茅台“自刀”，砍痛了谁？

Core Viewpoint - Moutai's adjustment of channel policies and operational strategies is a result of both external environment and internal demand, facing significant challenges and performance pressure after the new management took over [1][4] Group 1: Policy Changes - Moutai announced it will no longer distribute non-standard products through a "distribution method," marking the end of an era where distributors could profit easily [2][4] - The launch of the core product, the 1499 yuan Flying Moutai on the iMoutai platform, generated significant market interest, selling out quickly with over 100,000 users purchasing within the first three days [2][6] - Moutai plans to stop supplying rare Moutai products by 2026 and reduce the supply of non-standard products by 30%-50%, which may enhance the value of existing distributor inventories [4][5] Group 2: Market Reactions - The market has seen fluctuations in wholesale prices, with the 2025 production of Flying Moutai dropping below 1499 yuan per bottle, indicating a shift in market dynamics [2][6] - Distributors are experiencing mixed feelings; while some see the removal of forced distribution of non-standard products as a chance to focus on bestsellers, others fear the new policies may lead to a purge of weaker distributors [5][10] - The simplification of distribution channels and increased direct sales from manufacturers may provide consumers with better access to products at original prices [5][6] Group 3: Challenges Ahead - Moutai faces the challenge of balancing brand value with market expansion, as the risk of diluting its premium image looms large [7][8] - The transition to a new sales model may involve a painful adjustment period for distributors, who are shifting from traditional roles to becoming channel service providers [7][8] - The changing consumer environment poses long-term pressures, with a need for Moutai to innovate in marketing to attract younger demographics while maintaining cultural heritage [9][10] Group 4: Industry Implications - Moutai's decision to eliminate the distribution model raises questions for other liquor companies about whether to follow suit, potentially impacting the market positions of high-end brands like Wuliangye and Guojiao 1573 [10][11] - Other brands may struggle to replicate Moutai's strategy due to differing brand attributes and market conditions, emphasizing the need for tailored approaches rather than blind imitation [11]