[Wang Li of Kweichow Moutai: This round of reform focuses on the market side, transforming from a "rush buying" model to a daily sales model] On November 10, Kweichow Moutai held a performance briefing for the third quarter of 2026. Company director Wang Li (acting as acting general manager) said that past reforms focused more on the supply side, while this round of reforms focuses on the market side. The balance between volume and price and market stability have become important basis for considering and judging the sound status of market operations. Channel synergy will be the focus of future market-oriented operations. On the basis of maintaining the stability of the channel system and business model, we will further optimize and improve the social channel dealer authorization cooperation mechanism, and comprehensively improve the level of market operation synergy from aspects such as product sales, marketing, brand promotion, and service experience. iMoutai continues to focus on consumers’ demands for “fairness, fidelity, and convenience” and gradually transforms from the current “rush buying” model to a daily sales model that meets consumer needs.