Core Viewpoint - Guizhou Moutai has announced a significant marketing transformation plan aimed at adapting to market and consumer changes, focusing on a consumer-centric and demand-driven approach for 2026 [2] Product System - The product structure will revert to a "pyramid" model to better meet diverse consumer needs, with the "base" products centered around the 500ml Flying Moutai at 53 degrees, supported by other sizes [3] - "Waist" products will include premium and zodiac Moutai, with plans to establish premium Moutai as a major product and stimulate interest in zodiac Moutai for collection [3] - "Peak" products will consist of aged and cultural series Moutai, with a focus on maintaining and enhancing the value of ultra-high-end products through market-driven adjustments [3] Operational Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-faceted marketing system that includes "self-sale + distribution + consignment + consignment," eliminating the previous distribution model [5] - The self-sale model will utilize self-operated stores and the iMoutai app, while the distribution model will define sales volume and designated sales areas [5] Channel Layout - A five-channel layout will be established, including wholesale, offline retail, online retail, dining, and private domains, integrating online and offline strategies to create a consumer-centric ecosystem [5] Pricing Mechanism - A market-oriented pricing mechanism will be implemented, allowing for dynamic adjustments to retail prices based on market conditions, with recent price reductions for several products [4][7] - The latest retail prices for 15 products have been published, with significant reductions such as the premium Moutai now priced at 2299 yuan, down 1000 yuan, and the 1L Flying Moutai reduced by approximately 21% to 2989 yuan [7][8]

Core Viewpoint - Kuozi Jiao's net profit is expected to decline by over 50% in 2025, reflecting significant challenges in the white liquor industry and the company's operational difficulties [1][3][4] Financial Performance - Kuozi Jiao's 2025 net profit forecast is between 662 million to 828 million yuan, a decrease of 50% to 60% year-on-year [3][4] - The company's revenue for the first three quarters of 2025 shows a decline of 27.24%, with net profit down 43.39% [4] - The fourth quarter of 2025 is projected to be the worst since 2017, with net profit potentially falling into negative territory [4] Industry Context - The white liquor industry is undergoing a deep adjustment phase, with overall market demand weak and increased competition in Anhui province [5][6] - The "Matthew Effect" in the industry is squeezing the survival space for regional liquor companies as leading firms penetrate mid-range markets [5][6] Product and Market Challenges - Kuozi Jiao's high-end product sales have significantly underperformed, with high-end liquor revenue dropping by 27.98% year-on-year [6] - The introduction of the "Jian Series" products has not led to improved performance, as the company struggles with product structure optimization [5][6][7] Inventory and Operational Strategy - Kuozi Jiao's inventory reached 6.218 billion yuan by the end of Q3 2025, the highest in five years, indicating a pressing need to manage stock levels [8] - The company is exploring new sales channels, including opening a "Kuozi Wine Workshop" for bulk sales, to alleviate inventory pressure [9][10] Future Outlook - Kuozi Jiao aims for a revenue target of 10 billion yuan, but current performance indicates a significant gap, necessitating immediate action to manage inventory and improve sales [8][10]

Group 1 - The core transaction of Guizhou Moutai on January 13 involved a block trade of 16,500 shares, amounting to 23.2815 million yuan, with a transaction price of 1,411.00 yuan per share [2][3] - Over the past three months, Guizhou Moutai has recorded a total of 12 block trades, with a cumulative transaction value of 115 million yuan [2] - The closing price of Guizhou Moutai on the same day was 1,411.00 yuan, reflecting a decrease of 0.86%, with a daily turnover rate of 0.31% and a total trading volume of 5.556 billion yuan [2] Group 2 - The net outflow of funds for Guizhou Moutai was 417 million yuan for the day, and over the past five days, the stock has seen a cumulative decline of 1.19% with a total net outflow of 813 million yuan [2] - The latest margin financing balance for Guizhou Moutai is 16.528 billion yuan, which has decreased by 376 million yuan over the past five days, representing a decline of 2.23% [3] - Guizhou Moutai was established on November 20, 1999, with a registered capital of 12.5227 billion yuan [3]

Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and optimize its sales channels [1][3]. Group 1: Product Structure - The company will revert to a "pyramid" product structure, with the base consisting of the flagship Moutai liquor, supported by various other specifications to enhance social consumption attributes [1]. - The mid-tier products will include premium and zodiac-themed Moutai, aiming to stimulate demand for collectible items [1]. - High-end products will focus on maintaining and enhancing their value by adjusting supply based on market demand [1]. Group 2: Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-faceted system that includes self-sale, distribution, consignment, and consignment sales [2]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both consumer and business segments [2]. - The distribution model will clarify sales volume and designated sales areas, while the consignment model will enhance regional coverage without transferring ownership [2]. Group 3: Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain sales, integrating online and offline strategies to create a consumer-centric ecosystem [2]. Group 4: Pricing Mechanism - A dynamic pricing mechanism will be implemented, allowing for adjustments based on market conditions to create a more stable retail price environment [2][3]. - The pricing strategy aims to address the significant price gap between factory prices and retail prices, which has led to issues such as speculation and excessive profits [3]. - The new pricing mechanism is expected to reduce irrational arbitrage opportunities and establish a healthier pricing formation system [3]. Group 5: Impact on Distributors and Consumers - The company will optimize the profit structure for distributors, ensuring reasonable and stable earnings while eliminating support for excessive profits [4]. - Consumers will benefit from improved official channel construction and dynamic pricing, allowing for fairer access to products [5]. - The new pricing mechanism will shift the role of distributors from "sitting merchants" to "active merchants," focusing on service rather than profit from price differences [5]. Group 6: Recent Price Adjustments - Prior to the announcement of the operational plan, the company reduced the contract prices for several products, with some reductions exceeding 1,000 yuan [5]. - For example, the factory price of premium Moutai was lowered from 2,969 yuan per bottle to 1,859 yuan, and the retail guidance price was adjusted from 3,299 yuan to 2,299 yuan [5]. - The price adjustments primarily targeted non-standard products and series wines, which have been underperforming in terms of profitability [6].

