Shengang Securities released a research report on April 12 stating that it gave Kweichow Moutai (600519.SH) a purchase rating. The main reasons for the rating include: 1) the volume and price of Maotai liquor increased by more than 10%; 2) the direct sales ratio further increased, with iMaotai's year-on-year increase, and the revenue growth rate of other direct sales channels also surpassed the company's overall; 3) the year-end contract debt ring showed a slight decrease over the same period; 4) a slight increase in sales expenses, a year-on-year increase in profitability, and a further increase in base wine production capacity and reserves. (Mainichi Keizai Shimbun)