Core Viewpoint - The Moutai Collectors Association has ceased operations, and the existing Moutai collection venues will undergo reassessment, with successful venues being supervised by the Guizhou Moutai Sales Company and a new Moutai Old Wine Association being established [1][3][4]. Group 1: Changes in Management - The Moutai Collectors Association, previously responsible for the application, review, and certification of Moutai collection venues, has stopped its operations [3][4]. - A seminar was held by Moutai Group's chairman Zhang Deqin, where it was announced that the existing collection venues would be reassessed, and a new Moutai Old Wine Association has been formed with a new president [4][5]. Group 2: Financial Implications - The Moutai Collectors Association is in the process of refunding a total of 800,000 yuan in integrity deposits to the 56 Moutai collection venues [3]. - The Moutai collection venues have seen a significant drop in sales prices, with current prices being at least one-third lower than their procurement prices from the previous year [9]. Group 3: Market Context - The Moutai collection venues accounted for 7% of the annual trading scale of China's old wine market, which is approximately 1.1 billion yuan [2][10]. - The Moutai old wine market was valued at around 850 billion yuan, with the Moutai collection venues contributing to a trading scale of 70.54 billion yuan in 2023 [10][11]. Group 4: Future Developments - Plans for the new Moutai Old Wine Association include standardizing the old wine market and discussing operational models [4][5]. - The previous chairman, Ding Xiongjun, had proposed initiatives to leverage Moutai's existing high-quality "坛贮" old wine resources and develop a "1+1 dining terminal" concept, although these plans have not yet been implemented following the leadership change [10].

Core Viewpoint - The management structure of the Moutai wine collection hall has changed, with the Moutai Collectors Association ceasing operations and a new association being established to oversee the collection halls [1][5]. Group 1: Management Changes - The Moutai Collectors Association, previously responsible for the approval and management of Moutai collection halls, has stopped operations, and the existing 56 collection halls will receive refunds of 800,000 yuan in deposits [1][2]. - A new Moutai Old Wine Association has been formed, with a focus on regulating the old wine market and establishing a new operational model [1][3]. - The new association's management structure is still being finalized, and it is not yet clear if Moutai will directly manage the collection halls [1][3]. Group 2: Historical Context and Development - The concept of the Moutai collection hall was introduced by former chairman Ding Xiongjun in 2022, aiming to create a comprehensive platform for old wine trading and appreciation [2][4]. - The Moutai Collectors Association was established in 2022, and by March 2024, it had authorized 56 collection halls across four batches [2][3]. Group 3: Market Dynamics - The Moutai old wine market is significant, with a market size of approximately 850 billion yuan and an annual transaction volume of about 110 billion yuan, accounting for over 85% of the entire old wine market [5]. - In 2023, the 45 authorized Moutai collection halls achieved a transaction volume of 7.05 billion yuan, representing 7% of China's annual old wine transaction volume [5]. - The price of Moutai products has been declining, with the market price of Flying Moutai dropping nearly 20% year-on-year to 1,900 yuan per bottle as of July 29, 2023 [6].