Kweichow Moutai Product Prices Fall on China Austerity Rules, Property Slump — Market Talk

Dow Jones Newswires

China's austerity rules targeting lavish spending by civil servants and the worsening property downturn are themain drivers behind the recent drop in Kweichow Moutai liquor prices, Nomura economists Jing Wang and Ting Lu say in a note. They point out that measures introduced in mid-May banning alcohol and tobacco at official functions dealt a heavy blow to demand for premium baijiu. Meanwhile, consumer demand for Moutai products has softened amid the real-estate slump and a slowdown in economic activity. While the Central Economic Work Conference may have laid the groundwork for stimulus to come targeting the property sector, "markets' expectations need to be realistic, as Beijing has yet to find more effective solutions," they add. (jason.chau@wsj.com)

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The 17th Hong Kong International Wine & Spirits Fair Opens Today

Asian Corporate Newswire

HONG KONG, Nov 6, 2025 - (ACN Newswire) - - Over 620 exhibitors from 23 countries and regions will be showcasing wine, spirits, sake, beer, low- and non-alcoholic beverages with over 30% of exhibitors featuring spirits. Nearly half of all activities are spirits-related.

- The newly launched 'World of Spirits' zone highlights spirits from 14 countries and regions, including six of the 'Top 10 Chinese Baijiu Brands' such as Kweichow Moutai, showcasing the innovative, international and diverse evolution of Chinese baijiu.

- Sharing insights from their areas of expertise are Masters of Wine Debra Meiburg, Jennifer Docherty, and Xing Wei who will all host key events.

Organised by the Hong Kong Trade Development Council (HKTDC), the Hong Kong International Wine & Spirits Fair (Wine & Spirits Fair) opens today and runs for three days (6'8 November) at the Hong Kong Convention and Exhibition Centre. This year's Wine & Spirits Fair features over 620 exhibitors from 23 countries and regions, including Chinese Mainland, Hong Kong, and Taiwan, and exhibitors from the Americas, Asia, and Europe. With 18 pavilions, the Wine & Spirits Fair reinforces Hong Kong's role as a regional hub for the wine and spirits trade.

As the spirits market diversifies together with the Chief Executive's announcement of reduced liquor duty in last year's Policy Address, this year's Wine & Spirits Fair introduces the 'World of Spirits' zone, featuring spirits from 14 countries and regions. Visitors can explore spirits culture and flavours from around the world all in one place, featuring a strong presence of Chinese baijiu and local Hong Kong brands. Six of the 'Top 10 Chinese Baijiu Brands' are exhibiting, including Kweichow Moutai, Jiangsu Yanghe, Wuliangye, Luzhou Laojiao, Jiannanchun and Langjiu from Sichuan. Also featured are Hongjiaban Baijiu, founded by Hong Kong actor Timmy Hung, and Kowloon Distillery, Hong Kong's first local whiskey brand.

This year, Xing Wei, Asia's youngest Master of Wine, joins award-winning sommeliers Carlito Chiu and Calvin Choi in a blind tasting event to select their favourite red wines, white wines, Chinese baijiu, sake/rice wine, whisky, and other liquors, to serve as a reference for industry professionals and the public. The selected wines and spirits will have special labels affixed at the fair for easy identification.

The selected wines and spirits by the three connoisseurs were:

Red Wine

- PORTA da RAVESSA OLD VINEYARDS RED; Portugal (Adega de Redondo, Crl; Booth no.: 3E-B15)

- Silk Road Vineyards Harvest Red Dry; China (Xinjiang Silk Road Vineyards Co., Ltd; Booth no.: 3E-A22)

- MARSLAN; China (Xinjiang Silk Road Vineyards Co., Ltd; Booth no.: 3E-A22)

- Le vin du desert de Gobi; China (Xingjiang Xiangdu Winery Co.,Ltd LES CHAMPS D'OR; Booth no.: 3E-A02)

White Wine

- Chateau Plain Point; France (The Wine Cave Co.Ltd; Booth no.: 3D-D21)

Chinese Baijiu

- China (Sichuan Liben Wine Co.,Ltd; Booth no.: 3C-D10)

- Loong Honor (LongYu) Baijiu - Collector's Edition; China (Domplex Hong Kong Limited; Booth no.: 3C-D20)

- China (Sichuan Guizili Wine Co.,Ltd; Booth no.: 3C-D10)

