Deng Min, Chairman of Wuliangye Group: Two key points have not changed, always full of confidence in the development of Wuliangye.

On June 26, at the Wuliangye 2025 Annual Shareholders' Meeting, Wuliangye Group's Party Secretary and Chairman Deng Min stated that the liquor industry is still in a phase of deep adjustment. We need to make rational analysis and judgments on this, and seize the opportunity for strategic development during this period of transition. In summary, there are two key points: first, the underlying logic and value attributes of liquor consumption have not changed, and for superior production areas, companies, and brands, the structural strategic opportunities are always greater than the challenges; second, the foundation for Wuliangye's long-term value growth has not changed. As a leading enterprise in the Chinese liquor industry, the company has strong overall operational resilience, controllable risk resistance, and advantages and capabilities to cross this cycle earlier and faster. We are always full of confidence in the development of Wuliangye.