再创新低！飞天茅台价格跌破1600元

Core Viewpoint - The price of Feitian Moutai is experiencing a significant decline, with the wholesale price dropping below 1600 yuan for the first time, reflecting a more than 20% decrease from its initial listing price [2][3]. Price Trends - As of November 27, 2025, the wholesale price for 53-degree 500ml Feitian Moutai has fallen to 1590 yuan, down 10 yuan from the previous day, marking a new historical low [2][3]. - The price has been on a downward trend since June 11, 2025, when it first fell below the psychological threshold of 2000 yuan, continuing to decline to 1900 yuan, then 1800 yuan, and eventually reaching 1590 yuan by late November [3]. E-commerce Impact - E-commerce platforms have played a significant role in the price decline, with some platforms offering prices below the market wholesale price due to promotional activities [3][4]. - A specific e-commerce platform's group purchase price for Feitian Moutai approached the official guide price of 1499 yuan per bottle [3]. Regulatory Response - The price drop has prompted regulatory responses, including a notice from Douyin to address low-priced Moutai sales, indicating potential concerns over counterfeit products [4]. - Although Douyin later clarified that the notice was a rumor, it acknowledged ongoing efforts to combat misleading low-price promotions [4]. Industry Challenges - The continuous price decline reflects broader challenges within the liquor industry, as indicated by Guizhou Moutai's Q3 report showing minimal revenue and profit growth, with the lowest net profit growth in nearly a decade [4]. - The China Alcoholic Drinks Association reported a decline in the number of liquor enterprises and a decrease in production and profit for the first half of 2025 [4]. Company Measures - In response to the price pressures, Moutai Group is actively working to stabilize the market, including collaborating with major e-commerce platforms to combat unfair competition [5]. - Moutai Group's management is also establishing channels for addressing counterfeit and infringement issues in cooperation with regulatory authorities [5]. Future Outlook - According to China Galaxy Securities, the liquor industry is expected to remain in an adjustment phase in 2026, but signs of stabilization may emerge as the market adjusts to lower valuations and expectations [6].