CSC's food & beverage team reports that combined Mid-Autumn and National Day baijiu sell-through fell about 10-15% year-on-year, slightly below pre-holiday expectations, while Feitian Moutai volumes grew double digits and several regional brands held flat or edged up.
Baijiu holiday demand missed expectations, but Moutai's double-digit sell-through growth and inventory destocking keep the broker constructive on Moutai, Jinshiyuan, Gujing and Yingjia.
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