渠道商承压、“i茅台”营收下降 贵州茅台目标调低后的渠道经

Core Viewpoint - The price of Feitian Moutai has not increased post-Qingming Festival, with terminal prices ranging from 2400 to 2600 RMB per bottle, while the wholesale price has dropped to 2150 RMB per bottle, indicating a significant decline in both terminal and wholesale prices, which is squeezing the profit margins of distributors [2][4][5]. Price Trends - As of April 6, 2024, the wholesale price for a 500ml bottle of 53-degree Feitian Moutai is 2165 RMB for boxed and 2150 RMB for loose bottles, down approximately 6.93% and 3.26% respectively from January 1, 2024 [4]. - Compared to the same period last year, the decline in wholesale prices has reached double digits, with a drop of 24.3% for boxed and 17.78% for loose bottles [4]. - The profit margin for distributors has decreased from 209.6% when the factory price was 969 RMB to 113.86% due to rising factory prices and falling terminal prices [5]. Impact on Distribution Channels - The decline in prices is attributed to increased supply of non-standard Moutai products, which has affected the demand for Feitian Moutai [4]. - The "i Moutai" digital marketing platform has seen a revenue drop of 10.51% in 2024, with sales revenue of 20.024 billion RMB, compared to previous years [7]. - The decrease in revenue from "i Moutai" has led to a slowdown in the growth of direct sales channels, which fell to 11.32% in 2024 from higher growth rates in previous years [7]. Strategic Adjustments - In response to market conditions, Moutai has lowered its revenue growth target for 2025 to approximately 9%, marking the first time since 2017 that the target has been set in single digits [12]. - The company aims to balance the relationship between traditional distributors and its own channels, emphasizing a collaborative ecosystem for mutual benefit [13]. - The decline in contract liabilities, which dropped by 32.09%, indicates a growing cautiousness among distributors regarding their willingness to invest [14].