KWEICHOW MOUTAI(SH:600519) 财联社·2025-12-16 02:35Core Viewpoint - Guizhou Moutai Co., Ltd. has announced a temporary suspension of product supply to distributors and a significant structural reform aimed at alleviating financial pressure on distributors during the year-end period [1][2][5]. Summary by Sections Short-term Measures - The company will immediately suspend the distribution of all Moutai products to distributors (with completed prepayments) until January 1, 2026, with a possibility of resuming before the Spring Festival depending on the situation [2][5]. - The purpose of this suspension is to reduce the financial burden on distributors and prevent panic selling due to loan repayments or new product payments during a financially tight year-end period [2][5]. Long-term Structural Reform - In 2026, Moutai plans to significantly reduce the quotas for non-standard products, which is a core aspect of the structural reform [2][5]. - Specific reductions include a 30% cut in quotas for Moutai 15-year and 1-liter Flying Moutai, a 50% cut for Zodiac Moutai, and a complete cessation of supply for the Color Glaze Rare Moutai [2][5]. Market Response - Following the announcement, the price of Flying Moutai has seen fluctuations, with a reported drop to 1560 RMB per bottle as of December 15, 2025, after briefly rising [6]. - The company has emphasized that its pricing strategy is primarily demand-driven and aims to protect channel resilience, with precise product allocation based on terminal sales performance [5][6]. Industry Context - The white liquor industry is currently under pressure, with analysts noting that the market is entering a phase of "passive destocking," which may stabilize prices for mainstream liquor products after the holiday season [7].