29 December 2025 | 11:23AM HKT Equity Research Kweichow Moutai (600519.SS): Aiming for more commercialized pricing system, stable supply in 2026 with products quota adjustment Moutai held its annual distributor meeting on Dec 28th in Guiyang. For 2026, which marks the beginning of China's 15th Five-Year Plan, Moutai will proactively adapt to market conditions, prioritize market-oriented transformation (including pricing system), maintain stable overall supply to match with overall demand to avoid high fluct ...

In response to the recent weak trend in Feitian Moutai wholesale price, Moutai held the distributor meeting on Dec 11th, and conveyed a message to distributors including: 1) Dec Shipment to distributors will be suspended until 1 Jan 2026 (prepayment has been completed), and the company will resume shipment in due time for 2026LNY. This is to strengthen the distributor confidence in near term to prevent aggressive sell-down for cash turnover in our view; 2) The distribution quota of multiple Non-standard Mou ...