Guizhou Moutai officially announces price increase!

Sina Finance “Liquor Price Insider” officially launches, with real market prices of well-known baijiu always within reach

On March 30, Guizhou Moutai released an announcement saying that, after a study and decision, effective from March 31, 2026, the sales contract price of Feitian 53%vol 500ml Guizhou Moutai Liquor (2026) will be adjusted from RMB 1169 per bottle to RMB 1269 per bottle, and the company’s self-operated system retail price will be adjusted from RMB 1499 per bottle to RMB 1539 per bottle.

Moutai’s price increase this time had been foreshadowed. On January 14, 2026, Moutai issued an announcement stating that the company held the first meeting of the Fourth Board of Directors for the 2026 fiscal year, and the meeting approved the 《2026 Guizhou Moutai Liquor Market-Oriented Operation Plan》.

The operation plan involves a wide range of areas including channels and pricing. In the announcement, Moutai stated that it will focus on products, return to the “pyramid-shaped” product structure of Moutai Liquor, clarify the differential positioning of each series, and better meet consumers’ different needs. The operating model will shift from the traditional sales model of “self-sale + distribution” to a multi-dimensional coordinated marketing system of “self-sale + distribution + agency sale + consignment sale,” to better adapt to, reach, and convert consumer demand. On the channel side, it will build a parallel channel layout of “five major channels”—wholesale, offline retail, online retail, catering, and private domain—through an “online + offline” integrated transformation. It will improve efficiency and reach on the online side, manage conversion and service on the offline side, and form a healthy channel ecosystem centered on consumers.

On pricing, Moutai said it will be market-oriented and build a dynamic adjustment mechanism for retail prices under its self-operated system of “follow market conditions while maintaining relative stability.”

In response, Founder Securities said that in a period when the industry is under pressure, the company’s reform and innovation have continued to deepen, adhering to the coordinated development of inheritance and innovation. It insists on balancing volume and price, values the interests of distributors, and proactively helps ease channel pressure. Adjustments to products, operating models, channels, and the pricing system will accelerate the differentiation and upgrading of the distributor group. In the future, service capability, terminal control ability, and consumer connection ability will become the core value.

In a research report from Huayuan Securities in early March, it also pointed out that the effect of the company’s channel reform has already emerged in the short term, and long-term value may further improve.

Huayuan Securities said that before the 2026 Spring Festival, Fei Fei’s sell-through may achieve positive growth. The company’s channel reform results have been evident. Since the self-operated e-commerce platform “i Moutai” launched at RMB 1499 per bottle on January 1, 2026, by the end of January there were more than 2.12 million成交 orders. Of those, Fei Fei’s completed orders exceeded 1.43 million. Assuming each person purchases 4 bottles of Feitian, i Moutai’s Fei Fei sales in January may contribute pre-tax revenue of RMB 8.6 billion. It is expected to total RMB 12.9 billion before the Spring Festival. The 42 directly operated stores also saw a surge in rush buying. Before the Spring Festival, the wholesale ex-factory price for Fei Fei once reached RMB 1750 per bottle. With the help of the price spread, Moutai successfully directed traffic to the directly operated stores and cultivated consumers’ purchasing habits; Moutai’s channels have achieved diversification and market orientation, and it no longer relies solely on traditional distributors.

“Success at the start of the Spring Festival could reduce pressure from the full-year targets. The company may be able to manage distributors’ shipment timing more calmly, keep the wholesale price overall stable, and maintain a price spread from the suggested retail price of RMB 1499 per bottle, thereby continuing to draw customers to directly operated channels. In the long run, Moutai has substantially improved its control over channels and pricing, laying a solid foundation for future increases in the ex-factory price. It has completed the most difficult first step, and long-term value may rise,” Huayuan Securities said.

In the secondary market, as of the close on March 30, Guizhou Moutai rose 0.28%, to RMB 1420 per share, with a total market cap of RMB 177.82 billion.

Source: China Securities Journal

Editors: Ye Shuyun

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