Dave.Zheng@morganstanley.com +852 3963-3921 September 12, 2025 01:23 PM GMT Kweichow Moutai Company Ltd. | Asia Pacific Key Takeaways from Online Results Briefing and Channel Checks Key Takeaways Channel check feedback: Our checks also indicates no further tightening of anti- extravagance policy execution since August, also partially contributing to a narrowing yoy decline, aside from an easier comp base than 2Q. Channel inventory trends: Industry channel inventory remains stable sequentially. Wholesale pri ...