Why did last year's performance decline, how to confirm revenue, and will agency sales be scaled back? Guizhou Maotai responds to investor concerns | Earnings Meeting Coverage

① Last year, Maotai's performance declined for the first time due to an active strategic contraction. In the first quarter of this year, net profit growth lagged behind revenue growth, caused by price reductions of high-end liquor and structural adjustments. ② Regarding the consignment sales model, Maotai will comprehensively coordinate and dynamically adjust product distribution to maintain a stable and orderly market. ③ Maotai emphasized that its financial reports are true, accurate, and complete. Dividends and buybacks will be strictly executed according to plan, and no exclusive purchase channels for shareholders will be established.

cls.cnMay 11 21:27

Investment demand surged by nearly 50% in the first quarter! A nationwide gold-buying frenzy amid supply contraction may lead to the emergence of more high-end investment products, according to industry insiders.

① If expectations and purchasing power continue to grow, the supply volume will have a more pronounced impact on the next phase of gold prices. ② As core distribution channels, commercial banks such as ICBC and ABC, among other major state-owned banks, have frequently reported sell-outs of investment gold products and shortages of certain items earlier this year. ③ In the future, banks and gold institutions are expected to jointly develop more high value-added investment-oriented gold products.

cls.cnMay 11 20:46

Where did the 'deposit migration' go in the first quarter? The outflows were diversified, with 1.5 trillion yuan flowing into life insurance.

①In the first quarter of 2026, household deposits decreased by 1.5 trillion yuan year-on-year, while non-bank deposits increased by 2 trillion yuan year-on-year, indicating the presence of the “deposit migration” phenomenon. ②The short-term scale of migration remains relatively small, with a high retention rate of bank deposits, primarily due to low risk appetite among customer groups, innovative banking products, and the impact of peak loan disbursement periods. ③The flow of funds shows a diversified pattern rather than concentrating in a single area, and some directions do not fall within the standardized asset management sector.

cls.cnMay 11 15:59

What signal is released by securities firms' addition of the '115% immediate liquidation line'?

① Orient Securities announced that, effective May 18, a new 115% immediate liquidation line for margin trading and short selling will be implemented and incorporated into the relevant contracts; ② This arrangement is stricter than the standard 130% liquidation line, aiming to strengthen risk control in margin trading, with several brokers already adopting similar mechanisms; ③ Below the standard liquidation line, brokers still maintain some discretionary flexibility in handling forced liquidations for margin trading.

cls.cnMay 11 11:12

Have deposits moved? The proportion of time deposits at multiple banks continues to rise, with industry insiders noting that the movement is mostly between different banks.

①According to the latest first-quarter reports of listed banks and statistics from the central bank, the proportion of term deposits at multiple banks has reached a new high. ②Several banking professionals have also indicated to reporters that, based on the current situation, no large-scale 'deposit migration' within the banking system has occurred. 'At most, there is some movement of deposits between banks of different natures.'

cls.cnMay 11 10:06

Interview with Su Gang, Vice President of China Pacific Insurance: Increase exploration of innovative high-quality assets such as ABS and REITs, and look forward to expanding QDII quotas to explore global allocation opportunities.

①Su Gang, Vice President and Chief Financial Officer of China Pacific Insurance, believes that the high volatility characteristic of equity investments is prominent, and great attention should be paid to drawdown risk management in the next one to two years; ②In response to volatility, Su Gang emphasized leaving a reasonable “buffer” space to deal with uncertainty. He admitted that the equity investment turnover rate of China Pacific Insurance is only one-fifth of that of public funds.

cls.cnMay 11 09:45