On August 21, at the 2026 semi-annual results briefing, Kweichow Moutai responded to the full-year growth outlook after a slight increase in revenue in the first half of 2026, a decline in profit, and a decline in single-quarter revenue and profit in the second quarter. Chairman Chen Hua said that at the end of 2025, against the backdrop of deep industry adjustments and weak consumer demand, products such as Kweichow Moutai and sauce-flavored wine all faced market challenges. In order to reverse the unfavorable market situation, after scientific research and analysis, the company began market-based reforms centered on consumers and driven by market demand in 2026. Looking at it now, the overall market sales situation is stable, and the product price system is stable. The sales volume of Kweichow Moutai and sauce-flavored wine series are growing, as evidenced by a steady to slight increase in revenue, indicating that the reform and transformation have achieved certain results and met our expectations. In the second half of the year, Maotai will refine policies according to market conditions to continuously improve and form a Kweichow Moutai wine and sauce series wine market system that adapts to supply and demand and continues to improve. At the same time, Maotai mentioned that in the past, reforms focused more on the channel system, and it was relatively easy to clarify and implement business target goals. This round of reform focuses on the market side, and it is also necessary to consider ensuring that the supply-side balance of traditional processes is maintained. It will meet many challenges, and there is some uncertainty.

On August 21, at the 2026 semi-annual results briefing, Kweichow Moutai responded to the full-year growth outlook after a slight increase in revenue in the first half of 2026, a decline in profit, and a decline in single-quarter revenue and profit in the second quarter. Chairman Chen Hua said that at the end of 2025, against the backdrop of deep industry adjustments and weak consumer demand, products such as Kweichow Moutai and sauce-flavored wine all faced market challenges. In order to reverse the unfavorable market situation, after scientific research and analysis, the company began market-based reforms centered on consumers and driven by market demand in 2026. Looking at it now, the overall market sales situation is stable, and the product price system is stable. The sales volume of Kweichow Moutai and sauce-flavored wine series are growing, as evidenced by a steady to slight increase in revenue, indicating that the reform and transformation have achieved certain results and met our expectations. In the second half of the year, Maotai will refine policies according to market conditions to continuously improve and form a Kweichow Moutai wine and sauce series wine market system that adapts to supply and demand and continues to improve. At the same time, Maotai mentioned that in the past, reforms focused more on the channel system, and it was relatively easy to clarify and implement business target goals. This round of reform focuses on the market side, and it is also necessary to consider ensuring that the supply-side balance of traditional processes is maintained. It will meet many challenges, and there is some uncertainty.