Morgan Stanley: Moutai's annual performance declined due to destocking, but expected to improve in the first quarter.

Morgan Stanley stated that Guizhou Maotai's first annual performance decline since its listing in 2025 was due to weak industry demand and destocking in the channels, but it is expected to rebound in the first quarter of 2026 driven by the recovery of demand during the Chinese New Year and price increases of Feitian Maotai. Analysts like Lillian Lou mentioned in their report that the destocking in the industry is expected to continue until the first half of 2026 to rebalance the supply and demand relationship, and improve sequentially in the second half of the year.