Feitian rises to 1,539 yuan per bottle. Why does Moutai dare to raise prices?

Ask AI · How does iMoutai become a data collector for Maotai pricing?

On March 30, 2026, Kweichow Moutai (600519.SH) announced a major event: starting from March 31, 2026, the sales contract price of Feitian 53% vol 500ml Kweichow Moutai (2026) will be adjusted from 1,169 yuan per bottle to 1,269 yuan per bottle, and the retail price within the self-operated system will be adjusted from 1,499 yuan per bottle to 1,539 yuan per bottle.

On March 31, Kweichow Moutai’s stock price opened up 3%. At 9 a.m., Moutai’s self-operated retail channel iMoutai began releasing stock, with replenishments every 5 minutes. According to Southern Weekend reporters’ observations, each round of replenishment was sold out in less than a minute. Additionally, data from third-party wine pricing platform “Today’s Wine Price” shows that on the first day of the price adjustment, wholesale prices of Feitian Moutai increased by 65 yuan per box for bulk bottles and by 85 yuan per bottle for single bottles.

The last time Moutai adjusted the sales contract price of Feitian Moutai was in November 2023. The most recent increase in market retail price was in January 2018, over 8 years ago. Visual China Photo

What does the price increase depend on?

More than a month ago, well-known investor Duan Yongping stated on social media that “Moutai has the ability to raise prices.” He suggested that in response to the ongoing surge in purchases on the iMoutai platform, Moutai should consider a gentle annual price increase of 5%–8% to curb speculation and allow ordinary consumers to buy genuine products.

Also, in February this year, market rumors suggested that Feitian Moutai would soon see a price hike, but at the time, Moutai officials denied it. However, a month later, the price increase was implemented.

“This adjustment of product prices is based on Moutai’s previous market-oriented reforms and changes in consumer trends, promoting the further implementation of a ‘market-driven, relatively stable’ price dynamic adjustment mechanism,” a Moutai spokesperson told Southern Weekend on March 31.

At the Moutai National Distributors’ Conference at the end of 2025, Moutai announced a comprehensive push for the market-oriented transformation of Moutai liquor marketing. “Market-driven pricing” was first mentioned by Chairman Chen Hua, with the fundamental goal of aligning prices with actual market supply and demand to promote a balance between volume and price.

On January 1, 2026, the digital marketing platform iMoutai launched all mainstream products including Feitian Moutai, attracting millions of users, with daily releases sold out instantly. Two weeks later, Kweichow Moutai released the “2026 Moutai Market-Oriented Operation Plan,” again emphasizing a market-oriented approach and establishing a “market-driven, relatively stable” dynamic adjustment mechanism for self-operated retail prices.

“After nearly three months of practice, especially with the launch of Feitian Moutai and other series on iMoutai, consumer boundaries have expanded, genuine market demand has continued to be released, and the market-oriented transformation has achieved initial results,” said a Moutai insider. This is the fundamental reason for the recent price increase.

Where does the “market-driven” pricing standard come from? What prices does Moutai reference for its increases?

The same Moutai insider responded: “Currently, based on previous market-oriented reforms and changes in consumer trends, we are reasonably adjusting the retail prices of the self-operated system in accordance with laws and regulations. For distribution models, the company scientifically and reasonably calculates and adjusts the sales contract prices based on different products, channels’ operating costs, difficulties, risks, and service capabilities.”

In 2025, Feitian Moutai showed a unilateral downward trend. Before the December distributor conference, market prices remained around 1,500 yuan per bottle. Since the launch of Feitian and other mainstream products on iMoutai, although prices fluctuated short-term, after the 2026 Spring Festival, Feitian single bottles maintained around 1,550 yuan, and original bottles around 1,650 yuan.

“This year, Moutai is selling quite well, demand is still there. For prices that are relatively good, as soon as they are released, someone will buy them,” said a Moutai reseller to Southern Weekend. The retail price was increased by 40 yuan per bottle this time, and industry insiders believe the impact on end consumers is minimal.

According to Zhou Shunrong, Deputy Secretary-General of Guizhou Liquor Industry Chamber of Commerce, Moutai has shifted from “cost-plus” and “administrative directives” to a dynamic pricing mechanism anchored in market supply and demand, led by manufacturers. The self-operated retail price has become the “bellwether” of the entire pricing system. Based on it, the contract prices and profit margins for distributors are inferred.

“iMoutai is not only a channel but also a ‘data collector.’ These data provide Moutai with ‘real demand verification,’ allowing it to no longer rely on distributor feedback but directly see the market’s acceptable fair price range,” Zhou Shunrong told Southern Weekend.

