Impact Analysis of Adjustments to iMoutai's High-End Product Distribution Strategy

Based on the latest collected information, I will provide you with a systematic and comprehensive analysis.

---

According to the official announcement from iMoutai (released on January 8, 2026), this adjustment covers three high-end products[1]:

Product	Adjustment Details	Implementation Date
Premium Moutai (53% ABV 500ml)	Launches daily at 09:09, with a daily limit of 6 bottles per user	January 9, 2026
1L Flying Moutai (53% ABV 1L)	Launches simultaneously, with a daily limit of 6 bottles per user	January 10, 2026
Year of the Horse Zodiac Moutai Premium Edition	2026 distribution rhythm optimized to four key nodes, extending the sales cycle	Throughout 2026

:

• Spring Festival Period
  : February 10–16 (23rd to 29th of the 12th lunar month)
• iMoutai Brand Day
  : May 19–25
• Mid-Autumn Festival Period
  : September 19–25 (9th to 15th of the 8th lunar month)
• Winter Gathering
  : December 22–28

---

This adjustment reflects the deepening of Moutai’s “channel flattening” strategy. According to market information, Moutai clearly stated that “the era of exorbitant profits per bottle is over”, shifting its focus to “securing long-term reasonable profits for all product lines through the channel system”[2].

:

Channel Type	Profit Impact	Reason Analysis
Traditional Distributors	Profit margins squeezed	Quota cuts for non-standard products, direct supply of Flying Moutai to iMoutai
iMoutai Direct Sales	Profit margins expanded	Scale effect from over RMB 20 billion in sales, direct recovery of channel profits from RMB 1,499 Flying Moutai
Scalpers/Speculators	Profit margins compressed	Increased supply volume, purchase restrictions curb arbitrage space

In 2024, the iMoutai platform achieved approximately

in tax-exempt alcohol sales, exceeding in the first three quarters of 2025[2]. The RMB 1,499 Flying Moutai “sells out in seconds” daily since its launch on iMoutai, which is expected to significantly recover channel profits and boost the company’s performance.

According to the spirit of Moutai’s provincial distributor association meetings, a

strategy will be implemented for non-standard products in 2026[3]. This means:

• Non-standard products such as zodiac Moutai and 1L Moutai will have
  reduced distribution volumes
  , with the specific extent yet to be determined
• Distributors will “operate based on capability”, making flexible adjustments according to market demand
• Product pricing will be more aligned with actual market value

---

:

Impact Dimension	Specific Performance
Supply Side	Limited daily supply volume, controllable inventory consumption rhythm
Demand Side	Personal consumption demand basically met, curbing speculative hoarding
Scarcity	Controllable short-term supply volume, avoiding market oversaturation

Looking at the wholesale price trend, Moutai’s volume control policy has taken effect: on December 12, 2025, the wholesale price of loose-bottle Flying Moutai fell below the RMB 1,499 guide price to RMB 1,485, but with the introduction of volume control measures, the wholesale price rebounded rapidly to above

[4][5].

The Year of the Horse Zodiac Moutai Premium Edition adopts a

, representing a significant change from the previous scattered distribution model:

Original Model: Scattered distribution throughout the year → New Model: Concentrated distribution across four key nodes

Effect Evaluation:
✓ Extended sales cycle: From continuous supply throughout the year to seasonal concentration
✓ Enhanced scarcity: Phased out-of-stock situations create a "once missed, gone forever" mentality
✓ Stable pricing: Avoids gradual price declines caused by continuous supply volume increases

:

• Classic Edition:
  RMB 1,899/bottle
  (a RMB 600 reduction compared to the Year of the Snake Moutai’s RMB 2,499)
• Premium Edition:
  RMB 2,499/bottle
• Gift Set:
  RMB 3,789/set

The proactive price reduction further lowers the consumption threshold, while leaving a reasonable premium space for the collection market[6].

---

In recent years, the “speculation myth” of Moutai zodiac wines has gradually faded. Market data shows[6]:

Product	Initial Launch Price	Current Price	Price Change
2024 Year of the Dragon Moutai	RMB 6,000/bottle	~RMB 3,000/bottle	Over 50% drop
2025 Year of the Snake Moutai	RMB 2,800/bottle	~RMB 2,400/bottle	Premium space significantly squeezed

This trend indicates:

• Zodiac Moutai is transitioning from a
  financial investment product to a cultural consumer product
• Investment returns can no longer replicate past glory
• The collection market is becoming increasingly polarized

:

1. Limited release attribute
   : The Premium Edition is only available via time-limited distribution across four annual nodes, with limited supply volume
2. Cultural value
   : Uses “Qi Purple”, the traditional Eastern color of 2026, as the main color, with a unique bottle design
3. Liquor quality premium
   : The Premium Edition uses premium liquor quality and wooden box packaging, enhancing its collection attribute
4. Scarcity differentiation
   : First-round Year of the Horse and Year of the Goat Zodiac Moutai still maintain value-preserving functions due to limited issuance volumes[7]

:

1. Declining overall popularity of zodiac Moutai
   : Market enthusiasm for speculative trading of zodiac Moutai has clearly waned
2. Price transparency
   : iMoutai’s direct pricing of RMB 1,899-2,499 squeezes the speculative space in the secondary market
3. Expectation of increased supply
   : Moutai stated that it will flexibly adjust distribution based on market demand

