随行就市！贵州茅台公布价格动态调整机制

中国基金报01-13

【导读】以市场为导向，构建“随行就市、相对平稳”的自营体系零售价格动态调整机制中国基金报记者郑俊婷市场化改革，茅台放真招、实招！1月13日晚间，贵州茅台（证券代码：600519）发布公告称，公司当日召开董事会会议，审议通过了《2026年贵州茅台酒市场化运营方案》。贵州茅台表示，公司将回归“金字塔”型产品结构，优化运营模式为自售、经销、代售、寄售协同，并构建五大渠道布局，实施动态价格机制，强化...

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Kweichow Moutai announces dynamic price adjustment mechanism","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":1.5,"600519":1.5,"03189":1.5},"content_text":"【导读】以市场为导向，构建“随行就市、相对平稳”的自营体系零售价格动态调整机制中国基金报记者 郑俊婷市场化改革，茅台放真招、实招！1月13日晚间，贵州茅台（证券代码：600519）发布公告称，公司当日召开董事会会议，审议通过了《2026年贵州茅台酒市场化运营方案》。贵州茅台表示，公司将回归“金字塔”型产品结构，优化运营模式为自售、经销、代售、寄售协同，并构建五大渠道布局，实施动态价格机制，强化市场导向与消费者服务。根据《2026年贵州茅台酒市场化运营方案》，公司将主要从产品体系、运营模式、渠道布局、价格机制四方面来规划贵州茅台今年市场化运营思路。产品体系方面，回归贵州茅台酒“金字塔”型的产品结构。“塔基”产品以飞天53%vol500ml贵州茅台酒为主，飞天53%vol1000ml、100ml等其他规格贵州茅台酒为辅，以进一步强化社交消费属性；“塔腰”产品包括精品茅台酒、生肖茅台酒，做强精品茅台酒，将其打造成大单品，激发生肖茅台酒的民间收藏消费需求；“塔尖”产品包括茅台酒陈年系列和文化系列，聚力以市场需求为驱动，适度收缩以维护和强化超高端产品价值。运营模式方面，由“自售+经销”的传统销售模式向“自售+经销+代售+寄售”多维协同的营销体系转变。其中，自售模式通过自营店、i茅台，销售贵州茅台酒全系产品，主力聚焦C端、B端消费群体，取消自营体系原分销模式。社会体系中，经销模式“明确销售量、约定销售区域或渠道、物权转移至经销商”；代售模式“物权不转移，依托线上零售、线下零售、餐饮、私域等渠道资源，提升区域覆盖和渠道触达能力”；寄售模式“物权不转移，依托寄售商渠道、客户资源”。渠道布局方面，构建批发、线下零售、线上零售、餐饮、私域“五大渠道”并行的渠道布局，通过“线上+线下”融合转型，线上管效率、管触达，线下管转化、管服务，形成以消费者为中心的良性渠道生态体系。价格机制方面，以市场为导向，构建“随行就市、相对平稳”的自营体系零售价格动态调整机制。当前，自营体系零售价已在i茅台和自营店执行。贵州茅台强调，将以自营体系零售价为基础，科学合理测算渠道利润率，以确定销售合同价和佣金。经销模式将根据不同产品、不同渠道的经营成本、经营难度、经营风险、服务能力等，科学合理测算确定相应的销售合同价并动态调整；代售模式和寄售模式商品零售价按自营体系零售价执行，将根据经营成本、运营能力、资源价值、服务能力等，科学合理测算确定佣金。在上述四大举措中，价格机制无疑最为关键，也是当前市场最为瞩目的焦点。茅台酒长期面临出厂价与终端零售价巨大价差所带来的渠道暴利、囤货炒作和权力寻租等问题。此次建立以自营零售价为基准、随行就市的动态调整机制，旨在从根源上压缩非理性套利空间，重塑健康的价格形成体系，是对原有深水区矛盾的直接回应。中国酒业独立评论人肖竹青向记者表示，打破传统意义的“出厂价”，以市场为导向，构建“随行就市、态势平稳”的自营体系零售价格动态调整机制，是白酒行业价格机制改革的一次重要突破，能真正意义上实现厂商客的“三方共赢”。“首先，作为国有控股企业，贵州茅台承担着支持地方经济发展的重要社会责任，是贵州省财政的重要贡献企业。其稳健经营与效益提升，对区域财力具有积极意义。其次，在经销商层面，公司管理层已明确表示，将持续优化经销商利润结构，确保其获得合理、稳定的经营收益，但不再支持非理性的暴利模式，以促进渠道生态的健康发展。最后，对于消费者而言，公司将通过完善官方渠道建设、实施动态价格机制，在保障产品保真的同时，使消费者能够以更公允的价格便捷购得产品。”肖竹青说。肖竹青特别指出，“随行就市”的价格机制对经销商的意义在于去掉“囤货炒货”枷锁，回归服务与行商。一方面。取消传统“分销”层级，经销商不再靠批条赚差价，而是转向“代售+寄售”：帮酒厂做终端配送、品鉴活动，赚取透明服务费，角色从“坐商”变“行商”。另一方面，高附加值产品（生肖酒、文化酒等）取消分销任务，减轻资金占压，避免“为了完成任务亏本甩货”。此外，启动经销商优胜劣汰，有C端运营能力、有圈层资源的经销商将获得更多配额，纯粹靠囤货倒货的经销商将被自然出清。值得一提的是，在1月13日晚公布《2026年贵州茅台酒市场化运营方案》前，贵州茅台已对经销商渠道下调了部分产品的合同价，多款产品下调幅度超过千元。以精品茅台为例，其出厂价从2969元/瓶下调至1859元/瓶，零售指导价从3299元/瓶下调至2299元/瓶。事实上，本次价格调整主要针对茅台非标产品及系列酒等品类，这也是当前经销商亏损较多的部分。过去，非标产品由各省销售公司以市场建议零售价的90%向代理商供货，但自2025年起，相关产品市场成交价持续低于进货价，形成价格倒挂。随着新定价机制的实施，经销商采购非标产品已可恢复正向价差，从而实现合理利润。校对：纪元编辑：舰长审核：许闻版权声明《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。授权转载合作联系人：于先生（电话：0755-82468670）\n\n文章原文","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603463463","isCrawlerRequest":true}