At a Q3 2026 earnings briefing, Wang Li, acting general manager, said Kweichow
Moutai is shifting to a consumer‑centred, demand‑driven distribution model and
abandoning channel stockpiling via prepayments. Self‑operated channels now reach
consumers directly and some social‑channel SKUs are sold on consignment
(ownership not transferred), both of which do not generate advance receipts. The
company has implemented a dynamic allocation model that assigns product by
region and dealer based on sell‑through and inventory, and collects payment only
immediately before allocation to preserve channel health. As market‑driven
operations deepen, industry prepayment practices no longer reflect end‑consumer
demand; advance‑receipt balances should not be treated as a primary
supply‑demand indicator.
