KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-12-13 12:33Core Viewpoint - The price of Feitian Moutai liquor has experienced significant fluctuations, with a notable increase on December 13, 2023, attributed to potential strategic changes for 2026 that may favor distributors and product allocation [1][2][8] Company Insights - On December 13, 2023, the price of Feitian Moutai (2025 vintage) rose four times, reaching 1580 RMB per bottle by evening, up from 1490 RMB per bottle on December 12 [1][2][8] - The company indicated that product allocation will depend on market capacity at different times, emphasizing the importance of maintaining channel resilience and market stability [1][2][8] - Moutai plans to manage production capacity release based on the microbial cultivation cycle of new workshops and the growth cycle of distillers, adjusting sales according to market capacity [3][9] Industry Trends - Recent policies aimed at boosting consumption have been introduced, including a plan from six government departments to enhance the adaptability of supply and demand in consumer goods [4][10] - The industry is expected to see a gradual recovery in demand as policy pressures ease, with leading liquor companies likely to increase dividend payouts, enhancing their attractiveness for investment [10][11] - The white liquor sector is currently at a historical low in valuation, presenting strong bottom-fishing opportunities, while the demand remains under pressure but is showing signs of gradual recovery [5][6][11]