Kweichow Moutai's Competitive Strength in the Premium Baijiu Market Secures Robust Profit Outlook

As China's most distinguished spirit brand, Kweichow Moutai has remarkable pricing power, premium product quality, a long history, and unparalleled brand strength. Its premium position is reflected in its 69% operating margin and 80% return on invested capital over the past five years between 2021 and 2025, despite China's macroeconomy and consumption headwinds. Moutai remains a leading brand in China's culinary and consumption culture, and we believe it will continue its premium position over the long term.