KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-07 08:23Core Viewpoint - The market performance of Feitian Moutai has become a focal point in the industry as it shows smooth sales and stable pricing, reflecting the brand's strength in the high-end liquor market during the Double 11 shopping festival and year-end consumption peak [1]. Pricing and Market Performance - As of November 7, the prices of Feitian Moutai remained stable across various regions: Jiangsu prices for loose bottles and full boxes were 1870 RMB and 1825 RMB respectively, while the original box price for 2024 reached 1935 RMB; in Hubei, the prices were 1875 RMB for full boxes and 1830 RMB for loose bottles, both showing an increase from the previous day; in Jiangxi, prices were stable at 1870 RMB for full boxes and 1820 RMB for loose bottles [1]. - The market consensus is strong, with a store manager in Wuhan noting that loose bottle prices are around 1900 RMB, and there is a reluctance to undercut prices [3]. Market Dynamics and Channel Management - The recent stability in prices is characterized as "pointed warming, overall stabilization," indicating a solid and healthy pricing system for Feitian Moutai, attributed to precise distribution and channel management [4]. - The efficiency of market circulation has improved, with channel inventories remaining at reasonable levels, allowing genuine consumers to purchase Moutai more conveniently through official channels [4]. - The company is actively addressing issues related to low-priced Moutai products on e-commerce platforms, emphasizing the importance of official sales channels and working with regulatory bodies to maintain market order [4]. Industry Trends - Analysts from Guojin Securities and招商证券 indicate that leading liquor companies are becoming more aware of channel conditions and are adjusting their pricing strategies to maintain channel health and pricing stability [5]. - During the adjustment period in the liquor industry, Guizhou Moutai has achieved a balance between pricing and sales through refined control and empowerment at the terminal level, which is expected to inject certainty into the high-end liquor market [6].