飞天茅台价格年内下跌20%

Core Viewpoint - The wholesale prices of Moutai liquor have been experiencing a significant decline, with the 25-year Moutai dropping to 1830 yuan per bottle, marking a decrease of 85 yuan from the previous day, indicating a broader trend of price reduction in the market [1][3]. Price Trends - As of June 25, 2025, the wholesale prices for various Moutai products are as follows: 25-year original box at 1830 yuan (down 85 yuan), 25-year scattered bottle at 1780 yuan (down 70 yuan), 24-year original box at 1890 yuan (down 60 yuan), and 24-year scattered bottle at 1830 yuan (down 70 yuan) [1][2]. - The cumulative price drop for scattered bottles since January 1, 2025, is 440 yuan, representing a decline of 19.82%, while the original box price has decreased by 485 yuan, or 20.95% [2]. Market Dynamics - The decline in Moutai prices is attributed to several factors, including abnormal sales practices during the 618 e-commerce promotion period, a traditional off-peak season for liquor consumption, and recent alcohol bans causing market panic [3][4]. - E-commerce platforms, particularly Pinduoduo, have been heavily subsidizing Moutai prices, with promotional offers significantly undercutting traditional market prices [3]. Consumer Behavior - The demand for Moutai is currently insufficient, leading to a supply surplus, which has resulted in fluctuating market prices. The confidence among high-net-worth individuals, who are key consumers of Moutai, is reportedly weak, contributing to reduced consumption frequency [4][7]. Company Response - Moutai has initiated measures to stabilize market prices, including limiting supply to certain channels and increasing market inspections among distributors. These actions aim to manage supply and improve market expectations [7]. - The company has adjusted its revenue growth target for 2025 to 9%, marking the first downward revision since 2020 and the first time below 10% since 2016 [7][8].