KWEICHOW MOUTAI(SH:600519) 3 6 Ke·2025-10-23 23:23Core Insights - The launch of Moutai 1935 in early 2022 was highly anticipated, aiming to capture the high-end market segment priced around 1,000 yuan, competing with brands like Wuliangye and Guojiao 1573 [1][4] - However, the market performance of Moutai 1935 has been disappointing, with its price dropping from nearly 2,000 yuan to just over 1,000 yuan, reflecting a significant decline [3][4] - The revenue for the Moutai sauce-flavored liquor segment, including Moutai 1935, was only 13.763 billion yuan, with a growth rate of 4.69%, far below the previous years' growth rates of over 25% [3][4] Market Dynamics - The initial hype around Moutai 1935 saw its price soar due to high demand, but this was not sustainable as the market shifted towards a more rational consumption pattern [4][5] - The supply-demand dynamics have reversed, with increased production capacity leading to greater market supply, while demand for high-end liquor has contracted due to macroeconomic factors [5][9] - Competitors like Wuliangye and Guojiao 1573 have established strong market positions, with Wuliangye's high-end products generating over 60 billion yuan in revenue in 2023, and Guojiao 1573 crossing 20 billion yuan [6][7] Competitive Landscape - Wuliangye's strong brand presence and mature distribution network give it a competitive edge in the high-end liquor market [6] - Guojiao 1573 has successfully utilized targeted marketing strategies to strengthen its position, while Qinghualang leverages its technical expertise in sauce-flavored liquor [6][7] - Junpin Xijiu has rapidly grown by focusing on quality and cost-effectiveness, achieving over 20 billion yuan in revenue in 2023 [7] Consumer Trends - The purchasing motivations of younger consumers are shifting from gift-giving to personal consumption and social drinking, impacting the demand for high-end liquor [7][9] - Moutai 1935 lacks a distinct taste profile and situational adaptability compared to competitors, making it less appealing to consumers [7][9] Strategic Recommendations - Moutai needs to redefine Moutai 1935's product value beyond being a cheaper alternative to Feitian, focusing on unique product positioning and consumer engagement [10][11] - Strengthening channel management and price control is essential to avoid price wars and maintain brand integrity [11] - Moutai should enhance its brand appeal among younger consumers through innovative marketing strategies and community engagement [11][12] Conclusion - The challenges faced by Moutai 1935 reflect a broader trend in the high-end liquor market, where brand prestige alone is insufficient for success [12] - To thrive in the competitive 1,000 yuan segment, Moutai must enhance product quality, clarify brand positioning, and develop a robust distribution ecosystem [12]