飞天茅台“飞下”2000大关、股价持续下探，贵州茅台何去何从？

Core Viewpoint - The stock price of Kweichow Moutai Co., Ltd. has declined, with the price of its flagship product, Feitian Moutai, dropping below 2000 yuan per bottle, attributed to factors such as seasonal consumption decline, "ban on alcohol" policies, and e-commerce promotions [1][4][9]. Price Trends - As of June 14, 2025, the market price of Feitian Moutai has fallen to 1960 yuan per bottle, down from 1990 yuan on June 11 and significantly lower than the 2700 yuan high from the previous year [2][4]. - E-commerce platforms have been selling Feitian Moutai at prices as low as 1880 yuan per bottle, marking a significant decrease compared to the 2200 yuan price before the Spring Festival [2][4]. Market Dynamics - The price decline of Feitian Moutai is influenced by aggressive promotional activities from major e-commerce platforms during the "618" shopping festival, which has increased market supply [4]. - The overall trend shows that not only Feitian Moutai but also other products under Kweichow Moutai are experiencing price declines, with Moutai 15 years old dropping from 4750 yuan to 4570 yuan over the past month [5][8]. Industry Context - The white liquor industry is undergoing a deep adjustment period, with a reported 1.8% decrease in production among major enterprises in 2024, despite a 5.3% increase in sales revenue [7][8]. - The recent "ban on alcohol" policy has further reduced demand for high-end liquor in official settings, exacerbating sales challenges for Kweichow Moutai [9]. Company Response - Kweichow Moutai is attempting to mitigate the situation by introducing smaller bottle sizes and lower alcohol content products to target niche markets, as well as expanding its overseas market presence [9][10]. - The company reported an increase in the number of foreign distributors to 109, with a double-digit growth in revenue to approximately 1.12 billion yuan in the first quarter of 2025 [10][11].