KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-01 07:37Core Viewpoint - The company is undergoing a strategic transformation to stabilize its market position and return to the essence of quality liquor, moving away from being treated as a financial asset [22] Group 1: Market Dynamics - The wholesale price of Moutai has dropped to just over 1400, causing distress among retailers [1] - The company is shifting its strategy by loosening restrictions on distributors rather than cutting them out entirely [3][5] - The previous distribution model, which involved significant markups, is being replaced to alleviate the financial burden on distributors [8] Group 2: Production and Sales Strategy - Moutai plans to reduce production of certain products, such as the zodiac Moutai by half and halt production of premium Moutai [10] - The focus will shift towards direct sales and compliant e-commerce platforms, such as "i Moutai," JD.com, and Tmall [10] - The company aims to control supply and pricing to prevent speculative trading and maintain market stability [14] Group 3: Relationship with Distributors - The terminology used to address distributors has changed from "family" to "friends," indicating a clearer business relationship [16][18] - The company emphasizes a "clean and clear" partnership, focusing on compliance and genuine sales to end consumers [20] - Future sales will depend on who can effectively reach real consumers rather than relying on personal connections or stockpiling [20] Group 4: Implications for Consumers - Consumers may find it easier to purchase Moutai at the suggested retail price of 1499, reducing reliance on scalpers [16] - The reform signals an end to speculative practices, benefiting genuine consumers and restoring the value of the product [22]