KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-03 07:15Core Viewpoint - The launch of direct sales for 53° Flying Moutai through the iMoutai app has ignited consumer enthusiasm, marking a significant shift in the distribution and pricing strategy of Kweichow Moutai, which aims to reshape the white liquor industry's channel and pricing system [1][5][10] Direct Sales Implementation - The iMoutai direct sales event saw overwhelming demand, with the initial stock selling out in under a minute, and subsequent restocks also quickly depleting, highlighting the intense consumer interest [3][5] - The platform allows each user to purchase a maximum of 12 bottles per day, with the total supply determined by factors such as preventing speculation and ensuring market stability [3][5] Market Positioning - The direct sales model addresses a significant market pain point, allowing consumers to purchase Flying Moutai at the official price of 1499 yuan, which had previously been difficult due to extensive distribution channels leading to inflated prices [5][7] - This shift enables Kweichow Moutai to regain control over pricing and reduce the influence of scalpers, thereby enhancing the product's value as a consumer good rather than a speculative asset [7][9] Industry Impact - Kweichow Moutai's changes are expected to intensify the "Matthew Effect" in the white liquor industry, potentially driving more consumers towards Moutai at the expense of competitors like Wuliangye and Guojiao 1573 [10][12] - The direct sales approach lowers the purchasing threshold for consumers, expanding Moutai's audience and consumption scenarios, which may lead to increased market share in the mid-to-high-end liquor segment [12][14] Future Trends - The white liquor industry is experiencing a trend towards lower alcohol content and younger demographics, with forecasts indicating that the low-alcohol market could exceed 740 billion yuan by 2025, growing at a compound annual growth rate of 25% [12][14] - Kweichow Moutai must focus on attracting younger consumers to ensure long-term growth, as this demographic will become the core market in the future [14][15] - Continuous adaptation to consumer needs and market trends is essential for Kweichow Moutai to maintain its leadership position during industry adjustments [15]