Core Viewpoint - Kweichow Moutai has implemented a new volume control policy after its wholesale price fell below the official guidance price of 1499 yuan, leading to a significant price rebound for its products [2][5]. Group 1: Price Changes - On December 14, 2025, the wholesale reference price for 53-degree 500ml Flying Moutai rose to 1570 yuan per bottle, and the original box product was priced at 1590 yuan, increasing by 85 yuan and 95 yuan respectively compared to December 12 [2]. - The price for 53-degree 500ml Flying Moutai (original) was 1520 yuan and for the scattered version was 1590 yuan on December 13, showing a recovery from 1495 yuan and 1480 yuan respectively [4]. Group 2: Volume Control Policy - Kweichow Moutai's short-term measures include halting the issuance of all Moutai products to distributors until January 1, 2026, to alleviate financial pressure on distributors and prevent panic selling [5]. - The long-term structural reform plan for 2026 includes a significant reduction in non-standard product quotas, with a 30% cut for 15-year quotas and 1-liter Flying Moutai, and a 50% reduction for zodiac Moutai, while completely stopping the supply of colored glaze premium Moutai [5][6]. Group 3: Market Dynamics - The company’s production capacity is primarily determined by market demand, with a projected compound annual growth rate (CAGR) of -0.1% for base liquor production from 2021 to 2024, indicating no significant increase in supply over the next five years [7]. - The white liquor consumption is expected to remain under pressure due to various factors, including limited traditional consumption scenarios and changing consumer demographics [8].