KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-08 12:36Core Viewpoint - The value of various assets, including real estate and premium liquor like Moutai, has significantly decreased, with gold being perceived as the only valuable asset currently. The Moutai Group has announced a major channel reform to shift from "scarcity marketing" to "inclusive supply" [1]. Group 1: Moutai Market Dynamics - Moutai prices have dropped significantly, with retail prices for the 53-degree Flying Moutai falling to 1660 yuan, and some e-commerce platforms offering it below 1600 yuan [7][14]. - The peak retail price for Moutai was in 2021, reaching 3800 yuan per bottle, but the market has since collapsed, leading to substantial losses for resellers [4]. - Over 305,000 professional resellers are facing significant financial losses, with an estimated total loss exceeding 20 billion yuan [4]. Group 2: Economic and Social Factors - The decline in Moutai sales is linked to the broader downturn in the real estate market, where falling property prices have reduced social gatherings and the demand for luxury items like Moutai [11]. - The changing social dynamics, particularly among younger generations who rely on digital communication rather than traditional social gatherings, have further diminished the demand for Moutai [11][13]. - Economic pressures have led to a shift from buying homes to selling them, impacting disposable income and reducing the likelihood of purchasing luxury goods like Moutai [13].