Opportunity to revisit in 4Q21■ Moutai announced that baijiu sales in 1H21 grew by 11.7% yoy and that net profit rose by 9% yoy (11.6% and 12.5% yoy in 2Q21), slightly below our estimate, because of a higher consumption tax.■ We think Moutai will increase the supply volume to the market in 2H21F to cope […]

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