Core Viewpoint - Major liquor companies, including Moutai and Wuliangye, are tightening control over their online sales channels due to increasing consumer complaints about counterfeit products, leading to significant reductions in authorized online stores [2][6][9]. Group 1: Channel Adjustments - Moutai's recent online store list saw the removal of approximately 24 stores and the addition of about 4 new ones, indicating a significant shift in its e-commerce strategy [2][3]. - Wuliangye also undertook a similar channel cleanup in March, reducing its online store count by 15 while adding 4 new stores [6][9]. - The online sales lists cover major platforms such as JD.com, Douyin, Tmall, WeChat Video, Kuaishou, Suning, and Vipshop, totaling over 140 stores for Moutai [3][6]. Group 2: Counterfeit Product Issues - Moutai's sampling of 289 bottles of its Lai Moutai sold online revealed that 64 bottles were counterfeit, highlighting the severity of the issue [7]. - Wuliangye provided free authentication services for 1,610 bottles, with 268 identified as counterfeit, accounting for 16.65% of the total [7]. - Both companies have expressed a "zero tolerance" policy towards counterfeit products, emphasizing the need for strict channel management [6][9]. Group 3: Impact on Authorized Dealers - The company GeDeYingXiang, previously a major distributor, had 6 of its online stores removed from Moutai's sales list, indicating a significant loss of business [8][9]. - GeDeYingXiang's operational status has been questioned, with reports of its stores showing no stock and a lack of customer service responses [9][10]. - The company is facing financial difficulties, including wage arrears and court-ordered restrictions on its operations, which have contributed to its removal from the authorized dealer list [10][15]. Group 4: Industry Implications - The actions taken by Moutai and Wuliangye signal a broader trend of tightening control over online sales channels in the liquor industry, aimed at protecting brand value and consumer rights [9][15]. - The ongoing restructuring of online distribution channels suggests an accelerated consolidation within the liquor market, as companies seek to enhance operational quality and consumer experience [9][15].

Core Insights - Moutai's e-commerce channel list has undergone significant changes within just 12 days, with approximately 24 online stores being removed and about 4 new stores added [1] - The removal of 6 stores under the "billion-level" distributor Ge De Ying Xiang indicates a tightening of channel control by major liquor companies, following a similar move by Wuliangye [1] - The updated online sales list includes seven major e-commerce platforms, with a total of over 140 stores for Moutai's sauce-flavored liquor [1] E-commerce Channel Changes - The total number of channels has decreased compared to the previous list, with specific reductions noted across various platforms [1] - JD platform saw a decrease of 4 stores but added 1 new store; Douyin experienced the most significant reduction with 10 stores removed and only 1 added [1] - Other platforms like Tmall, WeChat Video Account, and Suning also saw reductions of 4, 5, and 1 store respectively, while WeChat Video Account added 1 store; Vipshop remained unchanged [1]

Group 1: Company Strategies - Moutai Group has reached an agreement with JD.com and Alibaba to strengthen channel control, requiring e-commerce platforms to integrate into Moutai's channel ecosystem and combat unfair competition, particularly low-price diversion and counterfeit products [2] - Wuliangye announced its first interim dividend in nearly 20 years, amounting to 10 billion yuan, and committed to a cash dividend rate of no less than 70% annually from 2024 to 2026 [2] - Yanghe has launched a new high-line light bottle liquor strategy, targeting the mass market with a simplified packaging and three-year aged base liquor, in collaboration with JD.com [2] Group 2: Market Trends - The low-alcohol liquor market is experiencing explosive growth, with Meituan's 618 sales data showing a more than tenfold increase in white liquor transaction value year-on-year, and JD.com reporting a 40% increase in white liquor sales, particularly in low-alcohol and fruit wine categories [3] - The China Alcoholic Drinks Association predicts that the low-alcohol liquor market will exceed 74 billion yuan by 2025, with a compound annual growth rate of 25% [3] Group 3: Industry Policies - State media has criticized the "one-size-fits-all" ban on alcohol policies in certain regions, emphasizing the need to protect the reasonable demands of the catering industry and avoid equating violations with a ban on normal dining [4]