According to the Goldman Sachs report, overall demand for Chinese liquor remained cautious during the Mid-Autumn Festival this year, and brand differentiation intensified, while Maotai's performance continued to outperform its peers. Analysts including Leaf Liu wrote in the report: “Regional research shows that consumption scenarios such as banquets are relatively stable, yet demand for business banquets and gifts is still under constant pressure. The performance of the various brands is remarkable, and the leading high-end brands have shown strong resilience.” This cautious market expectation is more evident in the wine category. Among liquor brands, Maotai's performance in all regional markets is superior to its peers, and the wholesale price of Flying Moutai continues to show an upward trend. Wuliangye is focusing on reducing channel inventory, while Luzhou Laojiao is facing significant market pressure.

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