Orient's Research Reports point out that Wang Li, Deputy Secretary of the Party Committee and General Manager of Moutai Group, proposed that in 2024, Kweichow Moutai (600519.SH) is expected to successfully achieve the targets set at the beginning of the year, with revenue and profit maintaining double-digit growth. Looking ahead to 2025, on the product side, the output of Feitian 53-degree 500ml Moutai liquor is expected to see a slight year-on-year increase, the output of rare Moutai liquor will be reduced, and the output of Feitian 53-degree 1000ml Moutai liquor will increase, further reinforcing the position of the high-volume product "Pu Moutai" as the foundation of the olive-shaped product matrix pyramid. On the channel side, the "self-managed system" will strengthen overall coordination and balance, while the "social distribution system" will fully leverage its advantages in wide reach, precise contact, and effective conversion, indicating a balanced emphasis on both self-management and distribution systems while further affirming the importance of Dealers. Moutai liquor sales are expected to see a slight year-on-year increase in 2025. Using the FCFF valuation method, the predicted Target Price is 1721.90 yuan, maintaining the Buy rating.