On August 21, Kweichow Moutai held the 2026 semi-annual results briefing. At the meeting, Chairman Chen Hua of Kweichow Moutai reviewed the Kweichow Moutai market-based reform initiated at the beginning of the year, and detailed the background of implementation of the reform, the phased results, and the direction of subsequent optimization. In terms of channel layout, the company builds a fair, reliable and convenient channel system based on the principle of adapting supply and demand. 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. At the same time, the company has further optimized domestic market channel coordination. All Kweichow Moutai liquor plans originally sold by Moutai Group subsidiaries, our subsidiaries, and Huiqun Company will return to the Kweichow Moutai sales company in an orderly manner during the year.

On August 21, Kweichow Moutai held the 2026 semi-annual results briefing. At the meeting, Chairman Chen Hua of Kweichow Moutai reviewed the Kweichow Moutai market-based reform initiated at the beginning of the year, and detailed the background of implementation of the reform, the phased results, and the direction of subsequent optimization. In terms of channel layout, the company builds a fair, reliable and convenient channel system based on the principle of adapting supply and demand. 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. At the same time, the company has further optimized domestic market channel coordination. All Kweichow Moutai liquor plans originally sold by Moutai Group subsidiaries, our subsidiaries, and Huiqun Company will return to the Kweichow Moutai sales company in an orderly manner during the year.