Group 1 - Guizhou Moutai (600519) has recently implemented a volume control policy, which includes short-term relief measures and long-term structural reforms [1] - In the short term, Moutai will stop issuing all products to distributors until January 1, 2026, to alleviate financial pressure on distributors during a tight cash flow period [1] - For long-term structural reforms, Moutai plans to significantly reduce the quota for non-standard products in 2026, aiming to decrease the supply of products that reduce profit margins in distribution channels [1] Group 2 - The price of Moutai's Feitian product has shown significant fluctuations, with the wholesale reference price for 53-degree 500ml Feitian Moutai rising to 1500 yuan per bottle on December 13, 2025, after a previous drop below the guidance price of 1499 yuan [1][2] - Since June 11, 2025, the retail price of Feitian Moutai has been on a downward trend, breaking key psychological price points, including falling below 2000 yuan, 1900 yuan, and eventually below 1600 yuan by the end of November [2] - Moutai management has reached an agreement with major e-commerce platforms like JD and Alibaba to integrate into Moutai's distribution ecosystem and combat unfair competition [2] Group 3 - As of December 12, 2025, Guizhou Moutai's stock price closed at 1420.65 yuan per share, with a total market capitalization of 1779 billion yuan [3][4] - The company is actively working with major online platforms to establish a green disposal channel for counterfeit infringement information, collaborating with market regulatory authorities for coordinated governance [3]

中长期结构性改革方面， 2026年，贵州茅台计划大幅消减非标产品配额，从源头减少使经销渠道利润缩 减的产品供应。 短期措施方面，2025年12月内，贵州茅台将停止向经销商发放所有茅台产品（预付款已完成），直至 2026年1月1日，在适当时候恢复。肖竹青分析，此举旨在年底经销商资金紧张时期，直接为经销商减 负，防止经销商因偿还贷款或支付新货款而出现恐慌性抛售行为。 但截至目前，对于上述情况， 贵州茅台官方并未公布相关内容。 值得注意的是， 昨日（12月12日），飞天茅台首次跌破1499元指导价，今日有所回升。 第三方平台"今日酒价"数据显示，12月13日，2025年53度500ml飞天茅台散瓶批发参考价回升至1500元/瓶， 原箱产品报价为1520元/瓶，较前一日分别回升20元、25元。 12月13日，据证券时报从中国酒业评论人肖竹青处了解到， 贵州茅台于近期推出控量政策 ，涵盖短期减 负、中长期结构性改革两大维度。 回顾2025年以来的市场走势，飞天茅台零售价格呈现出单边下行态势。6月11日散瓶批发价首次跌破2000元 心理关口后，降价通道正式开启：6月22日跌至1900元以下，6月25日再破1800元，虽7 ...

Core Viewpoint - Guizhou Moutai has recently implemented a volume control policy aimed at alleviating financial pressure on distributors and restructuring its product offerings in the medium to long term [1] Short-term Measures - By December 2025, Guizhou Moutai will cease to supply all Moutai products to distributors, with prepayments already completed, until January 1, 2026, when supply may resume [1] - This measure is intended to reduce the financial burden on distributors during a period of tight cash flow, preventing panic selling due to loan repayments or new product payments [1] Medium to Long-term Structural Reforms - In 2026, Guizhou Moutai plans to significantly reduce the quota for non-standard products, aiming to decrease the supply of products that diminish profit margins in distribution channels [1] - As of now, there has been no official announcement from Guizhou Moutai regarding these structural changes [1]

Core Viewpoint - Guizhou Moutai is set to implement a volume control policy aimed at alleviating financial pressure on distributors and restructuring its product offerings in the medium to long term [1] Group 1: Short-term Measures - By December 2025, Guizhou Moutai will cease to provide all products to distributors (prepayments completed) until January 1, 2026, with a plan to resume at an appropriate time [1] - This measure is intended to reduce the financial burden on distributors during a period of tight cash flow, preventing panic selling due to loan repayments or new product payments [1] Group 2: Medium to Long-term Structural Reforms - In 2026, Guizhou Moutai plans to significantly reduce the quota for non-standard products, aiming to decrease the supply of products that erode profit margins in distribution channels [1] - As of now, there has been no official announcement from Guizhou Moutai regarding these changes [1]