Analysis Report on the Price Gap Between Wholesale and Retail Prices of Feitian Moutai

Based on collected market data and research materials, we hereby provide a detailed analysis report on the price gap between wholesale and retail prices of Feitian Moutai.

As of January 19, 2026, Feitian Moutai has formed a multi-tiered pricing system with significant price differences across various channels [0][1][2]:

Under the traditional distribution system, the price gap of Feitian Moutai mainly comes from the following links:

Ex-factory Price (RMB 999) → Dealer (Earns Price Gap) → Wholesaler/Distributor (Layered Price Hikes) → Scalper/Reseller (Arbitrage) → End Consumer (~RMB 1,650)
   ↓              +140~330 RMB              +50~100 RMB            +20~50 RMB

• Dealers
  : In the traditional model, they can earn a price gap profit of approximately RMB 300-500 per bottle
• Wholesalers/Distributors
  : Have a markup space of approximately RMB 50-100 per bottle
• Scalpers/Resellers
  : Have an arbitrage space of approximately RMB 20-50 per bottle

Looking at historical data, the price gap of Feitian Moutai has undergone significant changes [2][3]:

For a long time, Feitian Moutai has had a severe “dual-track pricing system” phenomenon [1][4]:

• One end
  : The ex-factory price strictly controlled by the manufacturer (long-term stable at around RMB 1,000)
• The other end
  : The market circulation price with layered markups (historical peak close to RMB 3,000)

This system has created a huge profit gap of approximately RMB 1,000-2,000 per bottle, making it harder for consumers to buy Moutai at the official guidance price of RMB 1,499 than to grab Spring Festival travel tickets [4].

Under the traditional channel model, each link has a motivation to raise prices:

1. Dealers
   : Earn price gaps by relying on information asymmetry and scarcity
2. Wholesalers
   : Multi-layer distribution system pushes up terminal prices
3. Scalpers/Speculators
   : Conduct arbitrage speculation by exploiting supply-demand imbalances

• The scarcity of Moutai wine endows it with financial attributes, making it an investment and collectible
• Speculative funds hoard goods in anticipation of price increases, further exacerbating supply-demand tensions
• Terminal prices deviate from actual consumption value, forming a bubble

In January 2026, Kweichow Moutai launched the 2026 Kweichow Moutai Wine Market-oriented Operation Plan and implemented a series of major reforms [3][4][5]:

• ✅ Feitian Moutai launched on iMoutai, with direct sales at RMB 1,499 per bottle
• ✅ Canceled distribution methods, shifted to “Self-sale + Distribution + Consignment Sales + Commissioned Sales”
• ✅ Established a dynamic retail price adjustment mechanism
• ✅ Reduced ex-factory prices of multiple non-standard products (Boutique Moutai, Aged Moutai, etc.)

The proportion of revenue from Moutai’s direct sales channels has continued to increase [5]:

• 2021: 22.7%
• 2022: 39.89% (iMoutai launched)
• 2024: 43.87%
• 2026 Forecast: Over 50%

According to the latest market data [2][3]:

• On January 19, 2026, the wholesale price of loose-bottle Feitian Moutai has dropped to RMB 1,540 per bottle
• A decrease of RMB 680 compared to early 2025, with a drop of 30.63%
• The overall market price has hit the two-month low for the third time

• Increased channels for purchasing Moutai at parity (iMoutai available for daily purchase)
• Terminal prices are gradually returning to rationality
• Moutai at the official price of RMB 1,499 is no longer “hard to find”

• The era of huge profits is over, and profit margins are transparentized
• Need to shift from “reselling to earn price gaps” to “serving consumers”
• Some dealers who cannot keep up with the transformation face elimination

• Arbitrage space has been significantly compressed
• Some scalpers have chosen to exit the market
• Profits have dropped from hundreds of yuan to tens of yuan

1. Further Narrowing of Price Gap
   : With the expansion of iMoutai’s supply and market supply-demand adjustments, the wholesale-retail price gap is expected to continue to narrow
2. Pricing Power Returns to the Manufacturer
   : Moutai has regained terminal pricing power through its direct sales system
3. Channel Ecology Restructuring
   : Dealers are transforming into service providers, and commission-based and consignment models are emerging
4. Stabilized Price Fluctuations
   : The dynamic adjustment mechanism avoids sharp price fluctuations

• Revenue Growth
  : The increase in the proportion of direct sales will boost profits (the RMB 330 per bottle price gap is higher than that of the dealer model)
• Brand Value
  : Cracking down on speculation is conducive to the long-term healthy development of the brand
• Performance Stability
  : Channel flattening improves control over the terminal market

Looking at the stock performance of Kweichow Moutai [0]:

• The stock price has been under pressure recently (a 2.59% drop in 1 month, a 4.42% drop in 6 months)
• However, the fundamentals remain solid (ROE 36.48%, net profit margin 51.51%)
• Channel reforms are long-term positive for the company’s development

[0] Jinling API Market Data - Kweichow Moutai (600519.SS) Company Profile and Stock Price Data

[1] Securities Times - “Kweichow Moutai May Reduce Ex-factory Prices of Multiple Core Products” (https://www.stcn.com/article/detail/3587884.html)

[2] Securities Daily/Sina Finance - “Retail Prices in the Baijiu Market Continue to Decline” (https://finance.sina.com.cn/jjxw/2026-01-19/doc-inhhwavp7773393.shtml)

[3] 21st Century Business Herald - “Moutai Regains Pricing Dominance” (https://www.21jingji.com/article/20260113/herald/aea5b09ae208a978578797bf760a10e1.html)

[4] China.org.cn - “Rigid Ex-factory Price Becomes History, Moutai Regains Pricing Power” (https://m.tech.china.com/redian/2026/0118/012026_1798924.html)

[5] Jiemian News - “In-depth: iMoutai Restructures Kweichow Moutai” (https://m.jiemian.com/article/13870647.html)

[6] National Business Daily - “All Core Moutai Products Launched on iMoutai” (https://www.nbd.com.cn/articles/2026-01-16/4222668.html)