The "Kweichow Moutai Co.,Ltd. 2025 Q3 Earnings Conference" was held on November 6. Acting General Manager Wang Li, Independent Director Wang Xin, and Vice President, CFO, and Board Secretary Jiang Yan attended and addressed inquiries.

A netizen raised concerns: "Recently, many e-commerce platforms have offered heavily subsidized low-priced Feitian Moutai products during Double 11, making it difficult to distinguish authenticity. This has affected both Moutai's pricing and reputation. Has management communicated with relevant e-commerce platforms regarding pricing and supply issues this year? What additional measures are being taken to stabilize online sales channels?"

In response, Wang Li, Director and Acting General Manager of Kweichow Moutai, stated: "Previously, on September 12 and October 14, we issued a 'Statement' and a 'Friendly Reminder' on Kweichow Moutai’s official website, Weibo, and WeChat accounts, alerting consumers to common purchasing pitfalls and listing official, authorized sales channels—including third-party e-commerce platforms authorized by Moutai. Currently, we are working to establish expedited channels with major online platforms to address counterfeit and infringement issues, while collaborating with market regulators to strengthen oversight. We take this opportunity to remind consumers once again to purchase only through official and authorized channels. Thank you!"