The price adjustment of Feitian Maotai: what impact does it have on consumers, channels, manufacturers, and shareholders?

Sina Finance’s “Wine Price Briefing” launches with great impact — the real market prices of well-known baijiu are now at your fingertips

On the evening of March 30, Guizhou Moutai officially announced adjustments to the sales contract price and the retail price in its self-operated system for its core single product—Feitian 53%vol 500ml Moutai. At a time when market-oriented transformation is being pushed forward intensively, this move by Moutai—one that tugs at market nerves—is not simply a change in price, but a deep strengthening of the relationship among four parties: consumers, channels, manufacturers, and shareholders.

Its core logic is clear: use market-oriented means to squeeze out speculative “water,” align the price of goods with their value, return channel profits to the role of providing services, and ultimately achieve a leap toward a “consumer-centered” approach.

Consumers: Aim at unreasonable markups, making fair, authentic purchases possible

In the past, Moutai’s “dual-track price system” fostered a large ecosystem of scalpers. The market price was decided by traders, and ordinary consumers were often forced to buy at high prices. This recent price change of nearly 40 yuan will not affect its demand; what consumers care about more is how to buy liquor fairly and with authenticity guaranteed.

After the market-oriented transformation, prices will be determined by market supply and demand. Since January 1, Moutai has successively lowered the retail prices in its self-operated system for multiple non-standard products such as Jingpin Moutai, Zodiac Moutai, and aged Moutai (15). The adjustment to the price of Feitian Moutai, it can be said, is another manifestation of conducting business in accordance with market rules, which will reduce the arbitrage space for speculative demand and effectively curb price manipulation. In the long run, a pricing system oriented toward market demand can help Moutai return to its attribute as a consumer good rather than a speculative one, ensuring that real consumers can purchase Moutai fairly and with authenticity guaranteed.

Channels: Say goodbye to load-dealing speculation, and transition to earning reasonable profits

For distributors, before the market-oriented transformation, the channel logic was “financial strength + quota games.” Distributors earned the price spread between the sales contract price and the market retail price, with more profits being intercepted by scalpers.

On January 14, Guizhou Moutai issued an announcement stating that the distribution model will, according to the different products and different channels’ operating costs, operating difficulty, operating risk, service capability, and so on, scientifically and reasonably calculate and determine the corresponding sales contract price and adjust it dynamically. In addition, by canceling the distribution system and combination sales, the distributors’ returns become more certain. With the introduction of a “consignment sales” model, distributors no longer lock up the right to hold inventory, and do not need to advance payment for goods; instead, they play the role of a “service provider.” For every bottle sold, they can obtain a reasonable return.

This series of policies greatly lowers the distributors’ capital costs, resolves inventory risk, and ensures that their profit space is reasonably protected. With regard to the adjustment to the core single product Feitian Moutai, it can better guide distributors to shift from “sitting merchants” to “traveling merchants,” redirecting their efforts from “flipping goods” to serving consumers, and becoming a co-creator of value.

Manufacturers: Follow market demand—scarce goods reflect true value

For Moutai as the manufacturer, this price adjustment is a “move with the times” after many years. Judging from historical cycles, the last time Moutai adjusted the sales contract price of Feitian Moutai was in November 2023. The most recent adjustment to the market retail price was in January 2018—now it has been 8 years. In an era of upgraded consumption trends, market demand for Moutai liquor has already undergone tremendous changes.

According to the results of a questionnaire survey covering 1.53 million people published by iMoutai on March 6, nearly 75% of people choose to purchase through official channels. In just 65 days, more than 2 million users purchased the products they wanted, while 32.5% of users obtained the products they wanted; and still 67.5% of users are expecting to purchase. In addition, more than half of users chose Moutai at New Year’s Eve dinner.

This set of data directly shows that iMoutai has not only activated a large number of end users that had previously been unable to be reached due to channel barriers, but also provided Moutai with a more direct and quantitative basis for real consumer prices.

In this year, Moutai proposed a market-oriented transformation and established a pricing mechanism of “keeping in step with the market, relatively stable.” After the Spring Festival, it adjusted prices during the off-season window for liquor sales. Behind this is the company’s confidence in product value—under a long-term market pattern of supply tightness and demand exceeding supply, as a high-end product with scarce attributes, its price should reflect true market demand.

Shareholders: Steady performance—build confidence in long-term value

The capital market has always focused on the direct impact of this adjustment on the profit statement of the listed company.

For shareholders, this means higher-quality investment returns with greater certainty. Moutai is delivering long-term value with solid, tangible performance, and giving shareholders confidence. Whether it is the earlier proposal for profit and dividend distributions of no less than 75% over three years, or the continued share repurchases across two rounds, these are important components of market value management.

Multiple institutions have analyzed that the price adjustment of Feitian Moutai, this core single product, will directly help the company develop more steadily. More importantly, by flattening the distribution channels, Moutai reduces profit capture in intermediate links and enhances the company’s control over pricing. This new model of “light assets, strong services” helps smooth industry cycle fluctuations and achieve long-term stable growth in the company’s profitability.

At a time when the baijiu industry is moving away from the “hard currency” bubble and actively squeezing out price “water,” Moutai’s adjustment to its pricing system is a strategic choice that takes into account both the “here and now” and the “distant future.” It lets consumers buy with confidence, allows distributors to operate with peace of mind, helps manufacturers grasp initiative, and gives shareholders steadfast confidence. With this series of market-oriented “combination punches” taking effect, Moutai is transforming—from a huge vessel that relies on channel thrust—into an engine that runs endlessly, driven by consumer demand.

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