KWEICHOW MOUTAI(SH:600519) Zhong Guo Ji Jin Bao·2026-01-04 12:19Core Viewpoint - The recent promotional activities by Kweichow Moutai's distributor, Chengdu Chuantang Supply Chain Management Co., Ltd., indicate a strategic shift towards direct consumer engagement and pricing control, amidst ongoing supply-demand challenges in the market [1][3][5]. Group 1: Promotional Activities - Chengdu Chuantang 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]. - The official launch of the 2026 Flying Moutai at a retail price of 1499 yuan began on January 1, 2026, with significant consumer interest leading to rapid sales [4]. Group 2: Market Dynamics - The introduction of the iMoutai platform has transformed the market, compelling distributors to adapt from a passive to an active sales approach, benefiting both existing and new customers [4]. - Concerns have been raised regarding the potential impact of the 1499 yuan price point on traditional distributors, with fears that it may become a price ceiling and affect the brand's exclusivity [5]. - Despite high demand, the wholesale price of Flying Moutai has fallen below 1499 yuan as of January 4, indicating ongoing volatility in the market [5][6]. Group 3: Industry Expert Insights - Industry experts suggest that the current supply-demand imbalance for Flying Moutai remains unresolved, and the sustainability of the recent pricing strategies will depend on the manufacturer's control measures and market sentiment [3]. - The recent actions by Moutai are seen as a move to reclaim pricing power and channel control, rather than a complete abandonment of traditional distributors [5].