KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-15 02:23Core Viewpoint - The wholesale price of Feitian Moutai has surged significantly, with reports indicating a daily increase of nearly 100 yuan, driven by a sudden demand spike and supply constraints [1][3]. Price Trends - On December 14, 2025, the wholesale reference price for 53-degree 500ml Feitian Moutai rose to 1570 yuan per bottle, with original box products priced at 1590 yuan, marking increases of 85 yuan and 95 yuan respectively from December 12 [1]. - Reports indicate that the price of Feitian Moutai in Tianjin reached 1630 yuan per bottle on December 14, with a two-day increase exceeding 150 yuan per bottle [3]. - The price adjustments have led to retail prices in some Beijing stores returning to 1680 yuan per bottle [3]. Company Policies - Guizhou Moutai has recently implemented a volume control policy, which includes short-term measures to alleviate financial pressure on distributors by halting product distribution until January 1, 2026 [4]. - The company plans to significantly reduce the quotas for non-standard products, including a 30% cut for 15-year quotas and 50% for zodiac Moutai, aiming to stabilize distributor profits [4]. Market Dynamics - The production capacity of Moutai is expected to remain stable, with a projected compound annual growth rate (CAGR) of -0.1% for base liquor production from 2021 to 2024, indicating no significant increase in supply in the coming years [5]. - The company is focusing on transforming its channel ecosystem and maintaining market stability amid challenges in consumer demand and changing consumption patterns [5].