KWEICHOW MOUTAI(SH:600519) Bei Jing Shang Bao·2025-06-11 00:49Core Viewpoint - The price of 53-degree Feitian Moutai has dropped significantly, nearing the psychological threshold of 2000 yuan per bottle, with a decline of over 10% compared to the same period in 2023 and 2024 [2][6][7]. Price Trends - As of June 10, the wholesale price for 53-degree Feitian Moutai reached 2020 yuan per bottle for loose bottles and 2080 yuan for boxed bottles [2]. - The retail price in some Beijing stores is around 2100-2300 yuan per bottle, with indications that prices may rise slightly after mid-July due to seasonal demand [2]. - The recovery price for loose bottles has fallen below 2000 yuan, reaching 1970 yuan, marking a historical low [6]. Market Dynamics - The decline in prices is attributed to the end of the peak consumption season around the Dragon Boat Festival, leading to a seasonal downturn in white liquor sales [6][7]. - E-commerce promotions, particularly during the "6·18" sales event, have further pressured prices, with some platforms offering Moutai at prices as low as 1499 yuan [7][8]. Supply Chain and Distribution - Moutai has increased the distribution of non-standard products, which has affected the demand for Feitian Moutai, contributing to the price drop [8]. - The company has implemented measures to control supply, including halting direct sales of 500ml Feitian Moutai and freezing a portion of inventory to stabilize prices [8][9]. Strategic Adjustments - Moutai plans to adjust its product structure across various sales channels to enhance consumer reach and improve operational capabilities [9]. - The company aims to adapt to changing consumer behaviors and preferences by exploring new consumption scenarios beyond traditional gifting and dining occasions [9].