KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-14 12:16Core Viewpoint - The price of 2025 53-degree 500ml Flying Moutai has seen a significant increase, with wholesale prices rising to 1570 RMB per bottle as of December 14, 2023, reflecting a rebound of 85 RMB from December 12, 2023 [1] Price Movements - On December 13, 2023, the price of 2025 53-degree 500ml Flying Moutai experienced multiple increases, reaching 1580 RMB per bottle by the evening, up from a low of 1490 RMB on December 12, 2023 [3] - By December 14, 2023, the price in Tianjin had surged to 1630 RMB per bottle, marking an increase of over 150 RMB within two days [4] - The retail price in some Beijing stores has returned to 1680 RMB per bottle due to rising wholesale prices [4] Company Policy Changes - Guizhou Moutai has implemented a control policy that includes short-term measures to alleviate financial pressure on distributors by halting the distribution of all Moutai products until January 1, 2026 [4] - The company plans to significantly reduce the quota for non-standard products, including a 30% cut for 15-year and 1-liter Flying Moutai, and a 50% reduction for zodiac Moutai, with a complete halt on the supply of colorful rare Moutai [4][5] Market Outlook - The company anticipates that the production capacity will not see significant increases in the next five years, with a projected compound annual growth rate (CAGR) of -0.1% for base liquor production from 2021 to 2024 [6] - The company is focusing on transforming its business model and maintaining market stability amid challenges in demand due to changing consumer behaviors and traditional consumption limitations [6]