KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-15 03:55Market Overview - On December 15, the Shanghai Composite Index opened lower but rebounded during the session, while the ChiNext Index fell over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.18 trillion yuan, a decrease of 52.9 billion yuan compared to the previous trading day [1] Liquor Sector Performance - The liquor sector saw a collective rebound, with Huangtai Liquor (000995) hitting the daily limit, and Jinzhongzi Liquor (600199) and Jiugui Liquor (000799) rising over 3% [1] - Moutai (600519) opened higher, increasing nearly 0.5% [1] Moutai's Internal Meeting and Policy Changes - Moutai held an internal meeting on December 9, discussing significant policies regarding product, channel, and pricing strategies, including a halt on shipments and channel reforms [2][3] - Reports confirmed that Moutai would pause the release of its products for the first quarter of next year, with plans to resume shipments at a later date [3] Impact on Distributors - The decision to pause shipments is expected to alleviate financial pressure on distributors during a tight cash flow period, preventing panic selling [4] - Following the announcement, prices for Moutai products surged on various third-party pricing platforms, with the price of 53-degree 500ml Feitian Moutai rising significantly within a few days [5] Future Policy Adjustments - Moutai plans to implement several major adjustments in the coming year, including reducing the quantity of various Moutai products and potentially shifting from a distribution model to an application-based model for certain products [6][8] - The company aims to promote market-oriented pricing, allowing products to be sold at market prices, which could enhance operational autonomy [8][9] E-commerce and Consumer Engagement - Moutai is encouraging distributors to explore online sales channels, with recent successful e-commerce live-streaming sales indicating untapped consumer demand [10]