China Spirits Tracker: AGM themes on organizational efficiency and product differentiation; Original case Feitian Wholesale price still

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China Spirits Tracker: AGM themes on organizational efficiency and product differentiation; Original case Feitian Wholesale price still

Equity Research

6 July 2026 | 3:42PM HKT

China Spirits Tracker: AGM themes on organizational efficiency and

product differentiation; Original case Feitian Wholesale price still

In June-July MTD, leading spirits companies held their AGMs, and the key themes Leaf Liu

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

focused on protecting price discipline and channel health rather than pursuing Goldman Sachs (Asia) L.L.C.

shipment growth, while continuing to invest for differentiated products, Christina Liu

organizational efficiency and selective market expansion to strengthen long-term +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

competitiveness. The industry’s strategic focus has clearly shifted from sell-in Valerie Zhou

driven growth to consumer-led, high-quality growth, while destocking will still +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

take time and remain the key focus of spirits brands and channels.

n National brands: Leading players continue to concentrate resources on their

core SKUs while simplifying product portfolios. Fen Wine continues to prioritize

the Qinghua series while nurturing Laobaifen as its next Rmb10bn SKU; Laojiao

remains committed to protecting Guojiao 1573 pricing and expanding into >50

year-old group for premiumization; Wuliangye continues strengthening

Common Wuliangye (achieved DD% sell-through growth YTD while sell-in still

under destocking) and also better growth for 1618 (leading SKU in banquet) and

39-degree offerings.

n Regional leaders: Regional leaders remain focused on defending their

home-market leadership while selectively expanding outside their core

provinces.