Wall Street Investment Banks Bullish on Moutai's Transformation: Shift to "Hermès Model" with Target Price of 2100 Yuan

Jefferies believes that Kweichow Moutai is accelerating its transformation toward a luxury goods operating model, with management proactively reducing supply and stabilizing channel prices, making its logic increasingly resemble that of Hermès. Meanwhile, the loan scale of "Moutai Bank" has shrunk by approximately 80% year-on-year, with capital concentrating toward shareholder returns. Management has shifted from a production-oriented to a market-oriented approach, actively safeguarding scarcity and pricing power.