KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-14 21:46Core Viewpoint - Kweichow Moutai has implemented a volume control policy, halting the distribution of all Moutai products to distributors until January 1, 2026, leading to a significant price increase for its flagship product, the 25-year Flying Moutai [1][2][3][4]. Group 1: Volume Control Policy - The volume control policy includes short-term measures to alleviate financial pressure on distributors during a tight cash flow period [2][4]. - Moutai will stop supplying all products to distributors until the end of 2025, with plans to resume distribution in early 2026 [3][4]. - The long-term structural reform aims to significantly reduce the quota of non-standard products, which will help decrease profit erosion in distribution channels [5]. Group 2: Price Impact - The price of the 25-year Flying Moutai has surged nearly 100 yuan over two days, reaching close to 1600 yuan per bottle [1]. - As of December 14, the wholesale price for the 25-year Flying Moutai reached 1590 yuan for original boxes and 1570 yuan for loose bottles, reflecting a substantial increase from previous days [1]. - Distributors report that the retail price for the 25-year Flying Moutai has risen above 1750 yuan per bottle, with some products already out of stock [7]. Group 3: Market Context - The white liquor industry is currently undergoing a deep adjustment phase, with Moutai's chairman emphasizing the importance of balancing short-term and long-term strategies without sacrificing long-term growth for immediate gains [7]. - In contrast to Moutai's volume control policy, Wuliangye has introduced a marketing incentive by lowering the invoice price for distributors starting in 2026 [8]. - As of December 12, Kweichow Moutai's stock was priced at 1420.65 yuan per share, with a year-to-date decline of 4.95% [8].