Guizhou Maotai officially announces price increase; reshuffling in the liquor industry is inevitable.

On the evening of March 30, Kweichow Moutai (600519) announced an increase in its Feitian pricing, ending its 8-year run of a self-operated system retail price of 1,499 yuan per bottle.

According to the announcement, after a study and decision, effective March 31, 2026, Kweichow Moutai will adjust the Feitian 53%vol 500ml Kweichow Moutai Liquor (2026) sales contract price from 1,169 yuan per bottle to 1,269 yuan per bottle, and the retail price within the self-operated system from 1,499 yuan per bottle to 1,539 yuan per bottle.

Kweichow Moutai said that this price adjustment will have a certain impact on the company’s operating performance.

In comparison, the increase in the Feitian Moutai price this time is smaller than the previous one, and the previous price hike did not involve adjustments to the market suggested retail price; in addition, the current baijiu market environment has changed significantly. At the just-concluded 2026 National (Spring) China Food and Liquor (Jiujiu) Fair, most baijiu practitioners were pessimistic about the industry’s outlook.

The last time Kweichow Moutai issued a price increase notice was in November 2023. At that time, after a study and decision, effective November 1, 2023, it increased the ex-factory price of the Feitian and Wuxing 53%vol 500ml Kweichow Moutai Liquor by an average of about 20%. The ex-factory price of the Feitian and Wuxing 53%vol 500ml Kweichow Moutai Liquor was increased by about 200 yuan per bottle, and the adjusted ex-factory price was approximately 1,160 yuan per bottle.

The suggested retail price of 1,499 yuan per bottle dates back to 8 years ago. In January 2018, Kweichow Moutai issued an announcement explaining the market prices of Moutai liquor products, stating that it would appropriately raise the prices of Moutai liquor products starting in 2018. At that time, Kweichow Moutai required all-level subsidiaries and all-level subsidiaries under Moutai Group to sell the Feitian Moutai Liquor 53%vol 500ml strictly at the listed price of 1,499 yuan per bottle.

Data from a third-party liquor pricing platform shows that on March 30, 2026, the market price of the 2026 ex-factory 53%vol 500ml boxed Feitian Moutai liquor was about 1,655 yuan per bottle, while loose-bottle Moutai was around 1,545 yuan per bottle. The market price of loose-bottle Feitian Moutai is already very close to the self-operated system retail price of 1,539 yuan per bottle stated in the latest official announcement.

In 2025, the baijiu industry entered a phase of deep adjustment under the multiple impacts of the macroeconomic cycle, industrial adjustment cycle, and policy adjustment cycle. Recovery in consumer scenarios such as traditional business banquets has been relatively slow, industry inventory is overall at a high level, and all major liquor enterprises face severe market competition and challenges. Industry consolidation and reshuffling are inevitable.

Xiao Zhuqing, a commentator on China’s liquor industry, told a reporter from Securities Times that existing baijiu-listed companies are facing intense “involution” and shrinking-volume competition, and the marginal contribution to performance from relying on increased investment in homogenized products is becoming smaller and smaller.

On March 30, Kweichow Moutai also convened a board meeting, and all directors unanimously agreed to remove Jiang Yan from the positions of deputy general manager, chief financial officer, and secretary to the board of directors. In recent years, corruption cases at Kweichow Moutai have occurred repeatedly over the years, and more than ten senior executives have been investigated. In mid this month, Jiang Yan is currently under investigation for alleged serious violations of discipline and law.

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