KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-13 14:28Core Viewpoint - The announcement from Kweichow Moutai regarding the market-oriented pricing mechanism indicates a significant shift in the pricing strategy, allowing for dynamic adjustments based on market conditions rather than adhering to a fixed guideline price [3][4][11]. Pricing Mechanism - Kweichow Moutai will implement a "market-oriented, relatively stable" dynamic pricing adjustment mechanism for its products, moving away from fixed guideline prices [3][4]. - The announcement details the retail prices of 15 Moutai products, including the flagship 53-degree 500ml Feitian Moutai, which will now reflect current market prices rather than a fixed guideline [3][4][11]. Historical Context - The fixed guideline price of 1499 yuan for the 53-degree 500ml Feitian Moutai has been in place for eight years, with the last increase occurring in December 2017 [5][7]. - Despite the official price being 1499 yuan, market prices have fluctuated significantly, at times exceeding 3000 yuan due to high demand and limited supply [9][10]. Changes in Pricing Strategy - The new dynamic pricing approach allows Moutai to regain control over its pricing, enabling adjustments based on market demand and supply conditions [4][11]. - The previous rigid pricing structure led to discrepancies where distributors could sell at higher prices while Moutai maintained a fixed retail price, resulting in lost profits for the company [10][11]. Distribution and Sales Model - Moutai's new pricing strategy will also affect its distribution model, with contracts for distributors now based on the dynamic retail price, allowing for adjustments based on various factors [15][18]. - The company is introducing a consignment model where distributors assist in sales without holding inventory, thus reducing their financial risk while still allowing Moutai to maintain pricing control [17][18]. Future Considerations - The announcement does not address how Moutai will respond to potential market downturns or price declines, which remains a concern for investors [18][19]. - Overall, Moutai's shift towards a more market-responsive pricing strategy represents a significant step towards aligning its pricing with actual market conditions, balancing the interests of various stakeholders [19].