KWEICHOW MOUTAI(SH:600519) Zhong Guo Ji Jin Bao·2026-01-04 11:57Core Viewpoint - The recent promotional activities by Moutai distributors, particularly the launch of the New Year wine purchase event, indicate a strategic shift towards direct consumer engagement and market stabilization amidst ongoing supply-demand challenges in the Moutai market [1][5]. Group 1: Promotional Activities - Chengdu Chuantang Supply Chain Management Co., Ltd. announced a New Year wine purchase event, allowing customers to order 1-5 bottles of the 2026 Flying Moutai at a price of 1499 yuan per bottle, with limited quantities available on a first-come, first-served basis [1]. - The company has signed a distribution contract for 2026 that aligns with the planned volume for 2025, while contracts for premium and 15-year Moutai have not yet been signed [3]. Group 2: Market Dynamics - Analysts suggest that the recent adherence to the 1499 yuan guidance price by some distributors is likely a short-term strategy, as the actual market price remains significantly higher due to unresolved supply-demand imbalances [4]. - The launch of the iMoutai platform, which sold the 2026 Flying Moutai at the same price, has created a competitive environment, prompting distributors to adapt their sales strategies to retain customers [5]. Group 3: Impact on Distributors - Concerns have been raised regarding the potential impact of iMoutai on traditional distributors, with fears that the 1499 yuan price point could become a ceiling, potentially diminishing the brand's exclusivity [6]. - Despite the high demand reflected in the rapid sales on the iMoutai platform, wholesale prices for Moutai have reportedly fallen below 1499 yuan, indicating ongoing volatility in the market [6].