VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

Stock Comparison

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. vs Games Workshop Group PLC

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

Shanxi Xinghuacun Fen Wine Factory Co., Ltd.

600809 · Shanghai Stock Exchange

Market cap (USD)$218.5B
Gross margin (TTM)76.1%
Operating margin (TTM)44.3%
Net margin (TTM)32.7%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryCN
Data as of2025-12-30
Moat score
57/ 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 Shanxi Xinghuacun Fen Wine Factory Co., Ltd.'s moat claims, evidence, and risks.

View 600809 analysis

Games Workshop Group PLC

GAW · London Stock Exchange

Market cap (USD)$6.2B
Gross margin (TTM)71.9%
Operating margin (TTM)41%
Net margin (TTM)30.4%
SectorConsumer
IndustryLeisure
CountryGB
Data as of2026-01-05
Moat score
87/ 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 Games Workshop Group PLC's moat claims, evidence, and risks.

View GAW analysis

Comparison highlights

  • Moat score gap: Games Workshop Group PLC leads (87 / 100 vs 57 / 100 for Shanxi Xinghuacun Fen Wine Factory Co., Ltd.).
  • Segment focus: Shanxi Xinghuacun Fen Wine Factory Co., Ltd. has 2 segments (73.7% in Mid-to-High Priced Liquor (>= RMB130/L)); Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)).
  • Moat breadth: Shanxi Xinghuacun Fen Wine Factory Co., Ltd. has 5 moat types across 2 domains; Games Workshop Group PLC has 8 across 4.

Primary market context

Shanxi Xinghuacun Fen Wine Factory Co., Ltd.

Mid-to-High Priced Liquor (>= RMB130/L)

Market

China premium baijiu (with focus on light-aroma baijiu) and mid-to-high priced spirits

Geography

China

Customer

Consumers and corporate/banquet demand via distributor/retail channels

Role

Brand owner / distiller / wholesaler-distributor orchestrator

Revenue share

73.7%

Games Workshop Group PLC

Core (Warhammer miniatures & hobby products)

Market

Tabletop miniature wargaming and related hobby products

Geography

Global

Customer

Hobbyists/collectors (B2C) plus independent retailers (B2B)

Role

IP owner + designer/manufacturer + distributor + direct-to-consumer retail

Revenue share

91.5%

Side-by-side metrics

Shanxi Xinghuacun Fen Wine Factory Co., Ltd.
Games Workshop Group PLC
Ticker / Exchange
600809 - Shanghai Stock Exchange
GAW - London Stock Exchange
Market cap (USD)
$218.5B
$6.2B
Gross margin (TTM)
76.1%
71.9%
Operating margin (TTM)
44.3%
41%
Net margin (TTM)
32.7%
30.4%
Sector
Consumer
Consumer
Industry
Beverages - Wineries & Distilleries
Leisure
HQ country
CN
GB
Primary segment
Mid-to-High Priced Liquor (>= RMB130/L)
Core (Warhammer miniatures & hobby products)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
57 / 100
87 / 100
Moat domains
Demand, Supply
Legal, Demand, Network, Supply
Last update
2025-12-30
2026-01-05

Moat coverage

Shared moat types

Brand Trust

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. strengths

Learning Curve YieldDistribution ControlPreferential Input AccessScale Economies Unit Cost

Games Workshop Group PLC strengths

IP Choke PointEcosystem ComplementsService Field NetworkSupply Chain ControlInstalled Base ConsumablesContent Rights CurrencyLong Term Contracts

Segment mix

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. segments

Full profile >

Mid-to-High Priced Liquor (>= RMB130/L)

Oligopoly

73.7%

Other Liquor (value-tier baijiu and other spirits)

Competitive

25.9%

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

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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.