飞天茅台首次跌破1600元

Core Viewpoint - The price of Feitian Moutai has significantly declined, reaching a historical low, reflecting broader challenges in the liquor industry [1][3][4]. Price Trends - As of November 27, 2025, the wholesale price of 53-degree 500ml Feitian Moutai has dropped to 1590 yuan, marking a decrease of 10 yuan and falling below the 1600 yuan threshold for the first time [1]. - The price has decreased over 20% from its initial listing prices of 2220 yuan and 2255 yuan [1]. - The retail price has shown a consistent downward trend since June 2025, with significant drops occurring throughout the year, including a fall below 2000 yuan in June and reaching 1590 yuan by late November [3]. E-commerce Impact - E-commerce platforms have played a crucial role in the price decline, with some prices dropping below 1600 yuan due to promotional activities [3]. - A specific e-commerce platform reported group purchase prices approaching the official guidance price of 1499 yuan, leading to regulatory scrutiny [3]. Industry Challenges - The continuous price drop indicates severe challenges facing the entire liquor industry, with a reported decrease in the number of liquor enterprises and production volume [4]. - The China Alcoholic Drinks Association reported a decline in the number of regulated liquor enterprises by over 100, a 5.8% drop in production volume, and a 10.93% decrease in profits for the first half of 2025 [4]. Company Response - Moutai Group is actively taking measures to stabilize the market, including collaborating with major e-commerce platforms to combat unfair competition [4]. - The company is also working with regulatory authorities to establish channels for addressing counterfeit and infringement issues [4]. Market 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 sales and prices begin to level off [5]. - The market has already priced in expectations of performance downgrades, and there is potential for slight valuation recovery as liquidity and policy expectations improve [5].