KWEICHOW MOUTAI(SH:600519) Mei Ri Jing Ji Xin Wen·2025-12-13 23:13Core Viewpoint - The market is speculating that Kweichow Moutai will implement a new policy to control product supply by suspending all product distributions to distributors from December 2025 until January 1, 2026, which may lead to adjustments in sales policies for the following year [1][2]. Group 1: Supply Control Measures - Kweichow Moutai plans to stop supplying all products to distributors in December 2025, which is intended to alleviate financial pressure on distributors during a tight cash flow period [2]. - This supply suspension is seen as a direct method to stabilize market prices and prevent panic selling among distributors [2]. Group 2: Price Impact - Following the news of the supply suspension, the market price of Feitian Moutai has seen an increase, with prices rising by 15-30 yuan per bottle compared to December 12 [1]. - On a third-party pricing platform, the highest reported price for Feitian Moutai reached 1540 yuan per bottle, indicating a significant price rebound [1]. Group 3: Future Sales Policy Adjustments - There are indications that Kweichow Moutai may reduce sales quotas for non-standard products in 2026, which could help improve the profitability of distributors [3][4]. - The planned reduction will focus on specific products such as Moutai 15-year, 1-liter Feitian Moutai, and Zodiac Moutai, potentially ceasing the supply of certain items altogether [4]. Group 4: Structural Reforms - Industry experts view the reduction of non-standard product quotas as a structural reform aimed at enhancing the profitability of distribution channels [5]. - The adjustments in distribution plans are expected to alleviate the financial losses faced by distributors, which have been exacerbated by the previous reliance on non-standard products [5].