16 August 2026 | 2:04PM HKT Equity Research Kweichow Moutai (600519.SS): 2Q26 Review: Topline/NP slightly below mainly on Series Spirits but NPM better than GSE; i-Moutai beat GSE/as Kweichow Moutai reported 1H/2Q26 financial results on Aug 14th with 1H26 total revenue up 1.3% yoy to Rmb92.3bn (c.3% below GSe) and net profit down 2.0% yoy to Rmb44.5bn (c.2% below GSe Rmb45.4bn). Implied 2Q26 total sales were down 5.2% yoy to Rmb37.6bn, due mainly to weaker than expected Series Spirits sales (down 25% yoy in ...