The highest -growing business quarterly income growth in the world's highest market value is less than expected, but analysts pointed out that this reflects the political pressure of controlling prices rather than the sharp drop in demand.
Kweichow Moutai, the highest market value of the world, has become a victim who is concerned about the slowdown in China's consumption.Earlier, due to less than expected income, its stock was sold, causing the valuation to shrink $ 10 billion in a day.
Last week, Moutai, Guizhou, announced the worst quarterly profit growth in the past three years, highlighting the concerns of further slowing down to the growth of the world's second largest economy and the continuous upgrading of the Sino -US trade war, and it is fighting China's consumption expenditure.
However, analysts pointed out that the company's 3.2%revenue growth reflects the political pressure that requires it to control the price, rather than the significant decline in consumer demand for high -end spirits in China.
Guizhou Moutai brewed a series of high -end Chinese spirits called liquor.Last year, the company's net profit increased by 62%, which made it more than the British Diageo, becoming the most valuable spirits in the world.According to the stock listed on the Shanghai Stock Exchange, its market value is $ 109.2 billion.
However, as one of the most well -known state -owned enterprises in China (about 90%of the gross profit margins), Guizhou Maotai is facing the official pressure to prevent the price from rising sharply.Its decisions often follow political logic, not business logic.
Chinese securities firms said that Moutai, Guizhou, is being affected by the increase in production in last year.At that time, the company quickly increased supply to deal with the pressure of curbing price increases in Beijing.As the price has stabilized this year, the company slows down the supply growth rate.
Last year, the wholesale price of its best -selling brand Feitian Maotai rose by about 40%to 1,700 yuan, causing concerns about China's highest economic planning institutions.
Compared to other liquor brews, the company is a greater extent like a policy tool, Bernstein's industry analyst You An Bull; Euan McLish said that in this issue, you can be able toLooking at the government's pressure, they (in 2017) put a lot of white wine supply to the market, trying to reduce the price.
Moutai's opaque strategy, non -commercial motivation behavior driven by the central government's pressure, and low participation of shareholders have led to Bernstein to the stock category with a slightly higher risk this week.
Translator/He Li
