KWEICHOW MOUTAI(SH:600519) 中国基金报·2025-12-31 16:10Core Viewpoint - The introduction of a new purchasing model for Moutai's Flying Fairy liquor on the iMoutai app is expected to significantly impact the company's revenue and profit, while also benefiting consumers by providing access to authentic products at reasonable prices [2][12]. Group 1: Product Launch and Pricing - Starting January 1, 2026, consumers can purchase up to 12 bottles of Flying Fairy Moutai (53% vol, 500ml) daily on the iMoutai app, priced at 1499 yuan per bottle [2][11]. - Other years of Flying Fairy Moutai will be available at higher prices, with the 2024 vintage priced at 1909 yuan and the 2019 vintage at 2649 yuan [6][10]. Group 2: Sales and Revenue Impact - iMoutai's sales figures for 2024 and the first three quarters of 2025 were approximately 20 billion yuan and 12.692 billion yuan, respectively [10]. - The price difference between the factory price (1169 yuan) and the direct sales price (1499 yuan) is expected to contribute significantly to the company's revenue and profit [12]. Group 3: Market Dynamics and Consumer Benefits - The new sales model aims to address the long-standing issue of price discrepancies in the market, where consumers often pay significantly more than the official price due to supply-demand imbalances [12]. - By offering a direct purchasing option, the company aims to eliminate the profit margins of resellers and ensure product authenticity, thus benefiting consumers [12][13].