KWEICHOW MOUTAI(SH:600519) Zhong Guo Ji Jin Bao·2025-12-31 16:16Core Viewpoint - The launch of the iMoutai platform will allow consumers to purchase the 2026 Flying Moutai at a price of 1499 yuan per bottle, with a daily limit of 12 bottles per person, starting January 1, 2026. This move aims to stabilize the market and reduce speculation [2][10]. Group 1: Product Launch and Pricing - The iMoutai app will integrate previous purchasing methods into a unified "iGou" entry point, allowing direct purchases of all available products [2]. - The 2026 Flying Moutai (53% vol, 500ml) will be priced at 1499 yuan, while other years will have higher prices, such as 1909 yuan for 2024 and 2649 yuan for 2019 [6][10]. - The daily supply will be limited to prevent speculation and ensure market stability, with sales starting at 9 AM each day [2][10]. Group 2: Sales Performance and Market Impact - iMoutai's sales reached approximately 200 billion yuan in 2024 and 126.92 billion yuan in the first three quarters of 2025 [10]. - The price increase of the Flying Moutai from 969 yuan to 1169 yuan per bottle reflects the company's strategy to enhance revenue through direct sales [10]. - The introduction of affordable Flying Moutai on the iMoutai platform is expected to significantly benefit the company's revenue and profit margins, as the price difference between the factory price and retail price will contribute to direct revenue growth [10][11]. Group 3: Consumer Benefits and Market Dynamics - The new sales model aims to eliminate the price discrepancies and risks associated with counterfeit products, allowing consumers to purchase genuine products at reasonable prices [11]. - The direct-to-consumer approach is seen as a major event for the industry, likely to positively impact both Moutai's revenue and the overall white liquor market [11]. - The current market price for Flying Moutai is around 2700 to 3000 yuan, indicating a significant markup over the official price, which the new strategy aims to address [10][11].