KWEICHOW MOUTAI(SH:600519) 第一财经·2026-01-12 09:01Core Viewpoint - Guizhou Moutai has adjusted the contract prices of several products, with reductions exceeding 1,000 yuan for many items, indicating a move towards market-oriented pricing reforms to better align with market conditions [3][4]. Price Adjustments - The contract price for aged Guizhou Moutai (15) in 2026 is set at 3,409 yuan per bottle, down from 5,399 yuan in 2025. The 43-degree Guizhou Moutai is priced at 739 yuan per bottle for 2026, compared to 798 yuan in 2025. The price of Moutai series wine "Moutai 1935" has been adjusted from 798 yuan to 668 yuan per bottle [3]. - The factory price of premium Moutai has decreased from 2,969 yuan to 1,859 yuan per bottle, with the retail guide price dropping from 3,299 yuan to 2,299 yuan [3]. Market Impact - The price adjustments primarily affect non-standard products and series wines, which have been a source of significant losses for distributors. Previously, these products were distributed to agents at 90% of the suggested retail price, but since 2025, there has been a price inversion for these products [3]. - With the new pricing, distributors can now achieve profit margins when purchasing non-standard products from Moutai [3]. Marketing Strategy - The marketing transformation aims to attract consumers, aligning with the marketing strategies of brands like Tesla and Apple. Moutai Group's chairman, Chen Hua, stated that while agents can still make profits, the era of exorbitant profits is over [5]. - Some distributors express dissatisfaction with the official price adjustments, as they had previously purchased premium Moutai at prices higher than 2,299 yuan, leading to potential losses due to the new lower prices [5].