Moutai 1Q26 First Take: As the first print since channel reform took effect, results looked solid, with revenue returning to growth despite a high base last year. The only blemish was profit growth lagging revenue as non-standard SKUs saw price cuts and a reduced mix.

Moutai delivered total revenue of RMB 53.9bn (+6.5% YoY), with Feitian Moutai at RMB 46.0bn (+5.6% YoY). With iMaotai contributing the core incremental gains, we infer Feitian has reclaimed the growth baton. By contrast, non-standard SKUs — premium, zodiac and vintage lines — were overpriced last year and channel-heavy, resulting in widespread price inversion amid weak demand, so we expect light allocation and muted growth in Q1.

Series liquor generated RMB 7.9bn, down 12.2% YoY. After two quarters of clean-up in Q3–Q4 last year, growth is set to normalize back to double digits. We think 1935 remains the key support, while mass-market sub-brands such as Prince and Yingbin focus on stable inventory and price discipline in a soft demand environment.

By channel, direct sales reached RMB 29.5bn in 1Q26 (+27% YoY). iMaotai delivered RMB 21.6bn, accounting for 73% of direct sales. This underscores iMaotai’s shift from an auxiliary outlet for non-standard SKUs to the core carrier of Moutai’s To-C strategy.

GPM fell 220bps to 89.9%, as price cuts and reduced allocation for non-standard SKUs drove an unfavorable mix. Opex was broadly flat YoY, delivering attributable net profit of RMB 27.2bn (+1.5% YoY). See Dolphin Research’s upcoming earnings take for more details.$Moutai(600519.SH)