Core Viewpoint - The prices of Feitian Moutai and Zodiac Moutai have been rising, with the 25-year Feitian Moutai bottle price returning to 1600 yuan, driven by seasonal demand and company policies to stabilize prices [2][11]. Price Trends - As of January 28, 2026, the wholesale prices for various Moutai products have increased, with the 26-year Feitian Moutai original box priced at 1590 yuan (up 35 yuan) and the 25-year Feitian Moutai original box at 1600 yuan (up 35 yuan) [2][12]. - The 23-year and 24-year Feitian Moutai also saw price increases, indicating a general upward trend in Moutai pricing [11][12]. Market Dynamics - The price increase is attributed to Moutai's proactive measures to control supply and stabilize prices, combined with heightened demand during the festive season [5][14]. - Retail prices for Feitian Moutai have risen to around 1700 yuan per bottle, with reports of significant sales volume due to pre-holiday demand [5][13]. Consumer Behavior - There are reports of shortages for Zodiac Moutai, with some retailers advising consumers to purchase quickly due to anticipated price increases before the holiday [5][13]. - Consumers have expressed concerns over delayed deliveries from the iMoutai platform, prompting the company to expand its shipping locations to improve logistics [15]. Stock Performance - Despite the rising prices of Moutai products, the stock price of Kweichow Moutai (600519.SH) has been underperforming, with a decline of 3.88% year-to-date and a notable drop of over 6% during a nine-day streak of losses [16][17]. - Analysts suggest that the white liquor industry may stabilize and recover, with expectations for steady sales during the upcoming Spring Festival [16].

Core Viewpoint - Guizhou Moutai has introduced new distribution channel policies focusing on controlling supply and reducing non-standard product quantities to adapt to changing market conditions and consumer demand [3][5]. Group 1: Supply Control Measures - The company has decided to pause all unshipped orders for December and will not prioritize early sales for the 2026 sales plan, instead basing future shipments on actual sales performance [9]. - Non-standard product supplies will be adjusted, with a 30% reduction in 15-year aged and kilogram Moutai, a 50% reduction in the zodiac series, and a halt in the supply of rare Moutai [9]. - The pricing strategy for premium Moutai will be optimized, with potential price reductions based on market performance after the supply adjustments [9]. Group 2: Price Formation Mechanism - The wholesale price of Moutai can be viewed as a dynamic equilibrium function of supply and demand, with the factory's suggested retail price being a set figure rather than a market-driven price [8]. - The significant gap between the actual wholesale price and the official price (greater than 1499 yuan) has led to excess demand, which has been supplemented by older vintages of Moutai [10]. - As of December 2025, the wholesale price of Moutai had dropped to 1450 yuan, indicating a direct reflection of supply and demand dynamics, with the price sensitivity to demand fluctuations increasing [12]. Group 3: Market Dynamics and Future Outlook - The overall demand for liquor is declining in line with population growth, while supply is in a capacity release cycle, prompting the management to implement proactive measures to control prices [13]. - The effectiveness of Moutai's price control will depend on the execution of the proposed measures and the market's response to these changes [13]. - The company aims to focus resources on three core products: Moutai 1935, Flying Moutai, and Premium Moutai, targeting price segments of 600+ yuan, 1500+ yuan, and 2000+ yuan respectively [9].