Moutai Abandons Quantitative Growth Guidance, Speed Gear Shift is More Important

Moutai's management clearly stated at the performance meeting on May 11th that the company has entered a period of high-quality development from a high-speed growth phase, and will no longer provide quantitative business target guidance. The previous establishment of quantitative targets was mainly based on the certainty of the supply side, but against the backdrop of market-oriented reforms, there is uncertainty in market changes, and the company needs to comply with market laws rather than being solely dominated by the supply side.

The method of revenue recognition is worth noting. The company recognizes revenue when the customer obtains control over the goods. For the part involving product mortgage loans, revenue can only be recognized at the consolidated level after the distributor repays the loan to the financial company, completes the release of the pledge procedures, and actually picks up the goods. This statement implies that there is a lag in the timing of revenue recognition for some shipped products, and investors need to distinguish when interpreting revenue data.

In terms of channel reform, the main task in 26Q1 was to straighten out the product and pricing systems, and to explore the feasibility of implementing new commercial models for channel operations. The management stated that it has adjusted the prices for a number of products, and the consignment sales model was basically not allocated to social channels in the first quarter, while the consignment model still needs to be judged based on market conditions. Currently, the product channel inventory is at a healthy level.

Regarding iMoutai, 26Q1 added 13.98 million registered users, and by the end of March, the cumulative number of registered users reached 93.45 million. The management positions iMoutai as a "collaborative hub," with online responsibility for reach and management efficiency, and offline responsibility for conversion and service, with both ends advancing in coordination.

Internationalization is under pressure in the short term, which is an active adjustment. Overseas revenue fell in the second half of 25 and the first quarter of 26, and the management attributed the main reason to the company's proactive reinforcement of "reflow wine" governance. It is currently promoting the transformation of its internationalization strategy and structural adjustments, exchanging short-term performance fluctuations for long-term healthy development. East and Southeast Asian countries and regions are designated as strategic markets and will receive focused investment.

Reshaping the manufacturer-merchant relationship was another key statement at this performance meeting. The management hopes that distributors will transform into "channel partners," with "manufacturers" focusing on brand operations and channel ecosystem coordination, and "merchants" focusing on enhancing consumer reach, conversion, and service capabilities. In terms of channel division of labor, direct sales channels are responsible for stabilizing the overall market, and social channels are responsible for penetrating the market, with both cooperating with each other.