图 贵州茅台1月4日晚间公告称，公司于2025年11月28日股东大会通过回购方案，将以自有资金回购股份用 于减少注册资本，回购金额15亿元-30亿元，实施期限6个月，回购价不超1863.67元/股。2025年12月31 日首次回购，已回购87059股，占总股本0.0070%，支付总金额1.20亿元，回购价在1377.22-1385.76元/ 股。 在白酒行业深度调整的背景下，茅台正在通过数字营销平台及其相关政策，提振销量与业绩。 1月3日晚间，小茅i茅台公众号发布消息称，自1月4日至春节前，小茅将每人每日可购买的飞天53%vol 500ml贵州茅台酒(2026)最大数量调整为6瓶。元旦期间，其限购数量最大为12瓶。 当日开放购买后，i茅台APP持续显示"补货中"，延续了元旦期间的火爆。据其介绍，元旦三天，超10万 名用户购买到了茅台产品。 得益于此，1月4日，i茅台APP冲上苹果应用商店购物免费榜第一名，并在免费总榜单中位列第四。 片来源：界面图库 1月4日，1499元/瓶飞天茅台(2026)在i茅台APP开放购买后持续秒空。同日，飞天茅台的批发价却再次 跌破指导价。 第三方平台"今日酒价"披露的批发参考价显 ...

Core Viewpoint - A new promotional activity has been launched by Chengdu Chuantang Supply Chain Management Co., Ltd., allowing customers to purchase the 2026 Flying Moutai at a price of 1499 yuan per bottle, starting from January 10, 2024, with limited availability [2][4]. Group 1: Pricing and Sales Strategy - The 2026 Flying Moutai is priced at 1499 yuan per 500ml bottle, with other products like premium Moutai at 2299 yuan and kilogram Moutai at 3998 yuan [4]. - The launch of the iMoutai platform on January 1, 2024, saw the 2026 Flying Moutai sell out quickly, with over 100,000 users successfully purchasing within the first three days [6]. - The daily purchase limit for users on the iMoutai platform was reduced from 12 bottles to 6 to promote supply-demand balance [6]. Group 2: Market Dynamics and Dealer Impact - Industry experts suggest that the current pricing strategy may be a short-term tactic, as the actual market supply-demand imbalance remains unresolved, leading to concerns about the sustainability of such pricing [5]. - The introduction of direct sales through iMoutai is seen as a move to regain pricing power and channel control from traditional distributors, although it raises concerns about the impact on their interests [6][7]. - Despite the high demand on the iMoutai platform, wholesale prices for Flying Moutai have reportedly fallen below 1499 yuan again, indicating potential market volatility [8].

今日（1月4日），茅台酒经销商成都川糖供应链管理有限公司发布通知称，为回馈消费者现推出新年购酒活动，每位客户可订1—5件1499元/瓶的2026年 飞天茅台酒（整件预订），数量有限先到先得；因1月酒厂尚未发货，本次活动将从1月10日起按付款顺序陆续发货。 【导读】成都一家茅台经销商推出1499元购买2026年飞天茅台酒活动 （图片来源：雪球） 该公司负责人（雪球号：川糖周掌门）日前透露，公司已签订2026年经销合同，与2025年计划量一致，但精品茅台、15年茅台的合同暂未签订；2026年相 关产品售价与i茅台上相应产品价格同步，500ml飞天茅台1499元/瓶、精品茅台2299元/瓶、公斤茅台3998元/瓶。 据了解，"川糖周掌门"是成都川糖供应链管理有限公司董事长，在成都有一家茅台文化体验馆和3家茅台专卖店，已卖了20年酒水。 对于个别经销商跟进1499元指导价销售飞天茅台酒，业内认为，这大概率是一种短期行为。 "由于飞天茅台酒市场实际供需矛盾未解，茅台的稀缺价值通过直销迅速放大，实际上其终端价仍然远高于指导价。此刻的经销商跟进如果缺乏强力监管 措施和厂家实质性配额调控，短期内很难形成大规模、可持续的跟进行 ...

Core Viewpoint - The Chinese liquor industry is currently experiencing a downward trend, with most companies facing significant challenges, and innovation is essential for overcoming these difficulties [2][4]. Industry Overview - The liquor industry has been in a decline since 2022, with the current situation being particularly challenging due to regulatory pressures such as the "Eight Provisions" [4]. - Only a few companies, like Fenjiu, are managing to grow amidst this downturn, indicating a stark contrast within the industry [5]. Innovation Strategies - The company emphasizes the need for creating "super products" and implementing innovative business models, including "super channels, super communication, and super experiences" to achieve growth despite the industry cycle [2][5]. - A successful example includes the "Zunyi Forum," which has hosted 71 events with 9,000 participants and generated 500 million yuan in new product returns [5]. Product Development - The company has developed a high-value product in the sauce liquor category priced at 600 yuan, which competes with products priced at 2,000-3,000 yuan [7]. - The introduction of a new beer product has also gained significant popularity in both online and offline markets [7]. Market Positioning - The company aims to establish itself as a leading global liquor and beverage company by focusing on the development of "super products" [9]. - The brand "Zhenjiu" is recognized as one of the four major national banquet liquors, enhancing its market prestige [8]. Organizational Structure - The company operates as a learning organization and has implemented employee stock ownership plans to motivate its workforce [7][8]. - The collaboration with nearly 3,700 partners through the "Wanshang Alliance" is a key aspect of its distribution strategy [7]. Case Studies - The success of LABUBU, which significantly increased its market value through the creation of a super product, serves as a model for the liquor industry [8][9]. - The rise of the "Old Shop" brand in Hong Kong, which saw an 11-fold increase in value, illustrates the potential of innovative product offerings [9].

Core Insights - The article emphasizes the enduring value of Moutai, highlighting its financial attributes, collectible nature, and long-term growth certainty as key factors that contribute to its market resilience [1][2][4]. Group 1: Financial Attributes - Moutai has been referred to as "liquid gold," with a historical price equivalence to "10 grams of gold" in 2021, showcasing its financial appeal [1]. - The auction average price of Moutai old liquor is projected to grow at a compound annual growth rate (CAGR) of 18.7% from 2020 to 2025, significantly outpacing gold's 5.3% growth during the same period [2]. Group 2: Scarcity and Production - Moutai's production capacity for 2024 is limited to 57,200 tons, representing only 0.6% of China's total liquor production, indicating a structural scarcity [2]. - The production process involves 30 steps and 165 stages, with a minimum aging period of five years, further constraining expansion opportunities [2]. Group 3: Cultural Significance - Moutai's unique aging process enhances its flavor over time, with prices for 30-year and 50-year variants reaching over 10,000 yuan, reflecting the quantifiable value of time [3]. - The company integrates cultural elements into its products, such as the "Scattered Flower Moutai" and "Singing Moutai," which combine traditional art with limited editions, enhancing their collectible appeal [3]. Group 4: Resilience and Growth - Moutai has demonstrated strong resilience, successfully pivoting its strategy during the 2013 "ban on official liquor" by targeting high-net-worth individuals and business consumers [4]. - In Q1 2025, Moutai reported revenue of 50.6 billion yuan and a net profit of 26.8 billion yuan, showcasing its ability to grow even during industry downturns [4]. Group 5: International Expansion - Moutai's overseas sales reached 5.189 billion yuan in 2024, marking a significant increase of 19.27% year-on-year, indicating strong international demand [5]. - The company exported over 2,100 tons of liquor in 2024, with high-value Moutai sales exceeding 100 tons, reflecting a growing consumer base in emerging markets [5].