销售乏力致渠道掌控力锐减 茅台取消分销制实为无奈之举

Core Viewpoint - The decision to abandon the distribution model by Moutai is a response to declining sales and diminishing channel dominance, rather than merely an optimization of manufacturer-distributor relationships [2][3]. Group 1: Changes in Distribution Strategy - Moutai will no longer use the distribution model starting next year, which indicates a significant shift in its sales strategy [2]. - The previous distribution model relied on the high premium of Feitian Moutai, where provincial self-operated companies supplied authorized distributors at approximately 90% of the guide price [2]. - The decline in the terminal price of Feitian Moutai has weakened Moutai's control over the distribution channels, making it difficult to generate sufficient profits for distributors [2][3]. Group 2: Impact on Distributors - The transfer prices of Moutai specialty stores have significantly decreased, indicating a reduction in the value of Moutai distributors [3]. - Issues such as price inversion and high inventory levels have exacerbated the operational difficulties faced by distributors, leading to a loss of attractiveness in Moutai's distribution channels [3]. - The cancellation of the distribution model allows distributors to apply for purchases based on their operational conditions, providing them with a necessary breathing space [3]. Group 3: Evolution of Sales Channels - Moutai has been exploring direct sales since 2012, with direct sales revenue expected to reach 74.843 billion yuan by 2024, accounting for 43.88% of total revenue [3]. - The shift towards direct sales has further squeezed the space for traditional distribution channels, indicating a significant evolution in Moutai's sales strategy [3]. Group 4: Market Competition and Product Pricing - After the cancellation of the distribution model, various sub-brands of Moutai will compete directly in the market, leading to prices being determined by market conditions [4]. - The previous strategy of relying on Feitian Moutai to promote other products has failed, as consumer interest in non-core products remains low, resulting in declining terminal market prices [4].