茅台1935，养肥了谁？

Core Insights - The article discusses the rapid rise and subsequent decline of the Moutai 1935 brand, highlighting its initial success and the challenges it faces in the market [1][3][9] Group 1: Brand Performance - Moutai 1935 achieved over 50 billion yuan in sales in its first year and surpassed 100 billion yuan in its second year, marking it as a significant player in the liquor industry [1][3] - The brand was initially launched at a retail price of 1,188 yuan, with a factory price of 798 yuan, and saw its price peak near 1,800 yuan shortly after launch [3][9] - However, by July 2025, the wholesale price had plummeted to 660 yuan, representing a significant decline in value [3][4] Group 2: Market Challenges - The brand's price has been in a continuous decline since early 2023, leading to substantial losses for distributors, with reports of losses reaching 30,000 yuan per ton [5][6] - Moutai 1935 has been identified as the top loss-maker among liquor brands in 2024, indicating severe financial distress for its distributors [6][9] - The sales growth rate for Moutai 1935 dropped dramatically from 120% in 2023 to less than 10% in 2024, signaling a sharp decline in market demand [9][10] Group 3: Industry Dynamics - The rapid growth of Moutai 1935 has been described as a "hasty maturation," leading to its current market struggles [7][8] - The brand's current market position is significantly weaker compared to competitors like Wuliangye and Guojiao 1573, which have maintained better market reputations and pricing [12][13] - There are ongoing discussions in the market about the potential for Moutai 1935's price to drop below 500 yuan, indicating a possible further decline in its market value [14]