Analysis of Moutai Dealer 1499 Yuan Promotion Impact on Price System and Channel Inventory

Based on the latest data and market information obtained, I will systematically analyze the in-depth impact of the Moutai dealer’s 1499 yuan promotion on the price system and channel inventory for you.

Chengdu Chuantang Supply Chain Management Co., Ltd. (a Moutai dealer) issued a promotion notice on January 4, 2026, launching the following activities [1,2]:

• Price
  : 1499 yuan/bottle (Feitian Moutai official guide price)
• Purchase Limit
  : Each customer can order 1-5 cases (whole case reservation)
• Delivery Time
  : Shipment will be made in the order of payment starting from January 10
• Contract Status
  : 2026 distribution contract has been signed, with planned volume consistent with 2025

: According to subsequent reports, this promotion was canceled on the same day it was announced [3], but the event itself has important symbolic significance and market signal value.

Product Type	Ex-factory Price	Guide Retail Price	Actual Wholesale Price (Loose Bottle)	Actual Wholesale Price (Original Case)
Feitian Moutai 500ml	1169 yuan	1499 yuan	Approximately 1499-1500 yuan [2]	Approximately 1505 yuan [2]
Premium Moutai	-	2299 yuan	-	-
1kg Moutai	-	3998 yuan	-	-

According to brokerage API data [0]:

• Stock Price
  : 1377.18 yuan (closing price on January 4, 2026)
• Recent Performance
  : Down 3.29% in the past month, down 4.15% in the past 3 months, down 4.36% in the past year
• Valuation Level
  : PE (TTM) is 19.16x, market capitalization is 1.73 trillion yuan
• Financial Health
  : Net profit margin 51.51%, ROE 36.48%, current ratio 6.62

---

:

• The dealer’s 1499 yuan promotion means that 1499 yuan may become a
  new price ceiling
  rather than a floor
• On December 12, the wholesale price of loose-bottle Feitian Moutai fell below 1499 yuan for the first time to 1485 yuan [5], an early warning of price inversion has appeared
• The price in the 10-billion subsidy channel of e-commerce platforms has dropped to
  1399 yuan
  [4], further lowering market expectations

:

Ex-factory price (1169 yuan) → Dealer purchase price → Wholesale price (already below 1499 yuan) → Retail price (promotion at 1499 yuan)

Traditionally, Moutai had a huge channel profit margin (ex-factory price 1169 yuan vs. market price once exceeding 3000 yuan), but now this margin has been significantly compressed.

:

• On January 1, iMoutai launched 1499 yuan Feitian Moutai, which was “sold out in seconds” on the first day, and over 100,000 users successfully purchased it in three days [2]
• Moutai Company obtained massive user data and directly grasped consumer portraits
• Strengthened official pricing power and reduced intermediate links

:

• On January 4, iMoutai reduced the daily purchase limit from 12 bottles to 6 bottles [2], reflecting market pressure indirectly
• Pricing Conflict Between Direct Sales and Distribution Channels
  : How should dealers price when iMoutai sells at 1499 yuan?
• If dealers follow up with the 1499 yuan promotion, the profit margin will only be
  230 yuan
  (1499-1169), far lower than historical levels

According to a First Financial report [6], iMoutai is building a “pyramid”-shaped price system:

• Tower Top
  : Previous years’ wines (produced from 2019 to 2024), prices increase with the year
• Tower Body
  : Current-year Feitian Moutai (1499 yuan guide price)
• Tower Base
  : Series wines (such as Moutai 1935)

The core goal of this system:

.

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According to the report of the China Alcoholic Drinks Association [4]:

• 58.1% of dealers reported increased inventory
• More than half have price inversion problems
• Over 40% of terminal retailers face cash flow pressure

(invalid now):

• Dealers relied on the stable appreciation expectation of Feitian Moutai to stockpile
• Ex-factory price 1169 yuan vs. market price 3000 yuan, stockpiling meant profit

:

• Wholesale price fell below 1499 yuan, close to ex-factory price
• Stockpiling means loss
  , dealers must accelerate turnover
• The active promotion by Chengdu Chuantang dealer is a
  direct reflection of destocking pressure

At the dealer conference on December 28, 2025, Moutai announced that it would “no longer use distribution methods” [4], and significantly reduced non-standard product quotas:

• Moutai 15-Year, 1L Feitian: 30% reduction
• Zodiac Moutai: 50% reduction
• Colored Glaze Premium: Supply completely stopped

:

1. Reduce non-standard product supply and boost the market price of high-end wines
2. Alleviate dealers’ stockpiling and inventory pressure
3. Promote channel transformation from “earning price differences” to “earning service fees”

(high gross profit, low turnover):

• Purchase cost 1169 yuan, market price 2000-3000 yuan
• Profit margin 70-150%, relying on stockpiling appreciation

(low gross profit, high turnover):

• Purchase cost 1169 yuan, selling price 1499 yuan
• Gross profit margin only 20.4%
  , must profit from rapid turnover and value-added services

---

Moutai Chairman Chen Hua stated at the dealer conference [4]:

“We must do everything possible to prevent price speculation, which is not only responsible to consumers but also to Moutai itself.”

