Core Viewpoint - The recent plan by Moutai to establish joint venture companies in various provinces has been put on hold due to internal disputes regarding the model, despite the initial aim to stabilize market prices and develop customized cultural products [1][7]. Group 1: Joint Venture Company Plans - Moutai intended to form joint venture companies led by provincial distributors' associations, with registered capital ranging from 50 million to 100 million yuan, to enhance operational efficiency and resource integration [2][3]. - The joint ventures were expected to focus on developing culturally themed products with an expected ex-factory price above 2000 yuan, targeting regional collectible consumption [2][3]. Group 2: Industry Context and Challenges - The alcohol industry is facing significant challenges, including declining consumer power, high channel inventory, and widespread price inversion, with nearly 60% of companies reporting reduced profit margins [3][5]. - Experts suggest that the restructuring of traditional manufacturer-distributor relationships is necessary, as distributors are no longer just passive entities but are now expected to share risks and responsibilities [3][5]. Group 3: Price Stabilization Efforts - The joint venture model aims to stabilize the price of Moutai by controlling supply and avoiding price wars, especially in light of the downward pressure on prices since last year [6][5]. - The success of the joint venture in maintaining price stability will depend on its ability to manage supply and demand effectively, which poses significant operational challenges [6][7].