KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-14 12:16Core Viewpoint - A leaked internal notice from Kweichow Moutai Co., Ltd. regarding product supply and structural reforms has sparked significant market attention, outlining both short-term measures and long-term structural changes [1][4]. Group 1: Short-term Measures - The company will immediately suspend the issuance of all Moutai products to distributors (with prepaid orders completed) until January 1, 2026, with a potential review before the Spring Festival [4]. - The purpose of this suspension is to alleviate financial pressure on distributors during the year-end cash crunch, preventing panic selling due to loan repayments or new product payments [4]. Group 2: Long-term Structural Reforms - The notice indicates a substantial reduction in the allocation of non-standard products, including a 30% cut in the allocation of 15-year Moutai, a 30% cut in the allocation of 1-liter Flying Moutai, a 50% cut in the allocation of Zodiac Moutai, and a complete halt (100% cut) in the allocation of Color Glaze Rare Moutai [4]. - A notable point is the stipulation that any distributor selling Flying Moutai below 1,650 yuan will have their distributor qualifications immediately revoked, marking a significant shift in the company's pricing strategy [4]. Group 3: Market Reactions - The terms outlined in the notice have led to intense discussions among distributors and investors, with some industry insiders suggesting that this represents a strong constraint on channel sales behavior through a clear price threshold [4]. - Concerns have been raised about the sustainability of such measures, with some commentators warning that continuous aggressive actions could lead to uncontrollable declines in sales [4].