KWEICHOW MOUTAI(SH:600519) 证券时报·2026-01-01 06:30Core Viewpoint - The launch of the 2026 Flying Moutai on the iMoutai platform marks a significant shift in Moutai's marketing strategy, focusing on consumer-centric approaches and market-oriented transformations [9][10]. Group 1: Product Launch and Sales - The 2026 Flying Moutai (53% vol, 500ml) was made available for sale on January 1, 2026, at a retail price of 1499 yuan per bottle, with a limit of 12 bottles per user per day [2][7]. - The product sold out within approximately half an hour of its release, indicating strong consumer demand [2][7]. - Starting January 1, 2026, the iMoutai app will continue to release the Flying Moutai daily at 9 AM, with all products sold out on the same day [7]. Group 2: Marketing Strategy and Channel Adjustments - Moutai's management emphasized the need for a market-oriented transformation, focusing on consumer needs and adjusting product structure, pricing, channels, and services [9][10]. - The integration of the "Enjoy Purchase" and "Enjoy Cloud Purchase" into a unified "i Purchase" entry on the iMoutai app reflects a strategic shift towards a more streamlined purchasing experience [9]. - Moutai aims to balance supply and demand while preventing price speculation, with daily sales volumes determined by market conditions [9][10]. Group 3: Financial Performance and Sales Channels - As of the end of Q3 2025, Moutai's revenue from direct sales was 555.6 billion yuan, with iMoutai contributing 126.9 billion yuan, while wholesale and agency sales accounted for 728.4 billion yuan [10]. - The number of distributors stands at 2,446, with 2,325 in the domestic market, indicating a robust distribution network [10]. - Analysts suggest that Moutai's pragmatic adjustments in 2026 could enhance brand value over the long term, with a focus on stabilizing sales volume before price adjustments [11].