VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Jiangsu Yanghe Distillery Co., Ltd. vs Brown & Brown, Inc.

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

Jiangsu Yanghe Distillery Co., Ltd.

002304.SZ · Shenzhen Stock Exchange

Market cap (USD)$94.3B
Gross margin (TTM)69.9%
Operating margin (TTM)15.7%
Net margin (TTM)10.6%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryCN
Data as of2025-12-30
Moat score
61/ 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 Jiangsu Yanghe Distillery Co., Ltd.'s moat claims, evidence, and risks.

View 002304.SZ analysis

Brown & Brown, Inc.

BRO · New York Stock Exchange

Market cap (USD)$27.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
61/ 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 Brown & Brown, Inc.'s moat claims, evidence, and risks.

View BRO analysis

Comparison highlights

  • Moat score: both at 61 / 100.
  • Segment focus: Jiangsu Yanghe Distillery Co., Ltd. has 2 segments; Brown & Brown, Inc. has 2 segments (59% in Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Jiangsu Yanghe Distillery Co., Ltd. has 4 moat types across 2 domains; Brown & Brown, Inc. has 5 across 3.

Primary market context

Jiangsu Yanghe Distillery Co., Ltd.

Premium baijiu (mid-high to high-end)

Market

China premium baijiu (mid-high to high-end price tiers)

Geography

China

Customer

Consumers via distributor/retail channels (banquet, gifting, personal consumption)

Role

Branded producer

Brown & Brown, Inc.

Retail

Market

Retail insurance brokerage and agency services (commercial P&C, employee benefits, personal lines) plus dealer F&I risk-mitigating products

Geography

Primarily United States; also selected international operations

Customer

Commercial (SMB to mid-market), public/quasi-public entities, professional and individual insured customers; auto/RV dealers for F&I

Role

Insurance intermediary (agent/broker) and risk solutions advisor

Revenue share

59%

Side-by-side metrics

Jiangsu Yanghe Distillery Co., Ltd.
Brown & Brown, Inc.
Ticker / Exchange
002304.SZ - Shenzhen Stock Exchange
BRO - New York Stock Exchange
Market cap (USD)
$94.3B
$27.5B
Gross margin (TTM)
69.9%
n/a
Operating margin (TTM)
15.7%
n/a
Net margin (TTM)
10.6%
n/a
Sector
Consumer
Financials
Industry
Beverages - Wineries & Distilleries
Insurance - Brokers
HQ country
CN
US
Primary segment
Premium baijiu (mid-high to high-end)
Retail
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
61 / 100
61 / 100
Moat domains
Demand, Supply
Demand, Supply, Legal
Last update
2025-12-30
2026-01-09

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

Jiangsu Yanghe Distillery Co., Ltd. strengths

Distribution ControlCapacity Moat

Brown & Brown, Inc. strengths

Procurement InertiaContractual ExclusivityPreferential Input Access

Segment mix

Jiangsu Yanghe Distillery Co., Ltd. segments

Full profile >

Premium baijiu (mid-high to high-end)

Oligopoly

n/a

Mass-market baijiu (mainstream price tiers)

Competitive

n/a

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

Want the full wide moat stocks list?

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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.