KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-10-13 16:45Core Insights - The market price of Moutai has dramatically dropped, breaking the psychological barrier of 1800 yuan, indicating a significant shift in consumer demand and market dynamics [2][5][37] - The traditional high demand for Moutai, once considered a "hard currency" at social gatherings, is waning among younger consumers who prefer alternative beverages [15][20][22] Group 1: Market Dynamics - Moutai's wholesale price has fallen to 1770 yuan, marking a 50% decrease from its peak in 2021 [5][7] - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with inventory levels up by 25% compared to the previous year [7][22] - Online platforms are exacerbating the price drop, with prices as low as 1700 yuan on e-commerce sites [5][10] Group 2: Changing Consumer Preferences - Younger consumers are shifting away from traditional liquor, favoring lower-alcohol beverages like fruit wines, beers, and cocktails [17][20] - The proportion of white liquor in business banquets has fallen below 50%, with coffee and tea gaining popularity [20][22] - The cultural significance of Moutai as a status symbol is diminishing among younger generations, who are more focused on the quality and value of the beverage [15][18] Group 3: Company Strategies - Moutai is attempting to adapt by launching products aimed at younger consumers, such as Moutai ice cream and coffee, though these efforts have had limited success [24][26] - The company is focusing on three transformations: customer base, consumption scenarios, and service models, encouraging distributors to sell a lifestyle rather than just products [31][33] - Moutai is enhancing its digital presence through partnerships with platforms like Douyin to create a more engaging consumer experience [33][35]