Maotai believes that at the end of 2025, against the backdrop of deep adjustments in the liquor industry and weak consumer demand, the company's main products faced major market challenges. After conducting objective research and analysis, management initiated market-based reforms centered on consumers and driven by market demand in early 2026. In the first half of the year, market-based reforms and transformation initiatives achieved the expected results. Sales in the Kweichow Moutai market was steady, and the sauce-flavored wine market was basically stable. A “follow the market and relatively stable” price system and mechanism adapted to actual consumer demand was completed and operated effectively.

Maotai believes that at the end of 2025, against the backdrop of deep adjustments in the liquor industry and weak consumer demand, the company's main products faced major market challenges. After conducting objective research and analysis, management initiated market-based reforms centered on consumers and driven by market demand in early 2026. In the first half of the year, market-based reforms and transformation initiatives achieved the expected results. Sales in the Kweichow Moutai market was steady, and the sauce-flavored wine market was basically stable. A “follow the market and relatively stable” price system and mechanism adapted to actual consumer demand was completed and operated effectively.