J P M O R G A N Asia Pacific Equity Research 20 July 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Kweichow Moutai Co - A Second price hike in 2026 and our take What happened: Kweichow Moutai announced a price increase for Feitian Moutai 53% vol 500ml ...