: Bring Feitian Moutai back within the 1499 yuan suggested retail price system.

Reform Measure	Implementation Status	Market Reaction
iMoutai direct sales platform	Launched (January 1, 2026)	Positive consumer response, dealer concerns
Cancel distribution system	Announced (December 28, 2025)	Dealer quotas remain unchanged
Reduce non-standard product quotas	Implemented	Price inversion of non-standard products eased
Dealers follow up with 1499 yuan promotion	Canceled after trial	Price system under pressure

:

• Stock price under pressure: down 4.36% in the past year [0]
• Dealer profits significantly compressed
• Price inversion of non-standard products (e.g., Moutai 1935 fell from 1800 yuan to 650 yuan [5])

:

• Squeeze out speculative bubbles and return to consumer attributes
• Establish a more stable channel system
• Improve consumer accessibility and brand image

---

:

• 1499 yuan may become a
  strong resistance level
• Seasonal increase may occur before the Spring Festival, but the space is limited
• Wholesale price may fluctuate in the range of 1450-1550 yuan

:

• Price system gradually stabilizes
  near the guide price
• Channel profit margin returns from excessive profit to a reasonable level (20-30%)
• Non-standard product prices continue to be under pressure

:

• Dealers with strong terminal networks and service capabilities
• Able to transform into “service providers” rather than “resellers”
• Dealers with high-net-worth customer resources

:

• Speculative dealers relying on stockpiling appreciation
• Intermediaries lacking terminal control
• Small and medium-sized dealers with tight cash flow

Indicator	Current Value	Warning Line
Loose-bottle wholesale price	1499 yuan [2]	<1400 yuan
Original case wholesale price	1505 yuan [2]	<1450 yuan
iMoutai sales volume	Over 100,000 users [2]	<50,000/day
Dealer inventory	58.1% increase [4]	>70% increase

---

:

• Channel reform shows management’s determination and strategic focus
• Huge brand moat and pricing power remain
• Excellent financial indicators: net profit margin 51.51%, ROE 36.48% [0]
• Abundant cash flow, current ratio 6.62 [0]

:

• Uncertainties exist in the process of price system restructuring
• Dealer system may face shocks
• Growth pressure in the short term

: Moutai is undergoing a . Short-term pain is inevitable, but in the long run, it is expected to establish a healthier price and channel system. The current PE of 19.16x [0] is in a reasonable range. It is recommended that , while short-term investors need to closely monitor the price system and dealer dynamics.

The essence of the 1499 yuan promotion event is:

.

• Price System
  : Return from speculative hype to consumption; 1499 yuan may become the new normal
• Channel Inventory
  : Shift from stockpiling logic to turnover logic; dealers accelerate differentiation
• Industry Impact
  : The price system of the liquor industry faces revaluation; high-end wines are under pressure

---

[0] Jinling API Data - Moutai Stock Real-time Quotes, Financial Data, Technical Analysis
[1] Sina Finance - “Moutai Dealer Follows Up with 1499 Yuan Feitian Promotion: Each Person Can Purchase Up to 5 Cases” (https://finance.sina.com.cn/jjxw/2026-01-04/doc-inhfctqr8872100.shtml)
[2] Phoenix Finance - “1499 Yuan: A Dealer Follows Up with Feitian Moutai Promotion; Each Person Can Purchase Up to 5 Cases” (https://finance.ifeng.com/c/8pe9HPNvTVb)
[3] Sina Finance - “Latest Progress on Moutai Dealer’s ‘1499 Yuan Feitian’ Promotion: The Event Has Been Canceled” (https://finance.sina.com.cn/chanjing/jync/2026-01-04/doc-inhfcxwp8797886.shtml)
[4] Caizhongshe - “Cancel Distribution: Moutai’s Channel Reform Gets Serious” (https://m.caizhongshe.cn/news-2280783864370643066.html)
[5] The Paper - “Feitian Moutai Shocks the Market” (https://m.thepaper.cn/newsDetail_forward_32204221)
[6] First Financial - “iMoutai 2026 Launched Product Prices Officially Announced; Moutai Wine Market Retail Price System Fully Restructured” (https://www.yicai.com/news/102984247.html)

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: For more in-depth analysis, including channel comparison, competitor impact, or quantitative modeling, it is recommended to enable the , which provides more detailed channel data, dealer surveys, and industry comparison analysis.