- Xijiangyue Ruyi Baijiu; China (Fujian Guotai Liquor Co.,Ltd; Booth no.: 3C-E06)

Sake/Rice Wine

- LingLingJiu 16%abv; China (Hunam LingLingJiu Biotechnology Co., Ltd; Booth no.: 3C-C27)

Whisky

- Solera Muscat Cask Single Malt Whisky 44%; ; Australia (SPRING BAY DISTILLERY; Booth no.: 3E-C06B)

- Barts Blended Irish Whiskey - XS Extra Sherry Blend; Ireland (Lough Ree Distillery; Booth no.: 3C-D19)

- Kowloon Single Malt Whiskey; Hong Kong (Kowloon Spirits Limited; Booth no.: 3C-E26)

Other Liquors

- Braastad VSOP Cognac; France (Hong Kong Fine Wine Exchange Centre Ltd.; Booth no.: 3C-E18)

- Three Cuts Gin (Distiller's Release) 42% ABV; Australia (Turner Stillhouse; Booth no.: 3E-C08B)

- Hakutake Yuzumon; Japan (Wismettac Nippon Foods Company Limited; Booth no.: 3D-C10)

- Five Flowers Tea Gin; Hong Kong (Two Moons Distillery; Booth no.: 3D-A23)

Exciting events explore market trends

Over 40 events and conferences will be held during the Wine & Spirits Fair, with 20 focused on spirits, offering insights into the latest market developments. Highlights include Originate from China ' Sail to the World 2025 China Baijiu Culture International Promotion Asia Forum (6 November), co-organised by the China Alcoholic Drinks Association and HKTDC. Tasmanian Whisky & Spirits Master Class organised by Australia China Business Council and Baijiu ' The Rising Trend by Tomy Fong will be held tomorrow (7 November). The Baijiu Experience Zone, introducing different aroma types of Chinese baijiu through sensory experiences, will be one of the highlights of the Wine & Spirits Fair.

Masters of Wine host key sessions, with Debra Meiburg hosting Cathay Global Wine & Spirits Awards Asia ' Award Presentation Ceremony and Wine Industry Conference: AI in Wine Business today, Jennifer Docherty hosting Off The Beaten Path, Gems From Unsung Regions and Xing Wei hosting Savour the Wines of Chinese Terroir.

On 8th November, the final day of the Wine & Spirits Fair, the Wine Fiesta zone will be open to ticket-holding members of the public aged 18 or above who can sample and buy wine and spirits, and participate in Baijiu 101 Class organised by VTC, to understand more about Chinese baijiu; an Austrian Wine and Local Sauce Pairing Workshop will be hosted by Debra Meiburg; Take on a Wine-pairing Experience with Carlito hosted by Carlito Chiu; food pairing event When Sake Meets Chinese Cuisine led by Menex Cheung, Executive Chef of China Tang Landmark; and Mixology Party, where mixologists from various countries and regions will perform cocktail demonstrations using different types of spirits as the base. Among them are several bartenders from bars listed in the 'Asia's 50 Best Bars 2025'.

There are several wine awards and competitions during the Wine & Spirits Fair. Cathay Global Wine and Spirits Awards Asia - Award Ceremony takes place today. Hong Kong International Mixology Showdown 2025 ' Semi Final of HK region is held today and Final of China GBA region will be held tomorrow. WINE LUXE Hong Kong TOP 10 Wine Pairing Restaurant Awards and 2025 Hong Kong International Spirits Challenge Awards Ceremony by the Hong Kong General Chamber of Wine & Spirits will also be held tomorrow. TASTING TRENDIES Sake Awards TTSA & Spirits Challenge TTSC Awards Ceremony 2025 will be held on the last day of the Wine & Spirits Fair.

Final day opens to ticket-holding public

Regular tickets of the Wine Fiesta, priced at HK$220, are available at the exhibition venue. Advance tickets, priced at HK$128, are available until 6pm on 7 November via CTG Bus, GoByBus, HK Liquor Store, HK01, HKGO, KKDay, KLOOK, lankwaifong.com, Trip.com, Winenow, Wai Shing Wine International CO., Ltd. and Trans-Island Chinalink. Ticket buyers will receive a Lucaris crystal wine glass on a first-come, first-served basis. Visitors can enjoy and purchase wines and spirits from around the world, including some that are not yet available on the market, at various tasting zones around the exhibition halls..

