On the first day after the price increase of Maotai, we did not provide a quotation to our customers. Starting from April 2nd, our prices followed the market trend and increased slightly by 40 yuan per bottle, "said a Maotai sauce flavored liquor distributor.

On March 31, Kweichow Moutai (600519. SH) announced that the price of Feitian 500ml (2026) Moutai liquor would be increased by 53% from that day: the contract price would rise from 1169 yuan/bottle to 1269 yuan/bottle, an increase of about 8.5%; The retail price of the self operated system has increased from 1499 yuan/bottle to 1539 yuan/bottle, with a growth rate of 2.7%.

This is the first time that Kweichow Moutai has adjusted the price of its core big product Feitian Moutai after 8 years.

For Kweichow Moutai, price adjustment means that more profits will be retained in listed companies, which will have a thickening effect on performance. For dealers and market distributors, raising prices increases procurement costs and may squeeze the profit margin of large orders. For shareholders, the increase in profits and cash flow of listed companies is undoubtedly good news.

However, some Maotai Town distilleries believe that this is a measure taken by Maotai to increase taxes and complete development tasks. Maotai responded that the price adjustment is a step towards market-oriented transformation and also helps prevent price speculation.

When the price was adjusted in 2018, Feitian Maotai was still in a period of price increase. Today, 8 years later, Feitian Maotai has experienced more than two years of price fluctuations. The impact of two price adjustments on the market is completely different.

The era of low profit for dealers

On April 2nd, reporters visited several liquor sales stores in Chaoyang District, Beijing and found that the market terminal price of Feitian Maotai had slightly increased.

A salesperson at a Maotai specialty store said that the current price of a bottle of Feitian Maotai is 1850 yuan, and "with Maotai's official price increase, there has also been a slight increase in market price".

A liquor distributor in Shandong said that before the price increase, the profit per bottle of Feitian Maotai was about 20 to 50 yuan; After the price increase, although the market price has risen, the profit has not changed at present. He believes that the effect of price increases on market prices may not last long and will eventually return to off-season prices, with almost no profit left. However, recently there have been more people inquiring about selling Maotai to him. "When the price of Maotai fell, everyone held onto it and didn't come out; now that the price has started to rise, many people are looking for buyers.

In this situation, actual alcohol consumers may benefit from a stable supply, but the profit margins of distributors and distributors are squeezed.

A Maotai dealer said that in the past, Maotai dealers were "making a profit by lying down". As long as they had Feitian quotas, price differences would automatically occur when purchasing, pressing, and shipping goods, and profits would lie in. When the price increased in 2018, the market price of Feitian Maotai was much higher than the retail guidance price, making it difficult to find a bottle. But in the past two years, prices have fallen, and the distance between market prices and retail guidance prices is getting closer and closer. The costs of warehouse logistics, taxes, rent, utilities, labor, and other expenses for distributors have not decreased, and profits have gradually been diluted.

At the end of 2025, Wang Li, the general manager of Maotai, stated that some Maotai distributors were already in a state of "slight profit" or even "slight loss".

In addition, Maotai continues to focus on self operated channels, which also puts certain pressure on distributors. Starting from January 2026, 500ml Feitian Maotai priced at 1499 yuan will be available for sale on i-Maotai. The latest official data shows that the number of newly registered users of i Maotai has exceeded 14 million. The influx of low-priced goods into the market has also lowered market prices.

The price increase this time has raised the contract price by 100 yuan, which means that the distributor's purchase cost per bottle has directly increased by 100 yuan. The above-mentioned Maotai distributors stated that whether they can make money depends on the operational capabilities of each distributor.

Maotai also encourages dealers to transform into service providers. At the 2026 National Dealer Association of Maotai Sauce flavored Liquor, Maotai Group Chairman Chen Hua proposed to promote channel partners to shift from "passive execution" to "active collaboration", and from traditional distribution to "brand service providers+lifestyle solution providers".

Several consumers told reporters that the price increase of Feitian Maotai has little impact on them. "Now they only buy when they need it, and they won't hoard alcohol. The scene of Feitian Maotai giving gifts in the past has almost disappeared, and more people drink it directly. In the scene of drinking, authenticity is more important. A consumer said that they would buy from Maotai if they needed it now, and it was difficult to buy it for 1499 yuan through familiar channels in the past.

Increase the profits of listed companies

A small shareholder of Kweichow Moutai said that through channel flattening and price regulation, Moutai has reduced the profit interception in the middle link and strengthened its control over prices.

According to brokerage calculations, the price increase of Feitian Maotai will directly increase the financial performance of listed companies. According to a research report by Caitong Securities, the estimated annualized increase in revenue is about 4.5 billion yuan, and the net profit is about 3 billion yuan, with a performance growth rate of about 3% compared to 2025.

