[Kweichow Moutai Wang Li: International business development is under greater pressure and continues to optimize overseas channel systems and market ecology] On November 10, Kweichow Moutai held a 2026 third quarter performance briefing on the 10th. Company director Wang Li (acting as acting general manager) said that in 2026, overseas markets will not only face the common pressure of weak consumer demand, but also face multiple challenges such as insufficient adaptation of the channel system to consumer demand, cultural and taste differences, policy supervision and logistics costs, and the development of international business will be under greater pressure. In the face of market changes, Moutai respects market realities and continues to promote its international strategic transformation. The first is to proactively reduce the burden on channels, rationally adjust the release rhythm, and reduce the pressure on channel operations; the second is to continue to rectify "reflow wine", strengthen the management and control of overseas market channels, increase the intensity of rectification of violations, and prevent the return of export products from disturbing the order of the domestic market. The above-mentioned adjustment measures have had a certain impact on the current international business income. In the next step, Moutai will adhere to long-termism and continue to optimize its overseas channel system and market ecology.