KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing·2025-11-19 08:29Core Insights - The recent price increase of Moutai reflects a shift in the market dynamics, with e-commerce promotions normalizing and a potential oversupply situation in the liquor industry [1][4] Price Trends - After the "Double Eleven" sales event, the price of Moutai has rebounded, with online prices for 53-degree 500ml Moutai reaching approximately 1670 yuan per bottle, an increase of 30 yuan compared to previous days and nearly 80 yuan higher than the lowest price during the sales [2] - Offline retail prices for Moutai are also around 1700 yuan per bottle, with some wholesalers reporting a price increase to 1695 yuan per bottle, reflecting a rise of about 45 yuan [2][3] Supply and Demand Dynamics - The overall market demand for Moutai has not significantly changed, but the retail prices are adjusting based on market conditions [2][3] - The current cost price for distributors is around 1700 yuan per bottle, despite the factory price being 1169 yuan, indicating that additional costs are incurred through various product offerings [3] E-commerce Impact - E-commerce platforms have established a trend of regular promotions for Moutai, which has led to reduced profit margins for various stakeholders in the supply chain [4] - Despite the price recovery, the profit margins for resellers remain low, with some resellers only marking up prices by 10 to 20 yuan per bottle [4] Industry Trends - The liquor industry is experiencing a shift from a high-volume growth model to a focus on quality, with companies needing to adapt to changing consumer behaviors and market conditions [8] - The trend towards e-commerce in the liquor sector is becoming increasingly prominent, with online sales accounting for a growing percentage of revenue for traditional liquor companies [8]