构建更具韧性的渠道生态，茅台在i茅台走出了重要一步

Core Viewpoint - Moutai is initiating a market-oriented transformation of its marketing system with the launch of the iMoutai platform, which will expand its product matrix in 2026 to include various mainstream categories, enhancing the resilience of its channel ecosystem through digital tools [1][6]. Group 1: Online Self-Operated Platform - The white liquor industry is entering a "stock competition" era, facing common challenges such as channel imbalance, inventory buildup, and weak terminal sales [2][7]. - iMoutai serves as a direct channel to consumers, addressing the issue of "end not selling liquor" and significantly improving channel transparency and controllability [2][7]. - iMoutai has accumulated over 70 million users, creating a substantial consumer database that provides Moutai with unprecedented market insight capabilities [2][7]. Group 2: Building an Integrated Ecosystem - The adjustment aims to optimize and balance the channel ecosystem rather than replace traditional distributors, promoting a new channel structure that integrates online and offline sales [3][8]. - Moutai emphasizes a consumer-centric approach, focusing on different consumer distribution and purchasing habits to enhance channel resilience and conversion capabilities [3][8]. - Moutai plans to establish a multi-dimensional collaborative sales model, transitioning from a primarily wholesale and offline retail approach to a comprehensive strategy that includes online retail, dining, and private domains [3][8][9]. Group 3: Channel Stability and Profitability - iMoutai's product launch strategy will consider factors like preventing speculation and ensuring supply-demand balance to maintain channel equilibrium [4][9]. - Moutai aims to move away from the old model of relying on single product subsidies, focusing instead on reasonable profit distribution and long-term value creation to support healthy channel development [4][9]. - The strategic enhancement of channel resilience through iMoutai is a significant move in the context of industry pressures, aiming for a stable market, active channels, and improved service [4][9].