Galaxy Securities Says Kweichow Moutai Price Hikes Signal a Bottoming in Premium Baijiu Demand

Galaxy Securities said multiple price increases by Kweichow Moutai this year suggest premium baijiu consumption is bottoming out. According to 36Kr, the firm's research note said wholesale prices for high-end baijiu have fallen steadily in recent years, and Moutai prices are a key barometer for consumer demand. Since the start of 2026, Kweichow Moutai has repeatedly raised retail prices on its iMoutai platform, which the note described as a leading signal. The report said the platform's prices remain below public e-commerce platforms, helping the company rapidly scale sales and capture consumer demand. It added that public platforms have continued to command a premium since iMoutai sales expanded in 2026, indicating there is not much excess Moutai inventory in the channel. The repeated price hikes also suggest Kweichow Moutai is under less sales pressure now.