茅台定调2026：尊重市场规律、经销商告别“躺赢”

Core Viewpoint - Moutai is undergoing a market-oriented transformation to address challenges in the liquor industry, focusing on consumer-centric strategies for 2026 [1] Group 1: Transformation Strategy - The key entry point for this transformation is channel reduction, with Moutai focusing on core products like Flying Moutai, Boutique Moutai, and Aged Moutai, while discontinuing the distribution model [2] - By eliminating the distribution of non-standard products, Moutai aims to alleviate the burden of price inversion on distributors and redirect their resources towards market service and sales enhancement [3] - Moutai will also consolidate pricing power, ensuring that product prices align with market conditions to prevent speculation and maintain reasonable expectations [4] Group 2: Inventory and Pricing Management - Pricing serves as an indicator of channel inventory and sales conditions; excessive inventory can lead to price dumping, while supply shortages may cause hoarding and price bubbles, ultimately harming Moutai's brand and market health [5] - Moutai's product structure will revert to a pyramid system, with the 500ml Flying Moutai as the base, Boutique and Zodiac wines as the mid-tier, and Aged and Cultural wines as the top tier [6] Group 3: Growth Logic and Distributor Requirements - The core of Moutai's market-oriented transformation is the redefinition of growth logic, shifting from channel expansion to genuine consumer-driven growth [7] - In 2026, Moutai will implement a competitive selection and dynamic optimization of channels, encouraging distributors to transition from passive "sitting merchants" to proactive "active merchants" [8] - The aim is to reduce reliance on Flying Moutai for profits and promote a healthy, sustainable profit model through a diversified product mix, reshaping the value distribution across the entire industry chain [8] Group 4: Financial Outlook - Analysts predict that Moutai's financial performance may slow down due to supply contraction, but as a key state-owned enterprise in Guizhou, a "stair-step" adjustment in performance is expected, seeking a balance between financial results and market price stability [9]