Dissecting Moutai's (600519.SH) Sun Strategy: Feitian Moutai sells well at 1499 yuan, breaking the price deadlock.

On the last day of 2025, Kweichow Moutai (600519.SH) released a major announcement: Feitian Moutai (53 degrees, 500ml) will be available for purchase on the iMoutai APP starting from 9:00 am on January 1, 2026. The Feitian Moutai of 2026 will be available for purchase at the official price of 1499 yuan per bottle, with a daily limit of 12 bottles per person. On January 1st, the 1499 yuan Feitian Moutai sold out quickly on iMoutai, even after multiple restocks. From an external perspective, this announcement is not simply about expanding distribution channels, but rather a strategic breakthrough by Kweichow Moutai to address the long-standing price issues in the industry, marking a decisive step towards establishing a consumer-centric pricing system. By resolving price challenges, Kweichow Moutai aims to accelerate the market-driven restructuring of the market ecosystem. The official price and retail price of Feitian Moutai have long been divergent, leading to price fluctuations in the market. The introduction of Feitian Moutai priced at 1499 yuan per bottle on iMoutai is a key step in addressing this challenge. With iMoutai as Moutai's core online platform, which has accumulated over 70 million users, this move is not just about adding a sales channel. Through direct sales, Moutai can generate incremental revenue and profit. Furthermore, this initiative disrupts the survival basis of the informal arbitrage ecosystem. As the official distribution channels are expanded, the speculation in the market is significantly reduced, prompting Moutai liquor to shift from being an investment product to a consumer product. At a recent Moutai liquor dealers' conference in 2026, the Moutai management clearly stated their goal of transforming towards market orientation, putting consumers at the center of pricing and reaffirming the fundamental positioning of Moutai liquor as a product for consumption rather than speculation. Furthermore, at the conference, Kweichow Moutai's management also indicated that they would no longer use a distribution model starting in 2026. "From next year, Moutai will no longer use a distribution model, which is equivalent to reducing the burden on agents and minimizing loss sources," said Xiao Zhuqing, an independent commentator on the Chinese liquor industry. With the elimination of the distribution model, the operational pressure on dealers is significantly reduced. "Moutai will not do anything contrary to market principles, nor will they let distribution partners lose money because a situation where only one side wins is unsustainable, and mutual benefit is needed for long-term success," said Chen Hua, Chairman of Moutai Group at the dealer conference, expressing hope that dealers can shift their operational mindset towards consumer-centric strategies to build a win-win situation. There are concerns that the introduction of Feitian Moutai priced at 1499 yuan per bottle on iMoutai will impact the bulk pricing of Moutai liquor. However, this concern is unwarranted. When the company launched Pu Moutai at 1499 yuan per bottle on various e-commerce platforms in 2019, similar concerns were raised, but it did not affect the overall pricing of Moutai liquor. Additionally, the company will not flood iMoutai with Pu Moutai in one go; they will gradually adjust based on market conditions, preventing price volatility and providing market stability. In fact, after the announcement of the launch of Pu Moutai at 1499 yuan per bottle on iMoutai on December 30th, according to Yimao Shijia data, the bulk price of Pu Moutai remained stable. Kweichow Moutai has emphasized that the supply of Pu Moutai on iMoutai will be based on the principles of preventing speculation, adapting to supply and demand, and maintaining market stability. With iMoutai being Kweichow Moutai's self-operated channel, the company can prevent abrupt price fluctuations in the market by adjusting the supply on iMoutai, which helps maintain price stability in the Moutai market. "In the long run, major price fluctuations are detrimental to consumer interests, as well as the long-term interests of distribution partners and manufacturers. Short-term gains from speculation may be high, but it's not beneficial for the industry as a whole. Therefore, the company will do everything possible to stabilize prices and ensure long-term sustainability, which is responsible for consumers, manufacturers, and distribution partners," said Chen Hua, Chairman of Moutai Group at a recent dealer conference. Looking ahead, with a combination of measures, Kweichow Moutai still has the potential for steady growth in 2026. Recently, the international top investment bank, Goldman Sachs, released a research report stating that with Kweichow Moutai cutting down on non-standard quotas, focusing on core products like Pu Moutai, expanding boutique Moutai, and implementing channel reforms, the company's revenue is expected to grow steadily in 2026. This article was reproduced from "Yicai" with editing by GMTEight: Yan Wencai.