Merge Replication: Where are rowguids of conflict losers stored?
Straight from Advanced Merge Replication Conflict Detection and Resolution:

The Conflict Viewer displays information from three system tables:


Replication creates a conflict table for each table in a merge
article, with a name in the form
MSmerge_conflict__.
Conflict tables have the same structure as the tables on which they
are based. A row in one of these tables consists of the losing
version of a conflict row (the winning version of the row is in the
actual user table).
The MSmerge_conflicts_info table provides information about each
conflict, including the conflict type.
The sysmergearticles table identifies which user tables have conflict
tables and provides information about the conflict tables.


This means that if you find a record in the MSmerge_conflict_[PublicationName]_[ArticleName] table, it is the "loser".  The record that you find in the actual table is the "winner".

Hope this helps,

Matt