解决价格倒挂，茅台对核心产品出厂价“动刀”

Core Viewpoint - Moutai is planning to significantly reduce the ex-factory prices of several core products in 2026, aiming to alleviate pressure on distributors and stimulate sales of high-value products [1][5]. Price Adjustments - The contract price for aged Guizhou Moutai (15) is expected to drop from 5399 yuan per bottle in 2025 to 3409 yuan in 2026 [1]. - The ex-factory price for premium Moutai will be adjusted from 2969 yuan per bottle to 1859 yuan [1]. - The price for 43-degree Guizhou Moutai is set at 739 yuan per bottle, down from a planned price of 798 yuan in 2025 [1]. - The ex-factory price of the core product "Moutai 1935" will decrease from 798 yuan per bottle to 668 yuan [2]. Market Dynamics - The current retail prices on the "i Moutai" platform show premium Moutai at 2299 yuan per bottle, 43-degree Guizhou Moutai at 829 yuan, and Moutai 1935 at 738 yuan [3]. - The price adjustments are a response to previous issues of price inversion in distribution channels and the profitability pressures faced by distributors [4]. Distribution Strategy - Moutai has announced the cancellation of the distribution model, encouraging capable distributors to order products directly [4]. - The product lineup for 2026 will focus on core items, including premium and aged Moutai, which are positioned as key products in the company's product hierarchy [4]. Revenue and User Engagement - The ex-factory price is a critical variable affecting Moutai's revenue and distributor profits [6]. - Following the price adjustments, there is market interest in whether Moutai can balance performance through self-operated channels [7]. - The "i Moutai" platform has seen significant user engagement, with over 2.7 million new users and more than 400,000 transaction users within nine days of launching a new product [9]. - Even with conservative estimates, the revenue from this engagement has already exceeded 600 million yuan [10].