KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-08-15 05:47Core Viewpoint - The recent launch of the "Guizhou Moutai (Five-Star Trademark 70th Anniversary Commemorative)" has led to a significant price surge, indicating strong market demand despite a general slowdown in the liquor industry [1][3]. Price Movement - The wholesale reference price for the "Five-Star 70th Anniversary Commemorative" reached 12,500 yuan per bottle, a 47.06% increase from the previous day and a 78.57% increase from its initial sale price of 7,000 yuan [1][2]. - Other Moutai products, such as Flying Moutai and Zodiac Moutai, are experiencing lackluster price performance [1]. Secondary Market Trends - The secondary market price for the commemorative liquor is around 20,000 yuan, with special numbered bottles fetching up to 30,000 yuan [6][14]. - The trend of "one code, one price" is emerging in the secondary market, indicating a growing interest from resellers and collectors [6]. Financial Performance - Guizhou Moutai reported a total revenue of 91.094 billion yuan for the first half of 2025, a year-on-year increase of 9.16%, with net profit rising by 8.89% to 45.403 billion yuan [6][9]. - The company's revenue growth rate for the first half of the year is the lowest in nearly a decade, reflecting broader industry challenges [6][9]. Strategic Initiatives - Moutai has introduced several new products this year, including the Snake Year Zodiac liquor and the "Walking Series" for the Osaka Expo, to enhance market presence [10]. - The company is focusing on strengthening its direct sales channels, with direct sales revenue increasing by 18.63% to 40.01 billion yuan [15]. Market Context - The liquor industry is currently in an adjustment phase, with overall performance growth slowing down across various companies [9]. - Moutai has adjusted its annual revenue growth target from 15% to 9% in response to market conditions [9].