茅台安抚经销商：i茅台不增供给量 产品调价留出利润｜观酒周报

Core Viewpoint - Kweichow Moutai is undergoing significant reforms to enhance its market presence and consumer accessibility, particularly through the iMoutai platform, which has seen rapid sales and user growth since its launch [2][7][12]. Group 1: Dealer Meetings and Reforms - Kweichow Moutai held a national dealer meeting on January 9, 2023, focusing on deepening understanding and cooperation among dealers [2]. - The company has initiated major reforms, including the launch of its flagship product, the 53% vol 500ml Moutai, on the iMoutai platform, which quickly sold out and gained significant attention [2][7]. - The iMoutai platform has attracted over 2.7 million new users and generated an estimated revenue of 600 million yuan within the first nine days of the product launch [2][7]. Group 2: Product Pricing and Market Strategy - Various Moutai products, including the classic zodiac wine and premium Moutai, have been launched on iMoutai, with prices closely aligned to current market rates [3][4]. - The company has adjusted the factory prices of several products, such as the premium Moutai, which decreased from 2969 yuan to 1859 yuan, and the 15-year aged Moutai, which dropped from 5399 yuan to 3409 yuan [5][8]. - Moutai's pricing strategy has shifted to a "market-driven" approach, allowing for more flexible pricing based on market conditions [8][12]. Group 3: Market Response and Investor Sentiment - The reforms have been positively received in the capital market, with Moutai's stock price remaining above 1400 yuan and showing an upward trend since the beginning of the year [7]. - The overall white liquor sector is experiencing a potential reversal after five years of decline, with Moutai's market strategy seen as a key factor in this shift [7][11]. - Investors express optimism about the reforms, believing they will help resolve pricing discrepancies and improve channel control, ultimately benefiting profit margins [12][14]. Group 4: Consumer Engagement and Channel Strategy - The iMoutai platform is designed to reach consumers who were previously inaccessible through traditional channels, enhancing the overall consumer experience [12][14]. - Moutai aims to create a synergistic ecosystem between direct sales and dealer networks, emphasizing the importance of both online and offline channels in serving consumers [14][15]. - The company has noted a significant increase in inquiries and foot traffic at physical stores following the launch of iMoutai, indicating a positive impact on dealer sales [14].