茅台业绩会回应电商低价大促，称渠道存销比处于良性水平

Core Viewpoint - The declining promotional prices in e-commerce are becoming a potential threat to the price stability of Moutai liquor, with the company not directly addressing investor concerns during the third-quarter earnings call [1] Group 1: E-commerce Pricing and Promotions - Starting from the 2024 "618" event, domestic e-commerce platforms have been using promotions on Moutai and other famous liquors to attract customers, leading to a drop in prices, with e-commerce prices falling below 1600 yuan per bottle during this year's "Double Eleven" sales [1] - Moutai management has issued statements and consumer reminders regarding the importance of purchasing from official channels, including authorized third-party e-commerce platforms [1][2] - Despite a notification from Moutai to retailers to not sell Flying Moutai below 1700 yuan per bottle, many e-commerce platforms are still selling it at 1640 yuan per bottle, which is below the market wholesale price [2] Group 2: Company Response and Market Dynamics - Moutai management has established a scientific distribution system driven by terminal sales since April, achieving a healthy channel inventory ratio for Flying Moutai and maintaining reasonable levels for other premium Moutai products [2] - The chaos in traditional distribution channels has led to a surplus of low-priced products, with e-commerce platforms circumventing the company's control by independently managing promotions [2]