Website: https://www.hktdc.com/event/hkwinefair/en

Photo Download: https://bit.ly/3Lq5R27

More than 620 exhibitors bring a diverse collection of wines and spirits to the 17th Hong Kong International Wine & Spirits Fair, which opens today and runs until Saturday, 8 November at the Hong Kong Convention and Exhibition Centre in Wan Chai.

Xing Wei (right), Master of Wine, joins award-winning sommeliers Carlito Chiu (left) and Calvin Choi (centre) in blind tasting sessions to select their favourite wines and spirits.

A selection of wines and spirits chosen by the three connoisseurs.

Inaugural World of Spirits showcases homegrown brands, provides an ideal platform for local brands to expand into international markets. (Photo: Kowloon Distillery, Hong Kong's first local whiskey brand)

Luzhou Laojiao officially unveiled its new product 'Guojiao 1573 ' Beautiful Hong Kong' today at the Wine & Spirits Fair. The bottle design thoughtfully incorporates iconic Hong Kong landmarks, including the Hong Kong Convention and Exhibition Centre, highlighting the city's rich cultural identity.

For the first time, Zhejiang Zhuji Pavilion is participating in the Wine and Spirits Fair

Jennifer Docherty, Master of Wine, hosts the seminar titled 'Off The Beaten Path, Gems From Unsung Regions' today.

Debra Meiburg, Master of Wine, hosts Cathay Global Wine & Spirits Awards 2025 Presentation Ceremony today. There are several other wine awards and competitions during the Wine and Spirits Fair.

On Saturday, 8th November, the final day of the Fair, the Wine Fiesta zone will be open to ticket-holding members of the public aged 18 or above who can sample and buy wine and spirits, as well as enjoy Mixologists performances.

HKTDC Media Room: mediaroom.hktdc.com

Media enquiries

Please contact the HKTDC's Communications & Public Affairs Department:

Katy Wong Tel: (852) 2584 4524 Email: katy.ky.wong@hktdc.org

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in Chinese Mainland, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the Chinese Mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Source: HKTDC

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Kweichow Moutai's 4Q Sales Likely Under Pressure — Market Talk

Dow Jones Newswires

600519

+0.61%

Kweichow Moutai's sales will likely continue to be under pressure in 4Q amid tepid demand, CGS International analysts say in a research note. Most baijiu sellers, including Moutai, will likely strictly control shipments to reduce inventory and maintain price stability, the analysts say. Moutai's 4Q sales and net profit will likely be flat as 4Q is usually a low season for baijiu sales and the first-tier wholesale price of Moutai-brand baijiu has fallen from the previous quarter, they note. CGS International maintains its add call on Moutai, citing the company's capacity to adjust its channel and product mix to overcome industry downturns given its supreme market position in China. However, the brokerage lowers its target price to CNY1,526 from CNY1,533. Shares last ended at CNY1,420.08. (sherry.qin@wsj.com)

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Kweichow Moutai: Revenue and net profit rose over 6% year-over-year, with digital sales showing strong growth

Quartr

600519

+0.61%

Revenue and net profit for the first nine months grew over 6% year-over-year, with Q3 showing modest single-digit gains. Operating cash flow declined, but digital and direct sales channels expanded, and the controlling shareholder increased its stake.

Original document: Kweichow Moutai Co., Ltd. Class A [600519] Interim report — Oct. 30 2025

Disclaimer

This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original source.

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17th Hong Kong International Wine & Spirits Fair opens next month

Asian Corporate Newswire

600519

+0.61%

HONG KONG, Oct 21, 2025 - (ACN Newswire) - - Over 620 exhibitors from 21 countries and regions will showcase alcoholic, low-alcohol and non-alcoholic beverages including beer, brandy, Chinese baijiu, Japanese sake, whisky, wine, and vodka,

- Inaugural 'World of Spirits' zone features spirits from 13 countries and regions, helping international brands go global and tap into new markets, leveraging the opportunities brought by the reduction in liquor duty

- Homegrown brands are on the rise, and the Wine and Spirits Fair offers a platform for Hong Kong brands to showcase their creativity and strength while exploring and seizing international market expansion opportunities

- The Wine and Spirits Fair continues to host blind tasting sessions led by three experts, who will select a list of their favourite wines and spirits

The 17th edition of the Hong Kong International Wine & Spirits Fair (the Wine & Spirits Fair), organised by the Hong Kong Trade Development Council (HKTDC), will be held on 6-8 November at the Hong Kong Convention and Exhibition Centre. The event will showcase beer, sake, spirits, wines, low- and non- alcoholic beverages to industry professionals and buyers. This year, 620 exhibitors from 21 countries and regions will participate, with a significant increase in Chinese baijiu exhibitors. The rise of homegrown brands, combined with fine wines from around the world, highlights Hong Kong's role as a hub for the wine and spirits trade and meets the market's demand for diverse alcoholic beverages.

