飞天茅台批价首次跌破1700元！贵州茅台新掌门“首秀”未提经营

Core Insights - The wholesale price of Feitian Moutai has dropped nearly 23% compared to the beginning of the year, with the current reference price at 1690 RMB per 500ml bottle, marking a new low since its launch [1] - The decline in price is attributed to industry cycle adjustments and the impact of the "ban on alcohol," leading to a consensus that Feitian Moutai may not return to its previous premium pricing [1] Price Trends - At the beginning of the year, the wholesale price was around 2200 RMB, which fell below 2000 RMB during the consumption off-season in June, and further declined to below 1700 RMB after a brief rebound before the National Day and Mid-Autumn Festival [1] - The internal expectation of Moutai is to maintain the wholesale price above 1800 RMB to ensure a balance between volume and price [1] Company Leadership Changes - A significant personnel change occurred with the resignation of former chairman Zhang Deqin, and Chen Hua has been recommended as the new chairman [3] - During Zhang's tenure, despite the price fluctuations of Feitian Moutai, the overall performance of Guizhou Moutai remained stable, with a revenue of 1741.44 billion RMB and a net profit of 862.28 billion RMB last year, both showing growth [3] Future Outlook - The ability of the new chairman Chen Hua, who lacks experience in the liquor industry, to navigate the company through the current downturn remains uncertain [3] - In his first public appearance, Chen focused on corporate values and social responsibility, but did not address operational issues, which are critical for the company's future [4]