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China’s liquor giant Kweichow Moutai reported a revenue of 170.899 billion yuan in its 2024 annual report, marking a 15.71% year-on-year increase, while net profit rose 15.38% to 86.228 billion yuan. Despite maintaining double-digit growth amid market headwinds, concerns have emerged over its weakening control over pricing and shifting sales strategies. 

Notably, Moutai’s direct sales revenue reached 74.843 billion yuan in 2024, up 11.32% year-on-year, accounting for 43.8% of total revenue. However, this growth rate and share declined compared to previous years. Since 2016, Moutai had aggressively expanded direct sales, with its share surging from 8.97% in 2016 to 45.67% in 2023. The slowdown reflects strategic adjustments under new chairman Zhang Deqin, who has reemphasized traditional wholesale channels. In 2024, wholesale and agency income grew 19.73% to 95.769 billion yuan, representing 56.04% of total revenue, while the number of domestic dealers increased by 63 to 2,143. 

A key concern is the underperformance of “i Moutai,” the company’s flagship digital sales platform. In 2024, the platform generated 20.024 billion yuan in revenue, down 10.51% year-on-year, with its contribution to direct sales dropping from 33.28% in 2023 to 26.75%. Analysts attribute this to diminishing price advantages. Previously, products on “i Moutai” were priced below market rates, attracting both consumers and resellers. However, as market prices fluctuated, several products—including the 2,499-yuan Zodiac Series (Year of the Snake) and Moutai 1935—now face “price inversion,” where platform prices exceed wholesale market rates. Only the 1,499-yuan 53° Flying Fairy Moutai retains a slight edge. 

Historically, Moutai’s direct channels, especially “i Moutai,” played a critical role in stabilizing prices during industry-wide inflation. Yet, the platform’s declining influence signals a loss of pricing control. Industry experts warn that this shift, coupled with softer demand, could challenge Moutai’s premium brand positioning and long-term profitability. 

As the company navigates a balance between direct and wholesale strategies, its ability to adapt to market dynamics while preserving its premium image will be crucial in sustaining growth.