VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 3, 2026

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Stock Comparison

Luzhou Laojiao Co., Ltd. vs TC Energy Corporation

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)$170.8B
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

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$37B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorEnergy
Industry—
CountryCA
Data as of2026-01-02
Moat score
80/ 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 TC Energy Corporation's moat claims, evidence, and risks.

View TRP analysis

Comparison highlights

  • Moat score gap: TC Energy Corporation leads (80 / 100 vs 73 / 100 for Luzhou Laojiao Co., Ltd.).
  • Segment focus: Luzhou Laojiao Co., Ltd. has 2 segments (91.5% in Mid- and high-end baijiu); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Weak.
  • Moat breadth: Luzhou Laojiao Co., Ltd. has 5 moat types across 3 domains; TC Energy Corporation has 4 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%

TC Energy Corporation

U.S. Natural Gas Pipelines

Market

U.S. interstate natural gas pipeline transportation (FERC-regulated)

Geography

United States

Customer

Utilities/LDCs, power generators, LNG/export facilities, industrial users and marketers (as shippers)

Role

Midstream pipeline operator

Revenue share

46.1%

Side-by-side metrics

Luzhou Laojiao Co., Ltd.
TC Energy Corporation
Ticker / Exchange
000568.SZ - Shenzhen Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$170.8B
$37B
Gross margin (TTM)
86.5%
n/a
Operating margin (TTM)
56.5%
n/a
Net margin (TTM)
42.1%
n/a
Sector
Consumer
Energy
Industry
Beverages - Wineries & Distilleries
n/a
HQ country
CN
CA
Primary segment
Mid- and high-end baijiu
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
73 / 100
80 / 100
Moat domains
Demand, Supply, Financial
Legal, Demand, Supply
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Luzhou Laojiao Co., Ltd. strengths

Brand TrustLearning Curve YieldDistribution ControlFloat PrepaymentCapex Knowhow Scale

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Luzhou Laojiao Co., Ltd. segments

Full profile >

Mid- and high-end baijiu

Oligopoly

91.5%

Other baijiu (mainstream/value)

Competitive

8.2%

TC Energy Corporation segments

Full profile >

Canadian Natural Gas Pipelines

Quasi-Monopoly

40.7%

U.S. Natural Gas Pipelines

Oligopoly

46.1%

Mexico Natural Gas Pipelines

Oligopoly

6.3%

Power and Energy Solutions

Competitive

6.9%

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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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.