KWEICHOW MOUTAI(SH:600519) 中国基金报·2026-01-13 14:17Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and market responsiveness [2][5]. Product Structure - The company will revert to a "pyramid" product structure, with the base consisting of the flagship Feitian Moutai 53% vol 500ml, supported by other specifications like 1000ml and 100ml to enhance social consumption attributes [5]. - The mid-tier products will include premium and zodiac Moutai, aiming to strengthen the premium segment and stimulate demand for collectible zodiac editions [5]. - High-end products will focus on aged and cultural series, with a strategy to maintain and enhance their value by adjusting supply based on market demand [5]. Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-faceted system including self-sale, distribution, consignment, and consignment sales [6]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both consumer and business segments [6]. - The distribution model will clarify sales volumes and designated sales areas, while the consignment model will enhance regional coverage without transferring ownership [6]. Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain sales, integrating online and offline strategies to create a consumer-centric ecosystem [6]. Pricing Mechanism - A dynamic pricing mechanism will be implemented, guided by market conditions, to create a stable retail price system based on self-sale prices [7]. - The pricing strategy aims to address the significant price gap between factory prices and retail prices, which has led to issues like speculation and excessive profits in the distribution channel [7]. - The new pricing mechanism is seen as a breakthrough in the liquor industry, promoting a win-win situation for manufacturers, distributors, and consumers [7]. Impact on Distributors - The company will optimize the profit structure for distributors, ensuring reasonable and stable earnings while eliminating non-rational profit models [8]. - Distributors will shift from a "sitting merchant" role to a "traveling merchant" role, focusing on service and delivery rather than merely profiting from price differences [8]. - High-value products will no longer have distribution tasks, reducing financial pressure on distributors and preventing losses from forced sales [8]. Recent Price Adjustments - Prior to the announcement of the 2026 operational plan, Guizhou Moutai reduced the contract prices for several products, with some reductions exceeding 1,000 yuan [9]. - For example, the factory price of premium Moutai was lowered from 2,969 yuan per bottle to 1,859 yuan, and the retail guidance price from 3,299 yuan to 2,299 yuan [9]. - This price adjustment primarily targets non-standard products and series wines, which have been underperforming in the market, allowing distributors to regain reasonable profit margins [9].