从“神坛”到“泥潭”，茅台1935能否重振千元价位？

Core Viewpoint - Guizhou Moutai held a performance briefing for 2024 and Q1 2025, highlighting the focus on Moutai 1935 and its future development strategy, emphasizing collaboration within the industry to foster rational consumption and explore differentiated development paths [1][4]. Group 1: Moutai 1935 Sales Performance - Moutai 1935 achieved sales of 5 billion yuan in its first year of 2022, increased to 11 billion yuan in 2023, and is projected to reach 12 billion yuan in 2024, maintaining its status as a rapidly growing product in the liquor industry [1]. - Despite the impressive sales growth, Moutai 1935's market price has significantly declined, with the market transaction price dropping from 1,200 yuan to around 700 yuan per bottle as of 2024 [2][4]. Group 2: Price Dynamics and Market Challenges - Moutai 1935's official retail price was set at 1,188 yuan, but the market price has fallen below the factory price of 798 yuan, indicating a serious price inversion issue [2][4]. - The decline in price is attributed to various factors, including structural adjustments in the macroeconomic environment, reduced demand for high-end liquor due to changes in consumption patterns, and increased competition in the market [8][10][13]. Group 3: Strategic Responses and Future Plans - Moutai is focusing on enhancing the brand's core value by improving consumer engagement, optimizing channels, and upgrading product quality to stabilize sales and market presence [7][14]. - The company has established an independent Moutai 1935 division to enhance brand management and market responsiveness, indicating a shift towards a more structured approach to brand development [14][18]. - Moutai plans to expand its product line and improve market coverage through new specifications and partnerships with various platforms, aiming to strengthen its market position and address the supply-demand imbalance [16][18].