On the evening of March 30, Kweichow Moutai issued an announcement on major matters. Starting from March 31, 2026, the sales contract price (ex-factory price) of Feitian 53% vol 500ml Kweichow Moutai (2026) will be adjusted from 1,169 yuan/bottle to 1,269 yuan/bottle, and the retail price of the self-operated system will be adjusted from 1,499 yuan/bottle to 1,539 yuan/bottle. It has only been two and a half years since the last time the ex-factory price was raised to 1,169 yuan/bottle.
The reporter of "Daily Economic News·Jianjin Liquor" noticed that the company's actual production capacity has been stable at 56,000 tons for three consecutive years from 2022 to 2024, with almost no increase; the market approval price of Feitian Moutai has continued to decline since last year. With volume unable to increase and prices under pressure, raising prices seems to be an inevitable choice, but the price increase of less than 9% is obviously "restrained" compared to the last time.
On the other hand, this announcement clarified that the self-operated retail price of Feitian Moutai will be adjusted to 1,539 yuan/bottle. From i Moutai changing the guide price to retail price, and then raising it from 1,499 yuan to 1,539 yuan, it not only announced that the 1,499 yuan "guide price" that had been in use for 8 years was completely broken, but also meant that the price of Feitian Moutai has officially entered the "follow the market" stage.
Since the terminal selling price of the dealer system is not specified this time, does this mean that dealers can also set prices freely? How much increase can this price increase bring to this year's performance? After breaking the 1,499 yuan ceiling, where will the market pricing go? Has Moutai’s repeatedly emphasized market-oriented reform really taken a critical step? What impact will it have on the industry?
Ex-factory price restrained increase by nearly 9%
Price adjustment at the end of the first quarter covers full-year results
But the contribution may be limited
"Insured prices can control volume, and this year's performance is guaranteed." When talking about Kweichow Moutai's price increase, a brokerage analyst got straight to the point.
Distilleries usually raise prices during the off-season, but Moutai chose the end of the first quarter this time. The last price increase occurred in November 2023. At that time, the impact on the performance of the year was limited, and the real dividend release will be in 2024. This time, the price increase comes directly at the end of the first quarter of the year, which means that the effect of the price increase will completely cover the full-year performance, and its boost to the income statement is obviously more direct.
In 2024, the first full year after the last round of price increases, Kweichow Moutai achieved total operating income of 174.144 billion yuan, a year-on-year increase of 15.66%; net profit attributable to the parent company was 86.228 billion yuan, a year-on-year increase of 15.38%. On a high base, the company has maintained double-digit growth in revenue and net profit for the eighth consecutive year.
But the chill of industry adjustment has not dissipated. In 2025, the company lowered its total operating income growth target to 9%; in the first three quarters, the actual growth rates of the company's revenue and net profit were only 6.32% and 6.25%.
On the other hand, the market price of Feitian Moutai has continued to fall since last year, while the company's actual production capacity has stabilized at around 56,000 tons from 2022 to 2024, with almost no increase for three consecutive years. Volume cannot increase and prices are under pressure. To achieve the set performance goals, it seems that the only way is price.
However, this price increase may have limited contribution to performance.
After the last price increase, many brokerages calculated that this alone would increase the company's profits by more than 4.5 billion yuan in 2024, but this time the intensity has been significantly reduced.
Looking back at the nine ex-factory price increases of Moutai since its listing, the range has never been less than 15%, and the amount of a single price increase ranged from 50 yuan to 200 yuan per bottle. This round of price increases only increased by 100 yuan per bottle, which was less than 9%. Compared with the previous round of 200 yuan/bottle and 20% increase, it is slightly "restrained".
The above-mentioned brokerage predicts that the price increase is expected to bring about 2% performance growth.
But the logic of price adjustment never stops at the profit account. Some analysts in the industry believe that for manufacturers, price adjustment itself is not simply the pursuit of profit growth, but to make product prices closer to real market conditions and make price signals more transparent and effective. Through precise selection of price adjustment timing and scientific adjustment of the profit distribution mechanism, Moutai has not only further consolidated its long-term development foundation, but also set a benchmark for the industry that is undergoing cyclical adjustment. Instead of internal friction in price wars, it is better to reshape a transparent and stable price system through channel changes and digital tools.
"Guide price" changes to "retail price"
Feitian Moutai truly welcomes the price "following the market"
For the market, the performance flexibility brought about by this price adjustment may not be as good as before, but the more important point is that it has taken a key step in Moutai's market-oriented reform. In addition to raising the ex-factory price, the company also clarified that the retail price of the self-operated system will be increased by 40 yuan to 1,539 yuan/bottle.
