Huan Qiu Wang·2025-06-19 04:44Core Viewpoint - The white liquor market is experiencing a significant price war during the 2025 "618" e-commerce promotion, with major brands like Moutai and Wuliangye seeing their high-end product prices drop below wholesale levels, raising market concerns [1][2]. Group 1: Price Changes - During the "618" promotion, Moutai's price dropped to as low as 1840 yuan per bottle from a previous range of 2300 to 2500 yuan [1]. - Wuliangye and Guojiao 1573 saw their prices fall below 861 yuan and 779 yuan per bottle, respectively, which is lower than their wholesale prices [1]. - Mid-range products like Jian Nan Chun also experienced price reductions, with a selling price of 344 yuan per bottle, below the recent wholesale price of 405 yuan [1]. Group 2: Market Dynamics - The price reductions are attributed to inventory pressure and a seasonal downturn in the white liquor industry, coinciding with the "618" e-commerce sales [2]. - The shift towards e-commerce sales has led to an increase in counterfeit products, prompting companies like Wuliangye to issue warnings and take action against fake goods [4]. - The overall market downturn has affected the capital market, with all 20 A-share white liquor stocks declining, resulting in a market value loss of 340 billion yuan this year [4]. Group 3: Industry Challenges - The industry is facing dual pressures from social consumption and cyclical adjustments, transitioning from an incremental market to a stock competition phase [5]. - Companies need to focus on inventory optimization, channel stabilization, and boosting consumer confidence during this challenging period [5].