咱们来聊聊茅台一边传价跌不好卖，一边1499元款半小时售罄，这反差到底咋回事？ 2026年元旦刚过，"i茅台"APP上的一幕让不少人摸不着头脑：1499元的2026年份飞天茅台，每天9点开售、每5分钟补一次货，可首日不到半小时就被抢空， 连续四天都是"秒空"盛况。 社交平台上，有人晒出订单直呼"新年好运"，也有人吐槽"定闹钟蹲守仍陪跑"。可另一边，线下烟酒店的飞天茅台价格却持续走低，散瓶批发价甚至跌破 1499元，"茅台不好卖"的说法刚传开没多久，就被这抢购潮狠狠打脸。 数字化舞台上的"秒杀"盛宴 "i茅台"APP上的抢购狂潮，绝非简单的"捡便宜"心理作祟。对于任何稍懂中国高端白酒市场的人来说，1499元的飞天茅台指导价，自2018年设定以来，便一 直是市场中的一个"理想值"或"标杆"。 这个定价本身就蕴含了精妙的消费心理学，略低于1500元的整数关口，既维持了茅台作为奢侈品的稀缺与高端定位，又在心理上给予消费者一种"物超所 值"的感知。 然而，在过去很长一段时间里，这个"标杆价"几乎只存在于官方的表述中。真实的市场价格，在经销商层层加价、市场炒作的烘托下，曾一度飙升至三千多 元，让普通消费者望而却步。买一瓶 ...

1月12日晚间，"小茅i茅台"发布消息称，2026年1月13日起，每日9:09，53%vol 500ml陈年贵州茅台酒（15）将在i茅台APP开启售卖。 值得一提的是，12日早间，《每日经济新闻·将进酒》记者从经销商处获悉，陈年贵州茅台酒（15）出厂价将从5399元/瓶下调至3409元/瓶。该产品在i茅台 的零售价也相应下调，零售价由5999元/瓶调整至4199元/瓶。 资料显示，该款产品以15年及以上酒龄基酒多次勾兑而成，勾兑过程采用"酒勾酒"勾兑方式，撷取1000余支基酒精华。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 每经记者｜熊嘉楠 每经编辑｜赵云 ...

i茅台官微1月12日晚间发布消息称，1月13日起，i茅台APP每日09:09正式上线53%vol 500ml陈年贵州茅台酒（15）。产品将在i茅台每日限量投放，售完即 止，满足高端收藏与礼赠需求。 其包装亦彰显匠心，酒瓶以紫砂与瓷土烧制，通体施茶黄无光釉，底部印章采用紫砂陶土特殊工艺；礼盒为天地盖设计，内配仿古青铜酒樽，融合器物之 美与文化仪式感。 i茅台官微1月12日晚间发布消息称，1月13日起，i茅台APP每日09:09正式上线53%vol 500ml陈年贵州茅台酒（15）。产品将在i茅台每日限量投放，售完即 止，满足高端收藏与礼赠需求。 通知称，陈年贵州茅台酒（15）产自茅台核心产区，以15年及以上酒龄基酒为基底，精选1000余支老酒精华，采用传统"酒勾酒"工艺精心勾兑而成。酒体 浅黄清亮，酱香突出、幽雅细腻，老熟味明显，空杯留香持久。 其包装亦彰显匠心，酒瓶以紫砂与瓷土烧制，通体施茶黄无光釉，底部印章采用紫砂陶土特殊工艺；礼盒为天地盖设计，内配仿古青铜酒樽，融合器物之 美与文化仪式感。 通知称，陈年贵州茅台酒（15）产自茅台核心产区，以15年及以上酒龄基酒为基底，精选1000余支老酒精华，采用传统"酒 ...

2026年1月13日起，每日09:09，53%vol 500ml陈年贵州茅台酒（15）将在i茅台APP开启售卖。(小茅i茅 台) ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

Core Viewpoint - Guizhou Moutai has announced price adjustments for several products, with significant reductions in factory prices, reflecting a shift towards market-oriented pricing strategies [1][5][6]. Group 1: Price Adjustments - The factory price of premium Moutai is set to decrease from 2969 yuan/bottle to 1859 yuan/bottle [6]. - The factory price of aged Guizhou Moutai (15) will drop from 5399 yuan to 3409 yuan, with retail prices decreasing from 5999 yuan to 4199 yuan [6]. - The factory price for 43-degree Guizhou Moutai is established at 739 yuan/bottle, with planned prices for 2025 being 798 yuan (planned) and 989 yuan (unplanned) [6]. - Moutai 1935's original payment price will be adjusted from 798 yuan to 668 yuan [6]. Group 2: Market Strategy and Channel Reform - Moutai's iMoutai platform aims to enhance consumer reach and efficiency, allowing products to directly reach consumers while preventing speculation and ensuring market stability [2][7]. - iMoutai has reportedly gained over 270,000 new users and 40,000 transaction users within nine days of launching the 53% vol 500ml Guizhou Moutai [2][7]. - The platform is designed to create a blended online and offline channel ecosystem, stimulating new demand online while offline channels focus on conversion and service [2][7]. Group 3: Industry Perspectives - Industry commentators suggest that Moutai's marketing transformation is aimed at directly engaging consumers and regaining pricing power, which may limit the profits of distributors to delivery and service fees [3][8]. - Local governments are interested in Moutai expanding its scale, as larger production and sales volumes lead to higher sales performance and profits [3][8]. - Investment institutions and shareholders are also pushing for Moutai to increase its scale, transitioning from a luxury product to a more frequently consumed item [3][8]. Group 4: Current Pricing Trends - As of January 12, 2026, the wholesale reference price for the 2025 53-degree/500ml Flying Moutai is 1525 yuan/bottle, down 10 yuan from the previous day [4][9]. - The price for scattered bottles of Flying Moutai is reported at 1520 yuan/bottle, also reflecting a decrease [4][9]. - The price for Moutai 1935 remains stable at 650 yuan/bottle [4][9].

