Core Viewpoint - The traditional peak season for Chinese liquor consumption during the Spring Festival has led to a significant increase in demand for Moutai, with the iMoutai platform experiencing a surge in user engagement and sales, indicating a shift in the market dynamics of the liquor industry [2][4][5]. Group 1: Market Demand and Sales Performance - The only self-operated Moutai store in Shenzhen has reported a noticeable increase in customer traffic, with inquiries for Moutai products up by 20-30% compared to usual [2][3]. - iMoutai has gained 6.28 million new users since its launch on January 1, with over 2.12 million orders placed, reflecting a strong consumer interest in Moutai products [2][3]. - The sales volume of the 500ml Moutai liquor is estimated to be between 143,000 to 942,000 bottles for the month, translating to approximately 670 to 4,400 tons of liquor sold [3]. Group 2: Market Transformation and Strategy - Moutai's market transformation is characterized by a shift from a traditional sales model to a multi-faceted marketing system, aiming to regain pricing power and adapt to market demands [5][6]. - The iMoutai platform has significantly contributed to Moutai's direct sales revenue, which accounted for over 43% of total direct sales in the first three quarters of 2025 [5]. - Analysts suggest that Moutai's market-oriented approach will allow it to better align with consumer needs and market dynamics, potentially reshaping the competitive landscape of the liquor industry [6][10]. Group 3: Industry Implications and Adjustments - Moutai's reforms may trigger a deep adjustment within the liquor industry, challenging the existing pricing structures and prompting other companies to adopt similar strategies [9][10]. - The shift towards a more transparent and consumer-focused distribution model could lead to increased competition and a re-evaluation of profit distribution among manufacturers, distributors, and consumers [9]. - The industry may face a period of differentiation and concentration, where brands lacking market power will struggle, while Moutai strengthens its market position through direct sales and data control [9][10].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report highlights that the online demand for Moutai has shown strong explosive growth, supporting the price stability of Moutai. Additionally, some inventory replenishment demand has amplified the price fluctuations of Moutai. On the supply side, changes in the delivery rhythm have also caused certain disturbances to Moutai's wholesale prices [2][7] Summary by Sections Moutai Price Fluctuations - Since the beginning of 2026, Moutai's wholesale prices have experienced volatility. The price of original Moutai bottles dropped to around 1505 CNY per bottle at the start of 2026 but subsequently broke through the 1600 CNY and 1700 CNY thresholds by the end of January. As of February 5, 2026, the price rose to 1660 CNY per bottle [6][17] - For bulk Moutai, the price initially fell to 1490 CNY per bottle, then rose to 1650 CNY by the end of January, before dropping to 1570 CNY in early February, and finally rebounding to 1610 CNY by February 5 [6][17] Demand and Supply Analysis - Demand: The "i Moutai" app had over 15.31 million active users in January 2026, with more than 1.45 million users purchasing desired products, resulting in over 2.12 million transactions. The explosive online demand has supported Moutai's strong price performance. Additionally, some channel replenishment and purchasing demand have further increased price volatility [7][18] - Supply: During the Spring Festival peak season, demand is favorable, but the overall supply of Moutai is tight, with limited channel inventory. Some regions have applied for additional quotas, and certain distributors have begun selling March quotas for Moutai [7][18] Short-term and Long-term Price Outlook - In the short term, Moutai is expected to achieve a narrow bottom fluctuation as supply is gradually controlled, and demand is recovering. The acceleration of pre-holiday supply will help control prices post-holiday. In the long term, Moutai's price fluctuations will be determined by economic growth and supply growth factors [8][21] - The report emphasizes that Moutai's price fluctuations are fundamentally driven by supply and demand relationships. Demand is closely related to residents' income and consumer confidence, while supply is influenced by Moutai's pricing strategy. Since 2009, the number of Moutai bottles that urban residents can purchase monthly has fluctuated around a historical average of 2 bottles [8][22]

近日，小茅i茅台发布近一个月的交易数据。当中披露，近一个月，i茅台迎来了628万位新朋友，月活用户超1531万， 随着飞天53%vol 500ml贵州茅台酒及其往年酒、53%vol 500ml贵州茅台酒（丙午马年）、53%vol 500ml贵州茅台酒 （鼓乐飞天）、53%vol 500ml陈年贵州茅台酒（15）等产品陆续上架，超过145万位朋友购买到了自己心仪的产品，成 交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。 自营门店也在努力提升服务质量与效率，已有超10.63万名用户在门店完成交付。 （企业官方公众号） 此外，i茅台新增南京、北京发货仓，努力缩短配送时间，以飞天53%vol 500ml贵州茅台酒为例，下单后5天内完成签 收的用户占比75%，4天内完成签收的用户占比60%。 ...

