茅台价格 “跳水”， 有回收商称：“快亏出一辆奔驰。”

Core Insights - The price of Feitian Moutai has been declining, with the latest wholesale reference price on June 19 showing a drop to 1980 RMB per bottle for the 25-year Feitian Moutai, down 20 RMB from the previous day [2] - The decline in price is attributed to multiple market factors, including a significant reliance on business dining, which accounts for 42.22% of white liquor consumption scenarios in China [2] - The recent 618 e-commerce promotion has disrupted the traditional pricing structure, with platforms like Meituan and JD.com offering significant discounts, leading to a widening price gap between online and offline sales [3] Market Dynamics - The price drop has led to consumer behavior changes, with potential stockpiling of Feitian Moutai as a preferred brand, but also creating hesitation among consumers to make purchases [3] - Distributors are facing challenges due to the price drop, with some resorting to low-price sales to mitigate losses, indicating this is one of the most significant price adjustments in recent years [3] - Recovery agents are also experiencing losses, with reports of unsold stock leading to financial strain [4] Industry Trends - The decline in Feitian Moutai prices has been ongoing since last year, with the market now facing high inventory levels and slowing growth [4] - Moutai is adopting strategies to expand its customer base and accelerate internationalization in response to the current market challenges [4] - The price fluctuations may represent an opportunity for industry transformation, as Moutai's focus on youth and international markets aims to reshape brand value [5]