VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

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Stock Comparison

Luzhou Laojiao Co., Ltd. vs Air Liquide S.A.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Luzhou Laojiao Co., Ltd.

000568.SZ · Shenzhen Stock Exchange

Market cap (USD)$171.8B
Gross margin (TTM)86.5%
Operating margin (TTM)56.5%
Net margin (TTM)42.1%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryCN
Data as of2025-12-30
Moat score
73/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Luzhou Laojiao Co., Ltd.'s moat claims, evidence, and risks.

View 000568.SZ analysis

Air Liquide S.A.

AI · Euronext Paris

Market cap (USD)$91.6B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorMaterials
IndustryChemicals - Specialty
CountryFR
Data as of2026-01-08
Moat score
58/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Air Liquide S.A.'s moat claims, evidence, and risks.

View AI analysis

Comparison highlights

  • Moat score gap: Luzhou Laojiao Co., Ltd. leads (73 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Luzhou Laojiao Co., Ltd. has 2 segments (91.5% in Mid- and high-end baijiu); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Luzhou Laojiao Co., Ltd. has 5 moat types across 3 domains; Air Liquide S.A. has 12 across 3.

Primary market context

Luzhou Laojiao Co., Ltd.

Mid- and high-end baijiu

Market

Premium baijiu (strong-aroma) in China

Geography

China (primarily); limited exports

Customer

Consumers (personal consumption) and gifting/banquet channels via distributors/retail

Role

Distiller / brand owner

Revenue share

91.5%

Air Liquide S.A.

Industrial Merchant

Market

Merchant industrial and medical gases distribution (cylinders, bulk liquids) plus related equipment and services

Geography

Global (local/regional distribution markets)

Customer

SMEs and mid-market industrial customers, contractors, labs, and public sector buyers

Role

Distributor + producer (last-mile logistics, cylinder assets, bulk delivery)

Revenue share

44%

Side-by-side metrics

Luzhou Laojiao Co., Ltd.
Air Liquide S.A.
Ticker / Exchange
000568.SZ - Shenzhen Stock Exchange
AI - Euronext Paris
Market cap (USD)
$171.8B
$91.6B
Gross margin (TTM)
86.5%
n/a
Operating margin (TTM)
56.5%
n/a
Net margin (TTM)
42.1%
n/a
Sector
Consumer
Materials
Industry
Beverages - Wineries & Distilleries
Chemicals - Specialty
HQ country
CN
FR
Primary segment
Mid- and high-end baijiu
Industrial Merchant
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
73 / 100
58 / 100
Moat domains
Demand, Supply, Financial
Demand, Supply, Legal
Last update
2025-12-30
2026-01-08

Moat coverage

Shared moat types

Distribution ControlCapex Knowhow Scale

Luzhou Laojiao Co., Ltd. strengths

Brand TrustLearning Curve YieldFloat Prepayment

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostOperational ExcellenceService Field NetworkCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointScope Economies

Segment mix

Luzhou Laojiao Co., Ltd. segments

Full profile >

Mid- and high-end baijiu

Oligopoly

91.5%

Other baijiu (mainstream/value)

Competitive

8.2%

Air Liquide S.A. segments

Full profile >

Large Industries

Oligopoly

26%

Industrial Merchant

Competitive

44%

Healthcare

Competitive

16%

Electronics

Oligopoly

9%

Engineering & Construction

Competitive

2%

Global Markets & Technologies

Competitive

3%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.