On August 21, in response to the decline in advance accounts, Kweichow Moutai stated at the 2026 semi-annual performance briefing that building a channel system adapted to supply and demand is an important step in this round of market-based reforms. Currently, a healthy channel ecosystem has been formed where “self-management” + “society” and “online” + “offline” each carry out their duties, collaborate with each other, effectively transform, and operate under the sun. Self-operated channel systems such as “iMaotai” and self-operated stores, which can reach actual consumption, have gradually and effectively assumed the role of a “stabilizer” and balancer of the market. In terms of the business model, based on the self-sale and distribution model, explore the use of a “proxy sales” model for products other than Feitian 53% vol 500ml Kweichow Moutai. The operation has generally been stable since April. Due to the “proxy sales” model where property rights are not transferred, the ability of the self-operated channel system to reach actual consumption continues to increase. At the same time, considering the healthy inventory ratio of social channels, advance accounts have decreased year-on-year. With the deepening of the company's market-based reforms, the level of advance payments is no longer the main indicator for measuring the supply and demand trend in the company's market.

On August 21, in response to the decline in advance accounts, Kweichow Moutai stated at the 2026 semi-annual performance briefing that building a channel system adapted to supply and demand is an important step in this round of market-based reforms. Currently, a healthy channel ecosystem has been formed where “self-management” + “society” and “online” + “offline” each carry out their duties, collaborate with each other, effectively transform, and operate under the sun. Self-operated channel systems such as “iMaotai” and self-operated stores, which can reach actual consumption, have gradually and effectively assumed the role of a “stabilizer” and balancer of the market. In terms of the business model, based on the self-sale and distribution model, explore the use of a “proxy sales” model for products other than Feitian 53% vol 500ml Kweichow Moutai. The operation has generally been stable since April. Due to the “proxy sales” model where property rights are not transferred, the ability of the self-operated channel system to reach actual consumption continues to increase. At the same time, considering the healthy inventory ratio of social channels, advance accounts have decreased year-on-year. With the deepening of the company's market-based reforms, the level of advance payments is no longer the main indicator for measuring the supply and demand trend in the company's market.