KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-13 11:09Core Viewpoint - Guizhou Moutai has initiated a comprehensive market-oriented operational plan for 2026, focusing on product structure, operational models, channel layout, and pricing mechanisms, indicating a significant strategic adjustment in its market approach [1][2]. Product Structure - The company is returning to a "pyramid" product structure, with the base consisting of the flagship 500ml Moutai liquor, supported by various other specifications to enhance social and collectible consumption attributes [2][4]. - The "waist" of the pyramid includes premium and zodiac Moutai products aimed at boosting collection demand, while the "tip" focuses on aged and cultural series products to maintain high-end value [2][4]. - The retail prices for various Moutai products have been announced, with the 2026 500ml Moutai priced at 1499 yuan, reflecting a downward trend from previous years [4][3]. Pricing Mechanism - A dynamic pricing mechanism has been established, allowing retail prices to adjust based on market conditions, with current prices aligning with real market transaction values [2][3]. - The pricing strategy aims to compress the premium space for resellers and ensure that actual transaction prices remain within a controllable range for the company [5]. Operational Model - The operational model is shifting from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes self-sale, distribution, consignment, and agency sales [5][6]. - The new consignment model allows for flexibility in sales while maintaining the existing distribution system, which will continue to operate under contracts with distributors [5][6]. Channel Layout - A five-channel layout has been established, integrating wholesale, offline retail, online retail, dining, and private domain sales, creating a consumer-centric ecosystem [6][7]. - The company is implementing a dynamic assessment mechanism to optimize regional channel layouts based on market demand, ensuring precise and scientific market deployment [7].