KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-05 07:59Core Viewpoint - The sudden reduction of the daily purchase limit for the popular Feitian Moutai from 12 bottles to 6 bottles reflects the company's efforts to control market speculation and maintain price stability amid a surge in demand during the New Year holiday [1][3][10]. Group 1: Purchase Limit Adjustment - The iMoutai platform announced a new purchase limit of 6 bottles per person per day starting January 4, 2026, just three days after initially allowing 12 bottles [3][10]. - This change was implemented in response to overwhelming demand, with over 100,000 users successfully purchasing the product during the New Year holiday [1][3]. Group 2: Market Impact - The adjustment in purchase limits has led to a direct impact on market prices, with the wholesale reference price for Feitian Moutai dropping to 1490 yuan per bottle on January 4, 2026, marking the first time it fell below the retail price of 1499 yuan [7][8]. - Price declines were noted prior to the limit change, with the 25-year Feitian Moutai experiencing a drop of 20 yuan for original boxes and 15 yuan for bottles on January 3, 2026 [7][8]. Group 3: Company Strategy - Moutai's management has indicated a commitment to price stability and market balance, as discussed in a dealer meeting on December 28, 2025, emphasizing consumer-centric strategies and market-oriented transformations [8][10]. - The establishment of Guizhou Aimaotai Digital Technology Co., Ltd. with a registered capital of 600 million yuan suggests a strategic move to enhance the operation of the iMoutai platform [8][10]. Group 4: Financial Performance - In the third quarter of 2025, Guizhou Moutai reported a revenue growth of 0.56% and a net profit growth of 0.48%, marking the lowest growth rates in nearly a decade [10]. - Despite the challenges, Moutai remains one of the more stable performers in the liquor industry, being the only company among its peers to maintain positive growth in the third quarter of 2025 [10].