Kweichow Moutai’s Wang Li: Liquor Industry Still in Deep Adjustment

A director of the industry's bellwether publicly conceding that weak demand and fewer drinking occasions are structural, not cyclical, carries more weight than the usual cautious corporate language — it signals that even the strongest brand is not immune to the sector's downcycle. The emphasis on refusing to chase targets at the expense of long-term health implies a willingness to accept slower volume rather than defend it through discounting, which matters for the pricing discipline the whole baijiu tier relies on. Whether that restraint holds through the next reporting period is the open question.