KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-13 09:21Core Viewpoint - Moutai has announced significant price reductions for several of its products, indicating a shift towards a more market-oriented pricing strategy, which aims to address long-standing issues of price discrepancies in the market [3][7][12]. Pricing Adjustments - The contract price for aged Moutai (15 years) has been reduced from 5399 yuan/bottle in 2025 to 3409 yuan/bottle, a decrease of 1900 yuan [4]. - The price for premium Moutai has been adjusted from 2969 yuan/bottle to 1859 yuan/bottle, a reduction of 1110 yuan [4]. - The contract price for 43-degree Moutai is now set at 739 yuan/bottle, down from 798 yuan, a decrease of 59 yuan, and 250 yuan lower than the previous market price [4]. - Moutai 1935's price has been lowered from 798 yuan/bottle to 668 yuan/bottle, a reduction of 130 yuan [4]. Market Response - The price adjustments have been positively received by distributors, with some stating that the reductions were overdue due to persistent price discrepancies in the market [7][8]. - The actual retail prices for these products have also been adjusted, with premium Moutai's retail price dropping from 3299 yuan/bottle to 2299 yuan/bottle, and the 15-year Moutai's price falling from 5999 yuan/bottle to 4199 yuan/bottle [6][10]. Strategic Implications - The price cuts are part of Moutai's ongoing market-oriented reforms, which include adjusting product prices based on market demand and establishing a pricing mechanism that reflects market conditions [10][12]. - Moutai aims to rebuild its product "pyramid" structure, with different product categories targeting various market segments, from entry-level to high-end collectors [12][13]. - The company plans to implement a more refined and differentiated distribution strategy, adjusting supply based on regional market capacities and distributor performance [13].