KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-10-28 12:57Core Viewpoint - The wholesale price of Moutai has reached a historical low, with significant declines observed in recent days, indicating a downward trend in the market for premium liquor [1][2][3]. Price Trends - The wholesale price of 25-year Moutai has dropped to 1690 yuan per bottle for loose bottles and 1715 yuan for boxed versions, marking the first time it has fallen below 1700 yuan [1][2]. - The 24-year Moutai also saw declines, with loose bottles priced at 1735 yuan and boxed versions at 1780 yuan [1][2]. - Compared to the beginning of the year, the wholesale price of 25-year Moutai loose bottles has decreased by 500 yuan [3]. Market Context - The price drop is occurring during the "Double 11" promotional period, with various sales channels being highlighted by Moutai to ensure consumer protection [4]. - Current retail prices on e-commerce platforms for 25-year Moutai are around 1640 yuan per bottle, while offline prices are approximately 1850 yuan [3][4]. Industry Analysis - Multiple securities firms have reported that the liquor industry is under pressure, with expectations of continued price declines and inventory adjustments [5][6]. - The industry is currently in a phase of supply clearing, with a focus on stabilizing prices and managing inventory levels [6].