Luzhou Laojiao Chairman Liu Miao Says Channel Inventory Keeps Falling on Quota and Sell-Through Linkage
Luzhou Laojiao Chairman Liu Miao said the company has tightened the link between channel quotas and bottle-opening volumes since the second half of 2025, using sales-based allocation to bring total channel inventory down steadily. Since the start of 2026, the distiller has actively curbed shipments and prioritized clearing channel stock, with year-on-year revenue changes for mid-range and high-end products broadly in line.
On September 11, 2026, at the 2026 online collective investor reception for the Sichuan jurisdiction and the interim report results briefing, Luzhou Laojiao Chairman Liu Miao said that since the second half of 2025 the company has strengthened the linked management of channel quotas and bottle-opening volumes. Through refined controls based on allocating quotas according to sales and tying quotas to sell-through, total channel inventory has continued to decline.
Since the start of 2026, the company has actively curbed shipments and given priority to clearing channel inventory. Revenue from mid-range and high-end products showed broadly consistent year-on-year changes in both directions.
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