sales after a slump. The three editions, priced between 1,899 and 3,789 yuan, sold out quickly, with resale prices soaring. Moutai's revenue growth has slowed to 6% year-on-year, the weakest in nearly a decade. Other brands, including Hennessy and Johnnie Walker, are also releasing zodiac-themed products. Additionally, commemorative gold coins and jewelry have been introduced, although some products have faced online mockery.

南华早报

Horse power: Chinese brands look to boost sales with Lunar New Year items

Moutai Chairman Chen Hua recently revealed: "Data shows that on the 9th day after the launch of 53% vol 500ml Moutai, i Moutai has added over 2.7 million new users, and the number of transacting users has exceeded 400,000. Such reach and efficiency are difficult to achieve through offline channels under the same conditions. Most of the users reached by i Moutai are not core customers from existing channels, but rather real consumers who were previously difficult to cover." (The Paper)

36Kr

Moutai Chairman: i Moutai added over 2.7 million new users in 9 days, with transaction users exceeding 400,000

The situation is stronger than the individual

The launch of the 1499 yuan Flying Moutai at the beginning of the year: "Power acquisition" and reform

On January 10th, Suzhou Lu Zhishen Network Technology Co., Ltd. announced a promotion for Feitian Moutai at 1499 yuan/bottle on its official video account, aiming to promote marketization and directly face consumers. The person in charge pointed out that the claim that Moutai prices in the market have fallen below 1499 yuan is inaccurate, as the wholesale transfer price of Feitian Moutai is still above 1500 yuan/bottle

Another Moutai distributor is following up with a promotion of 1499 yuan/bottle for Feitian Moutai

Moutai liquor (Year of the Horse, Bingwu) zodiac series products officially launched, including three different specifications: classic version, premium version, and gift box version. Similar to previous launches of Moutai zodiac liquor, the 2026 Year of the Horse Moutai liquor was sold out immediately upon release on the "i Moutai" platform

In the Year of the Horse 2026, Moutai liquor sold out on the "i Moutai" platform

EFUND LIQUOR(03189.HK)

Jiangsu Yanghe Distillery sees 2025 net profit down 62.2%-68.3% Y/Y

Zhang Kun of E Fund has maintained a basically stable stock position in the fourth quarter, making adjustments to the structure

China fourth-quarter growth slows to 4.5%, weakest in nearly three years as consumption misses forecasts

China's economy grows 5% in 2025, buoyed by strong exports despite Trump's tariffs

China's Q4 GDP grows 4.5% y/y, just ahead of market forecast