Di Yi Cai Jing·2025-10-08 02:12Core Insights - The ongoing price conflict between e-commerce platforms and liquor companies is intensifying, with promotional prices for major liquor brands falling below wholesale prices in offline markets [1] - E-commerce platforms are employing limited-time subsidies, leading to lower prices than wholesale, which is putting additional pressure on offline channels [1][5] - The trend of online price comparison among consumers is becoming habitual, forcing offline sellers to reduce prices discreetly, further impacting their profit margins [5] Group 1: Price Dynamics - Major liquor brands like Moutai and Wuliangye are seeing promotional prices significantly lower than their wholesale prices, with Moutai priced at approximately 1700 RMB per bottle compared to a wholesale price of 1780 RMB [1] - Other brands, such as Wuliangye, are also experiencing similar price drops, with their core product priced at 769 RMB per bottle against a wholesale price of 840 RMB [1] - The overall expectation is that liquor prices may continue to decline post-holiday, contrasting with the typical price increase seen during festive seasons [1] Group 2: E-commerce Impact - The penetration rate of e-commerce in the liquor industry has increased from under 10% to around 20% due to recent promotional activities, with projections suggesting it could reach 50% in the next five years [5][6] - The shift towards online sales is prompting a reevaluation of traditional sales models, as e-commerce now offers traceability and lower prices, which could lead to the exit of many traditional offline liquor retailers [6] - The current environment is characterized by a low-price competition cycle among e-commerce platforms, which is harming the traditional liquor distribution system [5]