[Wang Li of Kweichow Moutai: The Moutai Maotai liquor market is basically stable] On November 10, Kweichow Moutai held a performance briefing for the third quarter of 2026 on the 10th. Company director Wang Li (acting as general manager) said that in the first three quarters of 2026, against the background of deep adjustments in the liquor industry and weak consumer demand, the company has implemented an orderly implementation of a comprehensive transformation to C marketization. Kweichow Moutai market sales are stable and orderly, and the Moutai Maotai liquor market is basically stable. From January to September 2026, product sales increased year-on-year, and operating costs increased accordingly; the comprehensive unit price per ton of wine for all products returned to adapt to real consumer demand, and revenue per ton of wine declined year-on-year. As a result, the increase in operating costs was higher than the increase in revenue, and the gross profit margin for this period fell slightly year-on-year. Compared with the company's cost and expense profit margin in the past ten years, the cost and expense profit margin in the first three quarters of 2026 is within a reasonable range.