Yang Delong, manager of Qianhai Kaiyuan Fund, who regards Kweichow Moutai as one of the top ten stocks, said that the overall sales of Baijiu industry are relatively poor, but the supply of Moutai still exceeds the demand. By increasing the ex factory price and the terminal sales price, Kweichow Moutai can increase its income and profits, which is equivalent to leaving 100 yuan of profits from social channels to the company, which is beneficial to the development of the company, as well as to boost the relatively low stock price performance, which is beneficial to shareholders.

Kweichow Moutai has set a growth target of about 9% of gross operating income in 2025. Open Source Securities stated that this price increase can effectively hedge the pressure brought by the adjustment of non-standard liquor, reduce the pressure to achieve the 2026 performance target, and further enhance certainty.

Renowned investor Duan Yongping has also publicly stated that Maotai's price increase is not only a respect for market rules, but also a responsibility for shareholder interests.

With the increase of revenue and profit, Maotai's contribution to local taxation has also correspondingly increased. The person in charge of Maotai Town Distillery believes that this price increase is actually to increase local tax revenue.

However, Maotai told reporters that adjusting the prices of related products is an important measure taken by the company based on the previous market-oriented reform situation and changes in consumer trends, to promote the further implementation of a dynamic price adjustment mechanism that follows the market and is relatively stable, to stabilize price fluctuations and prevent price speculation, and to create a good, stable and orderly market environment.

Some distilleries have followed suit, but it is difficult to achieve the prosperity of 2018

The day after Maotai announced a price increase, Lidu Liquor Industry also issued a price adjustment notice, raising the retail price of its core single product Lidu Sorghum 1975 by 10 yuan per bottle to 740 yuan per bottle. Lidu Liquor Industry stated that this price adjustment is based on the scarcity of production capacity and intangible cultural heritage ancient brewing techniques, aiming to ensure product quality, maintain brand value and consumer rights.

In the opinion of Cai Xuefei, an analyst of Baijiu, the price increase of Feitian Moutai will not lead to the large-scale increase of Baijiu brands. Although Li Du followed up with the price increase, the magnitude was relatively small and focused more on marketing behavior, in order to streamline his own pricing system rather than following the trend strategically.

"Even if other high-end Baijiu prices are raised, it is mainly the defensive action of the leading liquor companies to maintain price stability. In the industry's overall" foam free "cycle, the vast majority of brands lack Kweichow Moutai's brand strength and control over direct marketing channels, and blindly following the rise is tantamount to giving up market share," Cai Xuefei said.

Xiao Zhuqing, an independent commentator on Baijiu, also believes that consumers' psychological price expectations for Feitian Moutai are the highest, which is irreplaceable. For high-end liquors priced at over 1000 yuan and those priced at over 600 yuan, consumers have relatively more alternative choices. Once these brands follow the trend and raise prices, their products may be replaced by other competitors in the same price range, which is not worth the loss.

The situation in 2018 was completely different. At that time, the retail price of Feitian Maotai rose to 1499 yuan, triggering an industry wide trend of follow-up. Wuliangye, Yanghe, Jiugui Liquor, Jiannanchun, Swellfun, Langjiu, Fenjiu and many other brands have followed up to raise prices, and the Baijiu industry has ushered in a wave of collective price increases. At that time, the Baijiu industry was recovering from deep adjustment, and the consumption upgrade drive was obvious. Since the beginning of the sauce and wine market, the market as a whole was in an upward channel.

Now the market of Baijiu has changed. The industry is in a period of deep adjustment. High inventory and price inversion are common. Most brands of distilleries are trying to stabilize prices and reduce price inversion.

Why did Maotai choose to raise prices against the trend after 8 years?

Moutai said that after the Spring Festival, the Baijiu industry entered the traditional off-season, and the overall demand tended to be rational. At this time, adjusting the price of related products could reduce the impact on the market, effectively stabilize price fluctuations, prevent price speculation, and better create a good, stable and orderly market environment.

In the opinion of Ouyang Qianli, a researcher in the beverage industry and founder of Qianli Think Tank, Kweichow Moutai clearly proposed that the price of Feitian Moutai should follow the market and prevent price speculation. The best way to regain market transaction pricing power is to minimize the price difference between the retail price of the self operated system and the actual market transaction price, given that the total production capacity and total investment cannot be increased in the short term.

"The period from the Spring Festival to the Mid-Autumn Festival is the off-season for Baijiu consumption. At this time, price adjustment can not only give channels and terminals enough buffer time to avoid sharp price fluctuations caused by subsequent demand outbreaks, but also enable dealers to realize a premium on their existing inventory." Ouyang Qianli said.