Baijiu demand across China remains cautious during the Mid-Autumn Festival period this year, with brand performance increasingly diverging and Moutai continuing to outshine its competitors, according to a Goldman Sachs report.

Analysts including Leaf Liu noted in the report: "Regional channel checks indicate that consumption scenarios such as banquets remain relatively stable, while business entertainment and gifting demand continues to face sustained pressure. There is a pronounced divergence in performance across brands, with leading ultra-premium labels demonstrating stronger resilience."

This cautious market outlook is even more evident in the broader spirits category. Among baijiu brands, Moutai outperformed its peers across all regional markets, with wholesale prices of Feitian Moutai maintaining an upward trajectory. Wuliangye is actively working to reduce channel inventories, while Luzhou Laojiao is encountering notable market headwinds.