1H21: Earnings Growth Normalised In 2Q21Moutai reported an 11.1% yoy revenue increase and a 9.1% yoy earnings increase in 1H21. The net profit growth normalised in 2Q21 as it reached 12.5% yoy. Direct sales continued to grow and non-Moutai products' sales accelerated in 2Q21. Cash flow status remained healthy. We think Moutai's fundamentals are quite […]

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