6 January 2025 | 10:37PM HKT China Spirits Tracker: Checking in on 2025 Strong-Start progress and 2024 target completion In the recent week, we noted sequential pick-up in retail sell-through, while the LNY seasonal performance may need further monitoring as there is still some time for the peak season stock up by retail merchants. Our conversations with investors showed that market expectations are quite low, expecting yoy decline in spirits retail sales vs. the high-base in 2024 LNY, while the bright spot ...