KWEICHOW MOUTAI(SH:600519) Zheng Quan Ri Bao Wang·2025-12-30 12:49Core Viewpoint - The official announcement from iMoutai on December 30 indicates a strategic adjustment in the product matrix for Guizhou Moutai liquor in 2026, marking a significant step towards a fully market-oriented transformation of Moutai's marketing system [1] Product Aspects - Moutai aims to establish a "pyramid" product system that is market-oriented and value-driven, ensuring a more rational and stable product structure [2] - The new product matrix includes six major series: classic, premium, zodiac, aged, cultural, and low-alcohol, with the classic series forming the base and the low-alcohol series serving as a supplement [2] - This structured product positioning will help Moutai better define different customer segments and consumption scenarios, enhancing product recognition and consumer adaptability [2] Channel Aspects - Moutai's channel ecosystem consists of self-operated and social distribution systems, categorized into a "4+6" channel structure [3] - The company emphasizes a consumer-centric approach, focusing on different consumer demographics and purchasing habits to enhance channel resilience and conversion capabilities [3] - Moutai plans to implement a multi-dimensional collaborative sales model that integrates self-sales, distribution, and online retail, moving away from a primarily wholesale and offline retail focus [3][4] Service Aspects - Service transformation is a key focus for Moutai, aiming to enhance consumer experience and build a comprehensive consumer service system [5] - The company seeks to transition from merely selling products to offering a lifestyle, thereby making service a core competitive advantage [5] - iMoutai is expected to address consumer concerns about purchasing genuine Moutai by providing a reliable and convenient official purchasing channel [5] Overall Strategy - Moutai's market-oriented transformation encompasses product, channel, and service adjustments, aiming to shift from a passive approach to actively engaging with consumers and creating value [6]