According to the Caixin Securities Research Report, Kweichow Moutai continues market-based reforms and its share of direct management is increasing. The first half of 2026 achieved revenue/net profit attributable to mother/ net profit after deduction of $922.78/445.17/444.64 billion yuan, respectively, or +1.30%/-1.95%/-2.04% compared with the same period last year. Revenue side: Maotai's performance is steady. iMaotai has maintained rapid growth, and the share of direct sales channels has increased significantly. Profit side: The product structure affects the company's gross profit margin, and the overall cost ratio remains stable. As a leading high-end liquor company, the company has scarce brand resources. Under sluggish demand, the company actively adjusts its layout for high-quality development. After product and channel strategy adjustments, there is still room for development for a long time. The company officially approved the “2024-2026 Cash Dividend Return Plan” at the Extraordinary General Meeting of Shareholders held on November 27, 2024, and promised that the total annual cash dividend for 2024-2026 will not be less than 75% of the net profit for the current year. Based on our profit forecast and the company's dividend promise, the company's 2026 dividend rate is estimated to be 3.85%, taking into account the company's leading position and long-term competitive advantage to maintain the company's “buy” rating.

According to the Caixin Securities Research Report, Kweichow Moutai continues market-based reforms, and its share of direct management is increasing. The first half of 2026 achieved revenue/net profit attributable to mother/ net profit after deduction of $922.78/445.17/444.64 billion yuan, respectively, or +1.30%/-1.95%/-2.04% compared with the same period last year. Revenue side: Maotai's performance is steady. iMaotai has maintained rapid growth, and the share of direct sales channels has increased significantly. Profit side: The product structure affects the company's gross profit margin, and the overall cost ratio remains stable. As a leading high-end liquor company, the company has scarce brand resources. Under sluggish demand, the company actively adjusts its layout for high-quality development. After product and channel strategy adjustments, there is still room for development for a long time. The company officially approved the “2024-2026 Cash Dividend Return Plan” at the Extraordinary General Meeting of Shareholders held on November 27, 2024, and promised that the total annual cash dividend for 2024-2026 will not be less than 75% of the net profit for the current year. Based on our profit forecast and the company's dividend promise, the company's 2026 dividend rate is estimated to be 3.85%, taking into account the company's leading position and long-term competitive advantage to maintain the company's “buy” rating.