新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 据贵州茅台官微消息，1月9日，2026年茅台酒全国经销商会长联谊会在武汉召开。茅台集团党委书记、 董事长陈华表示，i茅台的根本目的是解决触达和效率，摸清真实消费边界。在防止炒作、供需适配、 市场稳定三条原则下，i茅台动态投放，让产品直达消费端，有助于建立良好的渠道生态。数据显示， 53%vol 500ml贵州茅台酒上线第9日，i茅台新增用户已超270万，成交用户已超40万。 (本文来自第一财经) ...

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]

Core Viewpoint - Guizhou Moutai held a performance briefing for the first half of 2025, addressing investor concerns regarding the iMoutai platform's revenue growth and its declining share of direct sales revenue [1] Group 1: iMoutai Performance - iMoutai's revenue increased by 4.98% year-on-year in the first half of 2025, but its share of direct sales revenue decreased by 3.5 percentage points to 26.89% [1] - The company views iMoutai as a crucial part of its "4+6" channel ecosystem and has been optimizing its product placement strategy in response to market dynamics [1] Group 2: Future Strategies - The company plans to continue refining the operational model, product deployment strategies, and marketing approaches for the iMoutai platform to enhance its performance [1]

Core Insights - Guizhou Moutai's pre-receipt payments decreased to 5.507 billion yuan as of June 30, down from 9.592 billion yuan at the beginning of the year, indicating a focus on stable and sustainable development with channel partners [2] - The company emphasizes the importance of its distributor network, which has been crucial for its growth, and aims to enhance collaboration and support for distributors to navigate market challenges [2][3] - Moutai's management has committed to long-term cooperation with channel partners, fostering a community of shared interests and values to ensure mutual benefits and resilience during market adjustments [2][3] Summary by Sections Financial Performance - As of June 30, pre-receipt payments were reported at 5.507 billion yuan, a decline from 9.592 billion yuan at the start of the year [2] Distributor Relations - The company recognizes the critical role of distributors in its growth and aims to provide better service and support to address their challenges in market expansion and product sales [2] - Moutai's leadership highlighted the importance of a strong distributor network as a key asset for risk management and navigating adjustment cycles [2] Strategic Initiatives - Moutai is committed to maintaining close communication and collaboration with channel partners, focusing on building a community of shared interests and emotional connections to achieve value co-creation [2][3] - The company actively engages in risk-sharing with partners, reinforcing its commitment to mutual support during challenging industry conditions [3]