China Spirits Tracker: Feitian wholesale price trended up; channel feedback post price hike

研报英文原文证据摘录

China Spirits Tracker: Feitian wholesale price trended up; channel feedback post price hike

Equity Research

20 July 2026 | 10:29PM HKT

China Spirits Tracker: Feitian wholesale price trended up; channel

feedback post price hike

Moutai announced its 5th Market-oriented reform on Jul 17, with 7.9%/6.5% or Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Rmb100/bottle each hike on ex-factory price/RSP of 500ml Feitian Moutai products. Goldman Sachs (Asia) L.L.C.

Meanwhile, our channel check also indicated different magnitudes of price hikes of Christina Liu

500ml Feitian in self-operated specialty stores (Rmb1,719/bottle vs prior +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

Rmb1,639/bottle)/KA & E-commerce platforms (Rmb1,529/bottle vs prior Valerie Zhou

Rmb1,399/bottle) and 1L Feitian on i-Moutai (Rmb3,269/bottle vs prior +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

Rmb3,119/bottle). 53% Feitian wholesale price rebounded by Rmb50-55/bottle

post Moutai’s announcement to Rmb1,705-Rmb1,680/bottle on Jul 19 vs those of

Jul 17. Distributors broadly viewed this round of price hike as anticipated (though a

bit earlier and higher in magnitude) which also indicated Moutai’s intention on

maintaining a more sustainable/steady channel profitability of Feitian for

Wholesalers going forward. This also echoed with our expectation of more frequent

and commercialized pricing actions under the market-orientation reform going

forward, and emphasized Moutai’s key strategy of DTC transition and strong pricing

power over retail-end.

Moutai underlying sell-through remained healthy: channel checks suggest Moutai

2Q sell-through was broadly stable with more resilient demand for Feitian, despite a

still soft macro backdrop. Distributor inventory remained lean at c.