KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-03 17:22Core Viewpoint - The launch of the self-operated e-commerce platform "iMoutai" marks a significant shift in Moutai's sales strategy, allowing for direct sales of its flagship product at a lower price, which has led to overwhelming demand and rapid sellouts [1][3][5]. Group 1: Sales Performance and Market Response - On January 1, 2026, "iMoutai" sold out its initial stock of 53-degree 500ml Flying Moutai within 30 seconds, leading to the early conclusion of a sales event originally planned for two hours [1]. - The platform has over 80 million registered users, with a daily supply of 100 tons (approximately 21.4 million bottles) proving insufficient to meet demand [3]. - The official price of 1499 yuan per bottle is significantly lower than the market price of 1600-1800 yuan, contributing to the platform's popularity [3]. Group 2: Strategic Changes and Channel Reform - Moutai's chairman announced a shift in policy to eliminate mandatory inventory purchases for distributors, allowing them to order based on demand, which aims to alleviate financial pressure on distributors and promote a flatter distribution channel [3][5]. - The introduction of a tiered pricing system for different vintages of Flying Moutai (ranging from 1909 yuan to 2649 yuan) is designed to cater to various consumer needs while maintaining price flexibility for traditional channels [5]. Group 3: Impact on Distributors and Industry Dynamics - Despite the strong push for direct sales, Moutai recognizes the ongoing value of distributors for local market penetration and risk management during industry downturns [7]. - The shift towards direct sales is supported by a robust user base and logistics system, with plans to expand delivery services and establish 850 self-operated stores [7]. - The success of Moutai's direct sales model is attributed to its strong brand equity, which sets it apart from other liquor companies attempting similar strategies [7]. Group 4: Challenges and Adaptations for Distributors - Distributors are now required to adapt their business models, moving away from reliance on price arbitrage to enhancing value through services like tastings and membership programs [9]. - The new model ties profits to sales performance, which may increase cash flow pressure if sales slow down, as distributors face longer rebate cycles [9]. - Moutai maintains strict controls over cross-regional sales and online pricing to prevent channel chaos, indicating a careful approach to managing its distribution network [9].