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]

Group 1 - A consumer reported a typo on the packaging of the 53%vol 500ml Guizhou Moutai liquor (Bingwu Year) Classic Edition, where "昴" was incorrectly written as "昂" [2] - Guizhou Moutai's official WeChat account confirmed the error and stated that they are working with the supply chain team to correct the packaging [4] - The company offered consumers the option to exchange the product at local Moutai stores and plans to design a mold for consumers to fix the typo themselves [4] Group 2 - The 53%vol 500ml Guizhou Moutai liquor (Bingwu Year) was officially launched for sale on January 6, 2026 [4] - The product is available in three versions: Classic Edition priced at 1899 yuan per bottle, Rare Enjoyment Edition at 2499 yuan per bottle, and Gift Box Edition at 3789 yuan per box [5]

Core Viewpoint - iMoutai has adjusted the purchasing limit for its Feitian Moutai liquor to six bottles per person per day to meet increased consumer demand during the pre-Spring Festival period [2]. Group 1: Product Availability and Pricing - Starting January 1, 2026, iMoutai will officially sell the 53% vol 500ml Feitian Moutai at a retail price of 1499 yuan per bottle, with a maximum purchase limit of 12 bottles per person per day [4]. - Other Moutai products, including the classic version, gift box, and special edition, will also be available for pre-sale on the iMoutai app [4]. - From January 1 to January 3, over 100,000 users successfully purchased their desired products [4]. Group 2: Market Strategy and Management Insights - During a recent meeting with distributors, Moutai management emphasized the need to implement measures to stabilize prices and manage expectations, aiming for a balance between supply and demand to prevent price speculation [4]. - The introduction of reasonably priced Moutai on the iMoutai platform is seen as a significant signal of Moutai's major adjustments in channel and product structure [4].