On February 3rd, data from the third-party platform "Today's Liquor Price" showed that the prices of 2026 and 2025 Feitian Moutai rose across the board. A case of 2026 Feitian Moutai was quoted at 1,625 yuan per bottle, an increase of 35 yuan from the previous day, while a case of 2025 Feitian Moutai was quoted at 1,640 yuan per bottle, up 20 yuan from the day before.
A full month has passed since Moutai initiated its market-oriented reforms, with the vanguard platform "i Moutai" being the first to report results. On the evening of February 2nd, i Moutai officially disclosed a set of key figures: in the past January, the platform's monthly active users exceeded 15.31 million, including 6.28 million newly registered users. Over 1.45 million users successfully purchased products, generating more than 2.12 million transaction orders. Among these, orders for the 53% vol 500ml Kweichow Moutai Co.,Ltd. (commonly known as Feitian Moutai) surpassed 1.43 million. Assuming all monthly active users participated in the application process, this indicates that with a batch of Moutai products collectively launching on i Moutai in January, the user success rate for applications was less than 9.5%.
Following the disclosure of this data by i Moutai on the evening of the 2nd, the market widely considered the figures to have exceeded expectations. With 1.43 million Feitian Moutai transactions in January, and considering consumers could apply for 1-12 bottles per attempt during the 3-day New Year's holiday (later adjusted to 1-6 bottles per attempt), it is roughly estimated that the transaction volume for Feitian Moutai ranged between approximately 670 tonnes and 4,400 tonnes. This translates to revenue reaching several billion to over ten billion yuan in just one month. This performance far surpasses that of the same period in previous years. For context, i Moutai's total revenue for the first three quarters of 2025 was close to 12.7 billion yuan. After rising the previous day, the share price of Kweichow Moutai Co.,Ltd. climbed again on the morning of February 3rd after the market opened, once surging over 3% to lead the baijiu sector, before paring gains to around 2%.
Over the past month, Moutai has comprehensively shifted its primary focus from business-to-business (B2B) channels to direct consumer (B2C) engagement. While initial market skepticism existed, the price performance of Feitian Moutai shows it has not led to a decline in liquor prices; instead, there has been a recent moderate rebound. Guotai Haitong Securities believes this reform by Moutai has stimulated significant incremental demand, with a considerable number of consumers becoming Moutai clients for the first time and showing a strong willingness to open bottles. Moutai's pivot towards selling a lifestyle has effectively expanded its market potential. To meet delivery demands, Moutai has increased its investment in logistics and distribution. Beyond Guiyang, Moutai recently added new distribution warehouses in Nanjing and Beijing to shorten delivery cycles. According to i Moutai, for example, 75% of Feitian Moutai orders can now be signed for within 5 days of placement, with 60% completed within 4 days. Simultaneously, offline pickup is progressing steadily, with i Moutai reporting that over 106,300 consumers have already collected their purchases at physical stores. Renowned investor Duan Yongping once again expressed approval for Moutai's reforms this year on his personal account, stating that the decision for i Moutai to sell Feitian Moutai carries virtually zero commercial risk. He previously commented, "The timing for i Moutai is excellent, allowing everyone to see the genuine demand for Moutai. It's not unreasonable for many families to consume one bottle of Moutai per year, and i Moutai can effectively solve the distribution channel issue."
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