On March 6, 2026, iMoutai published a survey covering 1.53 million people. Nearly 75% chose to buy through official channels, and within just 65 days, over 2 million users had purchased products.

After the Spring Festival, which is usually a low season for Baijiu consumption, why raise prices during this off-peak period?

“Compared to the low season, overall demand tends to be more rational. Adjusting prices during this time can reduce market impact, effectively stabilize prices, and prevent speculation,” a Moutai official told Southern Weekend.

Zhou Shunrong believes that Moutai deliberately chose to adjust prices after the Spring Festival, which is a market test. During the off-season, demand is rational, and this timing avoids the rush and hoarding triggered by price hikes in peak seasons, allowing the new prices to settle in a relatively stable environment. The premise for this adjustment is strong sales during the Spring Festival and low channel inventory, indicating the manufacturer’s strong market control.

Regarding the price increase, alcohol industry researcher and Qianli Think Tank founder Ouyang Qianli believes that first, the actual transaction prices for general Moutai are far higher than the self-operated retail prices, and speculators like yellow cattle are resurging, giving Moutai motivation to raise prices. Second, iMoutai’s sales of 1,499 yuan per bottle of general Moutai sell out daily. Since New Year’s Day, over 8B new users have joined, giving Moutai the confidence to raise prices.

Distributors become “service providers”

The price adjustment this time includes two parts: besides the retail price increase of 40 yuan per bottle, the sales contract price (i.e., factory price) is adjusted from 1,169 yuan per bottle to 1,269 yuan per bottle, an increase of 100 yuan per bottle.

How significant is this for distributors? A Moutai insider told Southern Weekend: “We previously explicitly canceled the distribution model, aiming to further reduce burdens on distributors. Additionally, the phased implementation of consignment sales policies aims to ease distributors’ capital pressures, ensure reasonable profit margins, and promote a healthy channel ecosystem.”

At the 2026 distributor conference, Moutai clearly stated it would no longer use the distribution model, which caused quite a stir. In fact, the Moutai distributor system still exists, and quotas remain unchanged. Canceling distribution means capable distributors can choose to sell series other than Feitian, while those lacking capacity do not sell, reducing their burden.

On March 13, 2026, according to Sina Finance’s “Liquor Industry Reference,” Moutai held a non-standard product consignment work meeting across provinces. This includes non-500ml specifications like Feitian 53% vol 1000ml, 200ml, 100ml, as well as non-standard products like Drumbeat Feitian and Zodiac Liquor, which are planned to start consignment systems.

Currently, the consignment system does not include Feitian 53% vol 500ml Moutai.

Eligible for consignment are distributors who fully execute all orders for 2025 and have not been held responsible for breaches from 2023 to 2025. Specifically, under the consignment model, ownership of goods remains with the manufacturer, and distributors are the sales parties. They are guided to transfer the liquor into their iMoutai accounts, and can receive a 5% service fee.

The consignment model can reduce inventory pressures on distributors. “In the long run, it can monitor distributors’ stockpiling behavior and allow more revenue and profit to return to Moutai,” said a senior industry insider.

Zhou Shunrong believes that under the new model, distributors are no longer simply “profit margin traders,” but are transformed into “service providers” earning reasonable commissions, reducing capital pressures and price fluctuation risks. With iMoutai as a “data collector,” the difference between wholesale market prices and official guidance prices is a key factor in pricing decisions.

“Previously, the huge gap between official prices and circulation prices meant a lot of profits were accumulated in circulation channels. The recent 100 yuan factory price increase aims to recover some channel profits back to the manufacturer and boost performance,” Zhou Shunrong told Southern Weekend.

Meanwhile, Cai Xuefei, General Manager of Zhiqu Marketing and an expert in the Baijiu industry, believes that this slight price increase by Moutai can support the volume of direct sales through iMoutai and reshape the anchoring role of the “official guidance price,” regaining pricing dominance from the source.

Over the years, the “dual-track pricing system” of Feitian Moutai has fostered a large yellow cattle ecosystem, where market prices are driven by speculators, and ordinary consumers often face high prices and inability to buy genuine liquor.

“This price adjustment essentially re-establishes a more market-aligned and brand-value-maintaining balance point between wholesale prices (market transaction prices) and suggested retail prices (official guidance prices),” Cai Xuefei told Southern Weekend. In the long run, Moutai may bid farewell to the old model relying on channel hoarding and speculation, shifting toward a new pricing mechanism driven by genuine consumption and official direct sales.

“Q1 performance for Kweichow Moutai will likely be very good, so the price hike at the end of March makes sense,” said Ouyang Qianli. Since the increase started on March 31, its impact on Moutai’s performance will be reflected in the second quarter of 2026.

Southern Weekend Reporter: Mei Ling

Editor: Gu Ce