According to dealers, on December 13, the price of Feitian Moutai (2025) increased four times, reaching 1,580 yuan per bottle by around 6 PM. On December 12, the quoted price for a case of Feitian Moutai was as low as 1,490 yuan per bottle. By the morning of December 13, it jumped by 20 yuan to 1,510 yuan per bottle, followed by a rapid upward trend.
What triggered this surge? Market speculation suggests potential policy adjustments for Kweichow Moutai in 2026, particularly concerning dealer policies and product distribution, which may bring favorable changes. Earlier, at a shareholders' meeting on November 28, Kweichow Moutai emphasized that product supply would depend on market capacity, prioritizing channel resilience and stability. The company also plans to manage production capacity scientifically.
On the afternoon of December 13, reports indicated significant price fluctuations for Kweichow Moutai. A Shenzhen dealer confirmed that Feitian Moutai (2025) saw four price hikes in a single day, reaching 1,580 yuan per bottle by evening. Dealers in northern China corroborated this trend.
Market data shows that on December 12, a case of Feitian Moutai was quoted at 1,490 yuan per bottle. By December 13, the price surged to 1,510 yuan, then climbed to 1,530 yuan, and eventually hit 1,580 yuan after another midday adjustment. Notably, Kweichow Moutai's stock price also posted three consecutive gains in the secondary market.
Rumors suggest that Kweichow Moutai may adjust its 2026 strategy, including optimizing product structure, market-driven pricing, and performance metrics, reflecting management's focus on brand stability. The November 28 shareholders' meeting reinforced this stance, with the company pledging to balance short-term and long-term goals without compromising market principles or stakeholder interests.
Kweichow Moutai will carefully manage production capacity, aligning supply with microbial cultivation and distiller expertise. Sales adjustments will be market-driven, with increased base liquor reserves during downturns and gradual releases during recovery. According to BOC Securities, base liquor production from 2021 to 2024 saw minimal growth, suggesting limited supply expansion in the next five years. The company is also advancing reforms to address supply-demand imbalances and enhance channel stability.
Industry opportunities may emerge as consumption policies gain traction. Recently, six ministries jointly issued a plan to boost consumer goods demand through innovation, targeted supply, and new business models. Next year’s economic priorities include expanding domestic demand, increasing income, and removing consumption barriers.
Aijian Securities notes that liquor companies are entering a performance-clearing phase, with demand expected to recover weakly as policies ease. The sector’s low valuations and high dividend yields present attractive opportunities. China Securities Co. highlights clear bottom signals in the industry, with白酒 demand stabilizing and valuations at historic lows, making it a favorable time for strategic investments.
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