Kweichow Moutai's Chen Hua Responds to H1 "Revenue Growth Without Profit Growth": Reform and Transition Achieve Certain Results, Periodic Performance Fluctuations Are Normal

In the first half of 2026, Kweichow Moutai reported revenue of RMB 92.278 billion (up 1.3% year-on-year) and net profit attributable to shareholders of RMB 44.517 billion (down 1.95% year-on-year). Chairman Chen Hua responded that amid deep industry adjustments, the company has initiated market-oriented reforms, with the sales and pricing systems currently stable and reforms meeting expectations. In the second half of the year, the company will implement refined measures, but acknowledged that this round of reforms focuses on the market side and carries uncertainties. Chen Hua stated that periodic performance fluctuations are normal and called on shareholders to view development through a long-term lens.