Core Viewpoint - Guizhou Moutai has initiated a comprehensive market-oriented operational plan for 2026, focusing on product structure, operational models, channel layout, and pricing mechanisms, indicating a significant strategic adjustment in its market approach [1][2]. Product Structure - The company is returning to a "pyramid" product structure, with the base consisting of the flagship 500ml Moutai liquor, supported by various other specifications to enhance social and collectible consumption attributes [2][4]. - The "waist" of the pyramid includes premium and zodiac Moutai products aimed at boosting collection demand, while the "tip" focuses on aged and cultural series products to maintain high-end value [2][4]. - The retail prices for various Moutai products have been announced, with the 2026 500ml Moutai priced at 1499 yuan, reflecting a downward trend from previous years [4][3]. Pricing Mechanism - A dynamic pricing mechanism has been established, allowing retail prices to adjust based on market conditions, with current prices aligning with real market transaction values [2][3]. - The pricing strategy aims to compress the premium space for resellers and ensure that actual transaction prices remain within a controllable range for the company [5]. Operational Model - The operational model is shifting from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes self-sale, distribution, consignment, and agency sales [5][6]. - The new consignment model allows for flexibility in sales while maintaining the existing distribution system, which will continue to operate under contracts with distributors [5][6]. Channel Layout - A five-channel layout has been established, integrating wholesale, offline retail, online retail, dining, and private domain sales, creating a consumer-centric ecosystem [6][7]. - The company is implementing a dynamic assessment mechanism to optimize regional channel layouts based on market demand, ensuring precise and scientific market deployment [7].

飞天茅台批发价两年跌43%，i茅台上线即"秒空"，茅台正在掀起一场从"搬箱子"到"生活方式提供者"的 渠道革命。 "躺着就能赚钱，谁想站着干呀！"一位茅台经销商回忆起过去的 黄金 时代，不禁感慨道。 那个时代，茅台经销商的核心业务就是"搬箱子"，工作简单到只需按时打款、收货，然后加上丰厚利润 卖出，市场需求旺盛到电话接不过来，公司不需要太多销售人员。 然而，2025年12月的数据显示，飞天茅台批发价已跌至1520元/瓶，逼近1499元/瓶的官方指导价，与 2023年12月的高点2678元/瓶相比，跌幅高达43%。 曾几何时，茅台经销商每个月只需按时打款给酒厂，然后坐享单瓶近千元的价差红利，全世界旅游的同 时钱就进了账户。 这样的"躺赢时代"正一去不复返。 2025年12月28日，贵阳举办的2026年 贵州茅台 酒全国经销商联谊会上，茅台集团党委书记、董事长陈 华向来自全国的1500余名经销商释放了一系列重磅信号。 飞天茅台批发价从2023年12月的2678元/瓶跌至2025年12月的1520元/瓶，两年跌幅超过43%。 但与此同时，1499元的飞天茅台首次上线i茅台平台，上线即"秒空"，三天内超10万名用户成 ...

市场消息称，贵州茅台下调了部分产品的合同价，多款产品下调幅度超过千元。尽管官方尚未就调价事 宜作出正式回应，但终端价格倒挂已成不争事实。第一财经记者在上海一些销售门店了解到，此次合同 价下调近2000元的茅台15年年份酒，目前市场零售价较最高点已下跌超千元，有经销商直言正在"亏本 销售"。多位销售人员也向记者表示，即便合同价下调"靴子落地"，相关产品零售价再度大幅下探的空 间已然有限。更现场、更财经，一探究竟！ ...

2026年开年，在商业航天、AI应用的带动之下，大A连续上攻，更重要的是放出了天量。 仅仅1年半以前，大A还在为5000亿成交努力，这会都快突破4万亿了。 天量和高位，说明什么呢？说明很多人迫不及待想要冲进去了。 听说现在卖鸡蛋的阿姨都要上天了；送外卖的小哥哥都想通过人工智能致富。 不过 ，我对这些，没有任何兴趣，保持观望。 板块上： 第一：CRO大涨 之前一直在等待CRO给一个更好的位置，结果没有等来。等到的是人家快速反攻，失去了下手的机会。 这是等待最好机会过程中的必然，既然想要最好的时候再下手，就必然要忍受这些错失的机会，对吧？因为资金有限，出手的机会就必须留给最好的。 第二：半导体大跌 近期的资金主要往商业航天、AI应用上面去，半导体的龙头反而不太行。 会不会这就是拐弯的开始呢？说不好，但这个位置和估值，足以让我冷静观察了。 第三：白酒又反攻乏力 从开年茅子的自销平台引爆，到现在的反攻乏力，白酒好像经历过了一个漫长的冬天。 不过现在还未开始解封，基本面的问题，涉及时间较长，不会突然就变化，慢慢来！ 炒股基本就是如此，走在一条跟大众相反的方向上。别人激动，我冷静；别人害怕，我贪婪。 我是李聪，10年读书 ...

