KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2026-01-12 13:32Core Viewpoint - Guizhou Moutai has initiated a significant change by launching the "i Moutai" platform to sell its flagship product at an official price of 1499 yuan, aiming to address market demand and reshape its distribution strategy [4][22][30]. Group 1: Company Performance and Strategy - Over the past decade, Guizhou Moutai experienced rapid growth, with revenue increasing from 38.862 billion yuan in 2016 to 147.694 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 21.01% [7][23]. - In 2023, despite a declining industry outlook, Moutai reported a revenue growth of 19.01% and a net profit growth of 19.16% [7][23]. - The company has relied on three main pillars for growth: price increases, rapid expansion of series liquor, and accelerated direct sales channel growth, with direct sales revenue reaching 67.233 billion yuan in 2023, a 36.16% increase [7][24]. Group 2: Market Challenges - The white liquor industry is facing significant challenges, with production dropping from 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024, a decline of over 69% [8][25]. - The number of large-scale liquor enterprises has decreased from 1,578 to 989, indicating increasing industry concentration and growth limitations for even leading companies [8][25]. - Moutai's revenue and net profit growth rates have slowed, with 2024 showing a revenue increase of 15.71% and a net profit increase of 15.38%, down from previous years [8][25]. Group 3: Pricing and Distribution Changes - Moutai's decision to sell at 1499 yuan directly through "i Moutai" aims to stabilize prices and reduce speculation, addressing long-standing consumer frustrations with inflated market prices [14][30]. - The direct sales model is expected to enhance Moutai's profit margins, with each bottle sold at 1499 yuan generating an additional 330 yuan in revenue compared to the previous wholesale price [14][30]. - The company plans to implement a new sales framework that includes self-sale, distribution, and consignment, transitioning from a traditional wholesale model to a multi-channel approach [34][33]. Group 4: Future Outlook and Strategic Goals - Moutai's new marketing strategy emphasizes consumer-centric approaches and market-oriented transformations, with a focus on preventing price speculation and ensuring product availability [32][33]. - The company aims to establish a "pyramid" product structure, enhancing the core product's distribution while expanding its consumer base for premium offerings [18][33]. - Moutai's chairman has expressed a commitment to balancing the interests of traditional distributors with the need for market-driven pricing, indicating a strategic shift towards a more sustainable channel ecosystem [34][35].