Core Viewpoint - Guizhou Moutai (600519.SH) has reduced the factory contract prices of several products, with some reductions exceeding 1,000 yuan, as part of its market-oriented reform strategy [1][4][7] Price Adjustments - The price of Chen Nian Guizhou Moutai (15) has been reduced from 5,399 yuan/bottle to 3,409 yuan/bottle, a decrease of 1,990 yuan [1][4] - The price of Jingpin Moutai has been lowered from 2,969 yuan/bottle to 1,859 yuan/bottle, a reduction of 1,110 yuan [1][4] - Moutai 1935 has seen its price drop from 798 yuan/bottle to 668 yuan/bottle, a decrease of 130 yuan [1][4] Sales Impact - Following the price reductions, the average selling price has decreased by approximately 200 yuan, leading to a 15% increase in consumer purchases [5][7] - Current minimum retail prices for Chen Nian Guizhou Moutai (15), Jingpin Moutai, and Moutai 1935 are 4,999 yuan, 2,399 yuan, and 738 yuan respectively, reflecting decreases of 401 yuan, 101 yuan, and 80 yuan compared to the previous month [5][7] Market Strategy - The price adjustments are part of Moutai's efforts to implement market-oriented reforms, aiming to adjust delivery rhythms based on market supply and demand [4][7] - The company seeks to expand its consumer base and transition Moutai from a luxury product to a high-frequency consumer product, similar to the marketing strategies of brands like Tesla and Apple [4][7]

Core Viewpoint - The price of Moutai 1935 has been significantly reduced, reflecting a strategic adjustment by the company in response to market conditions and to stabilize sales and channel profits [1][5]. Group 1: Pricing and Sales Performance - Moutai 1935's factory price has been lowered to 668 yuan per bottle, with a contract price of 798 yuan per bottle set for 2025, indicating a price drop of 130 yuan [1]. - The product's market price has fluctuated dramatically, initially reaching over 1800 yuan per bottle at launch, but has since fallen below 600 yuan on e-commerce platforms, with some prices as low as 519 yuan, representing a 56.31% decrease from the retail guide price of 1188 yuan [3]. - Moutai 1935 achieved sales of over 50 billion yuan in its first year, with projections of 110 billion yuan in 2023 and approximately 120 billion yuan in 2024, contributing nearly 50% to the revenue of Moutai's series of liquors [3]. Group 2: Market Dynamics and Company Strategy - The growth rate of the Moutai sauce-flavored liquor segment has slowed, with a revenue of 137.63 billion yuan in the first half of 2025, reflecting only a 4.69% increase, significantly lower than the previous years' growth rates of over 25% [4]. - In response to declining prices, the company attempted to stabilize prices by suspending shipments of Moutai 1935 in July 2024, which temporarily raised wholesale prices to 850 yuan per bottle before they fell again [3]. - The introduction of a "high-end version" of Moutai 1935 at a pre-sale price of 998 yuan per bottle is seen as a strategy to anchor the product within the sub-thousand yuan price range [3].

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Core Viewpoint - Kweichow Moutai is undergoing significant reforms to enhance its market presence and consumer accessibility, particularly through the iMoutai platform, which has seen rapid sales and user growth since its launch [1][6][10]. Group 1: Recent Developments - A national dealer conference was held on January 9, 2023, focusing on deepening understanding and confidence among dealers [1]. - The iMoutai platform launched the 53% vol 500ml Kweichow Moutai, which quickly sold out, indicating strong consumer interest [1][7]. - By the ninth day of the product's launch, iMoutai had over 2.7 million new users and more than 400,000 transaction users, generating an estimated revenue of 600 million yuan [1]. Group 2: Pricing and Product Strategy - Various Kweichow Moutai products have been introduced on iMoutai, with prices adjusted to align more closely with market rates, including significant reductions for premium products [2][5][7]. - The factory price for premium Moutai has been reduced from 2969 yuan to 1859 yuan, and the retail price has been adjusted to 2299 yuan [5]. - The pricing strategy is now more market-driven, with products being sold at prices that reflect current market conditions rather than fixed guidelines [7][9]. Group 3: Market Response and Investor Sentiment - The reforms have garnered positive reactions from investors, with Kweichow Moutai's stock price remaining above 1400 yuan and showing an upward trend [6]. - The overall market for liquor stocks is experiencing a potential reversal after several years of decline, with Kweichow Moutai positioned to benefit from this shift [6][10]. - The iMoutai platform has proven to attract a new consumer base that traditional dealers may not have reached, indicating a shift in consumer purchasing behavior [10][14]. Group 4: Dealer Relations and Future Outlook - The company emphasizes that the iMoutai platform will not increase the total supply of products but will instead enhance market stability by reaching untapped consumer demand [13]. - Kweichow Moutai aims to create a synergistic ecosystem between direct sales and traditional dealers, enhancing service and customer retention [4][14]. - The management believes that dealers who adapt to the changing market dynamics and focus on consumer service will thrive, while those relying solely on reselling may struggle [15].