Core Viewpoint - iMoutai has issued a statement condemning the sale of software that claims to enhance the purchasing success rate on its platform, emphasizing the need to maintain fair market order and protect consumer rights [1][3]. Group 1: Company Actions - iMoutai has identified merchants selling "purchase assist" software, which disrupts market order and may violate multiple laws, including the Civil Code and Cybersecurity Law of China [3]. - The company has collected evidence of these violations and reserves the right to take legal action against the responsible parties to uphold market order and consumer rights [3]. - iMoutai has established a multi-layered risk prevention system and has intercepted 426 million abnormal activities since January 1, 2026, ensuring no bulk irregular transactions occur on its platform [3]. Group 2: Market Context - The sale of software, such as "Storm Sniffer," which claims to allow users to purchase products before they officially go on sale, has created a gray market [4][12]. - Prices for these software packages range from 5.99 to 30 yuan, with some listings showing over 50 sales and positive reviews from users [5][8]. - The launch of the 2026 vintage Moutai at an official price of 1499 yuan has led to increased demand, with the market price for the product rising to approximately 1600 yuan per bottle as of January 29 [13].

Core Viewpoint - Guizhou Moutai's Q3 2025 financial report shows a significant slowdown in growth, with revenue and net profit growth rates dropping to near zero, raising concerns about the company's ability to meet its annual targets [1][3][5]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai achieved revenue of 128.45 billion yuan, a year-on-year increase of 6.36%, and a net profit attributable to shareholders of 64.63 billion yuan, up 6.25% [1][2]. - In Q3 alone, revenue was 39.06 billion yuan, reflecting a mere 0.56% growth year-on-year, while net profit was 19.22 billion yuan, up only 0.48% [3][4]. Growth Trends - The company's growth has been declining over the quarters, with Q1 and Q2 showing revenue growth rates of 10.67% and 7.26%, respectively, and net profit growth rates of 11.56% and 5.25% [3][4]. - The last time Guizhou Moutai reported such low growth figures was 11 years ago, in 2014, during a period of industry challenges [3][5]. Market Conditions - The price of Moutai liquor has also seen a significant decline, with the wholesale price of the 53-degree 500ml Moutai bottle dropping below 1,700 yuan, down from a peak of around 3,100 yuan in 2021 [8]. - The company's contract liabilities, which represent prepayments from distributors, decreased to 7.75 billion yuan, down approximately 23% from 9.93 billion yuan in the previous year [5][6]. Profitability Indicators - Despite the slowdown, Guizhou Moutai maintains a high gross margin of 91.28%, although concerns arise if prices continue to fall below the factory price of 1,499 yuan per bottle [9]. - The company's direct sales revenue reached 55.56 billion yuan, accounting for approximately 43.26% of total revenue, indicating a slight increase in direct sales strategy effectiveness [9][10]. Leadership Changes - Guizhou Moutai is undergoing a leadership transition, with Chen Hua, the director of the Guizhou Provincial Energy Bureau, set to replace Zhang Deqin as chairman [10][11]. - The new leadership's approach to stabilizing the declining Moutai liquor prices and continuing the direct sales strategy will be closely monitored by investors [11].