Core Viewpoint - The announcement from Kweichow Moutai regarding the market-oriented pricing mechanism indicates a significant shift in the pricing strategy, allowing for dynamic adjustments based on market conditions rather than adhering to a fixed guideline price [3][4][11]. Pricing Mechanism - Kweichow Moutai will implement a "market-oriented, relatively stable" dynamic pricing adjustment mechanism for its products, moving away from fixed guideline prices [3][4]. - The announcement details the retail prices of 15 Moutai products, including the flagship 53-degree 500ml Feitian Moutai, which will now reflect current market prices rather than a fixed guideline [3][4][11]. Historical Context - The fixed guideline price of 1499 yuan for the 53-degree 500ml Feitian Moutai has been in place for eight years, with the last increase occurring in December 2017 [5][7]. - Despite the official price being 1499 yuan, market prices have fluctuated significantly, at times exceeding 3000 yuan due to high demand and limited supply [9][10]. Changes in Pricing Strategy - The new dynamic pricing approach allows Moutai to regain control over its pricing, enabling adjustments based on market demand and supply conditions [4][11]. - The previous rigid pricing structure led to discrepancies where distributors could sell at higher prices while Moutai maintained a fixed retail price, resulting in lost profits for the company [10][11]. Distribution and Sales Model - Moutai's new pricing strategy will also affect its distribution model, with contracts for distributors now based on the dynamic retail price, allowing for adjustments based on various factors [15][18]. - The company is introducing a consignment model where distributors assist in sales without holding inventory, thus reducing their financial risk while still allowing Moutai to maintain pricing control [17][18]. Future Considerations - The announcement does not address how Moutai will respond to potential market downturns or price declines, which remains a concern for investors [18][19]. - Overall, Moutai's shift towards a more market-responsive pricing strategy represents a significant step towards aligning its pricing with actual market conditions, balancing the interests of various stakeholders [19].

Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and market orientation [2][4]. Group 1: Product System - The company will revert to a pyramid product structure, with the base consisting of the flagship 53% vol 500ml Moutai, supported by other sizes like 1000ml and 100ml to strengthen social consumption attributes [2]. - The mid-tier products will include premium and zodiac Moutai, aiming to enhance the premium Moutai brand and stimulate demand for zodiac Moutai as collectibles [2]. - The top-tier products will focus on aged and cultural series Moutai, adjusting supply to maintain and enhance the value of ultra-high-end products based on market demand [2]. Group 2: Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-dimensional marketing system that includes "self-sale + distribution + consignment + consignment" [3]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both C-end and B-end consumers while eliminating the previous distribution model [3]. - The consignment model will not transfer ownership, leveraging online and offline retail, dining, and private domain channels to enhance regional coverage and channel reach [3]. Group 3: Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain, integrating online and offline operations to create a consumer-centric ecosystem [3]. Group 4: Pricing Mechanism - A market-oriented dynamic pricing mechanism will be implemented, allowing for adjustments based on market conditions while maintaining relative stability [3][4]. - The retail price in the self-operated system will serve as the basis for calculating channel profit margins, with sales contract prices and commissions determined based on various factors including product type and channel operating costs [4]. - This new pricing mechanism aims to address the significant price gap between factory prices and retail prices, which has led to issues such as speculative trading and excessive profits in the distribution channel [4][5]. Group 5: Recent Price Adjustments - Prior to the announcement of the operational plan, Guizhou Moutai reduced the contract prices of several products, with some reductions exceeding 1,000 yuan. For instance, the factory price of premium Moutai was lowered from 2,969 yuan to 1,859 yuan, and the retail guidance price from 3,299 yuan to 2,299 yuan [6][7]. - The price adjustments primarily targeted non-standard products and series wines, which have been underperforming, allowing distributors to restore positive price differentials and achieve reasonable profits [7].

