Analysis of Inventory Turnover Days in Kweichow Moutai's Dealer Channels

Based on currently available information, the details regarding the inventory turnover days in Kweichow Moutai’s dealer channels are as follows:

Based on the 2024 Spring Festival channel tracking data, the inventory status of Kweichow Moutai’s dealers is as follows [1]:

Time Node	Dealer Inventory Days
2024 Spring Festival	Approx. 15 days (0.5 months)
2023 Spring Festival	Approx. 15 days
2022 Spring Festival	10-15 days

Kweichow Moutai officials have stated that dealer inventory is maintained at a healthy level of

[2].

The dealer inventory turnover days of Moutai 1935 and other series wines are relatively long,

[2], reflecting the inventory backlog issue of sub-premium products in the channels.

• 2024
  : The inventory turnover days of liquor channels reach as high as 900 days
• End of Q3 2025
  : The industry average inventory turnover days climbed to
  1,424 days
  , a significant 65% increase compared to the same period in 2024

• As of the end of Q3 2025, Kweichow Moutai’s inventory reached nearly
  RMB 56 billion
  [4]
• Historical data shows that Moutai’s inventory turnover days are approximately
  1,300+ days
  [6]

1. Moutai’s Dealer Inventory is Relatively Healthy
   : Compared to the industry average inventory turnover days of over 900 days, Moutai’s dealer inventory remains at 1-1.5 months, reflecting the strong channel sales capability of the Moutai brand.

2. Impact of Channel Reform
   : Moutai directly reaches consumers through direct sales channels such as iMoutai, effectively controlling the inventory depth of traditional dealer channels.

3. Structural Differentiation
   : Core products such as Feitian Moutai have good sales, but series wines such as Moutai 1935 face greater inventory pressure, with turnover days exceeding 12 months.

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[1] 2024 Spring Festival Liquor Sales Summary - Dongfang Fortune Securities Research Report

[2] Kweichow Moutai: A Model for Value Investment, but It’s Too Early to Invest Now - Caifuhao (Fortune Account)

[3] In-Depth: iMoutai Reshapes Kweichow Moutai - Jiemian News

[4] Liquor Industry: Completely Falling Off the Altar - Huxiu

[5] Chinese Liquor Falls Out of Favor Collectively - The Paper

[6] Kweichow Moutai (600519.SH): Re-examining the Value King from the Perspective of Channel Evolution - Dongfang Fortune Securities Research Report