By Martin Mou
Kweichow Moutai Co. said Monday that it hasn't altered its target to raise annual operating income for 2020 by around 10%.
The maker of premium Chinese liquor made the statement in response to a recent local media report that said the company's fourth-quarter results would rise considerably due to a jump in sales via direct channels.
However, Moutai said there won't be a "notable change" in the proportion of direct sales to its total sales for the fourth quarter compared with the first three quarters of the year.
Sales via direct channels are believed to be more profitable for Moutai than wholesome sales via dealers and e-commerce platforms, as the company gets to retain a bigger part of its sales margin by reducing middleman costs.
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(END) Dow Jones Newswires