2月3日，A股茅台高开，一度涨超3%。在消息面上，1499元飞天上线i茅台已满月，i茅台披露关键数据。 数据显示，过去1个月，i茅台新增用户628万，月活用户超1531万。随着飞天53%vol 500ml贵州茅台酒及其往年 酒、53%vol 500ml贵州茅台酒（丙午马年）、53%vol 500ml贵州茅台酒（鼓乐飞天）、53%vol 500ml陈年贵州 茅台酒（15）等产品陆续上架， 超过145万人购买到了自己心仪的产品，成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。 根据前3天每人每日限购1—12瓶、后28天1—6瓶的规则（注：1月4日后调整购买规则，每人每日购买上限由12 瓶调整为6瓶），可粗略推算出该产品单月销量约在143万—942万瓶之间。 这是i茅台自1月1日焕新改版以来，第3次披露用户成交数据。 据i茅台1月3日披露数据，元旦假期3天超10万名 用户购得产品。1月9日公布的数据显示，i茅台9天新增用户超270万，成交用户超40万。 | 今开 | 1445.00 | | 最高 | 1476.81 | | 成交量 | 4.38万手 | | --- | --- ...

2月2日晚间，贵州茅台自营电商平台i茅台官微公布2026年1月运营成绩单。数据显示，i茅台1月月活用 户超1531万，新增用户628万。有超过145万位用户完成购买，成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒成交订单超143万笔。 责任编辑：李思阳 2月2日晚间，贵州茅台自营电商平台i茅台官微公布2026年1月运营成绩单。数据显示，i茅台1月月活用 户超1531万，新增用户628万。有超过145万位用户完成购买，成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒成交订单超143万笔。 责任编辑：李思阳 ...

据了解，过去一个月，i茅台新增用户628万，月活用户超1531万。随着飞天53%vol 500ml贵州茅台酒及 其往年酒、53%vol 500ml贵州茅台酒（丙午马年）、53%vol 500ml贵州茅台酒（鼓乐飞天）、53%vol 500ml陈年贵州茅台酒（15）等产品陆续上架，超过145万位消费者购买到了相关产品，成交订单超212 万笔。 其中，飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。根据前3天每人每日限购1-12瓶、后28天1- 6瓶的规则（注：1月4日后调整购买规则，每人每日购买上限由12瓶调整为6瓶），可粗略推算出该产品 单月销量约在143万瓶至942万瓶之间。若按1吨茅台酒约合2124瓶进行换算，对应成交量约为670吨至 4400吨。 同日，贵州爱茅台数字科技有限公司正式揭牌。茅台集团董事长陈华、总经理王莉、副总经理张贵超， 贵州茅台副总经理张旭等出席仪式。 今日（2月2日）晚间，"小茅i茅台"微信公众号对平台自1月1日上线飞天茅台以来的运营情况作出复 盘，并公布了一系列关键数据。 另一方面，近期，有商家在网络平台公开销售所谓i茅台"抢购外挂"软件，引发广泛关注。i茅台随后回 ...

2026年1月1日，i茅台平台开始销售1499元飞天茅台，2月2日晚间，i茅台公布了头一个月的成绩单。 记者｜ 栾立 有超过145万位用户成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。 编辑 ｜心一 ...

有超过145万位用户成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。 （第一财经记者 栾立） i茅台平台开始销售1499元飞天茅台，2月2日晚间，i茅台公布了头一个月的成绩单。 ...

有超过145万位用户成交订单超212万笔，其中飞天53%vol 500ml贵州茅台酒的成交订单超143万笔。 （文章来源：第一财经） i茅台平台开始销售1499元飞天茅台，2月2日晚间，i茅台公布了头一个月的成绩单。 ...

Group 1 - The food and beverage sector experienced a positive trend on January 14, with the Huabao Food and Beverage ETF (515710) rising by 0.51% during trading [1] - Notable gains were observed in several stocks, including XinNuoWei, which surged over 4%, and ShuiJingFang and YangYuan beverages, both increasing by over 3% [1] - The overall valuation of the food and beverage sector is currently at a historical low, with the food index's price-to-earnings ratio at 20.23, indicating a favorable long-term investment opportunity [3][4] Group 2 - Kweichow Moutai announced a new market-oriented operational plan, restructuring its product lineup to enhance market competitiveness [3] - The operational model will shift to a multi-channel approach, including self-sale, distribution, consignment, and online retail, aiming for a more dynamic pricing mechanism [3] - Analysts suggest that this transformation is crucial for Moutai to address supply-demand mismatches and channel issues, emphasizing the essence of the product [3] Group 3 - The white liquor industry is expected to reach a turning point, with potential opportunities for capital market investments as the Spring Festival approaches [4] - The Huabao Food and Beverage ETF is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with significant allocations to leading high-end liquor stocks [4]