[Wang Li of Kweichow Moutai: The size of advance receipts is no longer the main indicator of market supply and demand] On November 10, Kweichow Moutai (600519) held a performance briefing for the third quarter of 2026. Company director Wang Li (acting as general manager) said that in 2026, Kweichow Moutai will focus on consumers as the center and market demand as the driver, changing the traditional market operation model of "pressing goods" through channels, and striving to promote the dynamic matching of supply and market demand. On the one hand, the self-operated channel system is directly connected to the increase in consumption power, and some products are sold in social channels through the "consignment sale" model with no transfer of property rights. Neither part forms an advance payment; on the other hand, the company has established a dynamic product launch model for social channels driven by market demand, and accurately launches products according to the sales and inventory conditions of each region and each channel merchant, and only arranges payment before launch to maintain the health of the channel. The industry's traditional model of "advance receipts to purchase goods" to channels can no longer adapt to the profound changes on the consumer side. With the deepening of market-oriented operations of companies, the size of advance receipts is no longer the main indicator to measure the market supply and demand situation.