Core Viewpoint - Guizhou Moutai has announced a new market-oriented operation plan for its products, focusing on four key dimensions: product system, operation model, channel layout, and pricing mechanism [1]. Product System - The company will return to a "pyramid" product structure to better meet diverse consumer needs, with "base" products centered around the Feitian 53% vol 500ml Moutai, supported by other specifications [1]. - "Waist" products will include premium and zodiac Moutai, aiming to strengthen the premium segment and stimulate demand for zodiac collectibles [1]. - "Peak" products will focus on aged and cultural series, driven by market demand while maintaining the value of ultra-high-end products [1]. - The Feitian 43% vol 500ml Moutai will target key consumer scenarios, regions, and younger demographics [1]. Operation Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-dimensional marketing system that includes "self-sale + distribution + consignment + consignment" [2]. - The self-sale model will focus on both C-end and B-end consumer groups, eliminating the previous distribution model [2]. - The consignment model will rely on online and offline retail, catering to various channel resources without transferring ownership [2]. Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domains, integrating online and offline strategies [2]. - A dynamic assessment mechanism will be implemented to optimize regional channel layouts based on market demand, ensuring precise and scientific market deployment [2]. Pricing Mechanism - A market-oriented pricing mechanism will be established, allowing for dynamic adjustments to retail prices within the self-sale system [2]. - Recent price adjustments have been made for various products, including reductions for premium and zodiac Moutai [2][4]. Retail Prices - The retail prices for key products are as follows: - Feitian 53% vol 1L Moutai: 1499 RMB/bottle - Feitian 53% vol 500ml (2024): 1909 RMB/bottle - Feitian 53% vol 500ml (2023): 2019 RMB/bottle - Feitian 53% vol 500ml (2022): 2139 RMB/bottle - Feitian 53% vol 500ml (2021): 2299 RMB/bottle - Feitian 53% vol 500ml (2020): 2459 RMB/bottle - Feitian 53% vol 500ml (2019): 2649 RMB/bottle - Premium Moutai 53% vol 500ml: 2299 RMB/bottle - Zodiac Moutai (2014) classic version: 1899 RMB/bottle - Aged Moutai (15 years): 4199 RMB/bottle - Feitian 43% vol 500ml: 829 RMB/bottle [3].

Core Viewpoint - Guizhou Moutai announced a market-oriented operation plan for 2026, focusing on product structure, operational model, channel layout, and pricing mechanism to enhance consumer satisfaction and market competitiveness [2]. Group 1: Product Structure - The company will return to a "pyramid" product structure to better meet diverse consumer needs, with "base" products centered around Feitian 53% vol 500ml Moutai, supported by other specifications [2]. - "Waist" products will include premium and zodiac Moutai, aiming to strengthen the premium segment and stimulate demand for zodiac collectibles [2]. - "Peak" products will focus on aged and cultural series, driven by market demand while maintaining the value of ultra-high-end products [2]. Group 2: Operational Model - The operational model will shift from a traditional "self-sale + distribution" to a multi-dimensional marketing system including "self-sale + distribution + consignment + consignment" to better adapt to consumer needs [3]. - The self-sale model will focus on both C-end and B-end consumers through self-operated stores and the iMoutai platform, eliminating the previous distribution model [3]. - The consignment model will leverage online and offline retail channels to enhance regional coverage and channel reach [3]. Group 3: Channel Layout - The company will establish a five-channel layout including wholesale, offline retail, online retail, catering, and private domain, integrating online and offline strategies [3]. - A dynamic assessment mechanism will be implemented to optimize regional channel layouts based on market demand, ensuring precise and scientific market deployment [3]. Group 4: Pricing Mechanism - A market-oriented pricing mechanism will be established, allowing for dynamic adjustments to retail prices within the self-sale system [3]. - Recent price adjustments have been made for various products, with reductions noted for premium and zodiac Moutai [4][6].