KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing Zi Xun·2025-10-17 05:41Core Insights - The collaboration with e-commerce channels has become an unavoidable topic for liquor companies, as they seek new growth amidst declining traditional sales [2][3] - The rapid growth of online liquor sales is not driven by liquor companies, which have historically undervalued e-commerce, but the trend of online and offline integration is now unstoppable [4] - The low-price competition in e-commerce poses a significant conflict for liquor brands, as they struggle to maintain pricing integrity while facing aggressive online promotions [5][6] Industry Trends - The liquor industry is experiencing a deep adjustment, with major companies reporting varying degrees of sales decline, particularly during the recent holiday seasons [3] - E-commerce platforms have seen substantial growth in liquor sales, with some platforms reporting sales increases of up to 800% year-on-year [3] - The shift in consumer shopping habits towards e-commerce is evident, with new retail channels like instant retail showing clear advantages over traditional retail [3] E-commerce Dynamics - The entry of major liquor brands into e-commerce platforms marks a shift from resistance to cooperation, as companies seek to leverage online sales for growth [5] - The pricing strategies of e-commerce platforms have led to significant price drops for premium liquor brands, with some products being sold below cost [5][6] - The lack of control over pricing and distribution by liquor companies has resulted in a chaotic pricing environment, with e-commerce platforms independently setting low prices [6][7] Future Outlook - Predictions indicate that the e-commerce market share for the liquor distribution industry could exceed 30% within the next three years [4] - The ongoing conflict between liquor companies and e-commerce platforms over pricing and market control is likely to persist unless a unified management approach is adopted [7] - The increasing online sales of liquor are expected to shift market power towards e-commerce platforms, challenging traditional liquor companies' influence [7]