Non-standard Moutai liquor consignment products are arriving at stores one after another! Distributors' business logic is being reshaped: from "hundreds of yuan profit per bottle" to "5% commission"

After the Qingming holiday, the first batch of agency-sold Moutai liquor products have been gradually shipped to distributors across the country, allowing consumers to purchase various products such as vintage, boutique, and kilogram Moutai at retail prices on the “iMoutai” platform. According to reporters from the Daily Economic News·Jiang Jin Jiu, in mid-March this year, Moutai officially announced the implementation of an agency sales system for multiple non-standard Moutai products. The arrival of these various Moutai products marks the substantive implementation phase of the new policy for agency sales of non-standard Moutai.

Industry insiders believe this is not simply a sales method adjustment. Under the agency sales model, distributors no longer buy out the inventory rights or prepay for goods; ownership of the products still belongs to Moutai. Distributors only charge about 5% service fee based on sales volume, settled monthly. This means the business logic of “stockpiling for arbitrage” is coming to an end.

Deeper changes lie in the positioning of distributors. Previously, Moutai shifted towards a multi-dimensional collaborative system of “self-sales + distribution + agency sales + consignment,” and actively lowered the contract prices for boutique, aged, and other previously inverted products. Distributors no longer bear inventory and capital pressure, transitioning from “profit margin traders” to “service providers,” moving from earning arbitrage to increasing turnover frequency. Under the new commission system, distributors are experiencing a reshaping of profit structures and business logic.

Non-standard agency-sold products have arrived gradually

Sales volume reaching over 70% of the shipment is required before applying for the next batch

It is understood that channel merchants who sign Moutai liquor distribution contracts for 2026 can voluntarily apply for agency sales if they fully execute all 2025 orders and have not been held responsible for breaches from 2023 to 2025.

However, the related products for agency sales must be sold through the “iMoutai” channel, and the sales price must refer to the retail price on the “iMoutai” platform.

According to reports, Moutai’s first batch of agency-sold products has been shipped since the Qingming holiday. As of April 7, the Hebei region has received the agency-sold products, and some areas in Jiangsu have completed their first delivery.

Unlike the previous model where distributors bought out inventory rights and prepaid for goods, under the agency sales model, ownership of the products still belongs to Moutai, and channel merchants no longer bear inventory and capital pressures. These “company products” are essentially “stored” at various distributors, with consumers purchasing directly from the distributors’ exclusive stores.

A reporter learned from a Moutai distributor in Sichuan that under the agency sales model, consumers confirm product and delivery methods at the distributor’s store. The store generates a dedicated QR code based on consumer needs, which is scanned via the iMoutai APP to access the product page. After confirming information and submitting the order, the customer confirms receipt of the goods; customers picking up in person show a pickup code at the store, and Moutai’s official system issues an electronic outbound order, all operations conducted on the iMoutai APP.

According to the distributor, under the new regulation, when sales (i.e., the actual payment made directly by customers on iMoutai) reach over 70% of this shipment, they can apply to the manufacturer for the next batch. Since logistics turnaround usually takes 2-3 days, most products in the store are in a “no stock to sell” vacuum during this period.

Rebates and price differences result in over 70% profit

The “arbitrage” profit margin for distributors is broken

For a long time, Moutai’s normal supply was mainly through annual contract quotas, with distributors purchasing according to plan, and provincial self-operated companies periodically distributing non-standard Moutai products to distributors. In the ongoing agency sales model, products must be ordered and sold through “iMoutai,” with sales prices strictly aligned with the retail prices on the platform. Distributors earn about 5% service fee based on sales volume, settled monthly.

After the agency sales system was implemented, the most direct impact was the compression of distributor profit margins.

Taking boutique Moutai as an example, previously, the contract price for distributors was 2,299 yuan per bottle, with a profit margin of 440 yuan per bottle compared to the “iMoutai” retail price. Under the new agency sales model, products must be ordered through “iMoutai,” with prices strictly aligned with the platform’s retail price. Distributors earn about 5% service fee based on sales, which amounts to roughly 115 yuan per bottle of boutique Moutai. The 15-year aged Moutai, with a previous contract price of 3,409 yuan and a retail price of 4,199 yuan, had a price difference of 790 yuan per bottle; now, the 5% rebate is about 210 yuan per bottle. Both products’ commissions are roughly a quarter of the previous profit margin from arbitrage.

This indicates that the business logic of “earning from price differences” is collapsing.

Moutai clearly states in the “2026 Market-Oriented Operation Plan” that the marketing system will shift from “self-sales + distribution” to a multi-dimensional collaboration of “self-sales + distribution + agency sales + consignment.” For personalized products like aged Moutai, rare Moutai, and boutique Moutai, which previously experienced severe price inversion, Moutai has proactively lowered the contract (factory) prices and marked retail prices on “iMoutai.” For example, the contract prices for boutique Moutai and 15-year aged Moutai are adjusted to 1,859 yuan and 3,409 yuan per bottle, respectively. After the agency sales policy is rolled out, the previous distribution model will end.

More importantly, the role of distributors is also shifting from “profit margin traders” to “service providers” with the implementation of the agency sales model.

In recent years, personalized products have long experienced inverted prices, with some distributors telling reporters they “don’t make money,” and adopting a wait-and-see attitude toward contract renewal. At the distributor symposium at the end of 2025, Moutai Chairman Chen Hua explicitly stated, “We will not let channel partners lose money.”

Although the current agency rebate has significantly decreased compared to arbitrage profits, it offers some clear advantages. Under the fixed commission system, distributors no longer need heavy assets to stockpile, and the pricing system for non-standard products has become more stable.

Some distributors have stated on social media: “The factory (Moutai) actually leaves this certain opportunity to the veteran distributors first. Under the fixed commission system, to earn more, the only business logic is to increase sales turnover.” They believe that in the future, distributors will compete in offline skills, service quality, and the efficiency of transitioning to “C” (consumer) channels. Embracing change and deepening customer engagement are the keys to breaking through in the new cycle.

Daily Economic News