At the 2026 semi-annual performance briefing held on August 21, Kweichow Moutai Co.,Ltd. faced a pointed question from investors regarding its newly implemented multi-dimensional marketing system. The inquiry centered on the "agency sales" model introduced this year, which grants dealers a commission of approximately 5%. Investors questioned whether this slim margin could trigger resistance or even attrition among traditional distributors, and how the company plans to balance its control over pricing with the need to energize social channel participants.

In response, Chairman Chen Hua stated that under the agency model, dealers are relieved of capital costs and inventory pressure while fully leveraging their reach to consumers, thereby better satisfying diverse purchasing demands. Based on feedback received, dealers have shown strong recognition of the agency sales model and maintain high enthusiasm for its implementation.

Chen further explained that a key aspect of Moutai's market-oriented reforms involves establishing a pricing mechanism characterized by "market-aligned pricing, relative stability, supply-demand adaptation, and volume-price equilibrium." This approach simultaneously safeguards consumer interests and maintains the health of the channel system, aligning with actual market conditions.