Collection Type	Strategy Recommendations
Long-term Collection	First-round release products (e.g., Year of the Horse, Year of the Goat) still retain scarcity value
Short-term Speculation	Risks have risen significantly, premium space is limited, recommended to wait and see
Consumption-Oriented Collection	The Premium Edition combines quality and cultural attributes, can be allocated appropriately based on personal preference

---

┌─────────────────────────────────────────────────────────────┐
│                    Moutai's Channel Strategy Triangle       │
├─────────────────────────────────────────────────────────────┤
│                                                             │
│           ┌─────────────┐                                   │
│           │  Stabilize  │                                   │
│           │  Prices &   │                                   │
│           │  Rebound    │                                   │
│           │  Wholesale  │                                   │
│           │  Prices     │                                   │
│           └──────┬──────┘                                   │
│                  │                                          │
│    ┌─────────────┼─────────────┐                            │
│    │             │             │                            │
│    ▼             ▼             ▼                            │
│ ┌──────┐    ┌──────┐     ┌──────┐                          │
│ │Control│    │Expand│     │Product│                          │
│ │Volume &│    │Direct│     │Grading│                          │
│ │Stabilize│   │Sales │     │       │                          │
│ │Supply  │    │Volume│     │       │                          │
│ └──┬───┘    └──┬───┘     └──┬───┘                          │
│    │          │             │                              │
│    └──────────┼─────────────┘                              │
│               ▼                                            │
│        ┌─────────────┐                                     │
│        │ Profit      │                                     │
│        │ Restructuring│                                    │
│        │ Long-term   │                                     │
│        │ Rationalization│                                  │
│        └─────────────┘                                     │
│                                                             │
└─────────────────────────────────────────────────────────────┘

Stakeholder	Impact Direction	Assessment
Kweichow Moutai	Positive-leaning	Increased proportion of direct sales, optimized profit structure; stabilized wholesale prices beneficial to brand image
Traditional Distributors	Negative-leaning	Quota cuts for non-standard products, squeezed profit margins, need to adapt to market-oriented operations
End Consumers	Positive-leaning	Increased purchase channels, improved price transparency, lower consumption threshold
Collection Investors	Neutral-negative	Short-term speculative space squeezed, long-term scarce products still have value
Scalpers/Speculators	Negative	Arbitrage space significantly compressed, increased difficulty in speculation

1. Wholesale price trend of Flying Moutai
   : As an industry benchmark, the tug-of-war between the RMB 1,499 guide price and market wholesale prices will continue
2. Distribution volume of non-standard products
   : The specific reduction extent for zodiac Moutai, 1L Moutai, etc., has not yet been clarified
3. Volume expansion rhythm of iMoutai
   : The continuous distribution of RMB 1,499 Flying Moutai will determine the speed of channel profit restructuring
4. Recovery of consumer demand
   : The actual impact of the macroeconomic environment on high-end baijiu consumption

---

This adjustment to iMoutai’s high-end product distribution strategy is an important measure in the deepening of Moutai’s

, reflecting the following core logics:

1. Channel profit restructuring
   : Strengthens the recovery of channel profits through the direct sales system, transitioning from the “era of exorbitant profits” to the “era of reasonable profits”

2. Precise maintenance of scarcity
   :
   • Premium Moutai, 1L Moutai: Purchase restrictions curb speculative hoarding, maintaining controllable supply
   • Year of the Horse Zodiac Moutai: Distribution across four key nodes extends the sales cycle, maintaining scarcity attributes

3. Reassessment of collection value
   :
   • Short-term: The investment attribute of zodiac Moutai is weakened, prices return to consumption value
   • Long-term: First-round release and scarce products still retain value-preserving functions, but investment return expectations need to be lowered

4. Market structure reshaping
   : Moutai is promoting the transformation of its channel system toward a healthier and more sustainable direction through a three-pronged strategy of “controlling volume to stabilize prices, expanding direct sales volume, and grading products”.

---

[1] Sina Finance - iMoutai Adjusts Distribution of Premium Moutai, 1L Moutai, and Year of the Horse Zodiac Moutai (https://finance.sina.com.cn/chanjing/jync/2026-01-08/doc-inhfqyhm3734103.shtml)

[2] Guancha.cn - RMB 1,499 Flying Moutai Launches on iMoutai, Open for Subscription Starting New Year’s Day (https://www.guancha.cn/economy/2025_12_30_802215.shtml)

[3] Shengang Securities - Moutai Wholesale Price Rebounds, Policies Support Consumption (https://pdf.dfcfw.com/pdf/H3_AP202512191804015494_1.pdf)

[4] Securities Times - Rumors of Moutai Launching Volume Control Measures? Flying Moutai Price Rebounds! (https://stcn.com/article/detail/3539270.html)

[5] AJ Securities - Moutai Controls Volume to Stabilize Prices, Wholesale Price Rebounds (https://pdf.dfcfw.com/pdf/H3_AP202512151801029114_1.pdf)

[6] Pedaily.cn - Moutai Zodiac Wine Snapped Up Again, But Prices Can’t Rise (https://news.pedaily.cn/202601/559556.shtml)

[7] CLS.cn - Year of the Horse Zodiac Moutai Frenzy on Launch Day (https://m.cls.cn/detail/2248960)

[8] 21st Century Business Herald - Moutai “Makes a Comeback”? Stock Price Rises 3.54% (https://www.21jingji.com/article/20260105/herald/3fe81ec7bd01a60fdf428df9711fec21.html)