Maotai sets the tone for 2026: Respect market rules, distributors bid farewell to "easy profits."

Facing the shared challenges of a deep adjustment period in the liquor industry, Moutai has ultimately delivered its solution: “market-oriented transformation.” At the National Distributors' Friendship Meeting of Guizhou Moutai held on December 28, Moutai Group Party Secretary and Chairman Chen Hua stated that the primary marketing task in 2026 will be to center on the consumer and promote marketization. **The entry point for this transformation is reducing the burden on the distribution channel.** In 2026, Moutai will focus on Feitian Moutai, Premium Moutai, and Aged Moutai as its core flagship products, while simultaneously implementing a major reform: discontinuing the distribution model. In the past, Moutai’s non-standard products such as Aged, Rare, and Premium editions were mainly sold through distribution channels. Xiao Zhuqing, chairman of Wuhan Jingkui Technology Co., Ltd., revealed that sales companies in each province would distribute to agents at 90% of the suggested retail price. During industry upswings, such non-standard products helped to enhance Moutai’s overall ton price and profits. However, in the current market downturn, they have become a prime area for price inversion, increasing inventory and profitability pressure for distributors. After canceling the distribution model, Moutai will no longer wholesale non-standard products through these channels. This not only frees distributors from the predicament of price inversion and reduces their main source of loss, but also shifts their resources away from digesting unsellable inventory toward genuine market service and sales improvement. As the distribution channels are shortened, Moutai also further regains pricing power. **Chen Hua emphasized that in 2026, the market must be more "stable," product prices must follow market trends, and all efforts should be made to prevent price speculation and keep prices reasonable and stable.** Price is a barometer reflecting inventory and sales in the channel. For Moutai, excessive inventory can lead to clearance sales and price inversion, while shortages may cause hoarding and price bubbles. Either scenario ultimately harms Moutai’s own brand and market health. Chen Hua emphasized that the fundamental goal of following market trends is to balance supply and demand, promoting equilibrium between volume and price. When the inventory-to-sales ratio is appropriate, prices are relatively reasonable, and reasonable prices will make specialty stores the consumers’ “first choice.” **As the shipment volume of non-standard products shrinks, Moutai’s product structure will simultaneously revert to a pyramid model: 500ml Feitian Moutai forms the “base,” Premium and Zodiac Moutai the “waist,” and Aged and Cultural Moutai the “tip.”** Among them, Premium Moutai priced above 2,000 yuan will target high-end demand, becoming a channel for healthy, sustainable profits and filling the gap left by discontinued products such as the Enamel Rare editions. For Moutai, the core of marketization is reshaping the growth logic: shifting from channel expansion to authentic consumption-driven growth. This will inevitably place new demands on distributors. In 2026, Moutai will launch a survival-of-the-fittest and dynamic optimization in its channels, encouraging distributors to shift from passive “shopkeepers” to active “business developers,” actively exploring real consumption scenarios such as families, banquets, and gatherings of friends. In channel layout, a batch of powerful, trustworthy, and compliant new e-commerce platforms will be gradually introduced, and qualified offline distributors will be encouraged to set up authorized online stores. Whether it is discontinuing non-standard product distribution or implementing a “follow-the-market” pricing strategy, the fundamental aim is to encourage distributors to break away from one-dimensional dependence on Feitian Moutai for profits, and instead achieve healthy, sustainable returns through a diversified product portfolio, creating a long-term ecosystem of mutual benefit and shared growth. For Moutai, which has long enjoyed excess profits, this series of profound adjustments also signals that the value distribution pattern of the entire industry chain is about to be reshaped. Huachuang Securities analyst Ouyang Yu pointed out in a research report that, against the backdrop of supply-side contraction, a slowdown in Moutai’s reported growth rate may be inevitable. However, given its important status as a pillar state-owned enterprise in Guizhou, its future results are expected to undergo “stepped” adjustments, seeking dynamic balance between financial performance and stable market prices. Risk Warning and Disclaimer The market has risks, so investment should be cautious. This article does not constitute personal investment advice, nor does it consider the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinion, viewpoint, or conclusion in this article fits their particular situation. Investment based on this article is at your own risk.