8 December 2025 | 7:34AM HKT Equity Research 2) 2026 Prepayment policy and requirement vary by major brands: Moutai/Fen Wine will likely target 5% growth for 2026 with 2025 sales still aiming for positive growth, per the expert. Wuliangye/Fen Wine tentatively set 50%/40% of full-year prepayment for 1Q26 targeting positive volume growth for 2026 with the expert's company, while the effective prepayment price will likely be lowered to distributors especially by Wuliangye (Exhibit 1, effective prepayment price ...