KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-09 19:41Core Insights - During the Double Eleven shopping festival, major e-commerce platforms are offering unprecedented subsidies on liquor, particularly Moutai, with prices dropping to 1499 yuan per bottle, matching the official guidance price [1][3] - There is a significant price disparity among different e-commerce platforms, with Pinduoduo offering the lowest prices, while JD.com maintains higher prices, indicating a competitive pricing strategy among platforms [3][5] - The rise of "liquor hunting" communities on social media reflects a trend where consumers actively seek out the best deals, utilizing complex strategies to maximize discounts [5][9] E-commerce Pricing Strategies - Pinduoduo's third-party stores are offering Moutai at a subsidized price of 1499 yuan per bottle, while other platforms like JD.com have higher prices, indicating a competitive landscape [1][3] - Some platforms are employing a "limited-time purchase subsidy" model, which also results in Moutai being sold at 1499 yuan per bottle, showcasing aggressive pricing tactics [3] - The price war among e-commerce platforms is leading to a situation where consumers are leveraging online prices to negotiate lower prices in physical stores [13] Market Dynamics and Consumer Behavior - The "liquor hunting" phenomenon involves consumers navigating complex rules and conditions to secure low-priced liquor, indicating a shift in consumer behavior towards seeking value [5][9] - The rapid changes in promotional pricing and the limited availability of deals create a sense of urgency among consumers, driving them to act quickly [5] - The traditional sales logic of stockpiling liquor during sales events is being challenged by faster delivery services and ongoing subsidies, altering consumer purchasing habits [9][14] Industry Adjustments and Future Outlook - Major liquor manufacturers are responding to the price competition by issuing notices to consumers about the risks of purchasing from unofficial channels, aiming to protect their brand value [7][14] - The number of distributors for listed liquor companies has decreased significantly, reflecting a contraction in the industry as it adapts to new market realities [7] - The liquor market is expected to evolve into a more transparent and consumer-driven environment, with younger consumers leading the charge and a shift from investment to consumption focus [14]