Quarterly Performance Preview | Kweichow Moutai: Expected to release the Q1 report on April 25, 2026, with an estimated operating revenue of 54.02B yuan, a year-on-year change of 5.0%

Yangtze Securities believes: Starting March 31, 2026, Kweichow Moutai will adjust the sales contract price and the retail prices in its self-operated system for Feitian 53%vol 500ml Kweichow Moutai liquor. The prices will be raised from 1169 yuan per bottle and 1499 yuan per bottle to 1269 yuan per bottle and 1539 yuan per bottle, respectively. This price increase is intended to support the company’s long-term growth goals by increasing the placement of high-priced liquor and improving average price through deployment in direct-operated channels. The 《2026 Kweichow Moutai Market-Oriented Operation Plan》 has been further detailed for implementation, promoting optimization of the channel system and consumer reach. In the first quarter, i-Moutai added nearly 14 million new users, and more than 3.98 million users purchased products, showing the effectiveness of the reform. The company’s operating model is shifting toward a multi-dimensional coordinated marketing system to better adapt to and meet consumption demand. This round of reform is expected to reshape the product and channel systems, laying a solid foundation for the company’s long-term growth.

From a business perspective:

1. Feitian 53%vol 500ml Kweichow Moutai liquor price adjustment: The sales contract price and retail price in the self-operated system will be increased to 1269 yuan per bottle and 1539 yuan per bottle, respectively, supporting long-term growth targets.

2. Execution of the 《2026 Kweichow Moutai Market-Oriented Operation Plan》: Through measures such as launching Feitian on i-Moutai and implementing the non-standard agent sales system, the channel system and consumer reach will be optimized. In the first quarter, the number of new users and sales results have been significant.

3. Shift in operating model: From a traditional sales model to a multi-dimensional coordinated marketing system, including self-sales, authorized dealership, agent sales, and consignment sales, to better adapt to and meet consumption demand.

CITIC believes: Kweichow Moutai recently announced that starting March 31, 2026, it will adjust the sales contract price and the retail prices in its self-operated system for Feitian 53%vol 500ml Kweichow Moutai liquor (2026). The prices will be increased from 1169 yuan per bottle to 1269 yuan per bottle and from 1499 yuan per bottle to 1539 yuan per bottle, respectively. This price increase shows the company’s proactivity in managing volume and price, exceeding market expectations. By building a “dynamic retail price adjustment mechanism for self-operated channels that keeps pace with the market while remaining relatively stable,” the company has scientifically and reasonably calculated and dynamically adjusted the contract price. It is expected that the price increase will boost the company’s revenue and profits by 1.5% and 2.3%, respectively, helping to ease pressure on sales volume and providing support for price stability of non-standard products. The company is currently at the bottom of its commercial model, macro cycle, and volume-price performance; therefore, there is a higher visibility of stable realization of annual revenue.

(Note: The content of this article is generated using Chaoyang Yongxu AI technology. The relevant profitability forecast data in the article are all sourced from the Chaoyang Yongxu profitability forecast database.)

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