First price adjustment in 8 years! Feitian Maotai officially announces a price increase

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Source: International Finance News

Amid sluggish industry conditions, Feitian Maotai officially announces a price increase of 40 yuan.

On the evening of March 30, Kweichow Moutai (600519.SH) released two major announcements: first, it formally announced a price increase for the core flagship product “Feitian Maotai”; second, it removed Jiang Yan from the positions of deputy general manager, chief financial officer, and secretary of the board of directors.

The announcement shows that starting March 31, the sales contract price for 53%vol 500ml Kweichow Moutai Liquor (2026) “Feitian” was adjusted from 1169 yuan per bottle to 1269 yuan per bottle. The retail price in the company’s own sales system was adjusted from 1499 yuan per bottle to 1539 yuan per bottle, with a 40-yuan increase per bottle. Kweichow Moutai stated that this price adjustment is expected to have some impact on the company’s operating performance.

Up 40 yuan

The reporter noted that the last time the suggested retail price of Feitian Maotai changed was 8 years ago (2018). The unit price was raised from 1299 yuan to 1499 yuan; the ex-factory price change occurred in November 2023, when it increased from 969 yuan per bottle to 1169 yuan per bottle.

Compared with the previous 200-yuan increase, this 40-yuan adjustment appears relatively restrained.

Against the broader backdrop, the liquor industry is in a period of cyclical, in-depth adjustment. Problems such as channel profit contraction, price inversions, and high inventory levels are prominent. Liquor companies are under performance pressure, and the wholesale price of Feitian Maotai has fluctuated. One liquor store owner told the reporter that now, the profit from selling a bottle of Feitian Maotai is only about 30 yuan, while the profit from selling regular liquor is only 5–10 yuan.

This year, Kweichow Moutai has adjusted product prices frequently.

Earlier this year, the company lowered ex-factory/contract prices for multiple non-Feitian products (including high-end Moutai products, 15-year aged Moutai, etc.). It also set the pricing policy tone as “follow the market, adjust flexibly,” leaving the possibility of subsequent dynamic repricing.

On February 25, rumors circulated that the ex-factory price of Feitian Maotai would be raised (from 1169 yuan per bottle to 1299 yuan per bottle). At the time, the company responded that it was “false information.” The price adjustment is a major matter that requires public disclosure; if there were any related plans, the company would issue an announcement through official channels.

Water Hibiscus / Photo

How should we view this modest price increase?

Cai Xuefei, a researcher in the liquor industry, told the reporter from International Finance News that, as it is currently the small off-season after the Spring Festival, Maotai’s move to modestly raise official prices helps stabilize the pricing system and maintain channel and market confidence. It can also work in coordination with direct sales volume expansion through the “i Maotai” app, reshaping the anchoring role of the “official guidance price,” thereby regaining pricing leadership from the source.

According to official disclosed data, Feitian Maotai started normalized direct purchasing on the i Maotai app at 1499 yuan per bottle on January 1. By March 6, more than 2 million users had successfully purchased liquor, increasing the proportion of younger consumers. The market believes that strengthening the direct-sales attributes of i Maotai helps Maotai stabilize its price base.

As a benchmark product for both Kweichow Moutai and the entire liquor industry, this repricing of Feitian Maotai will have far-reaching impacts on the company and the industry.

Cai Xuefei believes that, against the backdrop of general price pullbacks in high-end liquor, Maotai’s modest price increase is “a clear rise with quiet stability,” which is beneficial for offsetting market downside expectations and maintaining the brand’s own high-end value.

He pointed out that this “dual-price adjustment” is a landmark move indicating that Maotai’s market-oriented reforms are entering deep waters. In the short term, it helps the company repair channel profits and improve operating conditions; in the long term, it means Maotai is shifting from a “scarcity myth” that relies on channel stockpiling to a “healthy market” driven by real consumption, making it closer to consumers.

For the industry, Maotai’s price increase may also be a positive signal for building a bottom, which could help drive the high-end liquor price market to recover.

The reporter from International Finance News noted that, based on historical patterns, after Maotai adjusts prices, high-end liquor companies such as Wuliangye and Luzhou Laojiao are highly likely to follow within three months, and some sub–high-end liquor companies may also choose to follow selectively afterward.

However, whether this price increase will be successful still depends on how consumers respond. The industry’s internal pattern of “the strong always get stronger” may also intensify.

Zuo Yu / Photo

CFO dismissed

Besides the price increase, Kweichow Moutai also formally announced an information item about a personnel removal.

With approval from the company’s board of directors, Jiang Yan has been removed from the positions of deputy general manager, chief financial officer, and secretary of the board of directors. Going forward, the company will complete the appointment of the relevant roles as quickly as possible in accordance with regulations.

Half a month ago, the Discipline Inspection and Supervision Team dispatched by the Guizhou Provincial Commission for Discipline Inspection and Supervision and the municipal discipline inspection and supervision authorities in Zunyi released a notice. Jiang Yan was placed under investigation for suspected serious violations of discipline and law, and was subject to disciplinary inspection and supervisory investigation.

According to financial reports, from 2022 to 2024, Jiang Yan’s pre-tax annual compensation was 533.4k yuan, 841.8k yuan, and 818.4k yuan, respectively.

Since Kweichow Moutai went public, there have been a total of five chief financial officers. Among them, the first chief financial officer, Tan Dinghua, retired normally in February 2015, but was investigated in March 2016. According to a notice from the Guizhou Provincial Commission for Discipline Inspection and Supervision, between 2006 and 2015, Tan Dinghua took advantage of his position to accept bribes totaling more than 533.4k yuan and also accepted 200 grams of gold bars, committing serious violations of discipline and law. He was expelled from the Communist Party and transferred to judicial authorities.

Affected by multiple factors including the industry’s cyclical adjustment and the pains of channel transformation, Kweichow Moutai’s performance has come under pressure. In the first three quarters of 2025, the company’s total operating revenue was 841.8k yuan, up 6.32% year over year; attributable net profit to shareholders was 818.4k yuan, up 6.25% year over year. The full-year financial report will be disclosed on April 17.

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