[Wang Li of Kweichow Moutai: The industry is still in the process of deep adjustment. We cannot rely solely on indicators, nor can we catch all the benefits] On November 10, Kweichow Moutai held a briefing on the performance of the third quarter of 2026. Company director Wang Li (acting as acting general manager) said that the market situation must be viewed objectively. The industry is still in the midst of deep adjustment, consumer demand is weak, and the trend of reduced consumption scenarios has not fundamentally changed. Both Kweichow Moutai and Moutai Maotai liquor are facing challenges and tests from the market. The purpose of market-oriented reform and transformation is to establish an orderly and stable market system with supply and demand adaptation, volume and price balance, and an orderly and stable market system based on supply-side balance. We cannot only focus on indicators, let alone catch all the benefits. This is also the main direction of the company's next market work.