Luzhou Laojiao Co Ltd Class A

000568: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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China Baijiu Earnings: Macro Challenges Linger, Prefer Moutai With Relatively Resilient Demand

Jennifer Song

Oct 31, 2024

Near-term headwinds in the macroeconomy have weakened baijiu demand and the sector’s profitability, with slower year-over-year sales growth across all segments in the third quarter versus the previous quarter. We expect the cyclical weakness to persist in the next 1-2 quarters, and we remain selective, with a preference on premium and leading brands given their relatively resilient demand.

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Luzhou Laojiao Co Ltd Class A

China Baijiu Earnings: Macro Challenges Linger, Prefer Moutai With Relatively Resilient Demand

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