Core Viewpoint - The article highlights the significant decline in the performance of Kuaizi Jiao (口子窖), a prominent Chinese liquor company, indicating a broader downturn in the liquor industry, driven by market differentiation, changing consumer demand, and increased competition [1][3][10]. Financial Performance - Kuaizi Jiao's 2025 annual profit forecast is between 662 million to 828 million CNY, representing a year-on-year decrease of 50% to 60% [1]. - The company's net profit for the first three quarters of 2025 was 742 million CNY, down 43.39% year-on-year, with a significant drop of 92.55% in the third quarter alone [3][9]. - The fourth quarter is expected to yield a net profit ranging from a loss of 79.9 million CNY to a profit of 85.6 million CNY, indicating a potential year-on-year decline of approximately 75% [3]. Market Dynamics - The liquor industry is experiencing a deep adjustment period, with Kuaizi Jiao's performance serving as a clear signal of the challenges faced by the sector [7]. - The company attributes its declining performance to market differentiation, channel changes, and a drop in demand, particularly for high-end products [3][4]. - Increased competition from other brands, such as Gujing Gongjiu and Yingjia Gongjiu, has eroded Kuaizi Jiao's market share [4]. Inventory and Channel Issues - The company is facing significant inventory pressures, with a backlog of stock that has not been adequately addressed, leading to a painful de-inventory process [9][10]. - The second quarter of 2025 saw a decline in channel confidence, exacerbated by a "ban on alcohol" in May, which negatively impacted sales [7]. Valuation and Market Sentiment - Kuaizi Jiao's current market valuation has reached a dynamic price-to-earnings ratio of 24.2 times, which is considered high compared to its historical performance and even exceeds that of leading brands like Kweichow Moutai [11]. - The article suggests that the capital market is losing patience with traditional industries like liquor, favoring emerging sectors such as commercial aerospace and brain-computer interfaces [13][14]. Future Outlook - The liquor industry is expected to face further challenges in 2026, with predictions of continued declines in both volume and price, leading to a potential further drop in net profits [15][19]. - The need for liquor companies to rebuild their pricing structures and manage accumulated channel inventory may take one to two years, a timeframe that the capital market may find difficult to tolerate [16][17].

智通财经APP讯，贵州茅台(600519.SH)发布公告，公司董事会审议通过《2026年贵州茅台酒市场化运 营方案》，其中提出，公司运营模式将由"自售+经销"的传统销售模式向"自售+经销+代售+寄售"多维 协同的营销体系转变，以更好适配、触达、转化消费需求。将构建批发、线下零售、线上零售、餐饮、 私域"五大渠道"并行的渠道布局，通过"线上+线下"融合转型，线上管效率、管触达，线下管转化、管 服务，形成以消费者为中心的良性渠道生态体系。将以市场为导向，构建"随行就市、相对平稳"的自营 体系零售价格动态调整机制。 ...

Core Viewpoint - The article discusses the strategic shift in the Chinese liquor market, particularly focusing on the launch of Gujinggongjiu's "Nian San Shi" as a national-level "New Year liquor" aimed at the mass market, moving from high-end collectibles to more accessible products [2][11]. Group 1: Product Launch and Market Positioning - Gujinggongjiu has introduced the "Nian San Shi" priced at 220 yuan, marking a significant step in its strategy to popularize "Chinese New Year culture" [2][11]. - The product is designed for the core consumption scenarios of family reunions and gift-giving during the Spring Festival, targeting the general public [4][9]. Group 2: Cultural and Emotional Resonance - The design of the bottle incorporates traditional elements such as lanterns and auspicious symbols, emphasizing the cultural significance of family unity during the New Year [4][12]. - The product embodies the "He" culture, aligning with traditional values of harmony and family prosperity, thus enhancing its emotional appeal [4][12]. Group 3: Quality and Production Techniques - The "Nian San Shi" is supported by Gujinggongjiu's unique "Ancient Fragrance" brewing technique, which ensures a high quality-to-price ratio [7][8]. - The brewing process involves a meticulous fermentation method that enhances the flavor profile, making it accessible to a broader audience [7][8]. Group 4: Consumer Insights and Market Trends - The product targets consumers aged 25-55, addressing both practical and emotional needs during the Spring Festival, thus balancing utility and sentiment [9][11]. - The launch has seen significant initial success, with over 10,000 bottles sold on Douyin within four days of its pre-sale [9][11].

