飞天茅台，首次跌破1700元/瓶！

Core Viewpoint - The price of Moutai has dropped significantly, with the wholesale reference price for the 2025 53-degree 500ml Moutai falling to 1690 yuan, marking a new low since its listing [1][4]. Price Trends - The 2025 53-degree 500ml Moutai scattered bottle price decreased by 25 yuan to 1690 yuan, while the original box price fell by 20 yuan to 1715 yuan [1][2]. - Other Moutai products also saw price declines, with the 2024 53-degree 500ml original bottle dropping from 1800 yuan to 1780 yuan and the scattered bottle from 1750 yuan to 1735 yuan [2]. Management Changes - On October 27, 2025, Moutai announced the resignation of Chairman Zhang Deqin, who cited work adjustments as the reason for his departure [3][4]. - Chen Hua has been recommended as the new chairman, pending approval from the board and shareholders [3][4]. Market Dynamics - The decline in Moutai prices is attributed to weakened consumer demand and regulatory constraints, with high-end dining scenarios for Moutai seeing a 22% year-on-year drop in opening rates [4][5]. - The implementation of strict alcohol consumption regulations has drastically reduced the proportion of government-related consumption from 40% in 2012 to 0.8% [4][5]. Supply and Demand Imbalance - Increased production of Moutai base liquor has led to a surplus, with 150 million bottles in inventory, 60% of which are unopened, creating downward pressure on prices [5]. - The changing demographics and preferences of consumers, particularly among younger generations, have also contributed to the decline in demand for high-proof liquor [5]. Future Outlook - Short-term price declines may continue, but long-term stability is expected due to the company's measures to control supply and stabilize prices, with a potential price range of 1700 to 2000 yuan [5]. - Moutai's half-year report for 2025 indicated a revenue of 91.094 billion yuan, a 9.16% increase year-on-year, and a net profit of 45.403 billion yuan, an 8.89% increase [6].