Core Viewpoint - Guizhou Moutai (600519.SH) is initiating a market-oriented transformation of its marketing system in 2026, focusing on a dynamic pricing mechanism and several innovative measures across product structure, operational model, channel layout, and pricing strategy [1]. Product Structure - Guizhou Moutai is returning to a "pyramid" structure for its product lineup, clearly defining product positioning at different levels. The base will focus on Feitian Moutai (53 degrees, 500ml), supplemented by other specifications like kilogram Moutai and 100ml small Moutai. The mid-tier will concentrate on premium and zodiac Moutai, while the high-end will include aged and cultural Moutai, with a slight contraction to maintain the value of ultra-high-end products. Additionally, low-alcohol Feitian Moutai (43 degrees, 500ml) will support key consumption scenarios and target younger consumers [1]. Operational Model - The company will transition from a traditional "self-sale + distribution" model to a multi-dimensional collaboration model that includes "self-sale + distribution + consignment + consignment sales." The self-sale model will utilize self-operated stores and the iMoutai platform, while the distribution model will continue as before. The new consignment and consignment sales models will leverage various channels without transferring ownership, enhancing market coverage [3][4]. Channel Layout - Guizhou Moutai aims to establish a five-channel structure comprising wholesale, offline retail, online retail, dining, and private domain, promoting online and offline integration. The online channels will focus on improving operational efficiency and user reach, while offline channels will enhance consumer conversion and service experience. A dynamic evaluation mechanism will be implemented to optimize regional channel layouts [4]. Pricing Mechanism - The company will create a dynamic adjustment mechanism for retail prices that aligns with market conditions, which is already in effect on the iMoutai platform and self-operated stores. Recent price reductions have been noted for several products due to weak demand, such as the premium Moutai (53 degrees, 500ml) dropping from 3299 yuan to 2299 yuan, and the classic zodiac Moutai (53 degrees, 500ml) from 2499 yuan to 1899 yuan [4][6]. - The factory prices have also been adjusted downward in line with retail price changes, with the premium Moutai's factory price decreasing from 2969 yuan to 1859 yuan. The pricing for distribution channels will be based on self-sale retail prices, with dynamic adjustments based on product and channel conditions [6].

（文章来源：证券日报） 证券日报网讯 1月13日，舍得酒业发布公告称，公司2026年第一次临时股东会审议通过《关于选举谢佑 平先生为公司第十一届董事会独立董事的议案》。 ...

Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and market responsiveness [2][5]. Product Structure - The company will revert to a "pyramid" product structure, with the base consisting of the flagship Feitian Moutai 53% vol 500ml, supported by other specifications like 1000ml and 100ml to enhance social consumption attributes [5]. - The mid-tier products will include premium and zodiac Moutai, aiming to strengthen the premium segment and stimulate demand for collectible zodiac editions [5]. - High-end products will focus on aged and cultural series, with a strategy to maintain and enhance their value by adjusting supply based on market demand [5]. Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-faceted system including self-sale, distribution, consignment, and consignment sales [6]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both consumer and business segments [6]. - The distribution model will clarify sales volumes and designated sales areas, while the consignment model will enhance regional coverage without transferring ownership [6]. Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain sales, integrating online and offline strategies to create a consumer-centric ecosystem [6]. Pricing Mechanism - A dynamic pricing mechanism will be implemented, guided by market conditions, to create a stable retail price system based on self-sale prices [7]. - The pricing strategy aims to address the significant price gap between factory prices and retail prices, which has led to issues like speculation and excessive profits in the distribution channel [7]. - The new pricing mechanism is seen as a breakthrough in the liquor industry, promoting a win-win situation for manufacturers, distributors, and consumers [7]. Impact on Distributors - The company will optimize the profit structure for distributors, ensuring reasonable and stable earnings while eliminating non-rational profit models [8]. - Distributors will shift from a "sitting merchant" role to a "traveling merchant" role, focusing on service and delivery rather than merely profiting from price differences [8]. - High-value products will no longer have distribution tasks, reducing financial pressure on distributors and preventing losses from forced sales [8]. Recent Price Adjustments - Prior to the announcement of the 2026 operational plan, Guizhou Moutai reduced the contract prices for several products, with some reductions exceeding 1,000 yuan [9]. - For example, the factory price of premium Moutai was lowered from 2,969 yuan per bottle to 1,859 yuan, and the retail guidance price from 3,299 yuan to 2,299 yuan [9]. - This price adjustment primarily targets non-standard products and series wines, which have been underperforming in the market, allowing distributors to regain reasonable profit margins [9].

Group 1 - The core products of Moutai, including Moutai 15 years and Moutai 1935, have collectively seen price reductions, with Moutai 15 years dropping from 5399 yuan to 3409 yuan, a decrease of nearly 37% [2] - This price adjustment reflects Moutai's proactive response to market changes, indicating a shift towards a healthier and more rational industry [2] - The adjustment aims to alleviate channel inventory pressure and align products more closely with actual consumer demand, showcasing a positive attitude towards change [2] Group 2 - The price reduction is expected to have three positive impacts: a return to rational pricing, increased consumer willingness to purchase, and improved sales efficiency due to reduced channel pressure [3] - The industry is transitioning from a "high-price era" to a "value era," indicating a healthier restart for the white liquor market [4] - Consumers will find Moutai products more accessible, reflecting a broader trend towards value-oriented consumption in the industry [4]