KWEICHOW MOUTAI(SH:600519) 21世纪经济报道·2025-12-15 03:49Core Viewpoint - The article discusses the recent developments in the Chinese liquor market, particularly focusing on Moutai's internal policy changes and their implications for distributors and pricing strategies. Group 1: Market Performance - On December 15, the Shanghai Composite Index opened lower but rebounded, with the ChiNext Index dropping over 1%. The total trading volume in the Shanghai and Shenzhen markets reached 1.18 trillion yuan, a decrease of 529 billion yuan compared to the previous trading day [1]. - The liquor sector saw a collective rebound, with stocks like Huangtai Liquor hitting the daily limit, and Jinzhongzi Liquor and Jiugui Liquor rising over 3% [1]. Group 2: Moutai's Internal Policies - Moutai held an internal meeting on December 9, where it proposed significant policies regarding product distribution, channel reforms, and pricing strategies. Reports indicate that Moutai will temporarily halt product shipments and implement quantity controls [2][3]. - Distributors confirmed that Moutai will not execute its first-quarter plans for 2024 and will resume shipments at a later date. This decision is expected to alleviate financial pressure on distributors during a tight cash flow period [3]. Group 3: Price Adjustments - Following Moutai's announcements, prices for Moutai products have seen a rapid increase. For instance, the price of 53-degree 500ml Feitian Moutai rose from 1526 yuan to 1570 yuan within a day [3][4]. - Retail prices have also surged, with local liquor stores quoting prices between 1754 yuan and 1799 yuan for Moutai products [4]. Group 4: Future Strategies - Moutai plans to reduce the quantity of several products, including Moutai Chen Nian 15 Year and Moutai Zodiac Liquor, while lowering the sales expectations for non-standard products. The distribution model may shift from a distribution system to an application-based system for interested distributors [6]. - Moutai aims to implement a "fully market-oriented" pricing strategy, where products will be sold at market prices. This includes potential subsidies to align the selling price of premium Moutai products closer to market rates [6][7]. - Starting in mid-2025, Moutai's direct sales channels will experiment with selling product combinations at market prices, enhancing the attractiveness of their offerings [7]. Group 5: E-commerce Initiatives - Moutai is encouraging distributors to explore online sales channels, as recent e-commerce live-streaming efforts by distributors have shown promising results in reaching untapped consumer demand [8].