China Spirits Tracker

Latest edition · September 8, 2026

China Spirits Tracker Moutai price adjustment of 7 SKUs

Super-premium spirits wholesale prices showed sequential recovery in July-August, aided by Moutai's price adjustments across 7 SKUs in direct stores. However, Goldman Sachs maintains a cautious stance on broader festival retail demand given lagging distributor prepayments.

Wholesale prices for leading Chinese super-premium spirits recovered alongside improved supply/demand dynamics in July-August, led by Feitian Moutai rising to Rmb1,720-1,730 per bottle and Moutai adjusting prices across 7 SKUs in 43 self-operated stores on September 8. Despite these micro improvements and lean channel inventories at Moutai, Goldman Sachs remains cautious regarding overall holiday retail demand. Large-scale terminal channel stocking for the upcoming Mid-Autumn and National Day festival season has not yet begun, and distributor willingness to fulfill full-year prepayments remains subdued across peers like Fen Wine and Luzhou Laojiao.

Key takeaways from the latest edition

• 1.Super-premium baijiu wholesale prices recovered sequentially in July-August, with Feitian Moutai rising Rmb10-20 to Rmb1,720-1,730 per bottle.
• 2.Moutai adjusted retail prices for 7 SKUs across 43 direct self-operated stores on September 8, raising prices on 5 SKUs by 1-2% and trimming 2 SKUs by 1%.
• 3.Outlook remains cautious for upcoming festival retail demand as peak stocking has not yet commenced and distributor prepayment willingness remains muted.

What this series covers

• Exhibit 1: Moutai latest price hike summary
• Weekly Momentum of China Spirits Sector
• Wholesale price summary of high-end liquors
• Wholesale price summary of 40+ SKUs
• Performance & Valuation
• Valuation methodology and key risks

Edition archive

• China Spirits Tracker Moutai price adjustment of 7 SKUs

  September 8, 2026

• China Spirits Tracker: Dragon Boat Festival sell-through lapping low base but demand remained polarized across pricing tier; More resilient

  June 22, 2026

• China Spirits Tracker: Dragon Boat Festival around the corner: Weak outlook despite a low base; Muted wholesale price trend

  June 16, 2026