文｜李振江 吴烁 李振江系云酒·酒业品牌研究院高级研究员 和君咨询副总经理、和君酒水事业部总经理 吴烁系和君酒水事业部高级咨询师 中国酱酒行业历经十余年的高速增长与调整迭代，已从品类红利驱动迈入品质与品牌双轮驱动的成熟阶段。 2025年以来，行业在资本沉淀、产区扩容、消费理性化等多重因素作用下，逐渐呈现出"头部稳固、中部突围、尾部出清"的格局。 展望2026年，酱酒行业的长期发展逻辑未变，但区域竞争格局与产业生态将迎来深度重构。 酱酒确定性依然明确 酱酒行业的核心竞争力源于其独特的酿造工艺与品类属性，这种特点决定了其"高成本、长周期、强壁垒"的产业特征，也使得行业长期发展具备极强的确 定性。 即便在短期市场波动、价格调整等因素影响下，其基本面依然保持稳固，这种抗风险能力在白酒各细分品类中表现尤为突出。 酱酒品类工艺与成本构筑的刚性壁垒 从专业运营方面分析，酱酒的酿造工艺涉及20余个关键节点，勾调技术更是依赖酿酒大师的经验积累，同时在市场端需要构建基于消费基础的场景化打造 与话术体系，核心市场培育等因素，专业化的运营在当下的酱酒品类发展显得尤为重要。 酱酒行业的长期发展，离不开企业的持续注入与行业门槛的自然筛选 ...

Core Viewpoint - Guizhou Moutai has announced a market-oriented operation plan for 2026 to adapt to market and consumer trends, focusing on a consumer-centric and demand-driven marketing system [1] Group 1: Product System - The product structure will return to a "pyramid" model to better meet diverse consumer needs, with the base consisting of the Feitian 53% vol 500ml Moutai as the main product, supported by other specifications [2] - The "waist" products will include premium Moutai and zodiac Moutai, aiming to enhance the premium Moutai as a major product and stimulate the collection demand for zodiac Moutai [2] - The "tip" products will focus on aged and cultural series Moutai, with a strategy to moderately reduce offerings to maintain and enhance the value of ultra-high-end products [2] Group 2: Operation Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better adapt to consumer demand [2] Group 3: Channel Layout - A five-channel layout will be established, including wholesale, offline retail, online retail, dining, and private domain, integrating online and offline strategies to create a consumer-centric channel ecosystem [2] Group 4: Pricing Mechanism - A market-oriented pricing mechanism will be established, allowing for dynamic adjustments to retail prices based on market conditions, with current retail prices for various Moutai products listed [3][4] - The retail price for Feitian 53% vol 500ml Moutai for 2026 is set at 1499 yuan per bottle, with previous years' prices decreasing progressively from 2649 yuan in 2019 to 2019 yuan in 2023 [3]

Core Viewpoint - Guizhou Moutai has announced a market-oriented transformation plan for its marketing system to better align with market and consumer trends, focusing on a consumer-centric approach and market demand-driven strategies [1] Group 1: Product System - The plan includes a comprehensive product system that aims to enhance the overall marketing strategy [1] Group 2: Operational Model - The operational model is shifting from a traditional "self-sale + distribution" model to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better meet consumer needs [1] - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both C-end and B-end consumer groups, while eliminating the previous distribution model [1] - The distribution model will clarify sales volume, designated sales areas or channels, and transfer ownership to distributors, while the consignment model will not transfer ownership and will leverage online retail, offline retail, dining, and private domain channels to enhance regional coverage and channel reach [1] Group 3: Pricing Mechanism - The pricing mechanism will be market-oriented, establishing a dynamic adjustment mechanism for retail prices in the self-operated system that is "in line with the market and relatively stable" [1] - The current retail prices in the self-operated system are already being implemented on the iMoutai platform and in self-operated stores [1]