Moutai Raises Prices Again This Year, Baijiu Sector Surges Across the Board

21世纪经济·20 Jul 2026·Read original

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Summary · why it matters

Kweichow Moutai raised the price of its core product, Feitian Moutai, for the second time this year, sending the A-share baijiu sector broadly higher. On July 20, Gujing Gongjiu hit the daily limit up, Kweichow Moutai rose over 5%, and stocks such as Jinhui Liquor, Luzhou Laojiao, Shanxi Xinghuacun Fenjiu, King's Luck Brewery, and Huangtai Liquor followed the rally. Kweichow Moutai announced that effective from midnight on July 18, 2026, the retail price of Feitian 53% vol 500ml Kweichow Moutai 2026 on the iMoutai platform will be adjusted from 1,539 yuan per bottle to 1,639 yuan per bottle, and the contract sales price will be adjusted from 1,269 yuan per bottle to 1,369 yuan per bottle. Earlier this year, on March 30, the company had already raised the contract price of the same product from 1,169 yuan per bottle to 1,269 yuan per bottle, and the retail price from 1,499 yuan per bottle to 1,539 yuan per bottle. Institutions generally believe that against a backdrop of shrinking industry profits, Moutai's counter-cyclical price hikes signal intensifying divergence in the baijiu sector, with a clear trend of the strong getting stronger. A Goldman Sachs research note pointed out that the most difficult destocking phase for China's baijiu industry has passed, and the sector is in the very early stages of recovery. Data from the National Bureau of Statistics show that total retail sales of tobacco and alcohol in the first half of 2026 grew 13.2% year-on-year, with a 12.1% increase in June, signaling marginal improvement in fundamentals.

Kweichow Moutai Co Ltd ▲