Mei Ri Jing Ji Xin Wen·2025-06-05 14:06Core Viewpoint - The white liquor industry is experiencing a chaotic "price defense war" as e-commerce platforms reintroduce aggressive low-price strategies ahead of the "618" shopping festival, significantly impacting market prices and the traditional distribution model [1][2][3]. Group 1: Price Dynamics - E-commerce platforms like Meituan, JD.com, and Ele.me are extending their "hundred billion subsidies" and "30-minute delivery" models to offline sales, leading to a dramatic increase in liquor sales, with overall liquor transaction volume up over 18 times year-on-year and white liquor sales up over 70 times [1]. - The market price of high-end liquors such as Moutai and Wuliangye is under pressure, with Moutai's market price nearing 2100 yuan and Wuliangye's online price dropping to as low as 900 yuan due to aggressive e-commerce pricing strategies [1][3]. Group 2: Channel Transformation - The ongoing price war is prompting discussions about deeper changes in distribution models within the white liquor industry, as traditional distributors face challenges such as inventory reduction and price inversion [2][3]. - The number of distributors for 21 listed liquor companies has decreased from 58,437 in 2023 to 56,747 in 2024, indicating a significant contraction in the traditional distribution model [6]. Group 3: Strategic Adjustments by Companies - Major liquor companies like Moutai and Wuliangye are implementing strategies to stabilize prices and ensure distributor profitability, with Moutai adopting a "4+6" channel layout to optimize its distribution ecosystem [7][8]. - Wuliangye is focusing on enhancing distributor profitability as a key market strategy for 2025, while also restructuring its sales system to improve efficiency [8]. - Luzhou Laojiao is actively promoting new channels alongside traditional ones, launching initiatives like "hourly delivery" on platforms such as Douyin to enhance consumer access [8].