With a growing market demand for spirits and the HKSAR Chief Executive's announcement in last year's Policy Address regarding the reduction in liquor duty, Hong Kong continues to strengthen its role as an international trade platform, helping spirits brands go global.

Jenny Koo, Deputy Executive Director of HKTDC, said: 'The reduction of duty on high end liquor had a positive impact on the industry and encouraged diversified development in the spirits market. At this year's Wine & Spirits Fair, there is a new World of Spirits zone where buyers and visitors can explore the rich variety of flavours of spirits from around the world. Some 20 activities will further promote the diverse development of the spirits market.'

Strong exhibitor line-up with global selections

Exhibitors represent Hong Kong and various provinces and cities on the Chinese Mainland, including Fujian, Guizhou, Hubei, Sichuan, Jiangsu, Xinjiang, and Zhejiang (Zhuji) as well as Taiwan. International exhibitors include those from Argentina, Australia, Belarus, Brazil, Chile, Czechia, France, Germany, India, Ireland, Israel, Italy, Japan, Portugal, Russia, South Korea, Spain and the United States.

The inaugural 'World of Spirits' zone features spirits from 13 countries and regions, including Chinese baijiu, brandy, gin, rum, tequila, vodka and whisky. Chinese baijiu is a highlight, with six of the 'Top 10 Chinese Baijiu Brands' participating, including Kweichow Moutai, Jiangsu Yanghe, and Wuliangye, Luzhou Laojiao, Jiannanchun, Langjiu from Sichuan.

Kweichow Moutai will showcase its iconic 'Flying Fairy' Moutai and the award-winning 'Golden Prince' Moutai Prince, which was recognised as a "2024 Annual Golden Case' in Activity Marketing. Luzhou Laojiao, the brand inscribed in the First National Intangible Cultural Heritage List of China, will present a Luzhou Laojiao Antique Edition and Guojiao 1573, and launch a new baijiu on the first day of the Wine & Spirits Fair. Wuliangye and Yanghe demonstrate the trend of integrating innovative technologies into the baijiu industry, aiming for younger and more diverse markets, injecting new energy into the sector.

Hong Kong Actor Timmy Hung's brand Hongjiaban Maotai blends traditional brewing techniques with Hong Kong-style flavours and action movie culture, while strictly following Maotai's ancient brewing methods.

Austria's Martin & Ann Arndorfer Anina Verde, a top-tier Austrian natural wine will be featured in the Wine and Spirits Fair. Italy's Don Carlo features a unique brewing process that takes over three years, offering a balanced structure and rich layers.

Hyakusyun Junmai Daiginjo from Japan uses locally grown 'Mino Nishiki' sake rice cultivated through natural farming methods and is unfiltered, preserving its original flavour, aroma, richness, and natural effervescence.

With rising demand for low-alcohol beverages, Punch Club O', an Estonian craft cocktail brand, specialises in organic, low-sugar, ready-to-drink cocktails for health-conscious consumers.

The Wine & Spirits Fair also features the 'Friends of Wine' zone, which showcases gourmet foods designed to complement alcoholic beverages.

Spirits-related activities help the industry seize new opportunities

To help the spirits industry seize new opportunities in the market, nearly half of this year's activities are spirits-related, including the 2025 China Baijiu Culture International Promotion Asia Forum, co-hosted by the China Alcoholic Drinks Association and the HKTDC on 6 November. 2025 Hong Kong International Spirits Challenge Awards Ceremony on 7 November, organised by the Hong Kong General Chamber of Wine & Spirits, will honour outstanding Chinese baijiu brands. Tomy Fong, Experienced Chinese Baijiu Connoisseur, will present 'Baijiu ' The Rising Trend' on the same day to explore the current trends of Chinese Baijiu. Baijiu 101 Class on the last day of the Wine & Spirits Fair, organised by VTC, will also allow the public to experience baijiu culture and tasting methods, and learn about its 12 aroma types.

