KWEICHOW MOUTAI(SH:600519) Mei Ri Jing Ji Xin Wen·2026-01-05 14:48Core Viewpoint - The launch of the "Ma Miao" (Horse Year Zodiac Moutai) on January 6 marks the beginning of a new twelve-year cycle for Moutai's Zodiac series, introducing a consignment sales model alongside new product specifications to enhance market adaptability and consumer engagement [2][5]. Product Specifications - The "Ma Miao" will be available in three differentiated specifications: Classic Edition priced at 1899 yuan, Premium Edition at 2499 yuan, and Gift Box Edition at 3789 yuan, providing a wider range of options for consumers and collectors [3][5]. Sales Model Innovation - The introduction of a consignment sales model allows for non-transfer of ownership, requiring a deposit and offering a commission structure that incentivizes sales, thereby reducing the financial burden on distributors and enhancing market flexibility [5][7]. Market Dynamics - The price trajectory of the "Ma Miao" and the overall Zodiac Moutai series is under scrutiny, especially given the historical trend where the prices of previous Zodiac products typically peak at launch and decline thereafter [8][12]. Cultural and Artistic Integration - The design of "Ma Miao" incorporates cultural and artistic elements, such as the use of traditional craftsmanship and thematic artwork, which enhances its collectible value [5]. Impact on Distribution Channels - The cancellation of the previous distribution model and the shift to direct sales through the i Moutai platform is expected to alter the market flow and pricing mechanisms for Zodiac wines, reflecting changing consumer demand [11]. Future Price Expectations - Experts predict that the investment appeal of Zodiac Moutai has diminished, with "Ma Miao" likely transitioning towards a "cultural gift" status, leading to a narrowing of premium pricing opportunities compared to past trends [12].