At its 1H2026 results briefing, Moutai rejected market claims that 100–200
million bottles of Feitian Moutai are stalled in distribution and could form a
'dam' disrupting the market. The company said 2026 channel reforms have widened
consumer access and that social-channel inventory sell‑through ratios (month‑end
inventory / monthly sales) have been below 1.0 each month, indicating healthy
circulation. Moutai said measures since 2024, together with a 2026
supply‑demand‑aligned channel system, market‑linked pricing and dynamic
adjustment mechanisms, have greatly reduced speculative space in the
intermediate layer, raised hoarding risk but lowered hoarding intent, and
compressed highly liquid speculative inventories to levels insufficient to
destabilize the market.
