电商暴力砸盘，茅台价格直逼1499，未来或出现倒挂

Core Viewpoint - The price of Feitian Moutai has dropped significantly due to the "100 billion subsidy" promotion on e-commerce platforms, reaching the factory-set price of 1499 yuan per bottle, raising concerns about the future pricing stability of the product [2][3]. Price Dynamics - The price of Feitian Moutai was around 2300 yuan per bottle at the beginning of 2025, but has now dropped to 1499 yuan during the Double Eleven shopping festival, indicating a drastic price decline within just ten months [2][5]. - The current price drop represents a 50% decrease from its peak price of over 3000 yuan, mirroring the price halving seen in 2013 [3][8]. - During the Double Eleven period, some live-streaming sessions offered Moutai at even lower prices, such as 1299 yuan per bottle, showcasing the rapid decline in pricing [5][7]. Market Conditions - The white liquor market has been facing weak demand, high inventory, and slow sales since 2022, leading to a breakdown of the previous pricing bubble [7][11]. - The ongoing price decline has put pressure on speculative investors who previously hoarded Moutai for profit, resulting in potential sell-offs as they face mounting losses [2][8]. Channel Dynamics - The aggressive pricing strategies of e-commerce platforms have created a significant impact on traditional offline distributors, who are now struggling with reduced sales and inventory pressures [9][10]. - The competition between online and offline channels has intensified, with e-commerce platforms offering lower prices than traditional distributors, which has led to a decline in effective demand in offline markets [11][14]. - The relationship between e-commerce platforms and liquor companies is characterized by a complex interplay of competition and collaboration, particularly during major promotional events [14].