Guohai Securities Research Report points out that Kweichow Moutai's reforms are showing results, and supply and demand are gradually being adjusted. The company's product sales volume increased year-on-year in the first three quarters of 2026. The unit price per ton of wine for all products returned to meet actual consumer demand, and the profit margin on costs and expenses was within a reasonable range of nearly ten years. In 2026, Kweichow Moutai continued to deepen market-based reforms, and the results of the current reforms have been shown. In the long run, it is believed that iMaotai is expected to be upgraded to an important entry point for consumers to buy alcohol on a daily basis, further consolidating the foundation of market-based operations, so that more people can understand the unique and difficult natural ecology, microecology, and cultural ecology of Maotai liquor, thus promoting the unification of consumer value, corporate value, and shareholder value. We expect the company's revenue for 2026-2028 to be 1746/1830/1984 billion yuan, respectively, up 2%/5%/8% year on year; net profit to mother will be 826/874/93.8 billion yuan, respectively, up 0%/6%/7% year on year, maintaining the “buy” rating.

Guohai Securities Research Report points out that Kweichow Moutai's reforms are showing results, and supply and demand are gradually being adjusted. The company's product sales volume increased year-on-year in the first three quarters of 2026. The unit price per ton of wine for all products returned to meet actual consumer demand, and the profit margin on costs and expenses was within a reasonable range of nearly ten years. In 2026, Kweichow Moutai continued to deepen market-based reforms, and the results of the current reforms have been shown. In the long run, it is believed that iMaotai is expected to be upgraded to an important entry point for consumers to buy alcohol on a daily basis, further consolidating the foundation of market-based operations, so that more people can understand the unique and difficult natural ecology, microecology, and cultural ecology of Maotai liquor, thus promoting the unification of consumer value, corporate value, and shareholder value. We expect the company's revenue for 2026-2028 to be 1746/1830/1984 billion yuan, respectively, up 2%/5%/8% year on year; net profit to mother will be 826/874/93.8 billion yuan, respectively, up 0%/6%/7% year on year, maintaining the “buy” rating.