At a Sept. 18, 2026 interim results briefing, Jiugui Liquor GM Cheng Jun said
the distributor base is stable and most dealers are long-term partners. He said
the decline in distributor numbers mainly reflects small dealers exiting due to
market conditions and company-led network optimization and will not affect
overall sales. Cheng said the partnership with retailer Pang Donglai is a
new-channel expansion that has delivered visible positive results and will not
disrupt traditional channels or damage brand value.