"The essence is marketization of prices, and you follow the market." A dealer told reporters that the ex-factory price adjustment itself is not marketization, but the elimination of the 1,499 yuan guide price that has been used for many years is the core change. This is the first time since 2018 that Moutai has adjusted its market guidance price.
In his view, Moutai has raised its ex-factory price many times in the past few years, but it has always been "pegged" at 1,499 yuan as a guide price in the face of the market. In January this year, when iMoutai launched Moutai products, it had already changed the past "guide price" to "retail price", but the price of Feitian Moutai was still fixed at 1,499 yuan/bottle.
This increase in the retail price, officially bidding farewell to the 1,499 yuan/bottle unit price that has been implemented for 8 years, will be a landmark move for Feitian Moutai's price to "follow the market". It may also mean that its price will be adjusted at any time in the future based on market supply and demand.
In addition, what deserves special attention is that this time the company only clarified the retail price of the self-operated system and did not make rigid regulations on the terminal selling price of the dealer system. This move may give dealers the freedom to set prices based on market conditions.
Since the market-oriented transformation was proposed at the end of last year, one of Moutai's important actions has been to clearly mark the prices of all products as "retail prices" on the "iMoutai" platform. Defining the terminal selling price by "retail price" is Moutai's intention to regain market pricing power, avoid abnormal price fluctuations, and at the same time delineate a reasonable range for channel profits.
Breaking the guide price of 1,499 yuan is equivalent to opening up a new price space for dealers. The above-mentioned dealer further explained that in the past, they were not allowed to sell below the guide price, but now there is no such restriction, and in the future, they will decide how much to sell based entirely on market demand. In the future, it is not ruled out that Moutai will adjust according to market dynamics. At the same time, the company can also control the volume through i Moutai to maintain price stability.
Moutai executives have repeatedly emphasized the need to ensure reasonable profits for dealers. In the announcement on January 14 this year, the company clearly stated that under the distribution model, it will scientifically and reasonably calculate and dynamically adjust the sales contract price based on the operating costs, operating difficulties, operating risks, service capabilities, etc. of different products and different channels.
Industry analysts pointed out that this series of actions shows that the purpose of Maotai's reform is not to eliminate dealers or impact the existing channel system, but to clarify the functional division of labor and profit distribution between manufacturers and dealers through a more transparent pricing mechanism and dynamic adjustments, and ultimately ensure reasonable returns at the channel end.
Leading wine companies generally adjust prices “downwards”
Why did Moutai buck the market trend and “go up”?
The timing of Moutai's price adjustment is also in sharp contrast with its peers.
Since 2025, China's liquor industry has entered a deep-water zone where three phases of "policy adjustment, consumption transformation, and stock competition" overlap. High channel inventories and price inversions have generally become the norm in the industry, and dealers have meager profits or even losses.
According to the "2025 China Liquor Market Mid-term Research Report", in the first half of 2025, the three price bands with the most serious price inversions are 800 yuan-1,500 yuan, 500 yuan-800 yuan, and 300 yuan-500 yuan. Among them, products in the 500 yuan-800 yuan price range have the most difficulty in surviving. The reporter noticed that the price range of 500 yuan to 800 yuan is the core position of sub-high-end liquor, and it is also the main product price range where leading liquor companies have concentrated on adjusting ex-factory prices.
In order to effectively reduce channel pressure, since last year, many leading liquor companies such as Wuliangye, Xijiu, and Langjiu have adjusted downward the ex-factory prices of their core products, or achieved "disguised price reductions" through channel subsidies, quota adjustments, etc., covering multiple price bands such as high-end and sub-high-end.
The industry generally adjusts prices "downwards", but Moutai chooses to "upwards". What logic is this based on?
Industry analysts believe that unlike other wine companies that rely on channels to increase goods, Moutai's production capacity has been stable at 56,000 tons for three consecutive years, with little room for growth. Although terminal demand has fluctuated due to the impact of the general environment, the rigidity of core scenarios such as high-end gifts, collections, and banquets still exists. When the supply side cannot expand and the demand side still has support, raising prices is no longer a risk, but a repricing of scarcity.
Liquor expert Xiao Zhuqing believes that from an industry perspective, Moutai's price adjustment against the trend sends a clear signal: leading brands still have the ability to adjust supply and demand and optimize the price system through market-based means, injecting confidence into leading the industry out of the adjustment period.
When prices become more transparent, channels become healthier, consumption becomes more real, and development becomes more certain, the high-quality development path of the liquor industry will become more stable. Moutai's move is expected to lead the industry from "cyclical anxiety" to "value cultivation" and provide a reference path for the industry to get out of this adjustment cycle.
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