KWEICHOW MOUTAI(SH:600519) Shang Hai Zheng Quan Bao·2026-01-01 04:20Core Viewpoint - The launch of the 53%vol 500ml Flying Moutai (2026) on the iMoutai platform marks a significant step in Moutai's marketing system transformation towards a fully market-oriented approach, despite the stock price not reflecting this change positively [1][8][10]. Group 1: Product Launch and Sales Performance - The 53%vol 500ml Flying Moutai (2026) was officially launched on iMoutai at a retail price of 1499 yuan per bottle, with a purchase limit of 12 bottles per person per day [1]. - Following the launch, the product quickly sold out within approximately half an hour due to high demand, with the purchasing page displaying "sold out" shortly after [5]. Group 2: Marketing Strategy and Channel Transformation - Moutai's marketing strategy for 2026 includes a comprehensive adjustment of its product matrix, featuring six major series, including classic, premium, zodiac, aged, cultural, and low-alcohol products [8]. - The company aims to shift from a traditional distribution model to a more market-oriented approach, focusing on consumer needs and creating a new market ecosystem that balances supply and demand [10][11]. Group 3: Investor Sentiment and Stock Performance - Investor sentiment regarding Moutai's strategic adjustments appears mixed, with concerns about the impact of online sales on traditional distributors and potential price fluctuations [10]. - On December 31, 2025, Moutai's stock price fell by 0.9% to 1377.18 yuan per share, indicating a lack of confidence in the company's new marketing strategy [8]. Group 4: Future Outlook and Value Management - Moutai's chairman emphasized the importance of adapting to market changes and the broad market potential for Moutai products, despite the overall industry facing challenges [10][14]. - The company has also announced a significant cash dividend of 23.957 yuan per share and a share buyback plan, reflecting its commitment to value management and shareholder returns [14].