Moutai sales contract price and self-operated system retail price both increased, stabilizing price fluctuations and boosting company profits.

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Blue Whale News, March 31 (reporter Zhu Xinyue) On the last day of the first quarter, Guizhou Moutai (600519.SH) released a major piece of news: its core product Feitian Moutai implemented a double increase in both the sales contract price and the self-operated retail price.

The announcement states that starting from March 31, 2026, the sales contract price of Feitian 53%vol 500ml Guizhou Moutai will be adjusted from 1169 yuan per bottle to 1269 yuan per bottle, an increase of 100 yuan. Meanwhile, the self-operated system’s retail price will be adjusted from 1499 yuan per bottle to 1539 yuan per bottle, an increase of 40 yuan.

What is noteworthy is that this is the first time Moutai has raised the Feitian Moutai sales contract price again after more than two years. The previous adjustment dates back to November 2023, when the sales contract price of the product was raised from 969 yuan per bottle to 1169 yuan per bottle.

After this adjustment takes effect, what kind of impact will it have on Moutai’s future revenue, profit, and the industry landscape—this has drawn widespread attention.

Feitian “double price” adjustment

On the evening of March 30, Guizhou Moutai announced that starting from March 31, 2026, the sales contract price of Feitian 53%vol 500ml Guizhou Moutai will be adjusted from 1169 yuan per bottle to 1269 yuan per bottle, an increase of 100 yuan; the self-operated system retail price will be adjusted from 1499 yuan per bottle to 1539 yuan per bottle, an increase of 40 yuan—i.e., increases of approximately 8.55% and 2.7%, respectively.

This is yet another important product-price adjustment by Guizhou Moutai this year. Earlier this year, Moutai had already reduced the self-operated system retail prices of multiple products, including Premium Moutai, Zodiac Moutai, and Aged Moutai (15), among others.

A representative from Moutai told Blue Whale News that this year, Moutai has adhered to a consumer-centered approach and has comprehensively advanced the market-oriented transformation of its marketing system. After nearly three months of practice—especially with iMoutai launching the sale of Feitian Moutai and other series of products—the boundaries of the consumer groups have been expanded, real market demand has continued to be released, and the market-oriented transformation has achieved initial results. After the Spring Festival, the liquor industry enters a traditional off-season, when overall demand becomes more rational. At this time, adjusting the prices of related products can reduce the impact on the market, effectively smooth out price fluctuations, prevent price speculation, and better create a favorable, stable, and well-ordered market environment.

In fact, Moutai has already made its reform path clear. On January 14, the 《2026 Guizhou Moutai Market-Oriented Operation Plan》 released in an announcement by Guizhou Moutai shows that it will be market-oriented and establish a dynamic retail price adjustment mechanism for its self-operated system characterized by “prices in line with market rates and relative stability.” Based on the retail price of the self-operated system, it will scientifically and reasonably calculate the channel profit margin to determine the sales contract price and commission. Under the distribution model, according to the operating costs, operating difficulty, operating risk, service capability, and other factors of different products and different channels, it will scientifically and reasonably calculate and determine corresponding sales contract prices and dynamically adjust them. Under the agency-sales model and the consignment model, the retail prices of goods are executed according to the self-operated system retail price, and the commission will be determined based on scientifically and reasonably calculated factors such as operating costs, operating capabilities, resource value, and service capability.

In mid-MMarch, Guizhou Moutai rolled out its agency-sales policies for Aged Moutai (15), Premium Moutai, Zodiac wines (classic edition and gift sets), Drum & Music Feitian, and the entire line of small-capacity products of 53-degree Feitian Moutai (1000ml/200ml/100ml/50ml). Among them, the profit for agency-sales is roughly 5%.

This series of actions also indicates that Moutai’s collaboration philosophy with distributors is undergoing a deep-seated shift.

“Based on the logic of a new form of partnership, with market-oriented pricing as the core and channel value as the benchmark, Moutai conducts differentiated pricing and commission accounting according to the operating capability, service level, and resource value of different channels—so that channel profits match actual operating contributions. Meanwhile, by anchoring market pricing through the self-operated system and standardizing channel earnings under the agency-sales model, Moutai is promoting the channel system’s transformation from a resource-based model to a service-based one.” Liquor industry analyst Cai Xuefei told Blue Whale News, noting that behind this shift lies Moutai’s core demand to connect directly with consumers, and also a key strategic layout for deepening its market-oriented transformation and building a healthier and more sustainable channel ecosystem.

