KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2026-01-15 00:27Core Insights - Guizhou Moutai has released the "2026 Guizhou Moutai Liquor Market Operation Plan," which aims to restructure its product lineup into a "pyramid" model to better meet diverse consumer needs [1] Product Structure - The base of the pyramid will focus on the Feitian 53% vol 500ml Moutai, supported by other sizes like 1000ml and 100ml, enhancing both social and collectible consumption attributes [1] - The middle tier will include premium Moutai and zodiac Moutai, with an emphasis on developing premium Moutai into a flagship product and stimulating demand for zodiac Moutai as collectibles [1] - The top tier will consist of aged and cultural series Moutai, with a focus on market-driven demand while moderately reducing supply to maintain the value of ultra-high-end products [1] Operational Model - The operational model is transitioning from "self-sale + distribution" to a multi-faceted system including "self-sale + distribution + consignment + consignment" [2] - The self-sale model will utilize self-operated stores and the i Moutai platform, targeting both C-end and B-end consumers while eliminating the previous distribution model [2] - The distribution model will clearly define sales volume and designated sales areas, while the consignment model will rely on online and offline retail channels to enhance regional coverage [2] Pricing Mechanism - A dynamic pricing adjustment mechanism will be established based on market orientation, allowing for relative stability in retail prices within the self-operated system [3] - The pricing will be determined by calculating reasonable channel profit margins, with adjustments made based on operational costs and service capabilities [3] Financial Projections - The new plan breaks away from traditional pricing models, allowing for flexible pricing based on product, channel, and operational mode [4] - Revenue growth is projected at 5.38%, 5.16%, and 5.22% for 2025-2027, with net profit growth at 5.15%, 5.22%, and 5.29% respectively [4] - Earnings per share (EPS) are expected to be 72.41, 76.19, and 80.22 yuan, with price-to-earnings (PE) ratios of 19.3X, 18.4X, and 17.4X [4]