China Post Securities Research Report pointed out that Kweichow Moutai's off-season revenue is under pressure in the short term, and price increases are expected to drive improvements in the second half of the year. The first half of the year achieved operating income/net profit attributable to mothers/net profit after deducting non-net profit of 907.03/445.17/444.64 billion yuan, +1.47%/-1.95%/-2.04% year-on-year. Steady sales of the company and the steady increase in off-season prices helped to raise prices. Under market-based reforms, the price itself can reflect demand-side resilience to a large extent. The second half of the year entered a low base quarter by quarter, compounded by price increases for products such as Flying Sky. The company's revenue and profit growth rate is expected to improve sequentially in the second half of the year. The company is expected to generate revenue of 1776.38/1855.91/194.543 billion yuan in 2026-2028, 3.25%/4.48%/4.82% year-on-year, and net profit to mother of 831.71/862.19/91.285 billion yuan, 1.03%/3.66%/5.88%, corresponding to the current stock price PE of 19/19/18, maintaining a “buy” rating. The company's dividend+repurchase ratio in 2025 was 86%. If calculated based on the dividend rate of 86% in 2026, the company's dividend rate corresponding to the current stock price is 4.4%.

China Post Securities Research Report pointed out that Kweichow Moutai's off-season revenue is under pressure in the short term, and price increases are expected to drive improvements in the second half of the year. The first half of the year achieved operating income/net profit attributable to mothers/net profit after deducting non-net profit of 907.03/445.17/444.64 billion yuan, +1.47%/-1.95%/-2.04% year-on-year. Steady sales of the company and the steady increase in off-season prices helped to raise prices. Under market-based reforms, the price itself can reflect demand-side resilience to a large extent. The second half of the year entered a low base quarter by quarter, compounded by price increases for products such as Flying Sky. The company's revenue and profit growth rate is expected to improve sequentially in the second half of the year. The company is expected to generate revenue of 1776.38/1855.91/194.543 billion yuan in 2026-2028, 3.25%/4.48%/4.82% year-on-year, and net profit to mother of 831.71/862.19/91.285 billion yuan, 1.03%/3.66%/5.88%, corresponding to the current stock price PE of 19/19/18, maintaining a “buy” rating. The company's dividend+repurchase ratio in 2025 was 86%. If calculated based on the dividend rate of 86% in 2026, the company's dividend rate corresponding to the current stock price is 4.4%.