After Moutai officially announced the price increase, prices on e-commerce channels adjusted immediately. In JD.com’s Feitian Moutai store, the Feitian price has been updated to 1539 yuan per bottle.

Positive chain reaction

As a bellwether for the liquor industry, Moutai’s price adjustment during the off-season triggers a series of chain reactions.

First, it is clear that this move will thicken profits. In addition, since January 1 this year, Feitian Moutai has launched limited-quantity sales on the iMoutai platform, further adding fuel to performance growth.

According to information, the number of applicants on the iMoutai platform has remained at a high level, with daily sell-outs. According to official data, iMoutai has more than 14 million newly registered users, and nearly 4 million users have purchased their desired products on iMoutai.

This not only activates end users who previously could not be reached due to channel barriers, but also gives Moutai more direct and quantifiable evidence of real consumption prices. Under a “de-intermediation” direct-store model, consumers can avoid concerns about buying through third-party channels and can purchase Moutai wines in a fair, convenient, and authentic way—laying a solid market foundation for a modest price adjustment.

In this regard, Cai Xuefei analyzed that the company’s first-quarter performance is expected to be relatively steady, and after this price adjustment takes effect, it will further bring a substantial increase to the company’s profit scale and continue to optimize operating efficiency.

In addition, choosing to adjust prices during the off-season can reduce, to the greatest extent possible, the market impact caused by price fluctuations. Generally speaking, from after the Spring Festival to before the Mid-Autumn Festival is a relatively off-season period for liquor consumption. Market demand overall tends to be more rational, and social inventory is in a digestion phase. Based on industry media research, after the holiday, the terminal price of Feitian Moutai has remained stable around 1600 yuan. Adjusting prices within this window can avoid, to the greatest extent, large price swings caused by concentrated demand surges.

A shareholder of Moutai—“Moutai at 900 yuan really isn’t that expensive”—also told Blue Whale News that when Feitian Moutai is widely popular in the market, it has the confidence to raise prices by 100 yuan. With the market price currently around 1650 yuan, even if distributors’ purchase price rises by 100 yuan, they still maintain a reasonable profit margin.

The shareholder also said, “In addition, I suggest that the self-operated system retail price should also be increased by 100 yuan, to 1599 yuan.”

From the perspective of the liquor industry, Guizhou Moutai’s price adjustment further raises the ceiling for industry prices. For the entire liquor industry, especially the baijiu-and-strong-flavor segment, it undoubtedly sends a positive and optimistic signal.

Cai Xuefei said that considering the industry benchmark significance of Feitian Moutai, its price adjustment will have far-reaching impacts on both Moutai itself and the industry. In terms of motives, first, it coincides with the small off-season after the Spring Festival. Moutai proactively responds to the market reality of batch-price fluctuations by stabilizing the price system through a modest increase in the official price, and by maintaining confidence in channels and the market. Second, a modest price increase can coordinate with iMoutai’s direct sales ramp-up, reshaping the anchoring role of the official guidance price. Finally, it aligns with the broader trend in China’s liquor industry of deflating bubbles. Especially against the backdrop of general price pullbacks for high-end baijiu, Moutai chooses to raise prices openly while stabilizing quietly, offsetting downward market expectations with a modest increase—helping maintain the brand’s positive value such as its high-end value. In terms of impact, in the short term, this helps repair channel profits and improve Moutai’s operating situation; in the long term, it also marks that Moutai is moving toward a “healthy market” driven by real consumption. And a Moutai that is more transparent and closer to consumers is truly one that enables high-quality, sustainable development.

Liquor industry analyst Xiao ZhQing also told Blue Whale News that the adjustment of Feitian Moutai’s price is based on a precise grasp of the market’s operating rhythm and the performance of new channels, and it is another demonstration of following market rules. It will further promote a win-win outcome for multiple groups including consumers, distributors, manufacturers, and investors. From an industry perspective, Moutai’s counter-cycle adjustment sends a clear signal: top brands still have the ability to regulate supply and demand and optimize the pricing system through market-oriented means, injecting confidence to help lead the industry out of its adjustment period.