Analysis of Kweichow Moutai's Marketization Transformation and the Impact of iMoutai Policies on Distributors

Based on the in-depth research above, I present to you the

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On December 28, 2025, Kweichow Moutai held the 2026 National Distributor Conference in Guiyang. Chen Hua, the newly appointed Party Secretary and Chairman of Moutai Group, clearly proposed

as the top priority of the 2026 market work[1][2]. This strategic shift marks a fundamental transformation of Moutai from “channel-driven” to “customer-driven”.

include:

• Record-low performance growth
  : In the first three quarters of 2025, Moutai’s net profit attributable to shareholders reached 64.627 billion yuan, with a year-on-year growth of only 6.25%, hitting an 11-year low; the third-quarter net profit growth was merely 0.48%, the lowest in nearly a decade[3]
• High channel inventory
  : Social inventory totals approximately 150 million bottles, 60% of which are unopened, with a turnover cycle of up to 900 days[4]
• Price system under pressure
  : The wholesale price of loose-bottle Feitian Moutai dropped from 2,200 yuan/bottle at the end of December 2025 to 1,490 yuan/bottle[5]

Time Node	Key Event	Policy Highlights
December 31, 2025	iMoutai Announcement	Feitian Moutai will be launched on January 1, 2026, with a retail price of 1,499 yuan/bottle, limited to 12 bottles per day[1]
January 3, 2026	First Policy Adjustment	Over 100,000 users purchased wine within 3 days, adjusted to a daily limit of 6 bottles (until the Spring Festival)[2]
January 13, 2026	Official Release	2026 Market-Oriented Operation Plan was officially rolled out[3]

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:

Indicator	Traditional Model	iMoutai Model	Change Range
Ex-factory price of Feitian Moutai	1,169 yuan/bottle	1,169 yuan/bottle	Flat
Terminal retail price	2,500-2,800 yuan/bottle	1,499 yuan/bottle	-40% to -47%
Distributor price spread	1,331-1,631 yuan/bottle	330 yuan/bottle	-75% to -80%

According to industry analysis, through direct sales on iMoutai at 1,499 yuan per bottle, Moutai can secure a price spread of approximately 330 yuan per bottle (vs. the ex-factory price of 1,169 yuan), marking the end of the era of huge profits for traditional distributors[6].

A price inversion phenomenon has emerged in the current market:

• On January 4, 2026, the quoted price of loose-bottle Feitian Moutai dropped to 1,490 yuan/bottle, with a cumulative decline of over 100 yuan within a week[5]
• Data from third-party platforms shows that the market price of loose-bottle Feitian Moutai in 2025 has fallen below the critical threshold of 1,499 yuan[1]
• 1,499 yuan has shifted from a “floor price” to a “ceiling price”, completely subverting Moutai’s long-standing price logic

:

• Total social inventory is estimated at
  70,000 tons
  , equivalent to more than one year of Moutai’s production[5]
• In 2025, distributors faced the dilemma of “losing money on every bottle sold”, and some distributors who stockpiled at high prices sold in panic

Moutai’s 2026 Market-Oriented Operation Plan clearly states:

• Cancel the traditional distribution model
  , replacing it with a multi-dimensional collaboration framework of “direct sales + authorized distribution + consignment sales + entrusted sales”[3]
• Distributors will transform from “distributors” to “brand service providers”, only earning service fees and distribution fees[6]
• Separation of property rights and operation rights: Agents no longer hold product ownership

Within 9 days of iMoutai’s launch:

• Gained over
  2.7 million
  new users
• Exceeded
  400,000
  paying users
• Moutai explicitly stated that most of the new users “are not core customers of the original channels”[7]

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Some distributors have begun to respond proactively:

Strategy Type	Specific Measures	Case
Pre-sale Countermeasure	Accept orders at 1,499 yuan/bottle, limited to 5 cases	Chengdu Chuantang Supply Chain Management Co., Ltd.[5]
Channel Transformation	Expand e-commerce and live-streaming sales	Song Yan, a distributor from Guangdong[7]
Service Upgrade	Provide value-added services and customer relationship maintenance	Some high-quality distributors

Ouyang Qianli, a senior liquor industry expert, analyzed that the customer groups of iMoutai and distributors

:

• iMoutai serves “incremental demand” and “fragmented demand”
• The core customers accumulated by distributors over the long term value
  services, customer relationships, and spot availability
• Actual results: Consultation volume at some distributor stores increased 3-fold, and foot traffic rose by 10%[7]

At the distributor conference, Chen Hua stated clearly:

“Moutai will not do anything that violates market laws, nor will it let channel partners lose money. Only mutual benefit and win-win outcomes can lead to long-term development.”[2]

:

• For products with price inversion (Premium Moutai, 15-Year Aged Moutai), the distributor contract price has been significantly reduced[7]
• Launched the “consignment sales + entrusted sales” model to lock in returns through commissions
• Dynamic adjustment mechanism: Contract prices will be lowered in sync during market downturns to reduce payment pressure

