研报掘金丨中邮证券：维持贵州茅台“买入”评级，产品渠道运营全方位改革

Core Viewpoint - The report from Zhongyou Securities indicates that Kweichow Moutai has unveiled its market-oriented operation plan for 2026, which involves comprehensive reforms in product systems, operational models, channel layouts, and pricing mechanisms [1] Group 1: Operational Model Changes - The operational model is evolving from the traditional "self-sale + distribution" to a multi-dimensional collaborative system that includes "self-sale + distribution + consignment + consignment" [1] - Self-sale will be conducted through self-operated stores and the iMoutai platform, covering both C-end and B-end markets, while eliminating self-operated distribution [1] - Distribution will have defined sales volumes and regions, with the transfer of property rights, while consignment and consignment will not transfer property rights, relying on diverse retail channels and consignment resources for expansion [1] Group 2: Product and Pricing Strategy - The company is implementing a "pyramid" product system, creating a clearly defined product matrix that aligns with actual market supply and demand relationships [1] - Pricing will be formed based on market realities, leading to a restoration of channel profit margins and a clearer pricing logic [1] - The expected outcomes from optimizing the product system, reforming channel layouts, and upgrading operational models include further exploration of demand increments [1]