A recent research report by Zheshang Securities pointed out that Kweichow Moutai Feitian welcomed a second price increase during the year, and marketing reforms were implemented at an accelerated pace. The company adjusted the retail price of the Flying Sky 53% vol500ml Kweichow Moutai platform from 1,539 yuan/bottle to 1,639 yuan/bottle, and the sales contract price from 1,269 yuan/bottle to 1,369 yuan/bottle. The current dynamic price adjustment mechanism has been initially formed, and the trend of normalization may form in the future. For the company: Early price adjustments during the off-season may help to further consolidate the price market and lay the foundation for price stability in the subsequent peak season; in addition, this round of price increases are beneficial to boosting the annual tonnage price performance, and the contribution to next year's tonnage price increase is more obvious; for dealers: Flying Sky is stable & has good circulation, and dealers can still earn a small price difference from the Flying Sky distribution channel plus 5% rebate on non-standard sales, and the channel profit is reasonable. Recently, the sales company held a 2026H1 marketing work conference, conveying a signal that the first half of the year promoted a “consumer-centered and market-demand-driven” market-based transformation and successfully completed the established business tasks. Maotai's current operating status is clear on the right. The company's dividend rate in 2025 is 79% +a cancellation repurchase of 3 billion yuan was completed on May 27, '26, and shareholder returns are impressive. Maintain a “buy” rating.

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