KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-13 14:13Core Viewpoint - Guizhou Moutai has recently implemented a volume control policy aimed at alleviating financial pressure on distributors and restructuring its product offerings in the medium to long term [1][2]. Short-term Measures - By December 2025, Guizhou Moutai will cease to issue any Moutai products to distributors (prepayments already completed) until January 1, 2026, when it will resume at an appropriate time [1]. - This measure is intended to relieve financial strain on distributors during a period of tight cash flow, preventing panic selling due to loan repayments or new product payments [1]. Medium to Long-term Structural Reforms - In 2026, Guizhou Moutai plans to significantly reduce the quota for non-standard products, thereby decreasing the supply of products that compress profit margins in distribution channels [1].