KWEICHOW MOUTAI(SH:600519) Mei Ri Jing Ji Xin Wen·2025-08-25 10:55Core Viewpoint - The launch of the new product Maotai 1935 at a price of 998 yuan per bottle adds complexity to the competition in the thousand-yuan price range of the liquor industry, as it aims to solidify its market position amidst price declines and competition from other brands [2][9]. Group 1: Product Launch and Pricing - Maotai 1935 officially launched on major platforms with a pre-sale price of 998 yuan per bottle, down from its initial price of 1188 yuan [2][5]. - The product has seen significant sales growth, with cumulative revenue nearing 300 billion yuan since its launch in 2022, contributing to Maotai's overall revenue growth [4][5]. - The new product is positioned as a high-end variant, yet its pricing strategy reflects a market test rather than a premium positioning [9][10]. Group 2: Market Position and Competition - Maotai 1935 competes with other high-end products like the eighth generation of Wuliangye and Guojiao 1573, which have maintained stronger market positions despite recent price adjustments [10][13]. - The current wholesale price of Maotai 1935 has dropped below 700 yuan, indicating a significant price decline compared to its peak [4][10]. - The brand's strategy appears to prioritize market share over price stability, as evidenced by the recent price drop and the introduction of new product variations [9][10]. Group 3: Future Challenges - Maotai 1935 faces challenges in regaining its position in the thousand-yuan price segment, as it currently lags behind competitors in both pricing and overall sales revenue [13][15]. - The brand's ability to adapt to market conditions and consumer preferences will be crucial for its future success, particularly in light of the competitive landscape [10][13].