Dealer willingness to make payments decreased? Guizhou Maotai responds.

The Guizhou Maotai third quarter performance briefing for 2025 was held today. An investor asked about the reason for a significant decrease of 2 billion in the company's prepayment compared to the beginning of the year. Is it because the willingness of distributors to make payments has decreased? Maotai Secretary of the Board Jiang Yan replied that Maotai has always attached great importance to the stability, soundness, and sustainable development of channel partners. Currently, the industry is in a period of deep adjustment, and we are proactively relieving pressure on channel partners, enhancing channel resilience, in order to better maintain channel ecology and promote the healthy development of the market.