KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2026-01-04 01:24Core Viewpoint - The company has implemented a significant reduction in the purchase limit for its flagship product, the Flying Moutai 53% vol 500ml, from 12 bottles to 6 bottles per person per day, indicating a strategic move to control supply and stabilize prices amid declining revenue growth [1][5]. Group 1: Product and Pricing Strategy - The official retail price for the Flying Moutai 53% vol 500ml (2026) is set at 1499 yuan per bottle, which is 410 yuan cheaper than the 2024 price and 1150 yuan cheaper than the 2019 price [5]. - The product was sold out within half an hour of its release on January 1, with over 100,000 users purchasing during the New Year holiday [5]. - The iMoutai platform, a direct sales channel for Guizhou Moutai, is seen as a significant step in the company's market-oriented transformation [5]. Group 2: Market Performance and Trends - Guizhou Moutai's revenue growth has shown a downward trend, with a reported revenue of 1284.54 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.36%, and a net profit of 646.27 billion yuan, also up 6.25% [7]. - The third quarter of 2025 saw a revenue of 390.64 billion yuan, marking a minimal growth of 0.56%, and a net profit of 192.24 billion yuan, which is the lowest growth rate in nearly a decade [7]. - Despite the slowdown, Guizhou Moutai's performance remains superior to its peers in the A-share market, as it is the only company among its competitors to maintain positive growth in the third quarter [7]. Group 3: Industry Dynamics - The white liquor industry is undergoing a deep adjustment phase influenced by changing consumer habits, with analysts suggesting that the industry may not experience a "V-shaped" recovery but rather a prolonged "L-shaped" development trend [8]. - Leading companies like Moutai, Wuliangye, and Luzhou Laojiao are leveraging their strong brand power and channel control to stabilize prices and manage inventory effectively [8].