KWEICHOW MOUTAI(SH:600519) 第一财经·2026-01-01 03:01Core Viewpoint - Guizhou Moutai has launched a significant operation by making its 53-degree 500ml Flying Moutai available for sale on the "i Moutai" app starting January 1, 2026, with a daily purchase limit of 12 bottles per person, leading to rapid sellouts within minutes [3][4]. Group 1: Sales Strategy and Market Impact - The price for the 2026 Flying Moutai is set at 1499 yuan per bottle, while prices for previous years range from 1909 yuan to 2649 yuan [3]. - The i Moutai app, launched in 2022, is a key part of Moutai's online marketing and digital transformation strategy, previously focusing on lottery sales for non-standard products [3][4]. - Industry discussions suggest that Moutai aims to regain market pricing power through this initiative, rather than allowing market speculation to dictate prices [4][5]. Group 2: Pricing Dynamics and Consumer Access - Historically, there has been a significant discrepancy between Moutai's official pricing and actual market prices, sometimes exceeding a 100% difference due to speculation by distributors [5]. - Moutai's management has expressed intentions to stabilize prices and prevent speculation, emphasizing a balance between supply and demand [7]. - The introduction of the i Moutai platform is seen as a move to ensure that genuine Moutai products reach ordinary consumers, potentially increasing revenue and net profit for the company [7]. Group 3: Challenges and Market Reactions - The transition back to a consumer goods perspective may present challenges, including whether the market will accept the 1499 yuan price and the stability of existing inventory levels [8]. - Distributors have reported a decline in the wholesale price of Flying Moutai by 15 yuan to 1550 yuan per bottle on the first day of the new year, indicating market adjustments [9]. - Concerns exist within the capital market regarding Moutai's potential detachment from its financial attributes, which could lead to a slowdown in inventory turnover and increased volatility in market prices [9].