On November 10, Kweichow Moutai held a performance briefing for the third quarter of 2026. Company director Wang Li said that in the first three quarters of 2026, against the backdrop of deep adjustments in the liquor industry and weak consumer demand, the company implemented a comprehensive transformation to C marketization in an orderly manner. Sales in the Kweichow Moutai market was steady and orderly, and the Moutai sauce-flavored wine market was basically stable. From January to September 2026, product sales increased year-on-year, and operating costs increased accordingly; the comprehensive unit price of tons of wine for all products returned to meet actual consumer demand, and revenue for tons of wine declined year-on-year. As a result, the increase in operating costs was higher than the increase in revenue, and the gross margin for the current period declined slightly year-on-year. Compared with the company's profit margin on costs and expenses in the past ten years, the profit margin on costs and expenses for the first three quarters of 2026 is within a reasonable range.

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