China Spirits Tracker: Dragon Boat Festival sell-through lapping low base but demand remained polarized across pricing tier; More resilient

研报英文原文证据摘录

China Spirits Tracker: Dragon Boat Festival sell-through lapping low base but demand remained polarized across pricing tier; More resilient

Equity Research

22 June 2026 | 11:50PM HKT

China Spirits Tracker: Dragon Boat Festival sell-through lapping low

base but demand remained polarized across pricing tier; More resilient

Dragon Boat Festival (Jun 19-21) consumption sentiment: Overall pax mobility Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

recorded a -0.9% yoy decline at 648mn, per Ministry of Transport. Retail and Goldman Sachs (Asia) L.L.C.

catering demand: key 78 shopping areas had 4%/3.5% yoy growth in total traffic and Christina Liu

retail sales for the first two days (MOFCOM monitored scope). +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

Valerie ZhouDragon Boat Festival spirits demand remained highly polarized by price range +852-2978-0820 | valerie.zhou@gs.com

and consumption scenario, with sell-through recovery mainly concentrated in Goldman Sachs (Asia) L.L.C.

super-premium category and selected regions, while the upper mid end segment

remained under pressure. Our latest channel checks suggest Dragon Boat Festival

sell-through improved slightly yoy but still meaningfully below the 2024 level (pre

Anti-graft policy in May 2025) for the spirits sector. For the super-premium category,

most regions saw 10~20%+ yoy sell-out volume growth for Moutai/Wuliangye with

prepayment of 60%+/55%-70%, respectively (while sell-out declined by DD% in

Dragon Boat Festival in 2025, ie. down c.10~20% for Feitian). Meanwhile,

sub-premium/mass products are relatively muted yoy except for some key

SKUs/regions like King’s Luck’s Danya reaching DD% sell-through growth (Exhibit 1).

Online shared a similar trend, with JD 618 report indicating that overall spirits