On December 15, the wholesale price of Kweichow Moutai's (600519.SH) flagship product, Feitian Moutai, experienced fluctuations again.
Sources indicate that Kweichow Moutai will cancel its distribution program, significantly reduce the scale of non-standard products, and may moderately relax its dealer recruitment threshold.
Looking back at the liquor industry's adjustment period in 2013 and 2014, when distribution rights were expanded, this policy shift—though under different circumstances—similarly aims to optimize channel structure. Specific details will be announced at the dealer conference on December 28, making it a focal point in the industry.
**Major Channel Policy Adjustments** According to a Beijing-based liquor retailer, the wholesale price of Feitian Moutai on December 15 was around 1,580 yuan per bottle. Just days earlier, it had dropped to a low of 1,510 yuan before rebounding to 1,600 yuan on December 14 and slightly declining again on the 15th.
It’s important to note that wholesale prices differ from retail prices. Wholesale prices mainly reflect inter-dealer transactions, where profit margins have been significantly compressed—sometimes as low as a few yuan per bottle—making it difficult for ordinary consumers to purchase at this price.
The short-term price volatility of Feitian Moutai directly reflects Kweichow Moutai’s channel policy adjustments.
Multiple sources reveal that provincial dealer meetings have recently been held, focusing on strategic adjustments for 2026. Two key measures have drawn industry attention: 1. **Cancellation of the distribution program**—Previously, non-standard Moutai products circulated mainly through distributors, serving as a core funding source but also a major cause of losses due to market fluctuations. 2. **Sharp reduction in non-standard products**—Aged Moutai and kilogram-sized bottles will be cut by 30%, zodiac-themed Moutai by 50%, while premium Moutai will be discontinued entirely. This means non-standard products will shrink significantly in 2026. Meanwhile, high-end Moutai will focus on the 2,000+ yuan price segment with a demand-driven supply strategy.
Dealers have confirmed these policy directions, adding that further details will be announced at the December 28 dealer conference.
Regarding future price trends, some dealers predict stability ahead of the 2026 Spring Festival peak season, with possible minor increases followed by post-holiday adjustments.
An industry analyst noted that canceling the distribution program could ease dealers’ Q4 losses. If non-standard product cuts are strictly enforced, related business volume may drop by 15–20 billion yuan.
More notably, insiders suggest Kweichow Moutai may "moderately relax dealer recruitment thresholds" in 2026. While the company has not officially responded, dealers believe this could stabilize market prices.
**Policy Direction Under Scrutiny** The last major expansion of distribution rights occurred during the 2013–2014 industry downturn, helping Kweichow Moutai optimize channels under market pressure.
In July 2013, the company offered distribution rights to merchants purchasing 30 tons of Feitian Moutai at 999 yuan per bottle (total payment: ~63.656 million yuan), granting them the 819-yuan factory price the following year. This attracted major dealers like Guangdong Yueqiang and Henan Shenglin.
In 2014, requirements were further relaxed: new dealers needed only 4.5 tons (1.5 tons at 999 yuan, 3 tons at 819 yuan), reducing the total payment to over 8 million yuan. Additional conditions included establishing stores in underserved regions and strong local market presence.
Post-implementation, 343 new dealers and stores were added, boosting sales by 1,500+ tons.
While the 2026 policy differs in context, it similarly targets channel optimization. As the dealer conference approaches, Kweichow Moutai’s next moves remain a key industry focus.
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