China Spirits Tracker Moutai price adjustment of 7 SKUs

Equity Research 8 September 2026 | 11:35PM HKT

China Spirits Tracker: Moutai price adjustment of 7 SKUs; Super premium spirits wholesale price recovers; Yet still cautious outlook for

Leading super-premium brands saw wholesale prices recover alongside Leaf Liu | sequentially better S/D dynamics in Jul-Aug. Feitian Moutai wholesale price rose Goldman Sachs (Asia) L.L.C.

Rmb10-20 this week to Rmb1,720~1,730 per bottle. Common Wuliangye/Guojiao Christina Liu | 1573 increased slightly to Rmb790-830/Rmb830 per bottle. Moutai also raised Goldman Sachs (Asia) L.L.C.

prices for 5 products & adjusted prices for 2 products across its 43 self-operating Valerie Zhou | stores on Sep 8 after its first price actions for self-operating stores on Aug 8: Feitian Goldman Sachs (Asia) L.L.C. 500ml/Five-star Feitian/Zodiac 500ml*2/Moutai-1L are now priced at Rmb1,766/1,756/610/3,846/3,291 per bottle, up 1-2% vs. prior prices; and Feitian 50ml*5/Feitian 43% vol prices slightly decreased by -1% to Rmb745/822. 500ml Feitian is now priced at 8% higher than the i-Moutai suggested RSP at Rmb1,639 (Exhibit 1). Moutai Sep prepayments reached ~80%+ and just released Sept quota for distributors this week with lean channel inventory for both Feitian/non-standard SKUs. i-Moutai also announced six Moutai products to be available to daily releases (Sep 8): 6 Vintage Feitian 53% 500ml products (2019-2024 version) will be shifted from monthly releases (three times per month) to regular daily availability on 9am and 8pm on i-Moutai, starting from Sep 9.

Yet still cautious outlook for overall retail demand trend for upcoming festival season: Peak channel stocking and consumer purchases are expected to start around 10 days before the holiday (c.Sep 13-15), with large-scale stocking yet to begin. Our channel check indicated sequentially improving sell-through growth in Jul-Aug vs May-Jun, although still below 2024 levels for most brands. The separation of Mid-Autumn and National Day will also potentially create two consumption occasions which benefits overall demand. That said, we remain cautious and await more visibility on terminal stocking trend, while still expect a moderate recovery for selected leading brands especially Moutai with lean channel inventory and resilient demand. Overall prepayment still lags spirits companies’ expectations: Fen Wine/Laojiao requested c. 90%/95% prepayment of full-year task with channel subsidies granted but distributors’ willingness remain low. Some bright spots remain for King’s Luck/Gujing which saw more promising sell-through for low end products (Dyanya; 2Kai/4Kai), while King’s Luck is still pursuing its Rmb10bn sales target in 2026.

Feitian Moutai /Common Wuliangye/ Guojiao 1573 wholesale prices trended up. In the past 2 weeks, original case Feitian Moutai’s wholesale price/bottle increased by Rmb10 to Rmb1,730, and unpacked Feitian Moutai’s wholesale price increased by Rmb20 to Rmb1,720. For non-standard Moutai SKUs, the wholesale price of

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Goldman Sachs China Spirits Tracker

Zodiac/Moutai 15 years decreased by Rmb5/10 per bottle, while Jingpin/1-litre Feitian Moutai stayed flattish. Common Wuliangye’s wholesale price/bottle stayed flattish at Rmb830/increased by Rmb20 to Rmb790 per “Daily Spirits Prices”/Bairong Wholesale Market, respectively. Guojiao 1573’s wholesale price/bottle decreased by Rmb10 to Rmb830.

The authors would like to thank Lily Qi for her contribution to this report.

Exhibit 1: Moutai latest price hike summary

Source: Daily Spirits Price, Company data, Goldman Sachs Global Investment Research

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