At the 2026 interim results briefing for Kweichow Moutai Co., Ltd., held on August 21, an investor raised a pressing question regarding recent media speculation that between 100 million and 200 million bottles of Flying Fairy Moutai are currently sitting in distribution channels, potentially creating a looming oversupply threat.
In response, Kweichow Moutai's director and acting general manager, Wang Li, provided a detailed explanation. She stated that during the first half of 2026, the company's market-oriented reforms in channel allocation have significantly broadened consumer reach. Consequently, the monthly inventory-to-sales ratio for Moutai products across social channel systems has consistently remained below 1.0, indicating that overall distribution inventory is at a healthy and sustainable level.
Wang Li further elaborated that a series of measures implemented since 2024, combined with the formation of a supply-demand matching channel system, a market-driven pricing mechanism, and dynamic adjustment frameworks in 2026, have drastically reduced speculative opportunities for intermediaries. The heightened risks associated with stockpiling have diminished the willingness to hoard, compressing such highly liquid speculative inventories to minimal levels that are insufficient to disrupt market stability.
She also highlighted that over the past seven months, the price of Kweichow Moutai liquor has remained remarkably stable without significant fluctuations, serving as concrete evidence supporting these assessments. As market-oriented reforms continue to deepen, speculative space will be further constrained, and supply-demand alignment will become even more precise, ultimately better serving consumers' demands for fair pricing, authentic products, and convenient purchasing.
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