Channel reform accelerates again! Moutai's personalized products now available for agency sales, with distributors potentially earning only a 5% service fee

Everyday Economic News Reporter: Xiong Jianan    Editor: Ye Feng

Moutai’s market-oriented reform is accelerating at the distribution level.

Recently, there have been market reports that personalized products such as Aged Moutai (15), Boutique Moutai, and Zodiac Moutai will adopt a consignment sales model. Unlike in the past, under this model, product ownership still belongs to the manufacturer. Distributors do not need to pay the full amount upfront; they only need to pay a deposit to start sales. However, sales prices and ordering channels will be centrally managed by Moutai.

On March 13, a reporter from “Daily Economic News - Will Enter Wine” inquired with Moutai, but received no response by the time of publication. However, it was confirmed by distributors that the policy is genuine. It is understood that these products must be sold through the iMoutai channel, with terminal retail prices uniformly referenced from the platform’s retail prices. Some distributors have already submitted consignment applications.

This means that the sales of personalized Moutai products will break the traditional single-channel distribution model. The multi-dimensional collaborative marketing system of “self-sales + distribution + consignment + consignment sales” proposed at the end of last year is beginning to take shape.

Industry analysts believe that, without affecting the price system of Feitian Moutai, the channel restructuring for non-standard products is underway. If this model can be fully implemented, Moutai will be closer to its goal of “product prices defined by the manufacturer, market order led by the manufacturer” in the consumer market.

First Launch of Consignment Policy: iMoutai Handles Orders Uniformly, Distributors Will Earn a Reasonable 5% Profit

For a long time, Moutai’s normal supply was mainly through annual contract quotas, with distributors purchasing according to plan. Provincial self-operated companies also distributed non-standard Moutai products to distributors periodically. However, over the past few years, personalized products like Aged Moutai, Rare Moutai, and Boutique Moutai have faced persistent price inversion issues. Some distributors have told reporters that because these personalized products are “not profitable,” many are hesitant to renew their contracts for another year.

At the Moutai National Distributors’ Conference held on December 28, 2025, Moutai announced a new market-oriented operation policy, explicitly canceling the distribution model and returning to a “pyramid” product structure. Moutai Group Chairman Chen Hua repeatedly emphasized, “Moutai will not do anything that violates market laws, nor will it let channel partners lose money.”

In January this year, in response to the previous price inversion issues, Moutai officially lowered the contract prices (ex-factory prices) for several categories of products and set retail prices on the “iMoutai” platform. For example, after adjustment, the distributor contract prices for Boutique Moutai and Aged Moutai (15) are 1,859 yuan/bottle and 3,409 yuan/bottle, respectively.

Following the removal of distribution and the reduction of ex-factory prices, Moutai has introduced a “third move”—the consignment sales policy. Products involved include Aged Moutai (15), Boutique Moutai, Zodiac Liquor (classic edition, gift box), Drumming Flying Fairy, and various sizes of Flying Fairy 53° (1000ml, 200ml, 100ml, 50ml).

Sources say that under the consignment model, ownership of the products still belongs to Moutai. These “company products” are stored at various distributors, and consumers purchase directly from the distributors’ stores.

Industry analysts believe that with the implementation of this policy, Moutai has essentially completed its transition to a multi-dimensional marketing system of “self-sales + distribution + consignment + consignment sales.” This also marks an effort to move away from the past “a single Feitian leading the market” product structure, supporting a new “pyramid” product organization: the “base” of 500ml Puer Moutai for traffic and awareness; the “middle” of boutique and Zodiac for community and gifting; and the “top” of aged and cultural wines for collection and investment.

One distributor told reporters that they have already submitted a consignment application to the distillery. “I believe many distributors will apply,” he added.

It is noteworthy that the previous cooperation model for Aged Moutai (15) was based on distribution. The distributor explained that there may now be a phase where distribution and consignment are pursued simultaneously. Distributors who have not signed contracts for vintage wines can still apply for consignment; those who have already signed will continue under their original contracts for now.

Order Channels and Sales Prices Will Be Fully Managed by “iMoutai”

Will Profit Margins Be Severely Reduced?

At the end of last year, Moutai proposed the principle of “market-driven pricing” for products, with the retail price defined on the iMoutai platform as the terminal selling price. While distributor profit margins still exist, once the “iMoutai” retail price becomes the market’s benchmark, sudden price surges are unlikely. This also means that profit margins for distributors are effectively capped.

In the ongoing consignment sales model, three key points are noteworthy: First, products must be ordered through iMoutai. Consumers need to scan the “exclusive iMoutai QR code” at the store to place an order and complete the transaction. Second, sales prices are strictly aligned with the retail prices on the “iMoutai” platform. Third, Moutai will provide rebates to distributors, with market reports estimating about 5%.

With the launch of the consignment policy, previous sales policies will also end. For example, with Boutique Moutai, the channel profit margin was the difference between the distributor contract price and the retail price of 2,299 yuan per bottle, which was about 440 yuan per bottle. Under the current consignment model, a 5% rebate amounts to roughly 115 yuan per bottle, only about a quarter of the previous margin.

For Moutai, selling at iMoutai prices means that both volume and pricing power return to the company, maximizing its ability to avoid disturbances from the secondary market. (According to “Daily Economic News - Will Enter Wine” reporter, after the Spring Festival, the gap between terminal retail prices and market wholesale prices is widening; see detailed report.)

Beverage expert Xiao Zhuqing stated that Moutai is gradually gaining autonomous control over market pricing, with channel service partners relying on display/on-site experience services to earn service fees. Since channel partners only earn service fees proportionally, this may reduce the influence of channel merchants and scalpers on Moutai’s transaction prices.

A securities analyst also noted that innovation in the sales model for non-standard products is beneficial for the company’s price control and supports its comprehensive market-oriented reform towards “C” (consumer) level.