KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-06 05:45Core Insights - The price dynamics of Feitian Moutai in Henan, China's largest liquor consumption province, serve as an important indicator for the industry, showing stability in both wholesale and retail prices despite promotional activities [1][3] Price Trends - The wholesale price for 2025 Feitian Moutai (53 degrees/500ml) is reported at 1700 yuan per bottle, while retail prices in Zhengzhou and Nanyang are 1919 yuan and 1950 yuan respectively [1][2] - Historical price data shows a downward trend in Moutai prices from 2021 to 2025, with the 2021 price at 2120 yuan and the 2025 price at 1700 yuan [2] Market Dynamics - The stability in prices is attributed to a deep transformation in the consumption structure in Henan, where Moutai is increasingly chosen for significant occasions, with 40% of bottles used for weddings and family gatherings [3] - Moutai's brand value is highlighted by its ranking as the 7th most valuable brand in the "2025 China Enterprise Brand Value TOP 100" list, with a value of 468.718 billion yuan [3] Investment Perspective - Moutai's market performance is reflected in its strong position in the capital market, with a market value of 26.364 billion yuan, leading the food and beverage sector [4] - Institutional investors are optimistic about Moutai's future, with 28 brokerages recommending the stock, citing strategic adaptations in distribution and customer engagement as key factors for stability [4] Strategic Outlook - Moutai is building long-term competitiveness through a balanced approach, focusing on cultural dissemination, market penetration, and channel reforms [5] - The price data and consumption patterns in Henan illustrate Moutai's resilience and ability to adapt to market changes, reinforcing its brand value [5]