以市场为导向，构建“随行就市、相对平稳”的自营体系零售价格动态调整机制

Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and optimize its sales channels [1][3]. Group 1: Product Structure - The company will revert to a "pyramid" product structure, with the base consisting of the flagship Moutai liquor, supported by various other specifications to enhance social consumption attributes [1]. - The mid-tier products will include premium and zodiac-themed Moutai, aiming to stimulate demand for collectible items [1]. - High-end products will focus on maintaining and enhancing their value by adjusting supply based on market demand [1]. Group 2: Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-faceted system that includes self-sale, distribution, consignment, and consignment sales [2]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both consumer and business segments [2]. - The distribution model will clarify sales volume and designated sales areas, while the consignment model will enhance regional coverage without transferring ownership [2]. Group 3: Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain sales, integrating online and offline strategies to create a consumer-centric ecosystem [2]. Group 4: Pricing Mechanism - A dynamic pricing mechanism will be implemented, allowing for adjustments based on market conditions to create a more stable retail price environment [2][3]. - The pricing strategy aims to address the significant price gap between factory prices and retail prices, which has led to issues such as speculation and excessive profits [3]. - The new pricing mechanism is expected to reduce irrational arbitrage opportunities and establish a healthier pricing formation system [3]. Group 5: Impact on Distributors and Consumers - The company will optimize the profit structure for distributors, ensuring reasonable and stable earnings while eliminating support for excessive profits [4]. - Consumers will benefit from improved official channel construction and dynamic pricing, allowing for fairer access to products [5]. - The new pricing mechanism will shift the role of distributors from "sitting merchants" to "active merchants," focusing on service rather than profit from price differences [5]. Group 6: Recent Price Adjustments - Prior to the announcement of the operational plan, the company reduced the contract prices for several products, with some reductions exceeding 1,000 yuan [5]. - For example, the factory price of premium Moutai was lowered from 2,969 yuan per bottle to 1,859 yuan, and the retail guidance price was adjusted from 3,299 yuan to 2,299 yuan [5]. - The price adjustments primarily targeted non-standard products and series wines, which have been underperforming in terms of profitability [6].