China's premium spirits brand profitability will erode in the long term.
Wide-moat Wuliangye Yibin’s decent second-quarter results again beat our and consensus expectations, with revenue up 23% and operating profit up 52%. This reaffirms our view that the high-end baijiu industry is on the track to recovery, bolstered by Chinese consumers’ increasing incomes and purchasing power. As we expected, China’s status-seeking middle class individual consumer has already supplanted the government as the major consumers of Wuliangye’s products, as the government consumption ra...Wuliangye Yibin is engaged in manufacture and sale of "Wuliangye" liquors and other series of alcoholic drinks. Through its subsidiaries, Co. is also engaged in the supply of raw materials; packaging and publication printing; investment activities; provision of parking service; and manufacture and sale of industrial-used steams, fine chemicals, fruit wines, white wines, white carbon, and black and lactic acids.
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