一个月内，茅台叒辟谣了，这次是1169！

Core Viewpoint - The recent rumors regarding the "1169 yuan direct supply" of Moutai reflect the intense clash between the traditional distribution system and the emerging direct sales model amid the company's channel reform [1][4][10] Group 1: Rumor and Response - Moutai officially denied the rumors about "1169 yuan direct supply," stating that such information is false and that the company has not authorized any entity to release such content [1][4][17] - The price of 1169 yuan per bottle corresponds to the factory price given to distributors, highlighting the significant price difference with the direct sales price of 1499 yuan [4][18] Group 2: Direct Sales and Market Demand - Moutai's digital marketing platform, iMoutai, launched on January 1, 2025, with a price of 1499 yuan per bottle, has seen products sell out within seconds, indicating high demand [5][19] - The platform has adjusted purchase limits from 12 bottles to 6 per person to allow more consumers access to the product, with over 100,000 users purchasing during the New Year holiday [5][19] Group 3: Price Dynamics - The market price of Moutai has experienced fluctuations, with wholesale prices dropping below 1499 yuan, indicating a shift in pricing logic where the official price has become a ceiling rather than a floor [7][20] - Concerns over inventory have led to panic selling among distributors, with estimates suggesting that total distributor inventory could reach 70,000 tons by 2025, equivalent to over a year's production [7][20] Group 4: Channel Reform Challenges - Moutai's channel reform aims to restructure relationships with distributors, with plans to eliminate the traditional distribution model by 2026, while currently, over 56.7% of revenue still comes from wholesale channels [9][20] - The company faces the challenge of balancing direct sales growth with the need to support traditional distributors, as the revenue from iMoutai remains significantly lower at 9.9% [9][20] Group 5: Market Position and Future Outlook - Moutai's revenue growth has slowed, with a mere 0.56% increase in revenue and 0.48% in net profit in Q3 2025, marking the lowest growth rates in nearly a decade [10][24] - The company has initiated a second round of stock buybacks to stabilize its share price, which fell by 6.53% in 2025 but rebounded by 3.54% on January 5, 2026, reflecting investor concerns about short-term pain versus long-term value [12][24]