KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-06 05:11Core Viewpoint - The launch of the official sales channel for Feitian Moutai at a price of 1499 yuan has significantly impacted the market dynamics, leading to a drop in wholesale prices and altering the profit landscape for distributors [1][10]. Group 1: Market Dynamics - The official sales of Feitian Moutai at 1499 yuan have led to complaints from scalpers, indicating a shrinking profit margin for them as the price difference between market and official prices diminishes [1]. - The market wholesale price for Feitian Moutai has fallen below 1499 yuan, creating a stark contrast between the official sales and market conditions [3][4]. - On January 3, 2025, the wholesale price for Feitian Moutai was reported between 1500 and 1510 yuan, and by January 4, it had dropped below 1499 yuan [4]. Group 2: Distributor Challenges - Distributors are facing significant pressure as the price of Feitian Moutai has dropped from approximately 2320 yuan per bottle at the beginning of 2025 to below the official price, leading to a situation where market prices are lower than their purchase costs [10]. - The company has indicated that the era of high profits for distributors is over, requiring them to adapt by actively seeking new customer bases and refining their operations [10][11]. - The shift in the sales strategy has forced distributors to transition from a passive to an active sales approach, focusing on various consumer scenarios [10]. Group 3: Company Strategy - The company has initiated a reform to ensure consumers can purchase Moutai products fairly and conveniently, marking a significant shift in its marketing strategy [6]. - Starting in 2026, the company will no longer use a distribution model, which will relieve distributors from the burden of selling non-standard products [9]. - The company's leadership has emphasized the need for distributors to earn their profits based on performance rather than relying on previous pricing structures [7].