Core Viewpoint - Leading liquor companies are tightening control over e-commerce channels to combat counterfeit products and maintain brand value [3][5][7]. Group 1: E-commerce Channel Management - On July 18, Moutai Sauce Wine announced the removal of 24 online authorized stores, reflecting a significant tightening of channel control [5][7]. - The removal includes six stores under the Gede Yingxiang brand, which are currently not operating normally due to financial issues and employee wage arrears [4][10]. - The adjustments were made in response to consumer complaints about low-quality products purchased from certain platforms, indicating a proactive approach to protect consumer rights [5][6]. Group 2: Impact on Gede Yingxiang - Gede Yingxiang's stores were removed due to ongoing operational uncertainties, including financial difficulties and a lack of inventory [4][10][11]. - The company has faced significant challenges, including a total of 1.58 billion yuan in execution orders as of 2025, highlighting its precarious financial situation [13]. - Despite the challenges, some Gede Yingxiang offline stores in Beijing are still operating normally, suggesting a mixed operational status [15]. Group 3: Market Implications - The actions taken by Moutai reflect a broader trend among top liquor companies to enforce strict compliance among their partners, aiming to eliminate non-compliant distributors and restore order in the online market [11][12]. - Experts believe that Moutai's decisive actions will enhance investor confidence by demonstrating a commitment to maintaining a healthy pricing system and market order [7][11].