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:

• Number of distributors in 2018: 2,987
• Number of distributors at the end of 2024: 2,143
• Over 600 non-compliant distributors have been cleared out cumulatively[8]

(first three quarters of 2025):

• Wholesale and agency channel revenue: 72.84 billion yuan, accounting for 56.7%
• iMoutai and direct sales channel revenue: approximately 9.9%
• Direct sales revenue accounts for nearly 44%[6]

The impact of Moutai’s reform extends far beyond the company itself, directly restructuring the price logic of the liquor industry:

• The static price ladder anchored by Moutai’s fixed price in the past has been broken
• The industry will embrace a dynamic price center
• High-end and mid-to-high-end brands can no longer rely on simple benchmarking pricing strategies[3]

Industry analysts pointed out:

“What the capital market really worries about is that Moutai liquor will gradually shed its financial attributes. When consumers can easily buy reasonably priced ordinary Moutai through the iMoutai platform, the digestion of social Moutai inventory will slow down, and second-tier distributors and terminal tobacco and alcohol shops that hoarded at high prices can only sell at a discount to cash out.”[1]

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• Price fluctuation risk
  : Market wholesale prices may continue to face pressure, increasing the risk of inventory impairment for distributors
• Performance growing pains
  : The expansion of direct sales channels may trigger short-term performance volatility
• Channel confidence
  : Some distributors may face elimination pressure

• Increased bottle-opening rate
  : Reasonably priced Feitian Moutai at 1,499 yuan expands the consumer base and boosts genuine consumption
• Brand health
  : Stripping off financial attributes is conducive to the sustainable development of the brand
• Win-win cooperation between manufacturer and distributors
  : The dynamic pricing mechanism establishes a long-term stable cooperative relationship

Indicator	Key Points of Attention	Warning Threshold
Wholesale price of Feitian Moutai	Whether it can maintain the 1,499 yuan level	Below 1,400 yuan
Distributor inventory turnover	Inventory digestion speed	Over 1,000 days of turnover
iMoutai user growth	Expansion speed of direct sales channels	Over 5 million new users per month
Moutai stock performance	Reflection of market confidence	Below 1,300 yuan per share

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Moutai’s sale of Feitian Moutai through the iMoutai platform with a daily purchase limit of 6 bottles is a key component of its

. This initiative:

1. Has a fundamental impact on distributors
   : The era of huge profits has ended, with profit margins compressed by approximately 80%
2. Is not “de-distributorization”
   : Moutai clearly stated its goal to build a community of shared future between the manufacturer and distributors, and has launched dynamic pricing and multi-dimensional cooperation models
3. Is conducive to the healthy development of the industry in the long run
   : It strips off financial attributes, expands genuine consumption, and increases the bottle-opening rate
4. Requires investors to balance short-term growing pains and long-term value
   : Stock price fluctuations reflect the market’s contradictory mentality, but the reform direction aligns with sustainable development

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[1] Securities Times - “Can Moutai Handle It? Just 3 Days Later, the Daily Purchase Limit for Feitian Moutai on iMoutai Is Cut in Half!” (https://www.stcn.com/article/detail/3568722.html)
[2] Guancha.cn - “Daily Purchase Limit Cut from 12 to 6 Bottles: Affordable Feitian Moutai Launches to Curb Scalpers First” (https://www.guancha.cn/economy/2026_01_04_802680.shtml)
[3] China Interview Network - “Separation of Property Rights, Commission Incentives: Does Moutai’s Channel Reform Benefit Distributors More?” (https://wenshannet.com/company/173467.html)
[4] NetEase News - “Moutai’s Price Plunges 37%! 150 Million Bottles of Inventory Crush Distributors” (https://www.163.com/dy/article/KJLBDMUR0556IHQX.html)
[5] Sina Finance - “Within a Month, Moutai Issues Another Denial, This Time About the 1,169 Yuan Price!” (http://finance.sina.com.cn/stock/s/2026-01-05/doc-inhffwpr8172599.shtml)
[6] Sina Finance - “Moutai Ramps Up Feitian Moutai Sales via Direct Channels, iMoutai’s Volume Expansion Sparks Controversy” (https://finance.sina.com.cn/roll/2026-01-14/doc-inhhfrsx8485625.shtml)
[7] National Business Daily - “iMoutai Launches All Core Moutai Products! Seeking Change Through Marketization, Moutai’s 15-Day ‘Test the Waters’” (https://m.sohu.com/a/976519484_115362)
[8] China.com - “Can Moutai’s Direct Sales Break the Distributor System? A Major Channel Reform Initiative” (https://news.china.com/socialgd/10000169/20260103/49129463.html)

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:

• Chart 1: Comprehensive Analysis of Moutai’s Channel Reform and Market Impacts (Stock Price Trend, Price Changes, Number of Distributors, Channel Structure)
• Chart 2: Timeline of Key Events in Moutai’s Channel Reform

Report Generation Date: January 21, 2026
Product Name: Jinling AI