Three Masters of Wine will host several major events: Debra Meiburg will lead the Cathay Global Wine & Spirits Awards Asia Presentation Ceremony, Wine Industry Conference: AI in Wine Business, and Austrian Wine and Local Sauce Pairing Workshop. Jennifer Docherty will share insights in a seminar titled Off the beaten path, gems from unsung regions. Xing Wei will host Tasting Chinese Terroir Wines, and join Carlito Chiu, an award-winning sommelier, along with Calvin Choi, a certified sommelier, in the blind tasting event. They will select their favourite wines and spirits as reference for industry buyers, to be announced on the first of the Fair.

Other competitions and food pairing events including HK Best Spirits Awards 2025, Hong Kong International Mixology Showdown 2025 and Mixology Party. Several exciting pairing sessions have been added, including WINE LUXE Hong Kong TOP 10 Wine Pairing Restaurant Awards Presentation Ceremony 2025 on the second day of the Fair and Sake-Chinese Food Pairing on the final day.

Public Day welcomes wine lovers

On the final day, the 'Wine Fiesta' Zone will be open to public ticket holders aged 18 or above to sample and buy a range of wines and spirits, while enjoying wine tasting experiences through several activities. Regular tickets are priced at HK$220, with specially priced tickets at HK$128 available from 22 October to 7 November via CTG Bus, GoByBus, HK Liquor Store, HK01, HKGO, KKDay, KLOOK, lankwaifong.com, Trip.com, Winenow, Wai Shing Wine International CO., Ltd. and Trans-Island Chinalink. Ticket buyers will receive a Lucaris crystal wine glass on a first-come, first-served basis.

Photo download: http://bit.ly/3L1lqwS

At the press conference, HKTDC Deputy Executive Director Jenny Koo (centre) announced that the 16th International Wine & Spirits Fair will bring together more than 620 exhibitors from 20 countries and regions Debra Meiburg MW (left), Master of Wine, and Tomy Fong (right), Experienced Baijiu Connoisseur, also analysed industry trends at the press conference

Jenny Koo, HKTDC Deputy Executive Director (front row centre), Debra Meiburg MW, Master of Wine (front row third left), Tomy Fong, Experienced Chinese Baijiu Connoisseur (front row third right) and representatives from consulates and industry organisations attended the 17th HKTDC Hong Kong International Wine & Spirits Fair press conference

This year's Wine & Spirits Fair will bring exhibitors from Hong Kong and Chinese Mainland, and overseas exhibitors from around the world.

The Wine & Spirits Fair showcases fine wines and spirits from around the world as well as related products and services to trade visitors and buyers, promoting Hong Kong as a regional trading hub for wine and spirits

Kweichow Moutai showcases its iconic 'Flying Fairy' Moutai and the award-winning 'Golden Prince' Moutai Prince

The champion of the Hong Kong International Mixology Showdown 2024 'HK region, Yvonne from the Hong Kong Jockey Club Clubhouse, created a signature cocktail named 'Secret'.

The champion of the Hong Kong International Mixology Showdown 2024 ' GBA, Kenneth from the Hong Kong Jockey Club Clubhouse, created a signature cocktail named 'Harmony'.

Website

Hong Kong International Wine & Spirits Fair: https://www.hktdc.com/event/hkwinefair/en

Media enquiries

Please contact the HKTDC's Communications & Public Affairs Department:

Katy Wong Tel: (852) 2584 4524 Email: katy.ky.wong@hktdc.org

About HKTDC

Source: HKTDC

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China's Baijiu Demand Still Needs Time to Recover — Market Talk

Dow Jones Newswires

600519

+0.61%

China's baijiu demand still needs more time to recover, HSBC analysts say in a research note. During the recently ended Golden Week, growth in retail and catering sales slowed compared with the previous weeklong holiday for Labor Day, official data showed. The analysts say it is partly because of a high base and delayed demand ahead of the November shopping festival. They estimate that baijiu's holiday sell-through declined 20% on year, in line with market expectations. Sales of mass-market products were better than high-end or sub-premium ones, they note. Among the baijiu brands, HSBC thinks that Kweichow Moutai performed the best during the holiday, and will likely deliver a flattish 3Q result. (sherry.qin@wsj.com)

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