Moutai's Latest Response! On Social Channel Inventory, Advance Payments, and Full-Year Growth Outlook...

The company stated that over the past decade, its net profit margin has ranged between 44.65% and 51.49%, with an average of 49.57%. In the first half of 2026, the net profit margin stood at 49.89%, which is at a reasonable level. As the company's market-oriented reforms deepen, the level of advance payments is no longer a primary indicator for assessing market supply-demand dynamics. This round of reforms focuses on the market side, while also requiring consideration of maintaining supply-side balance in adherence to traditional craftsmanship, which will entail addressing various challenges and involves a degree of uncertainty.