Shanghai, Jan 25, 2026, 05:05 CST — Market closed
Kweichow Moutai Co., Ltd. Class A shares (600519.SS) slipped 0.23%, finishing at 1,337 yuan. Investors focused on the company’s handling of a packaging error involving its limited “Year of the Horse” bottle. 1
The timing couldn’t be more awkward. Lunar New Year marks a peak selling season for premium baijiu — China’s high-proof grain spirit — and Moutai’s limited “zodiac” editions are eagerly monitored for clues on the brand’s pricing power.
Zodiac editions don’t make up the bulk of sales, but they occupy a unique spot where gifting, collectors, and the resale market overlap. When something seems off, it sparks a proxy debate over demand and control.
Moutai’s iMoutai WeChat account announced it fixed a printing error on the outer box—a missing stroke in a Chinese character on the star-chart design—and resumed production on Jan. 23. Buyers can exchange the product at its self-operated stores until Dec. 31, 2026, with inner-box replacements set to begin in March. The company is also trialing a pen-like “touch-up tool,” the account added. On second-hand platforms, some bottles were listed between 2,200 and 2,888 yuan, while the third-party tracker “Today’s Jiujia” reported a wholesale reference price of 2,180 yuan on Jan. 23. 2
Baijiu industry analyst Xiao Zhuxing suggested the “error edition” tag might actually spark more buzz, likening it to rare misprinted postage stamps that end up prized by collectors. 3
Broader Chinese shares closed higher on Friday, led by the Shanghai Composite Index, which gained 0.33% to finish at 4,136.16 points. Despite the positive momentum, Moutai’s stock dipped. 4
A block trade in Moutai caught some eyes on Friday, with 2,400 shares changing hands at 1,300 yuan apiece — priced 2.77% below the closing mark, per published data. These block trades are privately arranged deals, reported separately from the usual order book. 5
The market’s closed over the weekend, so all eyes turn to Monday’s open. Investors will be watching to see if the exchange programme douses the chatter or fans the flames, and if the episode impacts channel pricing.
Moutai pushed longer-term themes as well. On its website, the company quoted group general manager Wang Li at a Davos forum this week, saying intangible assets formed the company’s “moat” for sustained growth. 6
Traders often group Moutai with heavy hitters like Wuliangye Yibin and Luzhou Laojiao. This helps them gauge pricing discipline and discounting trends across different channels.
The downside is clear: if secondary-market prices dip more or store-level swaps lag, a small printing error could spark bigger doubts about execution just as the busiest consumption period approaches. That could hurt sentiment, even if the actual financial impact remains limited.
Here’s what to watch: traders will focus on iMoutai’s update regarding the March replacement schedule and any early signs of sell-through ahead of the Lunar New Year holiday on Feb. 17. 7
