At its Q3 2026 results briefing, Wang Li (acting general manager) said Kweichow
Moutai has been executing a company-wide shift toward the consumer (C-end)
market. Despite deep industry adjustment and weak consumption, Moutai sales have
been orderly and the sauce-aroma segment is basically stable. Jan–Sep 2026
product volumes rose YoY, and operating costs increased accordingly; average
comprehensive per-ton prices were lowered to match real consumption, so per-ton
revenue fell YoY. Cost growth outpaced revenue growth, leaving gross margin
slightly down YoY; the company's cost/expense-to-profit ratio for the first
three quarters remains within a reasonable range versus the past decade.
