KWEICHOW MOUTAI(SH:600519) 新浪财经·2026-01-09 11:21Core Viewpoint - The launch of iMoutai's new premium Moutai liquor at a price of 2299 yuan per bottle has significantly impacted the traditional resale market, leading to a decline in profits for scalpers and a shift in the role of distributors towards a more market-oriented approach [2][3][6]. Group 1: Impact on Scalpers - Traditional scalpers are facing a crisis as the direct sales model introduced by Moutai eliminates price discrepancies, leading to a loss of income for those relying on resale [2][6]. - The resale market for Moutai has become sluggish, with the buyback price for 2024-2026 Moutai hovering around 1400 yuan, which is below the market guidance price of 1499 yuan [6][8]. - Social media reflects this shift, with consumers expressing skepticism about the profitability of reselling Moutai, indicating a significant change in market dynamics [7]. Group 2: Changes for Distributors - Distributors are adapting to a market-oriented model, with some choosing to align their prices with Moutai's direct sales, selling the 2026 Moutai at 1499 yuan [3][8]. - Despite the lower profit margins, distributors are still able to earn from the sales, as the cost price is approximately 1169 yuan, allowing for a profit even at the new retail price [10]. - The transition towards a service-oriented model is being emphasized, with distributors focusing on customer service rather than solely on profit from sales [11][12]. Group 3: Market Dynamics and Future Outlook - The increased supply of Moutai through iMoutai has led to price fluctuations in the wholesale market, with some reports indicating prices dropping below the guidance price [12][15]. - Analysts express concerns that while increased volume may boost short-term performance, maintaining price levels is crucial for long-term sustainability [15]. - The shift from a luxury to a consumer product is evident, as Moutai aims to broaden its consumer base and adapt to changing market demands [15].