Analysis of the Impact of Regular RMB 1,499 Subscription for Flying Moutai via Moutai’s iMoutai Platform on the Distributor System

Based on collected materials and market data, I will provide you with a systematic and comprehensive analysis.

On January 1, 2026, Kweichow Moutai officially launched the 53% ABV 500ml Flying Moutai on its self-operated e-commerce platform “iMoutai”, with regular subscriptions available at the official guidance price of RMB 1,499 per bottle. This measure marks a major breakthrough in Moutai’s channel reform, as Flying Moutai is made available to end consumers on a large scale at the official parity price for the first time[1][2][3].

The iMoutai platform saw tens of millions of users flood in to snap up products between January 1 and 3, 2026, and the app briefly topped the free shopping chart on Apple’s App Store[1][3].

The wholesale price of Flying Moutai saw a significant decline after the launch of iMoutai:

Throughout 2025, the wholesale price of Flying Moutai dropped from approximately RMB 2,220 per bottle at the start of the year to around RMB 1,550 per bottle at the end, a decline of over 30%[1][4][5]. The regular supply on iMoutai further compressed the spread between the wholesale price and the official pricing.

The profit model of traditional distributors is built on the spread between the ex-factory price and the market price:

However, due to the continuous decline in the market price, the actual profit margins of distributors have been significantly compressed. Industry insiders pointed out that the era of premium pricing for Flying Moutai has passed, and distributors can no longer make “easy profits”[1][2][6].

After the launch of iMoutai, the living space of scalpers has been severely squeezed:

• Plunge in recycling prices
  : In 2026, the scalper recycling price for Flying Moutai dropped to RMB 1,400-1,450 per bottle, leaving almost no arbitrage space[3][7]
• Sharp contraction of premiums
  : The recycling price for original cases of regular Moutai has fallen to approximately RMB 200 per case, with a per-bottle premium of only about RMB 30, barely enough to buy a high-end milk tea[7]
• Traditional arbitrage models invalidated
  : Consumers no longer need to queue outside specialty stores to snap up the product, and the online direct purchase model has rendered scalpers’ “staking out” practices meaningless[1][3]

The continuous decline in market conditions has brought severe capital pressure to distributors:

“I wake up every day losing money.” ——Liquor distributor[6]

• When paying RMB 5 million for the first batch of goods, the corresponding inventory could still be liquidated at a market value of RMB 5 million
• When paying another RMB 5 million, the realizable market value of the same products dropped to over RMB 4 million
• As prices continue to decline, the market value of subsequent stock purchases may fall to over RMB 3 million[6]

Moutai’s channel structure is undergoing fundamental changes, with the share of revenue from direct sales channels soaring from 8.5% in 2019 to 45.69% in 2023:

As a core direct sales carrier, iMoutai achieved approximately RMB 20 billion in sales in 2024, and RMB 12.692 billion in the first three quarters of 2025[1][3].

Moutai’s 2026 market-oriented operation plan shows that its operation model is transitioning from the traditional dual structure of “self-operated sales + distribution” to a multi-dimensional collaboration model of “self-operated sales + distribution + consignment sales + entrusted sales”[8]:

Moutai has clearly established a “pyramid” product system[3][8]:

Chen Hua, Chairman of Moutai Group, clearly stated that this initiative aims to achieve the following[1][3][9]:

1. Deepen channel reform and increase profit margins
   – The RMB 330 per bottle spread is directly converted into incremental revenue and profit for the company
2. Gain control over market pricing power and curb price chaos
   – Establish a price anchor with the RMB 1,499 official price to crack down on speculative trading
3. Implement the “consumer-centric” transformation strategy
   – Enable consumers to purchase Moutai wine fairly, quickly, and with guaranteed authenticity

Moutai has clearly stated[8][9]:

“Moutai will not do anything that violates market rules, nor will it do anything that causes channel partners to lose money, because a situation where only one party “wins” is unsustainable, and cooperation will not last long.”

Moutai’s construction of a channel structure of “direct operation system + social system” is aimed at forming a collaborative ecosystem:

• Direct operation system
  : Coordinate and balance the market, adapt to consumer needs through efficiency and mechanisms
• Social system
  : Reach deeply into the market and form stable consumer circles

Chengdu Chuantang Supply Chain Management Co., Ltd. took the lead in launching response measures:

• Accept pre-orders for whole cases of 2026 Flying Moutai at RMB 1,499 per bottle
• Commit to shipping in sequence starting from January 10
• Completed sales of 1,000 cases within 2 hours[2]

Moutai’s reform has broken the static price ladder that has long been established in the liquor industry:

• Past
  : Moutai’s price served as the “anchor”, with various brands forming fixed pricing benchmarks
• Present
  : Moutai’s price is becoming dynamic, tiered, and market-oriented, and the absolutely fixed “anchor” has disappeared[8]

It is widely believed in the industry that small and medium-sized liquor enterprises will face a round of reshuffling:

The “dynamic regulation” wisdom demonstrated by Moutai provides a model for modern market operation in the industry. It can be predicted that more liquor enterprises will re-examine their rigid channel management systems and try to introduce more flexible and intelligent regulation methods[8].

1. Short-term growing pains are inevitable
   : Distributors face price inversion and capital turnover pressure, and the era of “easy wins” has ended
2. Long-term benefits for the healthy development of the industry
   : A return to rational prices helps expand consumer audiences and build a more transparent market environment
3. Reshaping of manufacturer-distributor relationships
   : Shifting from traditional “game” to “symbiosis”, distributors need to improve service capabilities to achieve transformation
4. Enhanced control by Moutai
   : Reaching consumers directly through direct sales channels, gaining control over pricing power and terminal data
5. Reshaping of the industry structure
   : The head concentration effect accelerates, and small and medium-sized liquor enterprises face greater survival pressure

[1] Jiemian News - In-depth: iMoutai reshapes Kweichow Moutai

[2] Southern Weekend - Tens of millions rush to buy Flying Moutai online, distributors no longer make “easy profits”

[3] Qilu Evening News - Regular subscription for RMB 1,499 Flying Moutai

[4] 36Kr - 2025 Moutai, Wuliangye, Luzhou Laojiao launch price defense war, distributors shrink to survive

[5] Yicai Global - “iMoutai” sells out in seconds for 4 consecutive days, Moutai’s wholesale price falls below RMB 1,499 again

[6] 36Kr - Abandon the “easy profit” mindset, liquor enterprises focus on reducing burdens for distributors

[7] Southern Plus - People who set alarms daily to grab Moutai: Grab RMB 1,499 Flying Moutai, earn enough for a milk tea

[8] Sina Finance - Dynamic pricing mechanism, Moutai provides maximum support to distributors

[9] Moutai Official Website - Consumer-centric, fully drive and promote market-oriented reform of the channel system Kweichow Moutai National Distributor Symposium