茅台称尽最大努力防止价格炒作，经销商关注减量政策实效

Core Viewpoint - The article discusses the strategic adjustments made by Moutai's management in response to significant price fluctuations of its flagship product, Feitian Moutai, which saw a 30% drop in market price over the year. The adjustments aim to stabilize product pricing and align supply with market demand for 2026 [3][4]. Group 1: Market Price Fluctuations - In 2025, the market wholesale price of Feitian Moutai fluctuated significantly, dropping from 2300 RMB per bottle to below the official guidance price of 1499 RMB, before recovering to around 1600 RMB [3]. - The decline in Moutai's price is attributed to factors such as inventory reduction by distributors, a contraction in business consumption, a retreat from investment-driven stockpiling, and competitive pressure from low-priced e-commerce [3][4]. Group 2: Strategic Adjustments - Moutai's management emphasizes the need for a stable market, focusing on long-term strategies that align product offerings and pricing with consumer demand and market value [4]. - The 2026 product release plan will involve a reduction in the volume of high-value products to better match market demand and clarify product positioning across different consumer segments [4][5]. Group 3: Pricing Strategy - Moutai aims to implement market-oriented pricing reforms to respect economic principles and consumer choices, promoting a balance between volume and price [4][5]. - The company plans to prevent price speculation and volatility by ensuring that product prices reflect actual market conditions [5]. Group 4: Distribution Changes - Moutai will discontinue the distribution model previously used, which involved selling to agents at 90% of the suggested retail price, to alleviate financial burdens on distributors [5]. - This change is expected to help address issues of price inversion and hidden losses faced by agents due to lower market prices of many Moutai products [5].