Does the company have any plans to raise prices? Wuliangye: There is no fixed price ratio relationship.

An investor asked Wuliangye whether the company has plans to raise prices. The retail price of Moutai has already exceeded 1,800 yuan per bottle, while Wuliangye is now 800 yuan. Two bottles of Wuliangye still cannot be exchanged for one bottle of Moutai. Does the company think this retail price ratio is reasonable? Has the company studied what the reasonable ratio should be in the short term? Is there a long-term business plan to increase this ratio? What strategic planning is there regarding the construction of the price system for wholesale prices and retail prices? Are the price system, modern and efficient distribution channels, and brand power enhancement planned in a coordinated manner? Could you provide a detailed introduction? On October 10, the company responded that price adjustments for Wuliangye products have always followed the principles of "matching Wuliangye's brand value, responding to market supply and demand, and safeguarding channel health." The company will closely monitor the overall consumption recovery trend of the industry, the pace of terminal sales, and changes in the supply-demand structure, adopt a flexible and prudent product pricing strategy, and comprehensively consider whether and when to adjust the prices of core products. The terminal market prices of high-end liquor from different brands are affected by multiple factors, and there is no fixed price ratio relationship. The company insists on integrated, coordinated planning and advancement of price system maintenance, the construction of modern and efficient distribution channels, and brand power enhancement: First, it deeply advances the marketing system reform and adheres to "on-demand supply and precise regulation" through digital marketing management. Second, the company continues to optimize the dual-driven model of "traditional channels + innovative channels." Third, centering on the theme of "Harmony Culture," the company comprehensively enhances high-end consumer groups' brand recognition by continuously building "Cultural Wuliangye."