On December 15, Kweichow Moutai (600519.SH) continued its recent rebound trend, rising over 1% intraday. By midday, its shares reached 1,427.66 yuan, up 0.49%, having reclaimed its position as the top stock in the A-share market last Friday. Concurrently, the market price of its flagship product, Feitian Moutai, has also rebounded, reversing its earlier decline below the official guidance price. Data from third-party platform "Today’s Liquor Price" shows that on December 15, the wholesale reference price for the 2025 53° 500ml Feitian Moutai (loose bottle) rose to 1,560 yuan/bottle, while the original case product reached 1,550 yuan/bottle—both surpassing the official guidance price of 1,499 yuan/bottle.
Market reports suggest that Kweichow Moutai is introducing a supply control policy, covering short-term relief and mid-to-long-term structural reforms. Short-term measures include suspending all product shipments to distributors (prepayments already completed) from December 2025 until January 1, 2026, with resumption at an appropriate time. For structural reforms, the company plans to significantly reduce non-standard product quotas in 2026, cutting supply that erodes distributor profits at the source.
When contacted for verification, Kweichow Moutai’s securities department stated that the company prioritizes demand-driven strategies, focusing on channel resilience and precise product allocation based on terminal sales. Regarding future market policies, the company is still studying specifics, with potential announcements at the upcoming distributor conference around December 28.
Addressing Feitian Moutai’s price dip, the representative noted that Moutai’s prices remain relatively stable industry-wide. The temporary drop below 1,499 yuan/bottle was partly due to platform subsidies or promotional pricing, but prices have since recovered.
At its November 28 shareholder meeting, Kweichow Moutai emphasized balancing short-term and long-term goals, rejecting short-term gains at the expense of sustainable growth, market manipulation, or stakeholder interests.
Analysts view the supply control measures positively. Citigroup highlighted that these measures, following the interim dividend, stabilize wholesale prices and shares. Reducing non-Feitian product quotas eases distributor liquidity pressure, prompting Citigroup to maintain a "Buy" rating. East China Securities added that the policy alleviates short-term burdens and structural pressures from non-standard products, aligning supply with demand while safeguarding distributor profits.
Meanwhile, Kweichow Moutai continues active market cap management. On December 10, its 2025 interim dividend plan was approved, distributing 23.957 yuan per share (tax-inclusive), totaling 30.001 billion yuan (tax-inclusive). The company has also implemented special dividends, stable payouts, buybacks, and major shareholder purchases to stabilize its stock price.
On cultivating younger consumers, the company clarified it aims to build cultural influence rather than direct sales, fostering brand acceptance as this demographic matures—a long-term brand-building strategy alongside channel adjustments.
(Disclaimer: Content is for reference only and does not constitute investment advice. Investors assume all risks.)
Comments